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News Article | May 11, 2017
Site: globenewswire.com

SAN DIEGO and TORONTO, May 11, 2017 (GLOBE NEWSWIRE) -- Aptose Biosciences Inc. (“Aptose” or the “Company”) (NASDAQ:APTO) (TSX:APS), a clinical-stage company developing highly differentiated therapeutics that target the underlying mechanisms of cancer, today announced financial results for the three months ended March 31, 2017 and reported on corporate developments. Unless specified otherwise, all amounts are in Canadian dollars. The net loss for the quarter ended March 31, 2017 was $4.4 million ($0.25 per share) compared with $5.1 million ($0.42 per share) in the quarter ended March 31, 2016. Total cash and cash equivalents and investments as of March 31, 2017 were $12.0 million (or $9.0 million US dollars) which, based on information currently available, provides the Company with sufficient resources to fund research and development and operations into Q2 2018. “We, along with some of the nation’s leading hematology researchers, continue to generate compelling data on CG’806, an oral first-in-class pan-FLT3/BTK inhibitor that we plan to develop for patients with FLT3-driven acute myeloid leukemia and certain B-cell malignancies,” said William G. Rice, Ph.D., Chairman, President and Chief Executive Officer. “Preclinical data presented at AACR this past week demonstrated the ability of CG’806 to potently inhibit all mutant forms of FLT3 tested and to completely eradicate tumors in AML xenograft models in the absence of toxicities. Though early, we believe these data begin to position CG’806 as a best-in-class pan-FLT3 inhibitor for the treatment of AML. In addition, CG’806 is a potent non-covalent inhibitor of the wild type and C481S mutant forms of BTK, and we plan to develop CG806 in parallel for patients with B cell malignancies resistant and intolerant to covalent BTK inhibitors. We are working towards advancing this molecule into clinical trials within a year.” Our net loss for the three months ended March 31, 2017 was $4.4 million ($0.25 per share) compared with $5.1 million ($0.42 per share) during the three months ended March 31, 2016. The decrease in the net loss during the three months ended March 31, 2017 compared with the three months ended March 31, 2016 is primarily related to savings from cancelling the LALS/Moffitt collaboration, lower stock-based compensation, and offset by development activities related to the CG’806 development program which started in the second half of 2016. We utilized cash of $3.5 million in our operating activities in the three months ended March 31, 2017 compared with $4.5 million in the three months ended March 31, 2016. The decrease in cash used in operating activities in the current period is due mostly to increased accounts payable and accrual balances during the three months ended March 31, 2017. Research and Development Research and development expenses totaled $2.3 million in the three months ended March 31, 2017 compared with $2.3 million in the three months ended March 31, 2016. Research and development costs consist of the following: Expenditures for the three months ended March 31, 2017 were comparable to the expenses incurred in the three months ended March 31, 2016.  Higher program costs associated with the Company’s CG’806 program were offset by lower costs associated related to the cancellation of the LALS/Moffitt collaboration. Lower salaries expense was primarily related to severance payments made in the three months ended March 31, 2016 due to a reduction in Research & Development FTE. General and Administrative General and administrative expenses totaled $2.1 million in the three months ended March 31, 2017, compared to $2.6 million in the three months ended March 31, 2016. General and administrative costs consist of the following: General and administrative expenses excluding salaries, decreased in the three months ended March 31, 2017, compared with the three months ended March 31, 2016, mostly the result of lower travel, consulting and rent costs in the current year related to cost containment initiatives taken in the prior fiscal year. Salary charges in the three months ended March 31, 2017, increased slightly in comparison with the three months ended March 31, 2016, due to severance payments made in the current period that will result in savings in the following fiscal quarters. Stock-based compensation decreased in the three months ended March 31, 2017, compared with the three months ended March 31, 2016, due to large forfeitures in the current period and also due to grants in prior periods having a greater fair value than the grants issued in the three months ended March 31, 2017, and therefore contributing to higher stock-based compensation in the prior year period. Foreign exchange loss in the three months ended March 31, 2016, is the result of a decrease in the value of US dollar denominated cash and cash equivalents balances during the period due to an appreciation of the Canadian dollar compared to the US dollar. During this period the Company’s functional currency was the Canadian dollar. Interest income represents interest earned on our cash and cash equivalent and investment balances.  Foreign exchange gains in the three months ended March 31, 2017, are the result of an appreciation of the Canadian dollar compared to the US dollar. During this period the Company’s functional currency was the US dollar. Effective January 1, 2017, the Company changed its functional currency to US dollars given the prevalence of US dollar denominated activities over time. The Company’s historic source of financing, with the exception of the recent at-the-market equity facility, has been in Canadian dollars and the Company still has a majority of its shareholders in Canada.  For this reason the Company has chosen to keep the presentation currency as Canadian. The press release, the financial statements and the management’s discussion and analysis for the quarter ended March 31, 2017 will be available on SEDAR at www.sedar.com and EDGAR at www.sec.gov/edgar.shtml Aptose will host a conference call to discuss results for the three months ended March 31, 2017 today, Thursday May 11, 2017 at 5:00 p.m. EDT. Participants can access the conference call by dialing (844) 882-7834 (North American toll free number) and (574) 990-9707 (International) and using passcode 13003413.  The conference call can also be accessed at http://edge.media-server.com/m/p/bfhzuofp and will also be available through a link on the Investor Relations section of Aptose’s website at ir.aptose.com.  Please log onto the webcast at least 10 minutes prior to the start of the call to ensure time for any software downloads that may be required.  An archived version of the webcast along with a transcript will be available on the Company’s website for 30 days.   An audio replay of the webcast will be available approximately two hours after the conclusion of the call for 7 days by dialing (855) 859-2056, using the passcode 13003413. The information contained in this news release is unaudited. Aptose Biosciences is a clinical-stage biotechnology company committed to developing personalized therapies addressing unmet medical needs in oncology. Aptose is advancing new therapeutics focused on novel cellular targets on the leading edge of cancer. The Company's small molecule cancer therapeutics pipeline includes products designed to provide single agent efficacy and to enhance the efficacy of other anti-cancer therapies and regimens without overlapping toxicities. For further information, please visit www.aptose.com. This press release contains forward-looking statements within the meaning of Canadian and U.S. securities laws, including, but not limited to, statements relating to the expected cash runway of the Company, the clinical potential and favorable properties of CG’806, the clinical trials for CG’806, the clinical development and potential partnering of APTO-253, the focus of resources on CG’806, and statements relating to the Company’s plans, objectives, expectations and intentions and other statements including words such as “continue”, “expect”, “intend”, “will”, “should”, “would”, “may”, and other similar expressions. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties and are necessarily based upon a number of estimates and assumptions that, while considered reasonable by us are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause our actual results, performance or achievements to be materially different from any future results, performance or achievements described in this press release. Such factors could include, among others: our ability to obtain the capital required for research and operations; the inherent risks in early stage drug development including demonstrating efficacy; development time/cost and the regulatory approval process; the progress of our clinical trials; our ability to find and enter into agreements with potential partners; our ability to attract and retain key personnel; changing market and economic conditions; inability of new manufacturers to produce acceptable batches of GMP in sufficient quantities; unexpected manufacturing defects; and other risks detailed from time-to-time in our ongoing quarterly filings, annual information forms, annual reports and annual filings with Canadian securities regulators and the United States Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should the assumptions set out in the section entitled "Risk Factors" in our filings with Canadian securities regulators and the United States Securities and Exchange Commission underlying those forward-looking statements prove incorrect, actual results may vary materially from those described herein. These forward-looking statements are made as of the date of this press release and we do not intend, and do not assume any obligation, to update these forward-looking statements, except as required by law. We cannot assure you that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.


News Article | May 11, 2017
Site: globenewswire.com

SAN DIEGO and TORONTO, May 11, 2017 (GLOBE NEWSWIRE) -- Aptose Biosciences Inc. (“Aptose” or the “Company”) (NASDAQ:APTO) (TSX:APS), a clinical-stage company developing highly differentiated therapeutics that target the underlying mechanisms of cancer, today announced financial results for the three months ended March 31, 2017 and reported on corporate developments. Unless specified otherwise, all amounts are in Canadian dollars. The net loss for the quarter ended March 31, 2017 was $4.4 million ($0.25 per share) compared with $5.1 million ($0.42 per share) in the quarter ended March 31, 2016. Total cash and cash equivalents and investments as of March 31, 2017 were $12.0 million (or $9.0 million US dollars) which, based on information currently available, provides the Company with sufficient resources to fund research and development and operations into Q2 2018. “We, along with some of the nation’s leading hematology researchers, continue to generate compelling data on CG’806, an oral first-in-class pan-FLT3/BTK inhibitor that we plan to develop for patients with FLT3-driven acute myeloid leukemia and certain B-cell malignancies,” said William G. Rice, Ph.D., Chairman, President and Chief Executive Officer. “Preclinical data presented at AACR this past week demonstrated the ability of CG’806 to potently inhibit all mutant forms of FLT3 tested and to completely eradicate tumors in AML xenograft models in the absence of toxicities. Though early, we believe these data begin to position CG’806 as a best-in-class pan-FLT3 inhibitor for the treatment of AML. In addition, CG’806 is a potent non-covalent inhibitor of the wild type and C481S mutant forms of BTK, and we plan to develop CG806 in parallel for patients with B cell malignancies resistant and intolerant to covalent BTK inhibitors. We are working towards advancing this molecule into clinical trials within a year.” Our net loss for the three months ended March 31, 2017 was $4.4 million ($0.25 per share) compared with $5.1 million ($0.42 per share) during the three months ended March 31, 2016. The decrease in the net loss during the three months ended March 31, 2017 compared with the three months ended March 31, 2016 is primarily related to savings from cancelling the LALS/Moffitt collaboration, lower stock-based compensation, and offset by development activities related to the CG’806 development program which started in the second half of 2016. We utilized cash of $3.5 million in our operating activities in the three months ended March 31, 2017 compared with $4.5 million in the three months ended March 31, 2016. The decrease in cash used in operating activities in the current period is due mostly to increased accounts payable and accrual balances during the three months ended March 31, 2017. Research and Development Research and development expenses totaled $2.3 million in the three months ended March 31, 2017 compared with $2.3 million in the three months ended March 31, 2016. Research and development costs consist of the following: Expenditures for the three months ended March 31, 2017 were comparable to the expenses incurred in the three months ended March 31, 2016.  Higher program costs associated with the Company’s CG’806 program were offset by lower costs associated related to the cancellation of the LALS/Moffitt collaboration. Lower salaries expense was primarily related to severance payments made in the three months ended March 31, 2016 due to a reduction in Research & Development FTE. General and Administrative General and administrative expenses totaled $2.1 million in the three months ended March 31, 2017, compared to $2.6 million in the three months ended March 31, 2016. General and administrative costs consist of the following: General and administrative expenses excluding salaries, decreased in the three months ended March 31, 2017, compared with the three months ended March 31, 2016, mostly the result of lower travel, consulting and rent costs in the current year related to cost containment initiatives taken in the prior fiscal year. Salary charges in the three months ended March 31, 2017, increased slightly in comparison with the three months ended March 31, 2016, due to severance payments made in the current period that will result in savings in the following fiscal quarters. Stock-based compensation decreased in the three months ended March 31, 2017, compared with the three months ended March 31, 2016, due to large forfeitures in the current period and also due to grants in prior periods having a greater fair value than the grants issued in the three months ended March 31, 2017, and therefore contributing to higher stock-based compensation in the prior year period. Foreign exchange loss in the three months ended March 31, 2016, is the result of a decrease in the value of US dollar denominated cash and cash equivalents balances during the period due to an appreciation of the Canadian dollar compared to the US dollar. During this period the Company’s functional currency was the Canadian dollar. Interest income represents interest earned on our cash and cash equivalent and investment balances.  Foreign exchange gains in the three months ended March 31, 2017, are the result of an appreciation of the Canadian dollar compared to the US dollar. During this period the Company’s functional currency was the US dollar. Effective January 1, 2017, the Company changed its functional currency to US dollars given the prevalence of US dollar denominated activities over time. The Company’s historic source of financing, with the exception of the recent at-the-market equity facility, has been in Canadian dollars and the Company still has a majority of its shareholders in Canada.  For this reason the Company has chosen to keep the presentation currency as Canadian. The press release, the financial statements and the management’s discussion and analysis for the quarter ended March 31, 2017 will be available on SEDAR at www.sedar.com and EDGAR at www.sec.gov/edgar.shtml Aptose will host a conference call to discuss results for the three months ended March 31, 2017 today, Thursday May 11, 2017 at 5:00 p.m. EDT. Participants can access the conference call by dialing (844) 882-7834 (North American toll free number) and (574) 990-9707 (International) and using passcode 13003413.  The conference call can also be accessed at http://edge.media-server.com/m/p/bfhzuofp and will also be available through a link on the Investor Relations section of Aptose’s website at ir.aptose.com.  Please log onto the webcast at least 10 minutes prior to the start of the call to ensure time for any software downloads that may be required.  An archived version of the webcast along with a transcript will be available on the Company’s website for 30 days.   An audio replay of the webcast will be available approximately two hours after the conclusion of the call for 7 days by dialing (855) 859-2056, using the passcode 13003413. The information contained in this news release is unaudited. Aptose Biosciences is a clinical-stage biotechnology company committed to developing personalized therapies addressing unmet medical needs in oncology. Aptose is advancing new therapeutics focused on novel cellular targets on the leading edge of cancer. The Company's small molecule cancer therapeutics pipeline includes products designed to provide single agent efficacy and to enhance the efficacy of other anti-cancer therapies and regimens without overlapping toxicities. For further information, please visit www.aptose.com. This press release contains forward-looking statements within the meaning of Canadian and U.S. securities laws, including, but not limited to, statements relating to the expected cash runway of the Company, the clinical potential and favorable properties of CG’806, the clinical trials for CG’806, the clinical development and potential partnering of APTO-253, the focus of resources on CG’806, and statements relating to the Company’s plans, objectives, expectations and intentions and other statements including words such as “continue”, “expect”, “intend”, “will”, “should”, “would”, “may”, and other similar expressions. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties and are necessarily based upon a number of estimates and assumptions that, while considered reasonable by us are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause our actual results, performance or achievements to be materially different from any future results, performance or achievements described in this press release. Such factors could include, among others: our ability to obtain the capital required for research and operations; the inherent risks in early stage drug development including demonstrating efficacy; development time/cost and the regulatory approval process; the progress of our clinical trials; our ability to find and enter into agreements with potential partners; our ability to attract and retain key personnel; changing market and economic conditions; inability of new manufacturers to produce acceptable batches of GMP in sufficient quantities; unexpected manufacturing defects; and other risks detailed from time-to-time in our ongoing quarterly filings, annual information forms, annual reports and annual filings with Canadian securities regulators and the United States Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should the assumptions set out in the section entitled "Risk Factors" in our filings with Canadian securities regulators and the United States Securities and Exchange Commission underlying those forward-looking statements prove incorrect, actual results may vary materially from those described herein. These forward-looking statements are made as of the date of this press release and we do not intend, and do not assume any obligation, to update these forward-looking statements, except as required by law. We cannot assure you that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.


VAC and LBNL's new jointly-developed magnet design assembly, containing VAC's new VACODYM 956 DTP material and its VACOFLUX 50 parts, enables extremely narrow required magnetic and mechanical tolerances. These tolerances define the quality of the undulator systems, and ultimately the FEL. This new product has enabled VAC to replace a competitor that supplied the magnet design assembly for SLAC's first LCLS project. Additionally, the partnership of VAC and Lawrence Berkeley represents an important milestone for VAC Americas as it establishes a deepened presence within the North American market and provides a technology solution that can be relied upon in critical applications. "We are very pleased that LCLS-II in the USA is now using our magnets and magnet systems. In addition to several other major FEL projects, including the European XFEL in Germany, the Swiss FEL in Switzerland, and the PAL FEL in Korea, this is the fourth large-scale project that uses our materials. These research facilities nearly cover the complete Free Electron Laser energy spectrum" per Dr. Ralf Koch, head of Research & Development at VAC. Dr. Koch added that "VAC's broader range of VACODYM and VACOFLUX solutions can be used in additional applications, including automotive sensors, MRI systems, beam guiding systems and electronic measuring instruments, among others." Matthaeus Leitner, a lead engineer at LBNL, also commented, "We chose VAC as a partner since VAC had the technical resources to develop integrated and fully assembled undulator modules. During the whole project life, maintaining a close communication between VAC and LBNL was essential, since the magnet module design had to be refined from early prototypes to full production. Throughout the project, VAC's technical team has been a tremendously supportive and knowledgeable partner, with experts in the field supporting LBNL in Germany as well as directly in the U.S." Beyond using VAC-LBNL undulators at its own facility, LBNL is starting to provide these undulators to other institutions that research FELs. To these institutions, LBNL will be able to highlight its relationship with SLAC that is financed, inter alia, by the U.S. Department of Energy, and that now uses the VAC-LBNL undulators in its LCLS-II particle accelerator project, which is planned to be activated in 2019. VAC, a VECTRA company, develops, manufactures and distributes differentiated, highly-specialized magnetic alloys, materials and components with exceptional magnetic and/or physical properties for a wide array of end markets and applications, including automotive systems, electrical installation technology, energy conversion and distribution, industrial automation/robotics, retail and renewable energy. For more information, visit VAC's website at http://www.vacuumschmelze.com/ VECTRA is a technology-driven diversified industrial company serving attractive global markets, including automotive systems, electronic devices, aerospace and defense, industrial and medical. Its business platforms use technology to address customers' complex applications and demanding requirements. For more information, visit VECTRA's website at www.vectraco.com To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/vacuumschmelze-delivers-undulator-magnet-assemblies-to-lawrence-berkeley-national-laboratories-for-development-of-advanced-x-ray-laser-300456972.html


CHICAGO, May 12, 2017 (GLOBE NEWSWIRE) -- Allscripts Healthcare Solutions, Inc. today announced that Dennis M. Olis has been named interim chief financial officer. Olis, 54, will report to CEO Paul Black and will replace Melinda Whittington, who will be leaving the Company. “Dennis’s long finance career, coupled with his deep operational understanding of our business and clients, will serve the company well as we capitalize on our solid start to 2017 as reflected in our first quarter results announced last week,” Black said. “We are pleased to tap our deep executive bench and have Dennis take on this role.” Black added, “I want to personally thank Melinda for her service to Allscripts and we wish her well in her future endeavors.” Since November, 2016, Olis has served as Allscripts Senior Vice President, Strategic Initiatives and from November 2012 until November 2016, was the Company’s Senior Vice President, Operations. Prior to joining Allscripts in 2012, Olis worked for over 25 years in various finance roles at Motorola, most recently as Corporate Vice President Finance Operations of Motorola Mobility and before that as Corporate Vice President of Finance, Research & Development, Portfolio Management and Planning at Motorola, Inc. Olis earned a bachelor’s degree in finance from Marquette University and a master’s degree in business administration and accounting from DePaul University. About Allscripts Allscripts (NASDAQ:MDRX) is a leader in healthcare information technology solutions that advance clinical, financial and operational results. Our innovative solutions connect people, places and data across an Open, Connected Community of Health™. Connectivity empowers caregivers to make better decisions and deliver better care for healthier populations. To learn more, visit www.allscripts.com, Twitter, YouTube and It Takes A Community: The Allscripts Blog. Allscripts, the Allscripts logo, and other Allscripts marks are trademarks of Allscripts Healthcare, LLC and/or its affiliates. All other products are trademarks of their respective holders, all rights reserved. Reference to these products is not intended to imply affiliation with or sponsorship of Allscripts Healthcare, LLC and/or its affiliates.


CHICAGO, May 12, 2017 (GLOBE NEWSWIRE) -- Allscripts Healthcare Solutions, Inc. today announced that Dennis M. Olis has been named interim chief financial officer. Olis, 54, will report to CEO Paul Black and will replace Melinda Whittington, who will be leaving the Company. “Dennis’s long finance career, coupled with his deep operational understanding of our business and clients, will serve the company well as we capitalize on our solid start to 2017 as reflected in our first quarter results announced last week,” Black said. “We are pleased to tap our deep executive bench and have Dennis take on this role.” Black added, “I want to personally thank Melinda for her service to Allscripts and we wish her well in her future endeavors.” Since November, 2016, Olis has served as Allscripts Senior Vice President, Strategic Initiatives and from November 2012 until November 2016, was the Company’s Senior Vice President, Operations. Prior to joining Allscripts in 2012, Olis worked for over 25 years in various finance roles at Motorola, most recently as Corporate Vice President Finance Operations of Motorola Mobility and before that as Corporate Vice President of Finance, Research & Development, Portfolio Management and Planning at Motorola, Inc. Olis earned a bachelor’s degree in finance from Marquette University and a master’s degree in business administration and accounting from DePaul University. About Allscripts Allscripts (NASDAQ:MDRX) is a leader in healthcare information technology solutions that advance clinical, financial and operational results. Our innovative solutions connect people, places and data across an Open, Connected Community of Health™. Connectivity empowers caregivers to make better decisions and deliver better care for healthier populations. To learn more, visit www.allscripts.com, Twitter, YouTube and It Takes A Community: The Allscripts Blog. Allscripts, the Allscripts logo, and other Allscripts marks are trademarks of Allscripts Healthcare, LLC and/or its affiliates. All other products are trademarks of their respective holders, all rights reserved. Reference to these products is not intended to imply affiliation with or sponsorship of Allscripts Healthcare, LLC and/or its affiliates.


CHICAGO, May 12, 2017 (GLOBE NEWSWIRE) -- Allscripts Healthcare Solutions, Inc. today announced that Dennis M. Olis has been named interim chief financial officer. Olis, 54, will report to CEO Paul Black and will replace Melinda Whittington, who will be leaving the Company. “Dennis’s long finance career, coupled with his deep operational understanding of our business and clients, will serve the company well as we capitalize on our solid start to 2017 as reflected in our first quarter results announced last week,” Black said. “We are pleased to tap our deep executive bench and have Dennis take on this role.” Black added, “I want to personally thank Melinda for her service to Allscripts and we wish her well in her future endeavors.” Since November, 2016, Olis has served as Allscripts Senior Vice President, Strategic Initiatives and from November 2012 until November 2016, was the Company’s Senior Vice President, Operations. Prior to joining Allscripts in 2012, Olis worked for over 25 years in various finance roles at Motorola, most recently as Corporate Vice President Finance Operations of Motorola Mobility and before that as Corporate Vice President of Finance, Research & Development, Portfolio Management and Planning at Motorola, Inc. Olis earned a bachelor’s degree in finance from Marquette University and a master’s degree in business administration and accounting from DePaul University. About Allscripts Allscripts (NASDAQ:MDRX) is a leader in healthcare information technology solutions that advance clinical, financial and operational results. Our innovative solutions connect people, places and data across an Open, Connected Community of Health™. Connectivity empowers caregivers to make better decisions and deliver better care for healthier populations. To learn more, visit www.allscripts.com, Twitter, YouTube and It Takes A Community: The Allscripts Blog. Allscripts, the Allscripts logo, and other Allscripts marks are trademarks of Allscripts Healthcare, LLC and/or its affiliates. All other products are trademarks of their respective holders, all rights reserved. Reference to these products is not intended to imply affiliation with or sponsorship of Allscripts Healthcare, LLC and/or its affiliates.


News Article | May 14, 2017
Site: www.PR.com

Stelis Biopharma, a fully-integrated biopharmaceutical company with capabilities in providing global contract development and manufacturing services, and Merck a premier supplier of solutions and services to the global life science industry, today announced the opening of its Joint Process Scale-Up Lab at the Stelis Biopharma R&D facility in Bengaluru. The lab, which was built as a centre of excellence for bioprocess scale-up and manufacturing services, represents the strength of the two groups. This collaboration brings together Stelis’ end-to-end capabilities in high-yield biopharmaceutical process development from cell line to commercial manufacturing scale with Merck’s leading technological expertise in bioprocessing. Through the collaboration this Joint Process Scale-Up Lab and the forthcoming cGMP manufacturing facility in Bangalore will be equipped with Merck’s portfolio of Mobius® bioprocessing equipment. Stelis chose Merck for its best-in-class single-use manufacturing components for flexible operations and better regulatory compliance. Merck will bring its process know-how and application knowledge from global experts to help establish the single-use platform technologies at Stelis. The Joint Process Scale-Up Lab bridges R&D and commercial manufacturing scales of biological API (Active Pharmaceutical Ingredient) by offering customers a seamless and robust transfer of optimized processes from small-scale R&D (Research & Development) lab to the large-scale commercial manufacturing site. Commenting on the development, Joe Thomas, CEO, Stelis Biopharma said, “In the biopharma space, where the process is the product, our Process Scale-Up Lab fulfills a critical need by offering clients a reliable process bridge between R&D and commercial scales.” He added, “After significant investments by Stelis in high-quality R&D and commercial-scale bio-manufacturing infrastructure in Bengaluru, the collaboration with Merck completes the value proposition for CDMO customers by offering an end-to-end solution from process development and scale-up through to manufacturing for pre-clinical, clinical and commercial supply.” Commenting on the Stelis announcement, Udit Batra, Member of the Merck Executive Board and CEO, Life Science, said, “Both Merck and Stelis bring leading technological expertise and an extensive bioprocess development and manufacturing portfolio that will help our customers accelerate development of biopharmaceuticals for clinical trials and manufacturing with greater reliability and cost effectiveness. This collaboration reinforces Merck’s position as the premier supplier of all process development and clinical stage manufacturing solutions, materials and services needed for biologics production.” About Stelis Biopharma Stelis Biopharma Private Limited (Stelis) is a vertically integrated biopharmaceutical company with R&D, process scale-up and end-to-end manufacturing capabilities from drug substance to finished drug products in all injectable formats. Stelis has a 30,000 square feet state of the art research facility in Bengaluru along with a soon-to-be commissioned 200,000 square feet integrated bio-manufacturing facility catering to biologic APIs and aseptically filled injectables conforming to international standards. The principal shareholders of Stelis are Strides Pharma (25+ years’ experience in high-quality generics for global markets), Tenshi Life Sciences Private Limited, (Integrated Life Sciences Company) and GMS Holdings (Group of diversified business and assets with a strong biopharma franchise in the MENA region). About Merck Merck is a leading science and technology company in healthcare, life science and performance materials. Around 50,000 employees work to further develop technologies that improve and enhance life – from biopharmaceutical therapies to treat cancer or multiple sclerosis, cutting-edge systems for scientific research and production, to liquid crystals for smartphones and LCD televisions. In 2016, Merck generated sales of €15.0 billion in 66 countries. Founded in 1668, Merck is the world's oldest pharmaceutical and chemical company. The founding family remains the majority owner of the publicly listed corporate group. Merck, Darmstadt, Germany holds the global rights to the Merck name and brand. The only exceptions are the United States and Canada, where the company operates as EMD Serono, MilliporeSigma and EMD Performance Materials. Disclaimer: Certain statements in this release about future growth prospects are forward-looking statements and are subject to several risks, uncertainties and assumptions that could cause current stance to differ materially from those contemplated in such forward-looking statements. The company, its directors or the affiliates do have any obligation to update or otherwise revise any statements reflecting circumstances arising after this date or to reflect the occurrence of underlying events, even if the underlying assumptions do not come to fruition. Bangalore, India, May 14, 2017 --( PR.com )-- Stelis Biopharma, a fully-integrated biopharmaceutical company with capabilities in providing global contract development and manufacturing services, and Merck a premier supplier of solutions and services to the global life science industry, today announced the opening of its Joint Process Scale-Up Lab, at the Stelis Biopharma R&D facility in Bengaluru. The lab, which was built as a centre of excellence for bioprocess scale-up and manufacturing services, represents the strength of the two companies in bio manufacturing.This collaboration brings together Stelis’ end-to-end capabilities in high-yield biopharmaceutical process development from cell line to commercial manufacturing scale with Merck’s leading technological expertise in bioprocessing. Through the collaboration this Joint Process Scale-Up Lab and the forthcoming cGMP manufacturing facility in Bangalore will be equipped with Merck’s portfolio of Mobius® bioprocessing equipment. Stelis chose Merck for its best-in-class single-use manufacturing components for flexible operations and better regulatory compliance. Merck will bring its process know-how and application knowledge from global experts to help establish the single-use platform technologies at Stelis.The Joint Process Scale-Up Lab bridges R&D and commercial manufacturing scales of biological API (Active Pharmaceutical Ingredient) by offering customers a seamless and robust transfer of optimized processes from small-scale R&D (Research & Development) lab to the large-scale commercial manufacturing site.Commenting on the development, Joe Thomas, CEO, Stelis Biopharma said, “In the biopharma space, where the process is the product, our Process Scale-Up Lab fulfills a critical need by offering clients a reliable process bridge between R&D and commercial scales.”He added, “After significant investments by Stelis in high-quality R&D and commercial-scale bio-manufacturing infrastructure in Bengaluru, the collaboration with Merck completes the value proposition for CDMO customers by offering an end-to-end solution from process development and scale-up through to manufacturing for pre-clinical, clinical and commercial supply.”Commenting on the Stelis announcement, Udit Batra, Member of the Merck Executive Board and CEO, Life Science, said, “Both Merck and Stelis bring leading technological expertise and an extensive bioprocess development and manufacturing portfolio that will help our customers accelerate development of biopharmaceuticals for clinical trials and manufacturing with greater reliability and cost effectiveness. This collaboration reinforces Merck’s position as the premier supplier of all process development and clinical stage manufacturing solutions, materials and services needed for biologics production.”About Stelis BiopharmaStelis Biopharma Private Limited (Stelis) is a vertically integrated biopharmaceutical company with R&D, process scale-up and end-to-end manufacturing capabilities from drug substance to finished drug products in all injectable formats. Stelis has a 30,000 square feet state of the art research facility in Bengaluru along with a soon-to-be commissioned 200,000 square feet integrated bio-manufacturing facility catering to biologic APIs and aseptically filled injectables conforming to international standards. The principal shareholders of Stelis are Strides Pharma (25+ years’ experience in high-quality generics for global markets), Tenshi Life Sciences Private Limited, (Integrated Life Sciences Company) and GMS Holdings (Group of diversified business and assets with a strong biopharma franchise in the MENA region).About MerckMerck is a leading science and technology company in healthcare, life science and performance materials. Around 50,000 employees work to further develop technologies that improve and enhance life – from biopharmaceutical therapies to treat cancer or multiple sclerosis, cutting-edge systems for scientific research and production, to liquid crystals for smartphones and LCD televisions. In 2016, Merck generated sales of €15.0 billion in 66 countries.Founded in 1668, Merck is the world's oldest pharmaceutical and chemical company. The founding family remains the majority owner of the publicly listed corporate group. Merck, Darmstadt, Germany holds the global rights to the Merck name and brand. The only exceptions are the United States and Canada, where the company operates as EMD Serono, MilliporeSigma and EMD Performance Materials.Disclaimer: Certain statements in this release about future growth prospects are forward-looking statements and are subject to several risks, uncertainties and assumptions that could cause current stance to differ materially from those contemplated in such forward-looking statements. The company, its directors or the affiliates do have any obligation to update or otherwise revise any statements reflecting circumstances arising after this date or to reflect the occurrence of underlying events, even if the underlying assumptions do not come to fruition. Click here to view the list of recent Press Releases from Stelis Biopharma


NEW HAMPTON, N.Y., May 09, 2017 (GLOBE NEWSWIRE) -- Balchem Corporation (NASDAQ:BCPC) today reported for the first quarter 2017 net earnings of $15.5 million, compared to net earnings of $11.9 million for the first quarter 2016. Adjusted net earnings(a) were $18.9 million, compared to $18.4 million in the prior year quarter. Ted Harris, Chairman, President, and CEO of Balchem said, “Sales growth in three of our four reporting segments helped drive record first quarter earnings for the Company, more than offsetting headwinds we are facing, including higher raw material costs and weakening dairy economics.” (a) See “Non-GAAP Financial Information” for a reconciliation of GAAP and non-GAAP financial measures. Segment Financial Results for the First Quarter of 2017: The Human Nutrition & Health segment generated record first quarter sales of $73.1 million, an increase of $1.6 million or 2.2% compared to the prior year quarter. This increase in sales was due to one additional month of sales from the acquisition of the Albion business, along with volume increases in Choline Nutrients, partially offset by softer volumes in Powder Systems. Record first quarter earnings from operations for this segment were $10.2 million, versus $8.4 million in the prior year comparable quarter, an increase of $1.8 million or 21.8%. Excluding the effect of non-cash expense associated with amortization of acquired intangible assets for 2017 and 2016 of $5.6 and $5.8 million, respectively, and inventory valuation adjustments of $1.5 million relating to acquisition accounting in 2016, adjusted earnings from operations(a) for this segment of $15.8 million were slightly higher than the $15.7 million in the prior year quarter. The Animal Nutrition & Health segment sales of $38.1 million decreased 2.9%, or $1.2 million, on flat volumes compared to the prior year quarter. The reduced sales were primarily due to lower average selling prices for products in the monogastric markets, as well as lower volumes for aqueous choline products and ruminant species products. The lower monogastric average selling prices were primarily a function of reduced formula pricing resulting from lower raw material costs in previous months and increased competition. Global monogastric volumes were up modestly, while ruminant volumes declined on weakening dairy economics and a significant inventory correction at a large customer, offset partially by continued growth in ReaShure®. Earnings from operations for the ANH segment decreased 17.7% to $5.4 million as compared to $6.5 million in the prior year comparable quarter, an impact of the aforementioned lower sales and cost increases of key raw materials within the current quarter. The Specialty Products segment generated record quarterly sales of $18.8 million, a $1.7 million or 9.8% increase from the comparable prior year quarter, driven by strong domestic and international plant nutrition sales along with the extra month of sales from the acquisition of the Albion business. First quarter earnings from operations for this segment were $6.5 million, versus $5.3 million in the prior year comparable quarter, an increase of $1.2 million or 22.2%. Excluding the effect of non-cash expense associated with amortization of acquired intangible assets for 2017 and 2016 of $0.8 and $0.6 million, respectively, and inventory valuation adjustments of $0.9 million relating to acquisition accounting in 2016, adjusted earnings from operations for this segment were $7.2 million compared to $6.8 million in the prior year quarter, an increase of $0.4 million or 6.3%. The Industrial Products segment sales increased $0.5 million or 6.9% from the prior year comparable quarter, primarily due to significantly higher sales of choline and choline derivatives used in shale fracking applications, partially offset by the prior year including sales to our St. Gabriel CC Company, LLC partner in advance of the joint venture becoming operational. Earnings from operations for the Industrial Products segment were $0.7 million, an increase of $0.5 million compared with the prior year comparable quarter, and was primarily a reflection of the aforementioned higher sales and stronger gross margins due to a more favorable customer mix and improved cost structure. Consolidated gross margin for the quarter ended March 31, 2017 increased 3.7% to $44.4 million, as compared to $42.8 million for the prior year comparable period. Gross margin as a percentage of sales increased to 32.3% as compared to 31.7% in the prior year comparative period. Adjusted gross margin(a) for the quarter ended March 31, 2017 decreased 1.4% to $45.1 million, as compared to $45.7 million for the prior year comparable period. For the three months ended March 31, 2017, adjusted gross margin as a percentage of sales was 32.7% compared to 33.8% in the prior year comparative period. The decrease was primarily due to higher raw material costs and increased competition. Operating (Selling, Research & Development, General & Administrative) expenses of $21.7 million for the first quarter were down $1.1 million from the prior year comparable quarter principally due to transaction and integration costs related to the Albion acquisition of $1.2 million in 2016 and reduced payroll and related costs, partially offset by a favorable legal settlement in 2016. Excluding non-cash operating expense associated with amortization of intangible assets of $6.5 million, operating expenses were $15.2 million, or 11.1% of sales. Interest expense was $1.8 million in the first quarter of 2017. Our effective tax rates for the three months ended March 31, 2017 and 2016 were 25.1% and 33.9%, respectively. The company’s effective tax rate for the three months ended March 31, 2017 is lower primarily due to excess tax benefits from stock-based compensation, due to the of adoption of ASU 2016-09, being recognized as a reduction to the provision for income taxes (see Table 3), along with lower tax rates in certain jurisdictions. For the quarter ended March 31, 2017, cash flows provided by operating activities were $22.8 million, and free cash flow was $19.9 million. The $102.2 million of net working capital on March 31, 2017 included a cash balance of $37.0 million, which reflects scheduled and accelerated net principal payments on long-term debt and the revolving loan of $11.8 million, dividends paid of $12.1 million and capital expenditures of $2.9 million in the first quarter of 2017. The Company continues to invest in projects across all facilities to improve capabilities and operating efficiencies. Ted Harris said, “We delivered solid results in the first quarter while advancing our growth initiatives, most recently with the launch of our PetShure product line and the acquisition of the Chol-Mix Kft assets within the Animal Nutrition and Health segment, both of which help us strengthen our market position while providing greater access to higher growth market opportunities.” Mr. Harris went on to add, “Moving forward, while we expect macroeconomic headwinds to continue presenting top-line and margin challenges, at least in the short-term, we will continue to focus on driving our strategic growth initiatives, particularly in Human Nutrition & Health and Animal Nutrition & Health, through organic investments in new manufacturing capabilities and new product development. We will also continue to seek value creating acquisitions to augment our organic growth strategies.” Quarterly Conference Call A quarterly conference call will be held on Tuesday, May 9, 2017, at 11:00 AM Eastern Time (ET) to review First Quarter 2017 results. Ted Harris, President & Chief Executive Officer, and Bill Backus, Chief Financial Officer, will host the call. We invite you to listen to the conference by calling toll-free 1-877-407-8289 (local dial-in 1-201-689-8341), five minutes prior to the scheduled start time of the conference call. The conference call will be available for replay two hours after the conclusion of the call through end of day Tuesday, May 23, 2017. To access the replay of the conference call, dial 1-877-660-6853 (local dial-in 1-201-612-7415), and use conference ID #13661404. Segment Information Balchem Corporation reports four business segments: Human Nutrition & Health; Animal Nutrition & Health; Specialty Products; and Industrial Products. The Human Nutrition & Health segment delivers customized food and beverage ingredient systems, as well as key nutrients into a variety of applications across the food, supplement and pharmaceutical industries. The Animal Nutrition & Health segment manufactures and supplies products to numerous animal health markets. Through Specialty Products, Balchem provides specialty-packaged chemicals for use in healthcare and other industries, and also provides chelated minerals to the micronutrient agricultural market. The Industrial Products segment manufactures and supplies certain derivative products into industrial applications. Forward-Looking Statements This release contains forward-looking statements, which reflect Balchem’s expectation or belief concerning future events that involve risks and uncertainties. Balchem can give no assurance that the expectations reflected in forward-looking statements will prove correct and various factors could cause results to differ materially from Balchem’s expectations, including risks and factors identified in Balchem’s annual report on Form 10-K for the year ended December 31, 2016. Forward-looking statements are qualified in their entirety by the above cautionary statement. Balchem assumes no duty to update its outlook or other forward-looking statements as of any future date. In addition to disclosing financial results in accordance with United States (U.S.) generally accepted accounting principles (GAAP), this earnings release contains non-GAAP financial measures that we believe are helpful in understanding and comparing our past financial performance and our future results. The non-GAAP financial measures disclosed by the company exclude certain business combination accounting adjustments and certain other items related to acquisitions, certain unallocated equity compensation, and certain one-time or unusual transactions. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations from these results should be carefully evaluated. Management believes that these non-GAAP measures provide useful information about the Company's core operating results and thus are appropriate to enhance the overall understanding of the Company's past financial performance and its prospects for the future. The non-GAAP financial measures in this press release include adjusted gross margin, adjusted earnings from operations, adjusted net earnings and the related adjusted per diluted share amounts, EBITDA, adjusted EBITDA, adjusted income tax expense, and free cash flow. EBITDA is defined as earnings before interest, other expense/income, taxes, depreciation and amortization. Adjusted EBITDA is defined as earnings before interest, other expense/income, taxes, depreciation, amortization, stock-based compensation, acquisition-related expenses and legal settlements, and the fair valuation of acquired inventory.  Adjusted income tax expense is defined as income tax expense adjusted for the impact of ASU 2016-09. Free cash flow is defined as net cash provided by operating activities less capital expenditures. Set forth below are reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures. 1 Inventory valuation adjustment: Business combination accounting principles require us to measure acquired inventory at fair value. The fair value of inventory reflects the acquired company’s cost of manufacturing plus a portion of the expected profit margin. The non-GAAP adjustment to our cost of sales excludes the expected profit margin component that is recorded under business combination accounting principles. We believe the adjustment is useful to investors as an additional means to reflect cost of sales and gross margin trends of our business. 2 Amortization of intangible assets: Amortization of intangible assets consists of amortization of customer relationships, trademarks and trade names, developed technology, regulatory registration costs, patents and trade secrets, and other intangibles acquired primarily in connection with business combinations. We record expense relating to the amortization of these intangibles in our GAAP financial statements. Amortization expenses for our intangible assets are inconsistent in amount and are significantly impacted by the timing and valuation of an acquisition. Consequently, our non-GAAP adjustments exclude these expenses to facilitate an evaluation of our current operating performance and comparisons to our past operating performance. 3 Transaction costs, integration costs and legal settlement: Transaction and integration costs related to acquisitions are expensed in our GAAP financial statements. Legal settlements related to acquisitions are included as expense offset in our GAAP financial statements. Management excludes these items for the purposes of calculating Adjusted EBITDA and other non-GAAP financial measures. We believe that excluding these items from our non-GAAP financial measures is useful to investors because these are items associated with each transaction, and are inconsistent in amount and frequency causing comparison of current and historical financial results to be difficult. 4 Income tax adjustment: For purposes of calculating adjusted net earnings and adjusted diluted earnings per share, we adjust the provision for (benefit from) income taxes to tax effect the non-GAAP adjustments described above as they have a significant impact on our income tax (benefit) provision. Additionally, the income tax adjustment is adjusted for the impact of adopting ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting”, and uses the Non-GAAP effective rate applied to both the GAAP earnings before income tax expense and non-GAAP adjustments described above. See Table 3. The following table sets forth a reconciliation of Net Income calculated using amounts determined in accordance with GAAP to EBITDA and to Adjusted EBITDA for the three months ended March 31, 2017 and 2016. The following table sets forth a reconciliation of GAAP income tax expense to adjusted tax expense for the three months ended March 31, 2017 and 2016. (5) In March 2016, the FASB issued ASU No. 2016-09, “Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”), which addresses the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The Company adopted ASU 2016-09 on January 1, 2017 prospectively (prior periods have not been restated).  The primary impact of adoption was the recognition during the three months ended March 31, 2017, of excess tax benefits as a reduction to the provision for income taxes and the classification of these excess tax benefits in operating activities in the consolidated statement of cash flows instead of financing activities.  The presentation requirements for cash flows related to employee taxes paid for withheld shares had no impact to any of the periods presented in the consolidated statement of cash flows, since such cash flows have historically been presented in financing activities. The Company also elected to continue estimating forfeitures when determining the amount of stock-based compensation costs to be recognized in each period. No other provisions of ASU 2016-09 had a material impact on the Company’s financial statements or disclosures. The following table sets forth a reconciliation of net cash provided by operating activities to free cash flow for the three months ended March 31, 2017 and 2016.


CHATSWORTH, Calif., May 11, 2017 (GLOBE NEWSWIRE) -- Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST), the world's leading clean technology manufacturer of microturbine energy systems, announced today that it received an order for a C600 Signature Series microturbine to become part of an extensive upgrade for a wastewater treatment plant in upstate New York. Capstone’s distributor, GEM Energy, secured the order, which is expected to be commissioned in the Spring of 2018. Capstone microturbines were selected for their low emissions and modular design, which is ideal for biogas applications. The customer received a New York State Energy Research & Development Authority (NYSERDA) incentive for implementing an onsite electricity solution from biogas. The C600 Signature Series microturbine will be installed in a combined heat and power (CHP) configuration at the wastewater treatment facility and be fueled by biogas from the local municipal sewer system. “Our recently launched Signature Series product is targeted directly at CHP, and this New York wastewater treatment plant project is significant as it furthers our strategic efforts to better diversify our market verticals, as energy efficiency is a big growth market for us both in the U.S. and globally,” said Darren Jamison, Capstone’s President and Chief Executive Officer. The microturbine CHP plant will incorporate new digesters, advanced gas treatment and heat exchangers for heating the digesters. The site also has the potential for further expansion to larger microturbine solutions in the future. “We are excited to see further market penetration in the renewable energy space,” said Jim Crouse, Capstone’s Executive Vice President of Sales and Marketing. “Wastewater treatment plants are realizing they can leverage the biogas they produce to reduce their operating costs and increase on-site reliability,” added Mr. Crouse. Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST) is the world's leading producer of low-emission microturbine systems and was the first to market commercially viable microturbine energy products. Capstone has shipped approximately 9,000 Capstone Microturbine systems to customers worldwide. These award-winning systems have logged millions of documented runtime operating hours. Capstone is a member of the U.S. Environmental Protection Agency's Combined Heat and Power Partnership, which is committed to improving the efficiency of the nation's energy infrastructure and reducing emissions of pollutants and greenhouse gases. A UL-Certified ISO 9001:2015 and ISO 14001:2015 certified company, Capstone is headquartered in the Los Angeles area with sales and/or service centers in the United States, Latin America, Europe, Middle East and Asia. This press release contains "forward-looking statements," as that term is used in the federal securities laws, about the advantages of our Signature Series product offerings, diversification of market verticals, and further growth into the energy efficiency and renewable markets. Forward-looking statements may be identified by words such as "expects," "objective," "intend," "targeted," "plan" and similar phrases. These forward-looking statements are subject to numerous assumptions, risks, and uncertainties described in Capstone's filings with the Securities and Exchange Commission that may cause Capstone's actual results to be materially different from any future results expressed or implied in such statements. Capstone cautions readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Capstone undertakes no obligation, and specifically disclaims any obligation, to release any revisions to any forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. "Capstone" and "Capstone Microturbine" are registered trademarks of Capstone Turbine Corporation. All other trademarks mentioned are the property of their respective owners.


News Article | May 11, 2017
Site: globenewswire.com

Lausanne, Switzerland, May 11, 2017 - AC Immune SA (NASDAQ: ACIU), a Swiss-based, clinical stage biopharmaceutical company with a broad pipeline focused on neurodegenerative diseases, today announced financial results for the first quarter ended March 31, 2017. Prof. Andrea Pfeifer, CEO of AC Immune, commented: "We have started 2017 with the very significant decision of our partner Genentech to undertake a second Phase 3 clinical trial of crenezumab in patients with prodromal to mild Alzheimer's disease. Our collaboration with Piramal for developing companion diagnostics is bearing fruit. These Q1 results reflect our strategic investments beyond Alzheimer's disease, into other neurodegenerative indications, leveraging our core knowledge of misfolding proteins and our two discovery platforms." Key Financial Data - (IFRS in CHF million, except for share and per share data) 1 1This summary table should be read in conjunction with our unaudited condensed financial statements as of and for the period ended March 31, 2017, including the accompanying notes which form an integral part of the interim financial statements.  These financial statements are available on our website under the tab labelled "Investors - Financial Information". Revenues Our revenues experience significant fluctuations as a result of securing new collaboration agreements, the timing of milestone achievements and the size of each milestone payment. AC Immune generated revenues of CHF 2.0 million in the three months ended March 31, 2017 compared with CHF 0.5 million in the three months ended March 31, 2016. The increase in revenues was mainly driven by the EUR 1 million (CHF 1.1 million) milestones from Piramal Imaging for the initiation of the Phase 1 clinical trial in an orphan indication, Progressive Supranuclear Palsy (PSP). Research & Development (R&D) Expenses For the three months ended March 31, 2017, the Company incurred R&D expenses of CHF 7.5 million compared with CHF 5.4 million in the same period in 2016. This is primarily attributable to increased investment in the two anti-Abeta ACI-24 vaccine programs in Alzheimer's disease and Down syndrome, in programs focused on Parkinson's disease such as alpha-synuclein PET imaging, and in discovery programs for neurodegenerative orphan indications. The R&D investment also reflects the addition of new talents to accelerate the development of proprietary and partnered pipeline candidates. General and Administrative (G&A) Expenses G&A expenses amounted to CHF 2.4 million in the three months ended March 31, 2017 compared with CHF 0.9 million in the same period in 2016. The increase in G&A expenses is largely related to advisory, regulatory and legal costs associated with the Company being publicly listed since September 2016, intellectual property costs as well as remuneration expenses. Loss for the period For the three months ended March 31, 2017, the Company had a net loss after taxes of CHF 9.5 million compared with a CHF 6.2 million loss for the same period in 2016. The decline in profitability is attributable to the increased R&D and G&A expenses as outlined above. Balance Sheet As of March 31, 2017 AC Immune had total cash of CHF 138.1 million compared to CHF 152.2 million as of December 31, 2017. The decrease is due to the higher investments in our major discovery and development programs and the strengthening of the Company's infrastructures, systems and organization. For a more detailed review of our financial performance, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" attached as an exhibit to our Current Report on Form 6-K filed today with the U.S. Securities and Exchange Commission and on our website under the tab labelled "Investors - Financial Information". Crenezumab - anti-Abeta antibody for Alzheimer's disease (AD) partnered with Genentech in Phase 3 AC Immune's partner Genentech/Roche has started a second pivotal Phase 3 clinical trial, CREAD 2, in 750 prodromal or mild Alzheimer's disease. Similar to the CREAD 1 Phase 3 clinical trial, which is ongoing since Q1 2016, this study will evaluate the effect of crenezumab on the composite endpoint Clinical Dementia Rating-Sum of Boxes (CDR-SB) Score. Tau-PET imaging agent - AD diagnostic partnered with Piramal New insights into the Tau-PET imaging tracer, being developed in collaboration with Piramal Imaging, were provided at the International Conference on Alzheimer's and Parkinson's Diseases (AD/PD). The results included its excellent preclinical properties, human dosimetry and first encouraging clinical data which show a distinct, specific pattern of binding in patients with Alzheimer's disease and Progressive Supranuclear Palsy. Forward looking statements This press release contains statements that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are statements other than historical fact and may include statements that address future operating, financial or business performance or AC Immune's strategies or expectations. In some cases, you can identify these statements by forward-looking words such as "may," "might," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "projects," "potential," "outlook" or "continue," and other comparable terminology. Forward-looking statements are based on management's current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements. These risks and uncertainties include those described under the captions "Item 3. Key Information-Risk Factors" and "Item 5. Operating and Financial Review and Prospects" in AC Immune's Annual Report on Form 20-F and other filings with the Securities and Exchange Commission.  Forward-looking statements speak only as of the date they are made, and AC Immune does not undertake any obligation to update them in light of new information, future developments or otherwise, except as may be required under applicable law. All forward-looking statements are qualified in their entirety by this cautionary statement. For further information please contact:

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