Artificial Intelligence
Yield10 Bioscience Announces First Quarter 2020 Financial Results
WOBURN, Mass., May 14, 2020 (GLOBE NEWSWIRE) — Yield10 Bioscience, Inc. (Nasdaq:YTEN), an agricultural bioscience company, today reported financial results for the three months ended March 31, 2020.
“In the first quarter, we prioritized focus on activities relating to our 2020 Field Testing program where we expect our major technical milestones for the year will be generated,” said Oliver Peoples, Ph.D., president and chief executive officer of Yield10 Bioscience. “Permitting for testing of our traits at sites in the United States and Canada was completed in April for the largest field testing program we have ever undertaken, a testament to the outstanding outcome our team achieved working closely with regulatory agencies and our field site contractors. We expect planting will take place in the second quarter.”“In Camelina, we are progressing a technical and business plan to support a specialty products business. We are also making excellent progress in our corn development program where we executed a smooth transition between the contractor who deployed several of our novel traits in corn and the new contractor who will carry the program forward through initial field tests. This rapid transition may enable us to begin field tests on some of the lines in 2021 to evaluate performance of these seed yield traits.”“As 2020 progresses, we look forward to ongoing program developments and remain focused on advancing our traits to achieve additional development milestones, advancing our business plan for Camelina, continuing to build relationships with major agricultural companies, and further demonstrating the commercial pathways for our performance traits,” said Dr. Peoples.Recent Accomplishments in 2020Appointed Sherri M. Brown, Ph.D., to the Board of Directors. Dr. Brown will also serve as the chair of the newly formed Science and Technology Committee of the Board.Secured a positive response from USDA-APHIS on the regulatory status of our CRISPR genome-edited C3007 trait in Camelina, paving the way for U.S. field tests in 2020.Secured all regulatory permits required for U.S. and Canadian sites, completed all seed scale up and other logistics activities to enable our field trials and announced plans for our 2020 Field Testing Program in Camelina and canola.Signed a contract with a third-party seed company to advance our early development program in corn. The next steps in the technical development of our traits in corn include creating hybrid lines, bulking up seed, and conducting field testing. The goal of this effort is to evaluate the impact of several of our novel traits on seed yield in corn.COVID-19 impact on operations. The Company has implemented business continuity plans to address the COVID-19 pandemic and minimize disruptions on ongoing operations. To date, despite the pandemic, we have been able to move forward with planning and operational steps required to initiate our planned 2020 field trials in Canada and the United States. It is possible, however, that current and potential future closures of our research facilities, if they continue for an extended time period, could adversely impact our anticipated time frames for completing field trials and other work we have planned to accomplish during 2020.FIRST QUARTER 2020 FINANCIAL OVERVIEWCash PositionYield10 Bioscience is managed with an emphasis on cash flow and deploys its financial resources in a disciplined manner to achieve its key strategic objectives.Net cash used by operating activities during the first quarter of 2020 was consistent at $2.3 million for both the first quarter of 2020 and 2019. Yield10 ended the first quarter of 2020 with $9.8 million in unrestricted cash, cash equivalents and short-term investments. The Company anticipates total net cash usage during 2020 in a range of approximately $9.0 million to $9.5 million.The Company’s present capital resources are expected to fund its planned operations into the second quarter of 2021. Yield10’s ability to continue operations after its current cash resources are exhausted depends on its ability to obtain additional financing, including public or private equity financing, secured or unsecured debt financing, and receipt of additional government research grants, as well as licensing or other collaborative arrangements.Operating ResultsResearch grant revenue for the three months ended March 31, 2020 was $0.2 million, compared to $0.1 million recorded during the first quarter of 2019. Research and development expenses were higher at $1.5 million for the first quarter of 2020 compared to $1.2 million during the first quarter of 2019. General and administrative expenses also reflected an increase from $1.2 million during the first quarter of 2019 to $1.4 million during the first quarter of 2020.Yield10 reported a loss from operations of $2.7 million for the quarter ended March 31, 2020 as compared to a loss from operations of $2.3 million for the same quarter of 2019. The Company reported a total net loss after income tax expense of $3.6 million, or $2.12 per share for the three months ended March 31, 2020, in comparison to a total net loss after income taxes of $2.3 million, or $8.61 per share, for the first quarter of 2019. The increase in total net loss of $1.3 million during the most recent quarter is primarily the result of a non-cash charge of $1.0 million recorded within other income (expense) from the change in fair value of the Company’s warrant liability and a non-cash operating charge to write-off $0.2 million in leasehold improvements associated with a lease modification to eliminate excess space and reduce operating expenses in the Company’s Woburn, Massachusetts headquarters.Reverse Stock SplitYield10 completed a 1-for-40 reverse stock split of its common stock on January 15, 2020, in order to regain compliance with the Nasdaq Stock Market minimum bid price qualification of $1.00 per share as required by Nasdaq Listing Rule 5550(a)(2). In accordance with applicable accounting guidance, all share amounts, per share data, share prices and conversion rates set forth in the Company’s condensed consolidated financial statements for the quarters ending March 31, 2020 and March 31, 2019, including those presented in this earnings release, have been retroactively adjusted to reflect the reverse stock split.In May 2020, Yield10 was informed by its warrant agent that the exercise price of each warrant issued in the November 2019 public securities offering had been proportionately adjusted in accordance with the Company’s reverse stock split, but that the number of shares issuable upon the exercise of each warrant had not been proportionately adjusted following the stock split within the records of DTCC (The Depository Trust and Clearing Corporation). It appears probable that certain investors who exercised warrants during the month of February 2020 were issued up to 88,762 excess shares of the Company’s common stock, and the Company received up to approximately $710,000 in excess warrant exercise proceeds from these investors. The Company is working with DTCC and its warrant agent to return any excess proceeds that were collected, and to reclaim any excess number of shares of common stock that were issued in connection with these warrant exercises.Conference Call InformationYield10 Bioscience management will host a conference call today at 6:00 p.m. (ET) to discuss the first quarter 2020 results. The Company also will provide an update on the business and answer questions from the investor community. A live webcast of the call with slides can be accessed through the Company’s website at www.yield10bio.com in the investor relations events section. To participate in the call, dial toll-free 877-709-8150 or 201-689-8354 (international).To listen to a telephonic replay of the conference call, dial toll-free 877-660-6853 or 201-612-7415 (international) and enter pass code 13701523. The replay will be available until May 26, 2020. In addition, the webcast will be archived on the Company’s website in the investor relations events section.About Yield10 BioscienceYield10 Bioscience, Inc. is an agricultural bioscience company developing crop innovations to improve crop yields and enhance sustainable global food security. The Company utilizes its proprietary “GRAIN“ (Gene Ranking Artificial Intelligence Network) gene discovery platform to identify gene targets to improve yield performance and value in major commercial food and feed crops. Yield10 uses its Camelina oilseed platform to rapidly evaluate and field test new trait leads enabling the translation of promising new traits into the major commercial crops. As a path toward commercialization, Yield10 is pursuing a partnering approach with agricultural companies to drive new traits into development in crops such as canola, soybean and corn. The Company is also developing Camelina as a platform crop for producing nutritional oils and specialty products such as PHA biomaterials for use in water treatment and bioplastic applications. Yield10 is headquartered in Woburn, MA and has an Oilseeds Center of Excellence in Saskatoon, Canada.For more information about the company, please visit www.yield10bio.com, or follow the Company on Twitter, Facebook and LinkedIn. (YTEN-E)Safe Harbor for Forward-Looking StatementsThis press release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements in this release do not constitute guarantees of future performance. Investors are cautioned that statements in this press release which are not strictly historical statements, including, without limitation, expectations regarding Yield10’s cash position, cash forecasts and runway, ability to obtain sufficient financing to continue operating, expectations related to research and development activities, collaborations, intellectual property, the expected regulatory path for traits, reproducibility of data from field tests, the timing of completion of additional greenhouse and field test studies, the signing of research licenses and collaborations, the potential impact on operations of the COVID-19 pandemic, and value creation as well as the overall progress of Yield10 Bioscience, Inc., constitute forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, including the risks and uncertainties detailed in Yield10 Bioscience’s filings with the Securities and Exchange Commission. Yield10 Bioscience assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.Contacts:Yield10 Bioscience:
Lynne H. Brum, (617) 682-4693, [email protected]Investor Relations:
Bret Shapiro, (561) 479-8566, [email protected]
Managing Director, CORE IRMedia Inquiries:
Eric Fischgrund, [email protected]
FischTank Marketing and PR(FINANCIAL TABLES FOLLOW)
YIELD10 BIOSCIENCE, INC.
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Artificial Intelligence
Cato Networks Named a Leader in the 2024 Gartner Magic Quadrant for Single-Vendor SASE
Cato SASE Cloud Platform continues to shape the enterprise security market
TEL AVIV, Israel, July 8, 2024 /PRNewswire/ — Cato Networks, the SASE leader, today announced that Gartner, Inc. has recognized the company as a Leader in the 2024 Gartner® Magic Quadrant™ for Single-Vendor SASE.
“Cato’s true SASE platform is the antidote to IT complexity that persists in the face of ongoing so-called ‘platformization’ efforts,” said Shlomo Kramer, co-founder and CEO at Cato Networks. “Cato pioneered the SASE market and is shaping its future with best-in-class customer experience and a train of innovations that deliver on SASE’s promise.”
Built from its inception to be a platform, the Cato SASE Cloud combines operational excellence and an elegant customer experience. Cato’s autonomous cloud service offloads IT from the grunt work of extending, upgrading, patching, and scaling security infrastructure while sustaining resiliency and availability. “Platformization” is a portfolio approach to SASE and attempts to integrate multiple acquired products with differing code bases, form factors, policy engines, and data lakes into a single platform – an impossible task that is apparent to anyone familiar with the two approaches.
“We believe this Gartner recognition reflects what our customers experience with Cato every day,” continued Kramer.
As of July 3, 2024, on Gartner Peer Insights™, the Cato SASE Cloud Platform had an overall rating of 4.7 out of 5 for single-vendor SASE and 183 verified reviews – more than 10x of any Leader in the single-vendor SASE Magic Quadrant.
Cato Expands the Scope of Single-Vendor SASE
Gartner defines single-vendor secure access service edge (SASE) offerings as those that deliver multiple converged-network and security-as-a-service capabilities, such as software-defined WAN, secure web gateway, cloud access security broker, network firewalling and zero trust network access. These offerings use a cloud-centric architecture and are delivered by one vendor.1
The Cato SASE Cloud Platform extends beyond the original definition of SASE to deliver world-class performance and empower IT teams to eliminate threats and troubleshoot network incidents faster. Cato owns and manages the global cloud network, delivering an exceptional SASE experience to any enterprise worldwide. Functionally, Cato extends beyond threat prevention of the original SASE scope with SASE-managed endpoint protection (EPP/EDR) and SASE-based extended detection and response (XDR), the first AI-driven networking and security incident detection and response platform.
To experience Cato yourself, visit us at https://www.catonetworks.com.
1Gartner, Magic Quadrant for Single-Vendor SASE, Andrew Lerner, Jonathan Forest, Neil McDonald, Charlie Winckless, 3 July 2024
GARTNER is a registered trademark and service mark of Gartner and Magic Quadrant and PEER INSIGHTS are registered trademarks of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved.
Gartner Peer Insights content consists of the opinions of individual end users based on their own experiences with the vendors listed on the platform, should not be construed as statements of fact, nor do they represent the views of Gartner or its affiliates. Gartner does not endorse any vendor, product or service depicted in this content nor makes any warranties, expressed or implied, with respect to this content, about its accuracy or completeness, including any warranties of merchantability or fitness for a particular purpose.
Resources
Read the Cato blog, “With Great Leadership Comes Great Responsibility”Picture of Shlomo KramerCato Networks’ LogoAbout Cato NetworksCato Networks is the SASE leader, delivering enterprise security and networking in a single cloud platform. With Cato, organizations replace costly and rigid legacy infrastructure with an open and modular SASE architecture based on SD-WAN, a purpose-built global cloud network, and an embedded cloud-native security stack.
Want to learn why thousands of organizations secure their future with Cato? Visit us at www.catonetworks.com.
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Expanding Messaging Capabilities for Businesses
SAN FRANCISCO and STOCKHOLM, July 8, 2024 /PRNewswire/ — Sinch (Sinch AB (publ) – XSTO: SINCH), which is pioneering the way the world communicates through its Customer Communications Cloud, today introduced the Sinch Omnichannel Connector on Salesforce AppExchange. This innovative solution enhances conversational marketing opportunities and customer experiences by offering Salesforce Marketing Cloud customers advanced one-way and two-way messaging capabilities. The solution is now available on Salesforce AppExchange.
The Sinch Omnichannel Connector seamlessly integrates with the Salesforce ecosystem, empowering businesses to elevate their marketing strategies by reaching and engaging customers across their preferred channels. This new offering expands the reach of Salesforce Marketing Cloud platform features, providing a comprehensive suite of omnichannel messaging capabilities. Businesses can now connect with customers through one-way and two-way messaging across 13 diverse channels, including platforms like RCS, Kakao Talk, Viper, and Instagram. This expands Salesforce’s native channels of SMS, MMS, Email, WhatsApp, and LINE, providing a comprehensive communication solution.
“With the Sinch Omnichannel Connector, businesses can enhance their customer communications, personalize engagements, and maximize the return on their marketing investments,” said Jonathan Campbell, Senior Director, Messaging Products at Sinch. “Salesforce Marketing Cloud users can now leverage a broader spectrum of messaging channels through Sinch, beyond those directly supported by Salesforce, to optimize their marketing strategies and elevate customer engagement.”
To get started, Salesforce Marketing Cloud users simply need to have an existing account and onboard the Conversation API through the Sinch Dashboard. From there, they can easily activate the channels of their choice, tailoring their messaging strategy to suit their unique business needs.
Sinch has partnered with Salesforce since 2014 when Salesforce expanded its SMS offering into international markets. Sinch is a strategic supplier for Salesforce’s global SMS delivery and provides enterprise-grade messaging solutions that support Salesforce and its global customer base.
For more information visit Sinch Omnichannel Connector
Salesforce, AppExchange, Marketing Cloud and others are among the trademarks of Salesforce, Inc.
CONTACT:
For further information, please contact:
Janet LennonDirector of Global Communications [email protected]
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/sinch-ab/r/sinch-launches-omnichannel-connector-on-salesforce-appexchange,c4012692
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Artificial Intelligence
DAMAC Group Announces Increased Investment in Artificial Intelligence Sector with Notable Investments in Anthropic, xAI and Mistral
Through strategic investments, DAMAC is dedicated to fostering innovation and driving the next wave of technological advancements
DUBAI, UAE, July 8, 2024 /PRNewswire/ — DAMAC Group, a leading conglomerate known for its diverse investment portfolio, has announced a significant increase in its investment in the rapidly evolving Artificial Intelligence (AI) sector.
DAMAC Group announced notable investments in leading AI companies including a $50 million in the AI startup, Anthropic – as one of the top investors who have bought into the company from the cryptocurrency exchange, FTX. The Group has also made investments in xAI – an American AI startup founded by Elon Musk and in Mistral – a France-based AI company which is one of the best European large-language model open source. This strategic move aligns with the Group’s vision to support and develop cutting-edge AI technologies and infrastructure.
The DAMAC Group’s diversified family office has already invested in over 70 funds across various strategies, demonstrating its commitment to fostering innovation and growth across multiple industries. With this new focus on AI, the Group aims to further enhance its role in advancing foundational AI models and infrastructure.
“As a forward-thinking organisation, we recognise the transformative potential of AI in shaping the future,” said Hussain Sajwani, Founder of DAMAC Group. “Our increased investment in AI reflects our commitment to supporting the development of groundbreaking technologies that can drive significant progress and create new opportunities across various sectors.”
“We are excited to be part of the AI revolution and to contribute to the growth of this dynamic industry,” added Sajwani. “Our investments in companies like Mistral, Anthropic, and xAI underscore our dedication to fostering innovation and driving the next wave of technological advancements.”
A study by PwC underscores the immense potential of AI to transform the productivity and GDP potential of the global economy. AI could contribute up to $15.7 trillion to the global economy by 2030. Initial GDP gains will be driven by improvements in labour productivity as firms augment their workforce with AI technologies and automate certain tasks and roles. By 2030, 45% of total economic gains will come from product enhancements, stimulating consumer demand through greater product variety, increased personalisation, and enhanced affordability.
The greatest economic gains from AI will be seen in China, with a 26% boost to GDP, and in North America, with a 14.5% boost. Together, these regions will account for almost 70% of the global economic impact, equivalent to a total of $10.7 trillion.
DAMAC Group’s increased focus on AI and technological infrastructure is expected to bolster its existing portfolio and pave the way for new strategic partnerships and collaborations. The Group aims to leverage advanced technologies to create value and drive sustainable growth.
ABOUT DAMAC GROUP
The DAMAC Group is the multi-billion-dollar business conglomerate of UAE based Hussain Sajwani. The Group’s investments are divided into seven core areas; real estate, capital markets, hotels & resorts, manufacturing, catering, high-end fashion and data centres.
Some of the Group’s most notable activities include DAMAC Properties, one of the region’s largest property developers, the acquisition of the Italian fashion house, Roberto Cavalli and luxury Swiss jewellery brand de GRISOGONO, the 50-storey development DAMAC Towers Nine Elms in London and a luxury resort in the Maldives.
In a bid to disrupt the global data centre landscape, the Group recently announced plans to build data centres through its digital infrastructure company, EDGNEX Data Centres by DAMAC, across different global locations.
Today, the Group’s global footprint extends across North America, Europe, Asia, Middle East and Africa. With its vision firmly set on growth and expansion, the Group continues in its quest for diversification and business excellence.
For more information, please contact:
Visit us at www.damacgroup.com Email: [email protected]
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