Artificial Intelligence
MATEON THERAPEUTICS REPORTS SECOND QUARTER 2020 FINANCIAL RESULTS
AGOURA HILLS, Calif., Aug. 17, 2020 (GLOBE NEWSWIRE) — Mateon Therapeutics (OTC.QB: MATN), a leading developer of TGF-β therapeutics, announced financial results for the second quarter ended June 30, 2020. Unless otherwise stated, all comparisons are for the second quarter of 2020 compared to the second quarter of 2019.
We recorded services revenue of $1.4 million during the three months ended June 30, 2020 as compared to no revenues during the same period ended in 2019. The revenue of $0.9 million was recorded from services provided to Golden Mountain Partners (GMP) during the period ended June 30, 2020 in connection with the development of OT-101 for COVID-19. We also recorded $0.5 million in revenues from Autotelic Bio (ATB) upon the successful completion of the in-vivo efficacy studies of OT-101 combination with IL-2 based on the ATB Agreement.
Research and development (“R&D”) expenses increased by approximately $0.1 million for the three months ended June 30, 2020 compared to the same period in 2019. The higher R&D cost was primarily due to by higher amortization of intangibles of $0.1 million. The financial information presented does not include any R&D activity for PointR for the period ended June 30, 2019. General and administrative (“G&A”) expenses increased by approximately $0.1 million for the three months ended June 30, 2020 compared to the three months ended June 30, 2019, primarily due to increases of approximately $0.1 million due to increase in legal and professional expenses.
As a result of our mergers with Oncotelic and PointR, we expect to increase R&D and G&A expenses, including the initiation of new clinical trials including those for COVID-19, and therefore believe that research and development expenses will increase for the remainder of 2020 compared to research and development expenses in 2019.
“We are pleased to announce that despite the challenges presented by the COVID-19 situation, we were able to achieve revenue of $1.4 million,” said Amit Shah, CFO of Mateon. “Additionally, 2020 Financing has resulted in gross proceeds of $2.5 million to the Company. Coupled with the $2.0 million in debt funding by GMP specifically for the COVID-19 trial, the company is in a position to execute on its objectives, including the spinoff of Edgepoint in the coming months and the development of OT-101 and Artemisinin. Overall, the company has raised over $6.0 million between revenues and financing in 1H20.” “Based on the approval accorded by the shareholders of Mateon, we anticipate the name change of the Company to Oncotelic Inc. (Oncotelic) on or before the end of September. The change in name reflects the acquisition of Mateon by Oncotelic back in April 2019”, said Dr. Vuong Trieu, CEO of Mateon. “In addition, the assets of the Company, in OT-101 and Artemisinin, are both Oncotelic assets and the Company has been developing them to create shareholder value. The legacy Mateon assets are being repositions as therapeutics for rare pediatric oncology and may be spun off in the future. Over the past year, the Company has been working on development of OT-101, as an Oncology therapeutic as well for COVID-19, as well as Artemisinin for COVID-19. We expect that the development of these drugs will enhance significant shareholder value for the Company. We are also developing technologies within the artificial intelligence space (AI) through our AI division in EdgePoint Inc. (EdgePoint). The Company will develop these technologies in-house and at the appropriate time, consider how to monetize of spin-off of these assets and technologies. We are confident our efforts will create significant shareholder value similar to companies within the similar space.
We expect the EdgePoint spinoff to be completed on or before year end. We are confident that the EdgePoint spinoff will be successful given the early involvement of luminaries such as IBM, Balaji Baktha – Leading Silicon Valley VC, and Dr. Sanjay Jha- the former CEO of Motorola and COO/President of Qualcomm.
About Mateon Therapeutics
Mateon Therapeutics, Inc. (Mateon) was created by the recent reverse merger with Oncotelic which became a wholly owned subsidiary of Mateon creating an immuno-oncology company dedicated to the development of first in class RNA therapeutics as well as small molecule drugs against cancer. OT-101, the lead immuno-oncology drug candidate of Mateon/Oncotelic, is a first-in-class anti-TGF beta RNA therapeutic that exhibited single agent activity in some relapsed/refractory cancer patients in clinical trial settings. Mateon/Oncotelic is seeking to leverage its deep expertise in oncology drug development to improve treatment outcomes and survival of cancer patients with a special emphasis on pediatric cancer patients. Mateon has rare pediatric designation for DIPG (CA4P) and melanoma (CA4P). For more information, please visit www.oncotelic.com and www.mateon.com.
About Artemisinin as potential treatment for COVID-19 Artemisinin can target multiple viral threats including COVID-19 by suppressing both viral replication and clinical symptoms that arises from viral infection. Viral replication cannot occur without TGF-β. Artemisinin, purified from an herb (Artemisia annua), is able to inhibit TGF-β activity and is able to neutralize SARS-CoV-2 (COVID-19) in vitro at an EC50 of 0.45 ug/ml (Mateon’s test result at Utah State University), and a Safety Index of 140, which is better than remdesivir and chloroquine. Artemisinin also has been reported to have antiviral activities against hepatitis B and C viruses, human herpes viruses, HIV-1, influenza virus A, and a bovine viral diarrhea virus in the low micromolar range. In the clinic, artemisinin exhibits early efficacy signals against COVID19. To date 25 effective cases have been reported, with an average time of negative nucleic acid conversion of 4 days, and a negative conversion rate of 10 days after nucleic acid detection reached 96%. No serious adverse reactions were seen. After treatment, the patient’s chest image examination showed that the inflammation in the lungs was relieved and the symptoms were significantly improved. Because it targets a host protein- TGF-β that plays a pivotal role in ARDS pathophysiology (and not a virus-intrinsic target), Artemisinin does not promote the development of drug-resistant viral mutations. We expect this drug product to be indicated for a broad patient population and therefore is a high value commercialization project.
Mateon’s Cautionary Note on Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this communication regarding strategy, future operations, future financial position, prospects, plans and objectives of management are forward-looking statements. Words such as “may”, “expect”, “anticipate” “hope”, “vision”, “optimism”, “design”, “exciting”, “promising”, “will”, “conviction”, “estimate,” “intend,” “believe”, “quest for a cure of cancer”, “innovation-driven”, “paradigm-shift”, “high scientific merit”, “impact potential” and similar expressions are intended to identify forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, statements about future plans, the progress, timing, clinical development, scope and success of future clinical trials, the reporting of clinical data for the company’s product candidates and the potential use of the company’s product candidates to treat various cancer indications. Each of these forward-looking statements involves risks and uncertainties and actual results may differ materially from these forward-looking statements. Many factors may cause differences between current expectations and actual results, including unexpected safety or efficacy data observed during preclinical or clinical studies, clinical trial site activation or enrollment rates that are lower than expected, changes in expected or existing competition, changes in the regulatory environment, failure of collaborators to support or advance collaborations or product candidates and unexpected litigation or other disputes. These risks are not exhaustive; the company faces known and unknown risks, including the risk factors described in the company’s annual report on Form 10-K filed with the SEC on April 10, 2019 and in the company’s other periodic filings. Forward-looking statements are based on expectations and assumptions as of the date of this press release. Except as required by law, the company does not assume any obligation to update forward-looking statements contained herein to reflect any change in expectations, whether as a result of new information future events, or otherwise.
Contact Information:
For Mateon Therapeutics, Inc.:
Amit Shah
[email protected]
Artificial Intelligence
IBS Software Announces Appointment of New Chief Executive Officer Somit Goyal
DUBAI, UAE, June 17, 2024 /PRNewswire/ — IBS Software, a leading SaaS solutions provider to the travel industry globally, has appointed Somit Goyal as its new Chief Executive Officer (CEO), effective immediately. Somit succeeds Anand Krishnan, who served as CEO of IBS Software since 2018.
Somit Goyal brings a wealth of experience in the enterprise software sector, having held leadership roles at globally renowned companies such as Microsoft, SAP, Oracle and AOL.
During his 11-year tenure at Microsoft, Somit held several leadership roles across strategy, operations, sales and customer success. In his last role, he managed the global sales of Microsoft’s Modern Work cloud business, and before that, Somit served as the Chief Operating Officer of Microsoft’s Public Sector business worldwide. Somit also conceived and established the Customer Success function at Microsoft, an area of growing importance for IBS Software as it continues to expand globally.
Most recently, Somit served as President and COO of Pluralsight, a SaaS company, where he oversaw product, engineering and GTM functions.
“Somit’s impressive experience in operating global SaaS businesses, leading diverse teams, and managing all facets of enterprise software make him exceptionally well-suited to lead IBS Software during this exciting phase of growth,” said V K Mathews, Executive Chairman of IBS Software. “IBS Software is at a pivotal point in its trajectory as we continue to innovate to better serve our customers. I am confident Somit will help unlock our full potential.”
With a comprehensive portfolio of modular, cloud-based solutions purpose-built for the travel industry, IBS Software helps travel companies accelerate innovation and drive efficiency across a broad set of core business processes, including passenger services, flight operations, cargo and logistics, loyalty management, cruise operations, energy & resource logistics and hospitality businesses.
“With a broad portfolio of industry leading products, marquee customers and a talented team, with deep domain expertise IBS Software stands at the forefront of travel industry innovation. I couldn’t be more excited to join IBS Software and help lead it through its next exciting chapter.” said Somit Goyal, who holds an electrical engineering degree from the Indian Institute of Technology (IIT) in New Delhi, India and an MBA from INSEAD, France.
Somit will report directly to IBS Software Executive Chairman V K Mathews.
ABOUT IBS SOFTWARE
IBS Software is a leading SaaS solutions provider to the travel industry globally, managing mission-critical operations for customers in the aviation, tour & cruise, hospitality, and energy resources industries. IBS Software’s solutions for the aviation industry cover fleet & crew operations, aircraft maintenance, passenger services, loyalty programs, staff travel and air cargo management. Across the hospitality sector, IBS Software offers a cloud-native, unified platform for hotels and travel sellers, including central reservation (CRS), property management (PMS), revenue management (RMS), call centre, booking engine, loyalty and distribution. For the tour & cruise industry, IBS provides a comprehensive, customer-centric, digital platform that covers onshore, online and on-board solutions. Across the energy & resources industry, we provide logistics management solutions that cover logistics planning, operations & accommodation management. The Consulting and Digital Transformation (CDx) business focuses on driving digital transformation initiatives of its customers, leveraging its domain knowledge, digital technologies and engineering excellence. IBS Software operates from 17 offices across the world.
Further information can be found at www.ibsplc.com Follow us: Blog | Twitter | LinkedIn | Facebook | Instagram
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Artificial Intelligence
ATFX Integrates PriceOn™ from TraderTools to Enhance Global Group Trading Efficiency
HONG KONG, June 17, 2024 /PRNewswire/ — ATFX has announced a significant enhancement to its global trading infrastructure with the integration of PriceOn™ from TraderTools. ATFX is set to revolutionize how the firm manages trading flows from current institutional and retail clients, ultimately improving pricing and execution experiences, alongside attracting new clients with data and risk metrics driven confident, unique pricing.
Enhancing Client Experience
PriceOn will empower ATFX to manage trading flows more effectively and efficiently, ensuring clients benefit from superior execution and competitive pricing. The advanced technology underpinning PriceOn, which leverages artificial intelligence and sophisticated algorithms, is designed to handle complex client flows seamlessly. This capability will enable institutional clients flows to match with a broad range of retail client flows, (and vice-versa) even those with challenging characteristics, without compromising execution performance.
Advanced Technology and Client-Centric Approach
PriceOn’s AI-based algorithms represent the cutting edge of trading technology, providing precise and strategic execution that maximizes profitability for clients. Unlike traditional models, this partnership focuses on delivering enhanced returns for ATFX’s global clients.
Building an Integrated Trading Ecosystem
By integrating PriceOn, ATFX is bridging the gap between retail and institutional trading environments, fostering a cohesive ecosystem that supports diverse global trading needs. This strategic move aligns with ATFX’s broader project of creating an integrated trading environment where different client types can interact seamlessly.
Client-Centric Vision
As Chairman of ATFX, Joe Li expressed his excitement about the integration of PriceOn from TraderTools to enhance ATFX pricing. He stated, “This strategic partnership will revolutionize our pricing capabilities and provide our clients with more competitive and accurate pricing. We are committed to constantly adapting and improving our services to meet the ever-evolving needs of our clients.”
The integration of PriceOn into the ATFX platform is the latest milestone that underscores the company’s dedication to innovation and excellence in trading solutions. Acquisition of regulatory licenses in South Africa and Australia, hiring of key senior industry executives and now the integration of PriceOn confirm ATFX’s position as a vanguard of the industry.
This strategic enhancement will not only improve pricing but also provide clients with a more efficient and profitable trading experience.
About ATFX
ATFX is a leading global fintech broker with a local presence in 23 locations and licenses from regulatory authorities, including the UK’s FCA, Cypriot CySEC, UAE’s SCA, Australian ASIC, and South African FSCA. With a strong commitment to customer satisfaction, innovative technology, and strict regulatory compliance, ATFX provides exceptional trading experiences to clients worldwide.
For further information on ATFX, please visit ATFX website https://www.atfx.com.
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Artificial Intelligence
Personetics Recognized by Celent as a Global Leader in Personal Financial Engagement (PFE) for Retail Banking
Beyond PFM: “Leader in proactive customer engagement” lauded for AI-powered PFE in Celent report
NEW YORK, June 17, 2024 /PRNewswire/ — Personetics, the global leader in AI-based personalized engagement solutions for financial institutions, has been prominently featured in a new report from leading analyst firm Celent titled “Personal Financial Engagement Solutions for Retail Banking.” The report provides an in-depth analysis of the rapidly evolving personal financial engagement (PFE) solution space and the capabilities of 13 vendors.
The Celent report highlights how PFE solutions have advanced significantly beyond basic personal financial management (PFM), spending analysis and budgeting tools – utilizing real-time analytics, AI, and rich transaction data to provide tailored recommendations, automated goal tracking, and proactive guidance and automated journeys directly to banking customers.
As the report states, “Customer engagement is becoming the primary way banks deliver ongoing value to their customers … delivered continually through highly personalized and often proactive engagement,” and “financial institutions should sharpen their thinking about customer engagement through financial wellness and adopt an updated approach to PFE.”
Personetics is recognized as a global leader, with the report noting its “mature and evolving product covering well-defined components of customer engagement and bank value.” It highlights Personetics’ powerful no-code tools that allow financial institutions to develop custom, financial data-driven actionable insights and to quickly deploy journeys, as well as differentiated proactive and automated savings propositions.
“Personetics has been a leader in proactive customer engagement and enrichment of the digital banking experience for over a decade,” states the Celent report. Its “offering is tightly focused on ROI for banks, supporting a number of retention, deposit growth, and cross-sell/service opportunities.” The report cites several of Personetics’ larger bank clients that “have achieved impressive customer engagement with this platform” which ultimately “should return measurable value to the organization.”
The report emphasizes how PFE solutions enable financial institutions to drive stronger customer engagement, retention, deposit growth and cross-selling opportunities by incorporating personalized financial wellness capabilities into their digital banking channels.
As one of Celent’s key recommendations, it advises banks to “incorporate PFE into a wider customer financial wellness program” to multiply value and engagement.
“We’re honored to be recognized as global leaders in Celent’s authoritative new report on the personal financial engagement landscape,” said Udi Ziv, CEO of Personetics. “This recognition validates our long-standing vision and commitment to helping FIs transform routine transactions into valuable personalized experiences that improve financial wellness and build lasting customer loyalty.”
Learn More at the Upcoming Webinar
Personetics’ VP of Strategy and Business Development Dorel Blitz, and Celent analysts Bob Meara and Michael Bernard, will explore the power of PFE in an exclusive webinar on June 26. “Beyond PFM: The Rise of Impactful PFE (Personal Financial Engagement)” will dive deeper into the key findings and recommendations from Celent’s report, provide a roadmap for banks to craft and implement an effective PFE strategy, and showcase real-world examples of financial institutions driving impact with Personetics’ solutions. Register for the webinar to secure your spot.
Download a free copy of the Celent Report: “Personal Financial Engagement Solutions for Retail Banking” to gain a deeper understanding of the PFE landscape and how it can benefit your financial institution.
About Personetics Personetics is the global leader in financial data-driven personalization, enabling financial institutions to forge deeper relationships by enhancing clients’ financial wellness and helping them make smarter decisions. Personetics reaches 135 million customers across 35 global markets while serving more than 100 financial institutions. Personetics’ AI analyzes financial data in real-time to understand customer financial behavior, anticipate needs, and deliver a hyper-personalized experience with day-to-day actionable insights, personalized recommendations, product-based financial advice, and automated financial wellness programs. The company has offices in New York, London, Singapore, São Paulo, and Tel Aviv. For more information, visit www.personetics.com.
Media Contact for PersoneticsMichal Milgalter [email protected]+972-52-3571981
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View original content:https://www.prnewswire.co.uk/news-releases/personetics-recognized-by-celent-as-a-global-leader-in-personal-financial-engagement-pfe-for-retail-banking-302173648.html
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