Fintech PR
Broadridge Reports Fourth Quarter and Fiscal 2021 Results
Broadridge Financial Solutions, Inc. (NYSE:BR) today reported financial results for the fourth quarter and fiscal year 2021. Results compared with the same period last year were as follows:
Summary Financial Results |
Fourth Quarter |
Fiscal Year |
||||||||||||
Dollars in millions, except per share data |
2021 |
2020 |
Change |
2021 |
2020 |
Change |
||||||||
Recurring fee revenues |
$1,065 |
$930 |
15% |
$3,333 |
$3,036 |
10% |
||||||||
Total revenues |
$1,532 |
$1,362 |
12% |
$4,994 |
$4,529 |
10% |
||||||||
Operating income |
281 |
299 |
(6%) |
679 |
625 |
9% |
||||||||
Margin |
18.4% |
21.9% |
13.6% |
13.8% |
||||||||||
Adjusted Operating income – Non-GAAP |
349 |
335 |
4% |
902 |
795 |
13% |
||||||||
Margin |
22.8% |
24.6% |
18.1% |
17.5% |
||||||||||
Diluted EPS |
$2.20 |
$1.97 |
12% |
$4.65 |
$3.95 |
18% |
||||||||
Adjusted EPS – Non-GAAP |
$2.19 |
$2.15 |
2% |
$5.66 |
$5.03 |
13% |
||||||||
Closed sales |
$118 |
$112 |
6% |
$242 |
$239 |
2% |
“Broadridge delivered strong fiscal year 2021 results, with 10% Recurring revenue growth, 13% Adjusted EPS growth, and record sales driven by increased investor participation and strong demand for digital solutions,” said Tim Gokey, Broadridge’s CEO.
“We have continued to invest in our long-term growth both organically and with the recent acquisition of Itiviti. We are also continuing to return cash to our shareholders, and we are raising our annual dividend by 11% to $2.56. Broadridge has increased its annual dividend every year since we became a public company, and we have announced double digit increases in eight of the past nine years, highlighting our commitment to delivering long-term shareholder returns,” Mr. Gokey added.
“Looking ahead to fiscal year 2022, we expect another strong year, with 12-15% Recurring revenue growth, continued margin expansion, and 11-15% Adjusted EPS growth. Broadridge continues to execute on our long-term strategic goals across Governance, Capital Markets and Wealth & Investment Management, and we remain on track to deliver at the higher end of our three-year financial objectives.”
Fiscal Year 2022 Financial Guidance
Recurring revenue growth |
12-15% |
|
Adjusted Operating income margin – Non-GAAP |
~19% |
|
Adjusted earnings per share growth – Non-GAAP |
11 – 15% |
|
Closed sales |
$240 – 280M |
|
Financial Results for Fourth Quarter Fiscal Year 2021 compared to Fourth Quarter Fiscal Year 2020
- Total revenues increased 12% to $1,532 million from $1,362 million in the prior year period.
- Recurring fee revenues increased 15% to $1,065 million from $930 million. The increase was primarily driven by 5pts of net new business and 7pts of internal growth. Internal growth of 7pts was driven by ICS. Acquisitions also contributed 3pts of growth primarily from the acquisition of Itiviti Holding AB (“Itiviti”).
- Event-driven fee revenues increased $5 million, or 8%, to $73 million, due to increased equity contests, capital markets and other communications.
- Distribution revenues increased $21 million, or 5%, to $429 million, driven by an increase in the volume of customer communications.
- Operating income was $281 million, a decrease of $17 million, or 6%. Operating income margin decreased to 18.4%, compared to 21.9% for the prior year period due to higher amortization expense from acquired intangible assets as well as higher spend from growth initiatives, more than offsetting the growth in Recurring and Event-driven revenues.
- Adjusted Operating income was $349 million, an increase of $14 million, or 4%. The increase in Adjusted Operating income was driven by higher recurring and event-driven revenues offset by higher spending on growth initiatives. Adjusted Operating income margin decreased to 22.8%, compared to 24.6% for the prior year period due to higher spend on growth initiatives.
- Interest expense, net was $18 million, an increase of $2 million, driven by higher average debt outstanding.
- The effective tax rate was 22.6% compared to 22.1% in the prior year period. The increase in the effective tax rate was driven by the reduced impact of discrete tax items relative to pre-tax income in the current period compared to the prior year period.
- Net earnings increased 13% to $260 million and Adjusted Net earnings increased 3% to $258 million.
- Diluted earnings per share increased 12% to $2.20, compared to $1.97 in the prior year period and Adjusted earnings per share increased 2% to $2.19, compared to $2.15 in the prior year period.
Segment and Other Results for Fourth Quarter Fiscal Year 2021 compared to Fourth Quarter Fiscal Year 2020
Investor Communication Solutions (“ICS”)
- ICS total revenues were $1,222 million, an increase of $129 million, or 12%.
- Recurring fee revenues increased $103 million, or 17%, to $719 million. The increase was attributable to 5pts of revenue from net new business and 12pts of revenue from internal growth. Internal growth benefited from higher volume of equity proxy, mutual fund and exchange-traded fund communications.
- Event-driven fee revenues increased $5 million, or 8%, to $73 million, due to increased equity contests, capital markets and other communications.
- Distribution revenues increased $21 million, or 5%, to $429 million primarily from an increase in the volume of customer communications.
- ICS earnings before income taxes were $291 million, an increase of $32 million, or 12%, primarily due to the increase in Recurring fee revenues and Event-driven fee revenues. Pre-tax margins increased to 23.9% from 23.8%.
Global Technology and Operations (“GTO”)
- GTO Recurring fee revenues were $346 million, an increase of $32 million, or 10%, driven primarily by 9pts of Recurring fee revenue growth from the Itiviti acquisition.
- GTO earnings before income taxes were $31 million, a decrease of $41 million, or 57%, compared to $72 million in the prior year period. The earnings decrease was driven by increased amortization of acquired intangibles, increased expenditures to implement and support new business, and spending on growth initiatives more than offsetting higher revenues from acquisitions. Pre-tax margins decreased to 9.0% from 23.0%.
Other
- Other Income before income tax increased to $6 million from a Loss before income tax of $39 million in the prior year period. The increase was primarily due to a non-operating gain on an acquisition-related financial instrument, partially offset by spend on growth and other initiatives, and higher performance-based compensation expense.
Financial Results for Fiscal Year 2021 compared to Fiscal Year 2020
- Total revenues increased 10% to $4,994 million from $4,529 million in the prior year period.
- Recurring fee revenues increased 10% to $3,333 million from $3,036 million driven primarily by growth from 5pts of new business onboarding, 3pts of internal growth, and 2pts related to the impact of acquisitions. Internal growth of 3pts was driven by increased equity and interim positions in ICS and primarily higher equity trade volumes in GTO, partially offset by lower interest rates on cash balances we hold for retirement accounts, lower customer communication volumes, and lower GTO license revenues.
- Event-driven fee revenues increased $59 million, or 33%, to $237 million, due to increased equity contests and mutual fund proxy and other communications.
- Distribution revenues increased $104 million, or 7%, to $1,555 million, driven by an increase in the volume of customer and regulatory communications as well as the mix of customer communication mailings.
- Operating income was $679 million, an increase of $54 million, or 9%. Operating income margin decreased to 13.6% from 13.8% in the prior year period.
- Adjusted Operating income was $902 million, an increase of $107 million, or 13%. Adjusted Operating income margin increased to 18.1%, compared to 17.5% for the prior year period.
- The increase in Adjusted Operating income was due to the impact of higher Recurring fee revenues and higher Event-driven fee revenues.
- Interest expense, net was $55 million, a decrease of $4 million, from lower average interest rates on borrowings.
- The effective tax rate was 21.4% compared to 20.2% in the prior year period. The increase in the effective tax rate was driven by the reduced impact of discrete tax items.
- Net earnings increased 18% to $548 million and Adjusted Net earnings increased 13% to $667 million.
- Diluted earnings per share increased 18% to $4.65, compared to $3.95 in the prior year period and Adjusted earnings per share increased 13% to $5.66, compared to $5.03 in the prior year period.
- The increases in Diluted earnings per share and Adjusted earnings per share were primarily due to the increase in Recurring fee revenues and higher Event-driven fee revenues.
Segment and Other Results for Fiscal Year 2021 compared to Fiscal Year 2020
ICS
- ICS total revenues were $3,868 million, an increase of $376 million, or 11%.
- Recurring fee revenues increased $213 million, or 11%, to $2,075 million. The increase was attributable to 5pts of revenue from net new business, 5pts of revenue from internal growth, and 1pt of revenue from acquisitions. Internal growth resulted from increased equity and interim positions, partially offset from the impact of lower interest rates on retirement cash accounts and lower volumes in customer communications.
- Event-driven fee revenues increased $59 million, or 33%, to $237 million, primarily from increased equity contests and mutual fund proxy and other communications.
- Distribution revenues increased $104 million, or 7%, to $1,555 million driven by an increase in the volume of customer and regulatory communications as well as the mix of customer communication mailings.
- ICS earnings before income taxes were $606 million, an increase of $141 million, or 30%, primarily due to the increase in Recurring fee revenues and Event-driven fee revenues. Pre-tax margins increased to 15.7% from 13.3%.
GTO
- GTO Recurring fee revenues were $1,258 million, an increase of $84 million, or 7%, driven primarily by Net New Business. Internal growth was impacted by higher equity trading volumes offset by lower license sales. Acquisitions contributed 3 points to growth primarily from the Itiviti Acquisition.
- GTO earnings before income taxes were $223 million, a decrease of $22 million, or 9%, compared to $245 million in the prior year period. The earnings decrease was due to expenditures to implement and support new business, increased amortization of acquired intangibles and spending on growth initiatives more than offsetting higher organic revenues and higher revenues from acquisitions. Pre-tax margins decreased to 17.7% from 20.9%.
Other
- Other Loss before income tax increased 5% to $153 million from $146 million in the prior year period. The increased loss before income taxes was primarily due to costs associated with the Company’s real estate realignment initiative, including lease exit and impairment charges and other facility exit costs; higher performance-based compensation expense; higher spending on growth initiatives; and certain expenses associated with the Covid-19 pandemic; partially offset by a non-operating gain on a financial instrument designed to minimize the Company’s foreign exchange risk associated with the Itiviti acquisition net of acquisition-related costs; and charges associated with the agreement the Company entered into with International Business Machines Corporation for private cloud services (the “IBM Private Cloud Agreement”) that occurred in the prior year period.
Fourth Quarter 2021 Acquisitions
During the fourth quarter of fiscal year 2021, Broadridge completed two acquisitions with an aggregate purchase price of $2.6 billion
- Itiviti: Broadridge’s acquisition of Itiviti closed on May 12, 2021 at a purchase price of $2.6 billion. Itiviti is a leading provider of trading and connectivity technology to the capital markets industry. The acquisition of Itiviti extends the Company’s back office capabilities into the front office and deepens its multi-asset class solutions, better enabling the Company to help its clients adapt to a rapidly evolving marketplace. Itiviti is included in the Company’s GTO reportable segment.
- AdvisorStream Ltd. (“AdvisorStream”): During the quarter Broadridge also acquired AdvisorStream, a leading provider of digital engagement and marketing solutions for the global wealth and insurance industries. AdvisorStream’s advisor marketing platform enables advisors to drive revenue and growth by providing personalized and consistent client communications. AdvisorStream is included in the Company’s GTO reportable segment.
Additional Acquisitions
Subsequent to June 30, 2021, Broadridge announced the acquisitions of the assets of Jordan & Jordan, as well as the approximately 68% of Alpha Omega that Broadridge did not already own.
The acquisition of the Jordan & Jordan assets will enable Broadridge to further extend its strategic regulatory reporting capabilities as well as add compliance and regulatory reporting consulting capabilities. The Alpha Omega acquisition will enable Broadridge to fully consolidate Alpha Omega’s post-trade matching and consolidation solution into its existing NYFIX connectivity and FIX infrastructure to better automate buy-side and sell-side firms’ trade matching processes.
Dividend Declaration and Increase
On August 11, 2021, Broadridge’s Board of Directors (“the Board”) declared a quarterly dividend of $0.64 per share payable on October 5, 2021 to stockholders of record on September 15, 2021. This declaration reflects the Board’s approval of an increase in the annual dividend amount by 11% from $2.30 to $2.56 per share, subject to the discretion of the Board to declare quarterly dividends. With this increase, the Company’s annual dividend has increased for the 15th consecutive year since becoming a public company in 2007.
Earnings Conference Call
An analyst conference call will be held today, August 12, 2021 at 8:30 a.m. ET. A live webcast of the call will be available to the public on a listen-only basis. To listen to the live event and access the slide presentation, visit Broadridge’s Investor Relations website at www.broadridge-ir.com prior to the start of the webcast. To listen to the call, investors may also dial 1-877-328-2502 within the United States and international callers may dial 1-412-317-5419.
A replay of the webcast will be available and can be accessed in the same manner as the live webcast at the Broadridge Investor Relations site. Through August 19, 2021, the recording will also be available by dialing 1-877-344-7529 passcode: 10158595 within the United States or 1-412-317-0088 passcode: 10158595 for international callers.
Explanation and Reconciliation of the Company’s Use of Non-GAAP Financial Measures
The Company’s results in this press release are presented in accordance with U.S. GAAP except where otherwise noted. In certain circumstances, results have been presented that are not generally accepted accounting principles measures (“Non-GAAP”). These Non-GAAP measures are Adjusted Operating income, Adjusted Operating income margin, Adjusted Net earnings, Adjusted earnings per share, and Free cash flow. These Non-GAAP financial measures should be viewed in addition to, and not as a substitute for, the Company’s reported results.
The Company believes our Non-GAAP financial measures help investors understand how management plans, measures and evaluates the Company’s business performance. Management believes that Non-GAAP measures provide consistency in its financial reporting and facilitates investors’ understanding of the Company’s operating results and trends by providing an additional basis for comparison. Management uses these Non-GAAP financial measures to, among other things, evaluate our ongoing operations, for internal planning and forecasting purposes and in the calculation of performance-based compensation. In addition, and as a consequence of the importance of these Non-GAAP financial measures in managing our business, the Company’s Compensation Committee of the Board of Directors incorporates Non-GAAP financial measures in the evaluation process for determining management compensation.
Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted Net Earnings and Adjusted Earnings Per Share
These Non-GAAP measures reflect Operating income, Operating income margin, Net earnings, and Diluted earnings per share, as adjusted to exclude the impact of certain costs, expenses, gains and losses and other specified items that management believes are not indicative of our ongoing operating performance. Depending on the period presented, these adjusted measures exclude the impact of: (i) Amortization of Acquired Intangibles and Purchased Intellectual Property, (ii) Acquisition and Integration Costs, (iii) IBM Private Cloud Charges, (iv) Real Estate Realignment and Covid-19 Related Expenses, (v) Investment Gain, (vi) Software Charge (vii) Gain on Acquisition-Related Financial Instrument, and (viii) Gain on Sale of a Joint Venture Investment. Amortization of Acquired Intangibles and Purchased Intellectual Property represents non-cash amortization expenses associated with the Company’s acquisition activities. Acquisition and Integration Costs represent certain transaction and integration costs associated with the Company’s acquisition activities. IBM Private Cloud Charges represent a charge on the hardware assets transferred to IBM and other charges related to the IBM Private Cloud Agreement. Real Estate Realignment and Covid-19 Related Expenses represent costs associated with the Company’s real estate realignment initiative, including lease exit and impairment charges and other facility exit costs, as well as certain expenses associated with the Covid-19 pandemic. Investment Gain represents a non-operating, non-cash gain on a privately held investment. Software Charge represents a charge related to an internal use software product that is no longer expected to be used. Gain on Acquisition-Related Financial Instrument represents a non-operating gain on a financial instrument designed to minimize the Company’s foreign exchange risk associated with the acquisition of Itiviti, as well as certain other non-operating financing costs associated with the Itiviti Acquisition. Gain on Sale of a Joint Venture Investment represents a non-operating, cash gain on the sale of one of the Company’s joint venture investments.
We exclude Acquisition and Integration Costs, IBM Private Cloud Charges, Real Estate Realignment and Covid-19 Related Expenses, the Investment Gain, the Software Charge, the Gain on Acquisition-Related Financial Instrument, and the Gain on Sale of a Joint Venture Investment from our Adjusted Operating income (as applicable) and other adjusted earnings measures because excluding such information provides us with an understanding of the results from the primary operations of our business and enhances comparability across fiscal reporting periods, as these items are not reflective of our underlying operations or performance. We also exclude the impact of Amortization of Acquired Intangibles and Purchased Intellectual Property, as these non-cash amounts are significantly impacted by the timing and size of individual acquisitions and do not factor into the Company’s capital allocation decisions, management compensation metrics or multi-year objectives. Furthermore, management believes that this adjustment enables better comparison of our results as Amortization of Acquired Intangibles and Purchased Intellectual Property will not recur in future periods once such intangible assets have been fully amortized. Although we exclude Amortization of Acquired Intangibles and Purchased Intellectual Property from our adjusted earnings measures, our management believes that it is important for investors to understand that these intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in the amortization of additional intangible assets.
Free Cash Flow
In addition to the Non-GAAP financial measures discussed above, we provide Free cash flow information because we consider Free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated that could be used for dividends, share repurchases, strategic acquisitions, other investments, as well as debt servicing. Free cash flow is a Non-GAAP financial measure and is defined by the Company as Net cash flows provided by operating activities plus Proceeds from asset sales, less Capital expenditures as well as Software purchases and capitalized internal use software.
Reconciliations of such Non-GAAP measures to the most directly comparable financial measures presented in accordance with GAAP can be found in the tables that are part of this press release.
Forward-Looking Statements
This press release and other written or oral statements made from time to time by representatives of Broadridge may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical in nature, and which may be identified by the use of words such as “expects,” “assumes,” “projects,” “anticipates,” “estimates,” “we believe,” “could be” and other words of similar meaning, are forward-looking statements. In particular, information appearing in the “Fiscal Year 2022 Financial Guidance” section and statements about our three-year objectives are forward-looking statements.
These statements are based on management’s expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed. These risks and uncertainties include those risk factors described and discussed in Part I, “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended June 30, 2021 (the “2021 Annual Report”), as they may be updated in any future reports filed with the Securities and Exchange Commission. All forward-looking statements speak only as of the date of this press release and are expressly qualified in their entirety by reference to the factors discussed in the 2021 Annual Report.
These risks include:
- the potential impact and effects of the Covid-19 pandemic (“Covid-19”) on the business of Broadridge, Broadridge’s results of operations and financial performance, any measures Broadridge has and may take in response to Covid-19 and any expectations Broadridge may have with respect thereto;
- the success of Broadridge in retaining and selling additional services to its existing clients and in obtaining new clients;
- Broadridge’s reliance on a relatively small number of clients, the continued financial health of those clients, and the continued use by such clients of Broadridge’s services with favorable pricing terms;
- a material security breach or cybersecurity attack affecting the information of Broadridge’s clients;
- changes in laws and regulations affecting Broadridge’s clients or the services provided by Broadridge;
- declines in participation and activity in the securities markets;
- the failure of Broadridge’s key service providers to provide the anticipated levels of service;
- a disaster or other significant slowdown or failure of Broadridge’s systems or error in the performance of Broadridge’s services;
- overall market and economic conditions and their impact on the securities markets;
- Broadridge’s failure to keep pace with changes in technology and the demands of its clients;
- Broadridge’s ability to attract and retain key personnel;
- the impact of new acquisitions and divestitures; and
- competitive conditions.
Broadridge disclaims any obligation to update or revise forward-looking statements that may be made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events, other than as required by law.
Fintech PR
GemVax Announces Topline Results from Phase 2a Progressive Supranuclear Palsy Clinical Trial at Neuro2024
– Topline supports moving to Phase 3 trial and shows potential to develop GV1001 as the world’s first PSP treatment
SEOUL, South Korea, Oct. 29, 2024 /PRNewswire/ — GemVax & KAEL Co., Ltd. (“GemVax”; KOSDAQ ticker: 082270) announced that topline results of a Phase 2a clinical trial (the “Phase 2a PSP Clinical Trial”) of GV1001, an investigational peptide drug for the treatment of progressive supranuclear palsy (“PSP”), were presented at “Neuro2024: The PSP and CBD International Research Symposium” in Toronto, Canada, at 4:45 p.m. local time on 24th October.
PSP is a degenerative disease that, like Parkinson’s disease, causes symptoms such as gait disturbances, early falls, vertical gaze palsy, rigidity, tremors, and cognitive decline, but it progresses faster and currently has no fundamental treatment. PSP is classified into several types, including PSP-Richardson’s syndrome (“PSP-RS”) and PSP-parkinsonism (“PSP-P”). Compared to other types of PSP, the PSP-RS type shows a greater accumulation of tau protein and affects larger areas, including the cerebellum, dentate nucleus, pontine nuclei, frontal lobe, and parietal lobe.
The Phase 2a PSP Clinical Trial was a 24-week, randomized, double-blind, placebo-controlled, prospective exploratory clinical trial conducted in 78 patients with PSP at 5 centers in Korea. The participants were randomized 1:1:1 to receive either placebo or GV1001 0.56 mg or GV1001 1.12 mg administered subcutaneously once weekly for the first 4 weeks (1 month), and then at 2-week intervals for 20 weeks (5 months) for a total of 24 weeks (6 months). Patients with both PSP-RS and PSP-P types were eligible to participate in the study. Results showed higher benefits in the lower dose group (0.56 mg), particularly in PSP-RS type patients.
The primary endpoint of the trial was change from baseline in total score (calculated as the least-square mean using MMRM method) of PSP-Rating Scale after 24 weeks of GV1001 administration, which showed deterioration by 2.14 points in GV1001 0.56 mg dose group compared to 4.10 points in the placebo group, demonstrating a 48% reduction in disease progression (see Figure 1). Although statistical significance was not demonstrated, the results support the potential of GV1001 as a treatment of PSP, a disease for which there is currently no cure, and the potential to advance GV1001 into further clinical trials.
The clinically typical PSP is often referred to as the PSP-RS type, which accounts for the majority of PSP patients. This type progresses faster and has a shorter average survival time compared to other PSP types. Subgroup analysis was conducted in patients with PSP-RS type only. The change from baseline in PSP-Rating Scale total score mean (calculated using simple average) at 24 weeks of GV1001 administration to PSP-RS type patients was a deterioration by 0.25 points in the GV1001 0.56 mg dose group compared to a deterioration by 5.19 points in the placebo group, demonstrating a 4.94-point difference or a 95% reduction in disease progression (see Figure 2).
Many PSP-RS type patients in the treatment group experienced symptom stabilization or even improvement during the clinical period. When calculated as responder rate based on the percentage of patients whose PSP Rating Scale scores improved or remained stable after six months of treatment compared to baseline, 58.33% of PSP-RS type patients in the 0.56 mg GV1001 group showed improvement or stabilization (see Figure3).
The safety profile of GV1001 in the Phase 2a PSP Clinical Trial was consistent with prior safety data. GV1001 was generally well-tolerated with no serious adverse events related to the drug reported.
Hyungsik Moon, CSO of GemVax, stated that “this Phase 2a trial was an exploratory study to determine the optimal dosage and find out how the peptide works on different subgroups. Although the topline result did not achieve statistical significance, the evidence is strong enough to consider moving forward to a pivotal trial and shows potential to develop GV1001 as the world’s first treatment option for PSP.”
Experts at the Neuro2024 meeting welcomed the results of the PSP trial as encouraging and expressed excitement for the drug to enter a global Phase 3 clinical trial for further development.
“This pilot study was not fully powered and the treatment duration with 6 months was short. Thus, statistically significant confirmatory results could not be expected” said Peter Schüler, MD, Senior Vice President of Drug Development at global CRO ICON. “Nonetheless, the observed trends are very plausible and consistent in two domains: motor performance and cognitive function, both favoring the lower dose group.”
“The trial identified the optimal dose, which was one of the primary objectives of the Phase 2a study, and demonstrated clinically meaningful benefits, namely full stabilization of the disease compared to the placebo group,” said Dr. Schüler, adding “these topline results provide a strong foundation for advancing to Phase 3.”
Dr. Günter U. Höglinger, Head of the Department of Neurology, LMU Hospital, Munich, and a world-renowned expert in PSP, commented: “very exciting Phase 2 level data with novel drug study with new mechanisms of action. Data is preliminary but very promising and it is in line with [GV1001] Alzheimer’s disease clinical data. I look forward to further development and very excited to participate and lead the [PSP] Phase 3 study.”
Dr. Kristophe Diaz, Director of CurePSP, said that “we are encouraged by the results of the recent GemVax clinical trial, which offer hope to the entire PSP community, including patients who currently have no treatment options, their families and the physicians who care for them” and that “we congratulate GemVax on the successful completion of this trial and look forward to further developments that benefit the PSP community.” He also said that “CurePSP remains committed to collaborating and supporting efforts that bring hope and progress for those affected by this devastating disease.”
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About Phase 2a PSP Clinical Trial (NCT05819658)
The Phase 2a PSP clinical trial was a 24-week, multicenter, randomized, double-blind, placebo-controlled, prospective phase 2a exploratory clinical trial to evaluate the safety and efficacy of GV1001 0.56 mg or 1.12 mg compared to placebo for the treatment of patients with PSP. The primary outcome of the study was change from baseline in the total score of PSP-Rating Scale after 24 weeks of GV1001 administration. Secondary endpoints included change from baseline in the total score of PSP-Rating Scale at 3 months, MoCA-K, K-FAB and ES-ADL at both 3 and 6 months. Overall safety of GV1001 administration was also assessed.
About GV1001
GV1001 is a synthetic peptide consisting of 16 amino acids based on the key sequence of telomerase. GV1001 has been studied for the potential treatment of neurodegenerative diseases including Alzheimer’s disease and PSP. In neurodegenerative diseases, GV1001 has been demonstrated to modulate phenotypes of glial cells, and to regulate neuroinflammation. In addition to the Phase 2a PSP clinical trial, a Phase 2 Alzheimer’s disease clinical trial of GV1001 is currently ongoing in the U.S. and Europe (NCT05189210).
About PSP
Progressive supranuclear palsy is a rare progressive and adult-onset neurodegenerative disease that currently has no disease-modifying drug. Approximately seven in 100,000 people worldwide is affected by PSP and is more common in men. People over the age of 60 are mainly affected. The symptoms of PSP include loss of balance, changes in personality, weakness of eye movements, especially in the downward direction, difficulty in swallowing, slurred speech and cognitive impairment.
About GemVax & KAEL
GemVax & KAEL Co., Ltd. is a pioneering clinical-stage biopharmaceutical company based in Korea, dedicated to developing proprietary therapeutics for neurodegenerative diseases including progressive supranuclear palsy and Alzheimer’s disease. As for PSP, GemVax is currently conducting a Phase 2a study in Korea to evaluate the efficacy and safety of GV1001 in patients with PSP. Preparations are also underway for a global PSP clinical trial. In addition, GemVax is currently conducting a Phase 2 Alzheimer’s disease clinical trial in the U.S. and Europe. For more information, visit www.gemvax.com and follow us on Linkedin.
Forward-Looking Statements
This document contains information that includes or is based upon “forward-looking statements” within the meaning of the Securities Litigation Reform Act of 1995. Forward-looking statements may or may not include identifying words such as “plan,” “will,” “expect,” “anticipate,” “intend,” “believe,” “potential,” “continue,” and similar terms. These statements are subject to known or unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements, including but not limited to: challenges inherent in pharmaceutical research and development, including the timing and results of preclinical and clinical programs, where the risk of failure is high and failure can occur at any stage prior to or after regulatory approval due to lack of sufficient efficacy, safety considerations, or other factors; our ability to leverage and enhance our drug discovery platform; our ability to obtain financing for development activities and other corporate purposes; the success of our collaboration activities; our ability to obtain regulatory approval of, and ultimately commercialize, drug candidates; our ability to obtain, maintain, and enforce intellectual property protections; cyberattacks or other disruptions to our technology systems; our ability to attract, motivate, and retain key employees and manage our growth; inflation and other macroeconomic issues; and other risks and uncertainties. All forward-looking statements are based on management’s current estimates, projections, and assumptions, and GemVax undertakes no obligation to correct or update any such statements, whether as a result of new information, future developments, or otherwise, except to the extent required by applicable law.
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Tap to Pay on iPhone now available to customers in Sweden, Ireland, Austria, Romania and Czech Republic with SumUp
STOCKHOLM, Oct. 29, 2024 /PRNewswire/ — Tap to Pay on iPhone is now available for SumUp customers in Sweden, Ireland, Austria, Czech Republic and Romania. Using Tap to Pay on iPhone, SumUp merchants can now seamlessly accept contactless payments, including credit and debit cards, Apple Pay and other digital wallets, using only an iPhone and the free SumUp iOS app, with no additional hardware needed.
The availability for SumUp customers means that merchants – even the smallest, or most recently launched ventures – can accept contactless payments anywhere, as long as they have a compatible iPhone and the SumUp iOS app. Tap to Pay on iPhone can be an ideal stepping stone for nano merchants as they look to scale their business and consider payment solutions, alongside other business tools. Tap to Pay on iPhone can also complement and extend existing point of sale systems – for example, by service staff at eateries. The service is therefore an important step in democratising digital payments, something which SumUp has pioneered and led for over a decade.
Marc-Alexander Christ, co-founder of SumUp, said: “SumUp is pleased to announce the availability of Tap to Pay on iPhone for merchants in more markets across Europe . Our mission is to make business simple for our merchants and this roll-out is an extension of our existing work supporting SMEs and merchants of all sizes to get paid. Importantly, Tap to Pay on iPhone is easy, secure and private. I am especially pleased with the exceptional functionality of the product and the fact it lowers barriers to entry, with the potential to fuel entrepreneurship.”
Tap to Pay on iPhone uses the built-in features of iPhone to keep business and customer data private and secure. When a payment is processed, Apple does not store card numbers or transaction information on the device or on Apple servers.
Tap to Pay on iPhone accepts all forms of contactless payments, including contactless credit and debit cards, Apple Pay, and other digital wallets. SumUp merchants will have the ability to activate Tap to Pay on iPhone directly within the app settings.
The service is available for those with an iPhone XS or later, running the latest version of iOS.
SumUp has always championed businesses of all sizes. With a portfolio of products, from card readers to invoicing, the online store builder to a business account (and so much more), SumUp makes it easier for merchants to get paid doing what they love. As the needs and demands of business have evolved since the company’s founding in 2012, SumUp has diversified its product suite and expanded its solutions ecosystem.
About SumUp
SumUp is a leading global financial technology company driven by the purpose of levelling the playing field for small businesses. Founded in 2012, SumUp is the financial partner for more than 4 million small merchants in 36 markets worldwide, helping them start, run and grow their business. Through its SuperApp, SumUp can provide merchants with a free business account and card, an online store, and an invoicing solution – as well as in-person and remote payment acceptance seamlessly integrated with SumUp’s card terminals and point-of-sale registers. SumUp is committed to leveraging its success to make the world a better place, pledging to donate 1% of its revenue to support environmental causes and advocating for educational and entrepreneurial projects around the world. In 2023 SumUp was recognised as a Top Global Employer for inclusion by the Stonewall Workplace Equality Index.
For more information, please visit www.sumup.com/sv-se
Photo – https://mma.prnewswire.com/media/2540549/Apple_Tap_to_Pay.jpg
Logo – https://mma.prnewswire.com/media/2540548/SumUp_Logo.jpg
Contact Details:
Gabriel Destremaut, [email protected]
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Fintech PR
Bluecrux Teams Up with Bridgestone for Seamless SAP S/4HANA Upgrade
ANTWERP and AALST, Belgium, Oct. 29, 2024 /PRNewswire/ — Bluecrux, a leading value chain consulting and technology firm, is thrilled to announce its successful collaboration with Bridgestone on the implementation of SAP S/4HANA. This state-of-the-art enterprise resource planning (ERP) system is set to streamline operations and boost business efficiency across Bridgestone’s global operations, replacing its older version of SAP ahead of 2027, when it will no longer be supported.
The SAP S/4HANA system officially went live at Bridgestone at the beginning of this year, making an impact on over 3,800 end users across 9 manufacturing sites and 8 sales regions. Bluecrux worked closely with Bridgestone’s internal teams to ensure a smooth transition as it upgraded its ERP system. Bluecrux provided hands-on support during this critical time, providing hypercare with teams on-site at 20 locations to monitor SAP S/4HANA’s integration on an end-to-end level. The company also set up daily reports to track key highlights and quickly solve any issues at every site.
Since the implementation of SAP S/4HANA, Bridgestone has been able to harmonize its processes across the organization. The platform is seen as a crucial enabler for future initiatives and projects as it improves supply chain visibility, accelerates financial reporting and enhances the company’s ability to respond to market demands more efficiently.
“The collaboration with Bluecrux has been a key part of our digital transformation journey,” said Donald Connally, RYOGA Program Manager of Bridgestone. “Their expertise in supply chain processes and hands-on approach, ensured a seamless transition to SAP S/4HANA across our global operations. We’re grateful for the Bluecrux team’s dedication and proactive support through hypercare, helping us reach our goals.”
This project is the latest achievement in the long and successful partnership between Bluecrux and Bridgestone. Over the years, Bluecrux has been by Bridgestone’s side as it goes through the phases of its supply chain transformation. Together, their respective teams have tackled projects like production planning, demand and allocation planning and developing a global Advanced Planning System (APS) strategy. This strong foundation paved the way for the recent SAP S/4HANA roll-out, bringing together years of shared expertise and trust.
“Our ongoing partnership with Bridgestone has been built on mutual trust and a shared commitment to continuous improvement,” said Anneleen Tronquo, Managing Parter of Planning Solutions at Bluecrux. “The successful SAP S/4HANA implementation marks a significant milestone in our journey together, and it showcases the power of collaboration and hands-on support. We’re proud to be part of this journey and look forward to driving even greater achievements together.”
The success of this SAP S/4HANA project underscores Bluecrux’s deep expertise in deploying and monitoring the solution, as well as the company’s commitment to supporting clients in meeting their business transformation aims. As Bridgestone continues to benefit from SAP S/4HANA, Bluecrux looks forward to providing ongoing support for the company’s digital journey.
Navigating your own SAP S/4HANA transformation? Reach out to us and discover how Bluecrux can support your transformation journey.
About Bluecrux
Founded in 2011, Bluecrux is a leading value chain technology and consulting company, assisting global companies to navigate and improve their supply chains. The company’s international growth story and innovative technologies, Binocs and Axon, reflect its goal to combine expertise with technology, turning challenges into opportunities.
About Bridgestone
Bridgestone in Europe, the Middle East and Africa (Bridgestone EMEA) is the regional Strategic Business Unit of Bridgestone Corporation, a global leader in premium tires and sustainable mobility solutions. Headquartered in Zaventem (Belgium), Bridgestone EMEA employs more than 14,000 people and conducts business in 35 countries across the region. Bridgestone EMEA operates 13 tire plants, a major R&D center, and a proving ground, and serves its customers in an extensive retail network with thousands of touchpoints. Bridgestone offers a diverse portfolio of premium tyres, tyre technologies and advanced mobility solutions. The company’s vision is to provide social and customer value as a sustainable solutions company. The Bridgestone E8 Commitment is a broad, global corporate commitment that clearly defines the value the company is promising to deliver to society, our customers and future generations in eight focus areas; Energy, Ecology, Efficiency, Extension, Economy, Emotion, Ease and Empowerment. These provide a compass to guide strategic priorities, decision making and actions throughout every area of the business.
Olivier Souffriau,
Business Alliance Manager Bluecrux,
[email protected],
+32476382612
View original content:https://www.prnewswire.co.uk/news-releases/bluecrux-teams-up-with-bridgestone-for-seamless-sap-s4hana-upgrade-302289213.html
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