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Tigermed Reports 2023 Interim Results




HANGZHOU, China, Aug. 25, 2023 /PRNewswire/ — Hangzhou Tigermed Consulting Co., Ltd. (“Tigermed” or the “company”) (Stock code: 300347.SZ / 3347.HK), a leading provider of clinical research solutions across full lifecycle of global biopharmaceutical and medical device products, announced its interim results for the first half of 2023, ended June 30, 2023 (the “Reporting Period”).

This press release is for information and summary only and is not intended to provide any representation, in whole or in part, of the relevant matters. For further information, please refer to the 2023 interim results and relevant announcements published on the websites of the Shenzhen Stock Exchange ( and the Stock Exchange of Hong Kong (

All financials disclosed in this press release are prepared based on International Financial Reporting Standards (IFRS) except for those specifically noted otherwise. The 2023 Interim Results of the company has not been audited.

First Half 2023 Financial Performance

  • Total revenue achieved 3.2% year-over-year (“YoY”) growth to RMB 3,710.9 million during the Reporting Period.
  • Adjusted Net Profit Attributable to the Owners of the Company(1) increased by 2.2 % YoY to RMB 895.6 million during the Reporting Period1.
  • Segment revenue generated from Clinical Trial Solutions decreased by 3.2% YoY to RMB 2,103.4 million.
  • Segment revenue generated from Clinical-related and Lab Services achieved 13% YoY growth and reached RMB 1,607.5 million.
  • Geographically, China’s revenue increased by 24.2% YoY to RMB 2,087.4 million. The company’s overseas revenue decreased by 15.2% YoY to RMB 1,623.5 million during the Reporting Period.

(1)Non-IFRS measure. Adjusted for (i) share-based compensation expense, (ii) net foreign exchange loss/(gain), (iii) amortization of intangible assets arising from acquisitions, and (iv) changes in fair value of financial assets at FVTPL

Business Highlight:

Tigermed maintained its strong position in the CRO industry in the first half of 2023 by providing comprehensive services and empowering global biopharmaceutical innovation with high quality and commitment. As of June 30, 2023, Tigermed had 772 ongoing drug clinical research projects, including over 40 ongoing clinical trials in the United States, 35 ongoing clinical trial projects in the EMEA (Europe, Middle East, Africa) region, and 31 ongoing clinical trial projects in South East Asia and Latin America regions.

During the reporting period, Tigermed regulatory affairs (RA) business had 940 accumulated project experience, added 18 new U.S. FDA IND projects, and assisted 7 products to be registered and approved in China. Furthermore, the Tigermed medical device team has served over 1,700 global clients with 5,700+ accumulated medical device and IVD registration projects, as well as 700+ clinical trial experiences.

Tigermed has achieved impressive growth in pharmacovigilance, medical translation, and real-world studies services in the first half of 2023. Notably, pharmacovigilance services added 75 newly signed projects and 59 new customers, providing safety monitoring solutions to both pre-NDA and post-market projects in both Europe and China. Medical translation added 52 new customers while expanding into the Japanese market in 2023. Real-World Study (RWS) business has reached multiple collaborations with global pharmaceutical companies. In terms of vaccine clinical service, Tigermed team has conducted 14 overseas COVID-19 vaccine projects and supported multiple innovative vaccines to carry out phase III protective efficacy research.

As of June 30, 2023, data management and statistical analysis had 296 customers and 859 ongoing projects. Additionally, Tigermed had 1,776 ongoing site management projects and provided services for 11 Class I innovative drug approvals in China in the first half of 2023. Furthermore, Tigermed Excellence for Clinical Trial Sites (“E-Site”) Program had 204 core collaborative sites and 61 green channel sites across China, forming a diversified and win-win strategic cooperation model.

Tigermed laboratory service has achieved great progress as of June 30, 2023. The Frontage Suzhou Safety Assessment Center obtained the GLP (Good Laboratory Practice) certification issued by the NMPA; the new 8,000+ square meters clinical trial manufacture center in Suzhou was officially put into operation; and ACME Biopharma, a subsidiary of Frontage, launched its Wuhan R&D center, offering comprehensive R&D services from target screening to pre-clinical pharmacology research.

During the reporting period, Tigermed DCTs (Decentralized Clinical Trials) Solutions were put into use across several therapeutic areas, such as oncology, Alzheimer’s disease, migraine, diabetes, COVID-19, etc., creating functions including remote follow-up, remote monitoring, remote informing, electronic patient report, etc. Furthermore, the company compiled The Tigermed DCT Global Regulatory Handbook, which became a regulatory reference and guide for DCT applications in global clinical research.

In the first half of 2023, Tigermed achieved a major milestone in its globalization efforts by establishing its International Headquarters in Hong Kong, which will enable the company to coordinate and manage global projects more efficiently and empower customers on a global scale.

As of June 30, 2023, Tigermed total number of employees reached 9,455, of which 1,525 were based overseas. During the reporting period, Tigermed had cumulative experience handling 120+ MRCT projects and 62 ongoing MRCTs. In addition, Tigermed acquired Marti Farm to further strengthen its ability to provide high-quality clinical services in Europe for global customers.

Tigermed has earned recognition from customers, industry, and media across the globe. During the reporting period, Tigermed has been honored with awards such as “Microsoft Digital Platform Best Practices Awards”, “Best Employer Brand on LinkedIn”, and “Best Medical Device Overseas Enabling Service Provider of 2023. Moreover, CSA Research ranked its medical translation business 51st globally (5th in mainland China and 14th in the Asia Pacific) according to the 2023 CSA Research Largest Language Service Providers Ranking.

Management Comment

“At Tigermed, we have taken the initiative to embrace the opportunities and challenges of the CRO industry in the first half of 2023,” said Ms. Xiaochun Cao, Co-Founder, Executive Director, and President of Tigermed. “We focus on globalization, digitalization, and integration as our driving strategies for corporate development, and our comprehensive and reliable clinical research services have helped us build our global reputation. We are consistently striving to enhance service capabilities and scaling our global reach while remaining committed to offering our clients a professional and reliable experience that will ultimately benefit healthcare worldwide.”

Forward-Looking Statements

The information communicated herein may contain certain “forward-looking statements”, which are not historical facts but instead include predictions about future events based on our beliefs and information currently made available to us. Although we believe that these predictions are reasonable on the date hereof, future events are inherently uncertain and these forward-looking statements may turn out to be incorrect. Forward-looking statements involve risk and uncertainty by nature because they relate to events and will depend on circumstances that will occur in the future relating to, inter alia, our ability to compete effectively, our ability to develop and market new service offerings, our ability to expand into new markets, the risks associated with listed subsidiaries of the Company, unforeseeable international tensions, regulatory or governmental scrutiny in certain countries, the impact of emergencies and other force majeure events. We undertake no obligations to update forward-looking statements or to adapt them to future events or developments except as required by applicable laws or listing rules. Any investment in any securities issued by the Company or its subsidiaries will also involve certain risks. There may be additional material risks that are currently not considered to be material or of which the Company and its advisors or representatives are unaware. Against the background of these uncertainties, you should not rely on these forward-looking statements.

Non-IFRS Measure

To supplement our financial information which are presented in accordance with IFRS, we use adjusted net profit attributable to owners of the Company as an additional financial measure, which is not required by, or presented in accordance with IFRS. We define adjusted net profit attributable to owners of the Company as profit for the year attributable to owners of the Company before certain expenses and amortization. We define adjusted net profit attributable to owners of the Company as profit attributable to owners of the Company adjusted for (1) share-based compensation expense, (2) net foreign exchange loss/(gain), (3) amortization of intangible assets arising from acquisitions, (4) listing expenses incurred by our Group, and (5) increase in fair value of financial assets at FVTPL. Adjusted net profit attributable to owners of the Company is not an alternative to (i) profit before tax, profit for the year or profit for the year attributable to owners of the Company (as determined in accordance with IFRS) as a measure of our operating performance, (ii) cash flows from operating, investing and financing activities as a measure of our ability to meet our cash needs, or (iii) any other measures of performance or liquidity. We believe that this non-IFRS measure is useful for understanding and assessing underlying business performance and operating trends, and that the owners of the company and we may benefit from referring to this non-IFRS measure in assessing our financial performance by eliminating the impact of certain unusual, non-recurring, non-cash and/or non-operating items that we do not consider indicative of the performance of our business. However, the presentation of this non-IFRS measure is not intended to, and should not, be considered in isolation from or as a substitute for the financial information prepared and presented in accordance with the IFRS. You should not view the non-IFRS measure on a stand-alone basis or as a substitute for results under the IFRS, or as being comparable to results or a similarly titled financial measure reported or forecasted by other companies.

About Tigermed

Tigermed (Stock code: 300347.SZ/3347.HK) is a leading global provider of integrated research and development solutions for biopharmaceutical and medical device industry. With a broad portfolio of services and a promise of quality, from preclinical development to clinical trial to commercialization, we are committed to moving our customers through their development journey efficiently and cost-effectively. Tigermed Group currently represents a worldwide network of more than 100 subsidiaries and 180 service locations, with over 10,000 employees Asia Pacific, Europe, North & South America and Africa. We are devoted to building an integrated platform that enables the boundless possibilities for the healthcare industry, embracing challenges to fulfill our commitment to serving unmet patients’ needs, and ultimately saving lives.

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PTI Secures €1.2 Billion Multi-Jurisdiction Transaction




NEW YORK, Sept. 28, 2023 /PRNewswire/ — Phoenix Tower International, LLC (“PTI”), through its Spanish subsidiary (PTI Iberica V, S.A.) announced today that it has closed a new €1.2 billion senior credit facility in Europe to consolidate its existing loans and provide substantial additional capacity to support further growth both in existing and new markets in Europe. 

The transaction comprised of the following senior secured facilities: (i) a €700 million term loan, (ii) a €400 million delayed draw term loan, (iii) a €50 million revolving credit facility, and (iv) a €50 million debt service reserve facility, all of which are due in September 2030 (7 years). Proceeds from the facilities will be used to: (i) repay existing indebtedness including related fees and expenses,  (ii) fund capital expenditure requirements and acquisitions, including the recent acquisition of the French portfolio of wireless tower assets from Cellnex (1,226 sites hosting SFR), and (iii) fund working capital requirements.

“The multi-jurisdiction loan provides PTI with the flexibility to continue to grow our business across Europe with incremental liquidity available at our disposal. The financing will allow us to strengthen our commitment to the region, as we continue to construct and invest in digital infrastructure in markets that are experiencing a rising demand for connectivity and technological upgrades. We are excited to continue to expand our presence in Europe and deliver value-add infrastructure solutions to our customers”, said Dagan Kasavana, Chief Executive Officer of PTI.

“By providing a flexible financing covering multiple jurisdictions, PTI was able to simplify its capital structure, reduce pricing, and access incremental funds to support future growth. Raising €1.2 billion in the current market environment speaks to the strength of PTI’s business model and underscores the lender community’s appetite to support the expansion of digital connectivity. We are pleased to partner with such a strong lender group in this landmark transaction”, said Michael Bremer, Chief Financial Officer of PTI.

Natixis Corporate & Investment Banking (“Natixis”) acted as Structuring Bank. Natixis and Deutsche Bank AG acted as Lead Bookrunners and Mandated Lead Arrangers, ABN AMRO Bank N.V., ING Bank N.V., and Scotiabank (Ireland) Designated Activity Company acted as Mandated Lead Arrangers and Bookrunners, BNP Paribas and MUFG Bank acted as Mandated Lead Arrangers, and Citibank Europe PLC Dublin, Mizuho Bank Europe, and Toronto Dominion Bank acted as Participants. Natixis also acted as Facility Agent, Security Agent and Financial Modelling Bank, while ING Bank N.V. has been appointed as Sustainability Coordinator.

Freshfields Bruckhaus Deringer acted as external legal counsel of the company, and Allen & Overy acted as external legal counsel of the lenders.

About PTI

PTI, through its subsidiaries, owns and operates over 22,000 telecom towers throughout Europe, the United States, Latin America and the Caribbean. In Europe, PTI is present in several countries including France, Italy, Ireland, Malta and Cyprus.

PTI was founded in 2013 with a mission to be a premier site provider to wireless operators across the world in high-growth markets. PTI’s investors include funds managed by Blackstone, Wren House and various members of the management team and is headquartered in Boca Raton, Florida. For more information, please visit

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BranchOut Food Inc. Expands Partnership with EnWave Corporation. Increasing Manufacturing Capacity by an Additional ~$15mm Annually & Secures Additional Product Exclusivities.




BEND, Ore, Sept. 28, 2023 /PRNewswire/ — BranchOut Foods Inc. (NASDAQ: BOF), the global trailblazer in GentleDried natural snacks and superfood ingredients, is proud to announce a significant expansion of its partnership with EnWave Corporation (TSX-V: ENW | FSE: E4U). BranchOut has agreed to purchase a second large-scale, continuous throughput dehydration machine from Enwave. Under the terms of the new Equipment Purchase Agreement (the “Agreement”), the 120kW REV™ machine is slated for delivery to BranchOut in late calendar 2024 and will add an additional $15mm in estimated topline capacity.

Eric Healy, CEO of BranchOut Food Inc., emphasized, “We are confident that this increased capacity will align perfectly with our growth trajectory, especially in light of our recent commitments from major retailers and the substantial sales pipeline we have established.”

Enwave’s Radiant Energy Vacuum (REV™) technology and associated patent portfolio was previously licensed to BranchOut along with exclusivity for its original core products. Under the new Agreement, the product exclusives have been significantly expanded to encompass the new and innovative products BranchOut has recently developed and will be launching in the very near future.

About BranchOut Food Inc.: BranchOut is an international food-tech company delivering truly great natural snacks and real superfood ingredients enabled by their licensed dehydration technology. BranchOut Food is a leading provider of high-quality dehydrated fruit and vegetable-based products and its commitment to quality and innovation sets it apart as a trusted brand and private label supplier. For more information about BranchOut Food Inc. and its products, please visit

About EnWave: EnWave Corporation stands as a global leader in vacuum microwave dehydration innovation and application. Operating from its headquarters in Vancouver, BC, EnWave boasts an impressive intellectual property portfolio and has refined its Radiant Energy Vacuum (REV™) technology into a proven, consistent, and scalable drying solution. This revolutionary technology outperforms traditional drying methods in terms of efficiency, capacity, product quality, and cost.

Media Contact:

BranchOut Food Inc. 
Email: [email protected]

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SIGMA Financial AI unveils Akili-AI: Cutting-Edge, AI-based, no-code suite of tools for traders




– Augments trader’s interactions and transforms decision-making capabilities

– Handles the full extent of structured to unstructured financial data

– Mitigates portfolio exposure risk and accelerates speed to market

LONDON, Sept. 28, 2023 /PRNewswire/ — SIGMA Financial AI, an innovator in developing AI-driven trading solutions, launches Akili-AI*, a sophisticated suite of enterprise-ready trading strategy tools. Akili-AI is a cutting-edge, no-code solution enabling data-driven insights to support the specialist needs of the global financial services trading community.

Akili-AI incorporates machine learning (ML) and natural language processing (NLP) to deliver agile tools which are more intelligent, faster and easier to use, enabling traders to create strategies at a scale and speed unachievable without AI support. Completely asset-class and instrument-agnostic, the Akili-AI system streams real-time trading data, allowing users to screen, test and design complex trading strategies promptly. 

Their SaaS-based Pattern matching platform (Patterns as a Service) helps traders monitor thousands of instruments in real-time, scanning charts for momentum changes, technical signals, support, and resistance zones. The NLP research function supports fundamental and technical qualifications from thousands of news, social media and traders’ data. Akili-AI’s flexible modular architecture, built using modern protocols, is cloud-based and scales to support the largest trading enterprises.

Andy Simpson, Co-founder and CEO, commented, “Traders are having to cope with a constant squeeze on their book; this, combined with a huge increase in data volumes, has created the need for transformative solutions which can help them find an edge. They need the ability to find new liquidity fast, enhance their trade execution capabilities, and reduce portfolio risk; Akili-AI can deliver all this at a lower cost point and faster than ever.”

“Akili-AI transforms market interaction and improves productivity by liberating traders from the constraints imposed by long-established, outdated working practices and legacy technology infrastructures. Accelerated speed to market is crucial in an industry where every second counts. Our mission is to provide AI-based solutions which enhance the human experience – not replace them – helping to generate more revenue and increased profitability,” Andy continued.

Rob Maunder, Co-founder and Chief Commercial Officer, said, “Our pioneering and creative team is an unusual blend of deep financial services experience, phenomenal engineering and world-class AI technologists who bring an unrivalled track record of developing new platforms at pace. We break the mould by delivering incredible engineering of low-latency, highly scalable systems drawing on more than a decade of generative AI experience in the social media and music industries.”

Andy concluded, “Akili-AI is the start of a refreshingly different journey of technological change; watch this space. There is much more to come.”

Akili-Ai will be showcased in the Innovators Pavilion at the FIA’s Futures and Options Expo on October 2-3, 2023 at the Sheraton Grand Chicago Riverwalk.

*Akili is the Swahili word for intelligence.

About SIGMA Financial AI:

We provide traders with a set of tools that are faster, smarter and easier to use. Our AI machine learning product suite unlocks trading opportunities through real-time analytics underpinned by world-leading, scalable, ultra-low latency architecture.

Note to Editors: For more information about SIGMA Financial AI, please visit

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