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Sosei Heptares Operational Highlights and Consolidated Results for 12 Months ended 31 December 2021

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TOKYO and CAMBRIDGE, United Kingdom, Feb. 10, 2022 (GLOBE NEWSWIRE) — Sosei Group Corporation (“the Company”; TSE: 4565) provides an update on operational activities and reports its consolidated results for the 12 months ended 31 December 2021. The full report can be found by clicking here.

Shinichi Tamura, President and CEO of Sosei Heptares, commented: “We made excellent progress during 2021 achieving multiple milestones that further validate our world-leading GPCR and structure-based drug design expertise, internal discovery and early development capabilities and strong partnering and collaborative approach. A key success was the rapid re-licensing of our muscarinic receptor agonist portfolio to Neurocrine Biosciences, which could deliver significant revenues over the coming years if milestones are reached successfully.

“We move into 2022 as a well-financed organization following the fundraising in July 2021. This puts us in a favorable position to drive our organic and inorganic growth strategies as well as to identify and co-invest into innovative initiatives that complement our existing expertise and could allow further value to be realized from our platform in the future. Further, the planned leadership changes, announced recently, are aimed at bringing new insights and drive to Sosei Heptares as we evolve towards our goal of becoming a global biotechnology champion, developing medicines to improve the quality of life and health of people around the world.”

Important Post-period Highlights

  • Proposed Leadership changes to drive the Company through its next phase of evolution – to be ratified at Annual Shareholders’ Meeting on 24 March 2022, and the subsequent Board of Directors meeting:
    • Chris Cargill proposed to become Representative Executive Officer, President and Chief Executive Officer.
    • Shinichi Tamura to become Chairman of the Board.
    • Ms. Miwa Seki nominated for appointment as new External Director.
    • Dr. Malcolm Weir and Dr. Tim Tasker to retire from Executive Officer roles and become ongoing consultants to the Company.
    • Several internal team members nominated for appointment to new Executive Officer roles in Japan and the UK.
  • New strategic research collaboration with Verily – to leverage the complementary capabilities of Verily’s immune profiling and Sosei Heptares’ GPCR-focused SBDD to generate novel drug candidates against immune-mediated diseases.

Operational Highlights for Q4 2021

  • New strategic collaboration and licensing agreement with Neurocrine Biosciences with potential to generate US$2.6 billion in milestone income – through developing novel muscarinic receptor agonists for the treatment of schizophrenia and other neuropsychiatric disorders. Sosei Heptares regained worldwide rights to this program from AbbVie in January 2021.
  • New antibody discovery collaboration with Twist Bioscience – to discover and develop novel therapeutic antibodies against GPCR targets.
  • Grant funding received from Wellcome, a leading global charitable foundation, to advance the SARS-CoV-2 Mpro inhibitor program – targeting rapid development of a single agent oral therapy for COVID-19 that does not require co-dosing with other anti-viral therapies.
  • Pipeline update from AstraZeneca regarding partnered candidate imaradenant (AZD4635) – in its Q3 2021 results materials, imaradenant, an adenosine A2a antagonist discovered by Sosei Heptares, was removed from AZ’s clinical development pipeline. Discussions are ongoing over the future development of imaradenant, including the possibility of Sosei Heptares regaining worldwide rights to the program.
  • £5 million milestone payment received from GSK – for progress made under its 2020 global agreement to discover and develop selective oral small molecule agonists of GPR35 as potential treatments for immune disorders of the digestive system.

Operational Highlights for Full Year 2021

  • ¥29.8 billion raised from International Offering of Euro-Yen denominated convertible bonds due 2026. The Company intends to use the proceeds as follows:
    • repurchase of existing convertible bonds due 2025.
    • to finance, together with current cash, strategic growth initiatives including (1) funding acquisitions of or investments in companies or technologies including in the areas of neurology, gastroenterology, immunology, and rare diseases, that complement and strengthen Sosei Heptares’ existing business foundation for drug candidate discovery and early development; and (2) funding potential introduction of drug products in the Japanese domestic market.
    • to finance research and development of new pipeline programs and working capital.
  • Partnered program updates
    • Third novel candidate resulting from multi-target agreement with Pfizer entered clinical development – dosing of first subject with PF-07258669 (an MC4 receptor antagonist for anorexia) by Pfizer triggered a US$5 million payment to Sosei Heptares.
    • Collaboration with Biohaven progresses to clinical stage – Sosei Heptares initiated a Phase 1 trial with HTL’22562 (also known as BHV3100), a novel, small molecule CGRP receptor antagonist targeting CGRP-mediated disorders.
    • Milestone payments totalling US$6 million received from Genentech – received for the delivery of StaR® proteins based on nominated targets under the 2019 multi-target agreement.
  • Spin-off company Orexia Therapeutics merged into Centessa Pharmaceuticals, a new asset-centric company – Centessa completed an Initial Public Offering on Nasdaq Global Market in June 2021. This has resulted in an increase in the value of the Company’s Other Financial Assets on the balance sheet.
  • New strategic technology collaborations entered to extend the reach of its world-leading structure-based drug design (SBDD) platform, with:
    • InveniAI® for artificial intelligence (AI)-driven drug discovery targeting immune diseases.
    • PharmEnable for AI-driven drug discovery of new leads against a challenging peptidergic GPCR target.
    • Metrion Biosciences to explore SBDD approaches beyond GPCRs to identify novel, highly specific leads for further development against an ion channel associated with neurological diseases.

Financial Highlights for the 12-month Period ended 31 December 2021

  • Revenue totalled JPY 17,712 million (US$160.8 million*), an increase of JPY 8,870 million (US$78.0 million) vs. the prior year. In 2021, the Group received two upfront fees, including a fee of US$100m from Neurocrine Biosciences which was substantially larger than all four of the upfront fees received in 2020 combined.
  • Cash R&D expenses totalled JPY 5,511 million (US$50.0 million), an increase of JPY 2,100 million (US$18.1 million) vs. the prior year. The increase in R&D spend reflects higher activity levels on in-house programs, participation in new co-development collaborations and the impact of a stronger GBP vs. JPY.
  • Cash G&A expenses totalled JPY 2,518 million (US$22.9 million), an increase of JPY 523 million (US$4.2 million) vs. the prior year. The increase in G&A spend is primarily due to an increase in personnel related expenses and professional advisory fees as the Group continued to evaluate strategic growth opportunities.
  • Cash earnings** totalled JPY 8,904 million (US$80.8 million), vs. cash earnings of JPY 2,904 million (US$27.2 million) in the prior year.
  • Operating profit totalled JPY 3,775 million (US$34.3 million), an increase of JPY 2,847 million (US$25.6 million) vs. the prior year. The increase was mainly due to an increase in revenue partially offset by a non-cash impairment charge associated with a collaboration partner’s decision not to progress certain out-licensed drug candidates in clinical trials.
  • Net profit for the 12-month period ended 31 December 2021 totalled JPY 475 million (US$4.3 million) a decrease of JPY 1,004 million (US$9.5 million) vs. the prior year. The main reason for the decrease in net profit was an increase in financing expenses due to recording a contingent consideration charge relating to the Neurocrine Biosciences licensing transaction.
  • Cash and cash equivalents as at 31 December 2021 increased by JPY 20,079 million US$135.6 million) from the beginning of the year and amounted to JPY 60,087 million (US$522.1 million).

*Convenience conversion to US$ at the following rates: YTD 2021: 1US$ =110.16 JPY; YTD 2020: 1US$ =106.77 JPY, 31 Dec 2020: 1US$ = 103.52 JPY; 31 Dec 2021: 1US$ = 115.07 JPY
**Non-IFRS measure


About Sosei Heptares

We are an international biopharmaceutical group focused on the discovery and early development of new medicines originating from our proprietary GPCR-targeted StaR® technology and structure-based drug design platform capabilities. We are advancing a broad and deep pipeline of novel medicines across multiple therapeutic areas, including neurology, immunology, gastroenterology, and inflammatory diseases.

We have established partnerships with some of the world’s leading pharmaceutical companies and multiple emerging technology companies, including AbbVie, AstraZeneca, Biohaven, Genentech (Roche), GSK, Neurocrine Biosciences, Novartis, Pfizer, Takeda and Verily. Sosei Heptares is headquartered in Tokyo, Japan with corporate and R&D facilities in Cambridge, UK.

“Sosei Heptares” is the corporate brand and trademark of Sosei Group Corporation, which is listed on the Tokyo Stock Exchange (ticker: 4565). Sosei, Heptares, the logo and StaR® are trademarks of Sosei Group companies.

For more information, please visit https://soseiheptares.com/
LinkedIn: @soseiheptaresco | Twitter: @soseiheptaresco | YouTube: @soseiheptaresco

Enquiries:

Sosei Heptares – Media and Investor Relations
Hironoshin Nomura, SVP Investor Relations and Corporate Strategy
+81 (0)3 6679 2178 | [email protected]

Shinichiro Nishishita, VP Investor Relations, Head of Regulatory Disclosures
+81 (0)3 5210 3399 | [email protected]

Citigate Dewe Rogerson (for Japanese Media)
Yas Fukuda
+81 (0)3 4360 9234 | [email protected] 

MEDiSTRAVA Consulting (for International Media)
Mark Swallow, David Dible, Eleanor Perkin
+44 (0)203 928 6900| [email protected] 

Forward-looking statements
This press release contains forward-looking statements, including statements about the discovery, development, and commercialization of products. Various risks may cause Sosei Group Corporation’s actual results to differ materially from those expressed or implied by the forward-looking statements, including: adverse results in clinical development programs; failure to obtain patent protection for inventions; commercial limitations imposed by patents owned or controlled by third parties; dependence upon strategic alliance partners to develop and commercialize products and services; difficulties or delays in obtaining regulatory approvals to market products and services resulting from development efforts; the requirement for substantial funding to conduct research and development and to expand commercialization activities; and product initiatives by competitors. As a result of these factors, prospective investors are cautioned not to rely on any forward-looking statements. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

 

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Artificial Intelligence

HONOR Unveils Four-Layer AI Architecture and Forges Ahead with Google Cloud for More AI Experiences at VivaTech 2024

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Experience AI-powered Studio-level Portrait Photography on the New HONOR 200 Series  
PARIS, May 22, 2024 /PRNewswire/ — Global technology brand HONOR has made its debut today at VivaTech, one of Europe’s largest tech and innovation events. During its keynote, HONOR showcased its innovative approach to on-device AI and unveiled its pioneering Four-layered AI Strategy. HONOR also announced upcoming Gen-AI experiences with Google Cloud, which are set to be featured on its anticipated smartphones, opening up exciting possibilities for enhancing user experiences.

“At HONOR, we firmly believe that, by combining the power of on-device AI’s personalization, intuitiveness, and privacy protection, everyone can unlock the full potential of AI safely and securely,” said George Zhao, CEO of HONOR Device Co., Ltd. “We are also delighted to forge ahead with Google Cloud, leveraging our combined expertise to unlock the potential of this hybrid approach and deliver even more seamless AI experiences to our users.”
Introducing HONOR’s Four-Layer AI Architecture
During the keynote, HONOR unveiled its Four-Layer AI Architecture and demonstrated its strategic focus on integrating AI into MagicOS. This Four-Layer Architecture comprises distinct layers. At the base layer, Cross-device and Cross-OS AI form the foundation of an open ecosystem, which allows the sharing of computing power and services among devices and operating systems. Building upon this foundation, the Platform-level AI layer enables a personalized operating system, allowing intent-based human-computer interaction and personalized resource allocation. At the third layer, App-level AI is poised to introduce a wave of innovative, generative AI applications that will revolutionize user experiences. Lastly, at the top, the Interface to Cloud-AI services layer provides users with easy access to massive cloud services while prioritizing privacy protection, creating a truly holistic and future-forward AI experience.
As part of MagicOS 8.0, Magic Portal is the industry’s first intent-based UI, which understands user behavior and streamlines complex tasks into single-step processes. Currently, Magic Portal supports 100 top applications across seven scenarios, including travel, productivity, messaging, search, entertainment, shopping, and social media, with plans to expand usage scenarios to provide even more seamless and intelligent AI experiences in the future.
As part of HONOR’s Four-Layer Architecture, HONOR is set to integrate cutting-edge Gen-AI experiences, powered by Google Cloud, into its upcoming smartphones, promising to deliver a new level of intelligence and innovation to users with enhanced privacy protection.
Revolutionizing Portrait Experience with HONOR 200 Series
Following the successful launch of AI Motion Sensing Capture, a cutting-edge feature that leverages AI to automatically capture fast-moving actions, HONOR also announced that the upcoming HONOR 200 Series will take mobile photography to new heights with an all-new AI-enhanced Portrait experience.
The HONOR 200 Series is poised to revolutionize portrait photography by bringing the mastery of Studio Harcourt, a legendary French photography studio known for its expertise in capturing classic portrait shots with iconic figures, to every step of the process, leveraging AI technology to recreate the iconic studio’s legendary lighting and shadow effects.
By using AI to learn from a vast dataset of Studio Harcourt portraits, the HONOR 200 Series has successfully broken down the entire portrait photography process into nine distinct steps, and perfectly replicates the full Studio Harcourt method, ensuring flawless and studio-quality portraits with every shot.
The HONOR 200 Series is set to launch in Paris on June 12, powered by MagicOS 8.0, further solidifying HONOR’s commitment to democratizing AI technology. In a move to make AI more accessible to a wider audience, HONOR also announced plans to roll out MagicOS 8.0 to its HONOR Magic V2 and HONOR 90 devices, empowering more users to experience the transformative power of AI.
The Human-AI Synergy: Smart Devices for a Better Future
At the event, HONOR also hosted an insightful panel discussion featuring esteemed industry expert Dr. Justine Cassell. The discussion delved into the future of multimodal interaction, highlighting how this integration enhances convenience and privacy protection for device users.
“On-device AI can better empower individuals,” emphasized George. “The on-device offers personalized recommendations while safeguarding user privacy by keeping data on the device. For instance, HONOR’s Magic Portal design ensures users retain control over service selection and decision-making.”
In terms of multimodal interaction, Dr. Justine Cassell noted, “Humans live multimodally. The rise of on-body devices like rings, and pins, alongside powerful smartphones, shows growing comfort with AI integrating verbal language, and nonverbal cues like gestures and facial expressions. This predicts the adoption of multimodally-sensitive AI on phones.”
“Human-centric is HONOR’s design philosophy, with human at the center of all devices,” George envisioned. “Empowered by AI, cross-device integration can combine the unique advantages of different devices in the future. Rather than learning user behaviors in isolation on each device, this approach allows for macro-level, unified user intent recognition, offering tailored recommendations and suggestions.”
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Borderless AI Appoints Former Chime HR Executive Beth Steinberg to Board of Advisors to Build on Global HR Expertise

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Steinberg’s decades of experience driving strategies for corporate talent and people management will strengthen the company’s market position and enhance its impact on the global human resources space
TORONTO, May 22, 2024 /PRNewswire/ — Borderless AI, the AI-powered startup revolutionizing the Employer of Record (EOR) industry, has appointed Beth Steinberg, former Chief People Officer at Chime, to its Board of Advisors to leverage her deep understanding of the unique needs of human resources teams to build successful global HR programs.

Following Borderless AI’s $27M seed funding in March 2024, Steinberg’s appointment furthers the company’s focus on harnessing the vast capabilities of generative AI to automate and accelerate the processes of onboarding, managing, and paying international team members.  Borderless AI’s novel AI agent Alberni, is the first of its kind specifically created to perform complex and time-consuming HR tasks, such as automating the process of generating global employment agreements or onboarding new global employees, all within minutes by leveraging conversational AI. Steinberg’s appointment underscores the need for advanced technology to propel innovation in the HR category and the company’s commitment to advancing the work of people management and HR teams.
“Having an acute sense of the HR industry is critical to ensure we are providing products and services to our customers that drive real value and impact,” said Willson Cross, co-founder and CEO of Borderless AI. “Beth brings vast expertise and understanding of the nuances of the human resources category, and her leadership experience and passion for innovation will help Borderless AI equip organizations with the tools and information they need to scale globally and deliver results for their people.”
Steinberg most recently held the position of Chief People Officer of  Chime, where she currently serves in an advisory role. During her time as Chime’s Chief People Officer, Steinberg led the company’s human resources strategy, building purposeful programs to drive HR efforts and people and team growth across the organization.
“I am excited to join the advisory board of Borderless AI, a company whose mission aligns with my belief that talent should be borderless,” said Steinberg, Board of Advisors, Borderless AI. “The company’s all-in-one platform allows businesses to focus on growth while tapping into the world’s talent pool, simplifying global HR processes. By harnessing this innovative technology, Borderless AI is breaking down barriers and empowering companies to build diverse, high-performing teams. I look forward to being part of this transformative journey.”
Steinberg joins Borderless AI as a tenured HR expert, with over 30 years of experience holding leadership and advisory roles in the human resources field.  In addition to her role as Chime’s CPO, she has led human resources teams at various companies including Meta, Nike, Electronic Arts, and Nordstrom, driving change and impact on an individual and company level.
A committed member of the  HR community at large, Steinberg will continue to advise numerous other companies, including freelance and talent management platform Contra, and VC firm Felicis,  in addition to her role on Borderless AI’s Board of Advisors. She also holds an acting role at Mensch Ventures, the People and Talent advisory firm she founded in 2016, and has served for over 10 years as a company sponsor and mentor in the TechWomen program, helping to empower young women around the world to build careers in STEM.
Steinberg is joining the Board of Advisors alongside recent appointee Leonard Shen, a former Visa and PayPal executive, who is advising the company’s growth in the compliance arena. Together, Steinberg and Shen bring expertise in pivotal functions to further Borderless AI’s market position and advancement in the EOR space.
For more information on Borderless AI, visit hireborderless.ai. You can also try out Alberni for free here.
About Borderless AIBorderless AI is a global payroll solution that leverages the power of generative AI to automate and speed up the process of onboarding, managing, and paying international team members. With Borderless AI, businesses can compliantly hire and manage talent worldwide without establishing a foreign entity while alleviating the complexities and risks associated with hiring global employees. With a focus on innovation and customer service, Borderless AI developed Alberni, the world’s first AI agent for global HR. Alberni uses conversational AI to simplify global employment tasks from contract creation to expense management. The company is headquartered in Toronto, Canada, and has raised $27 million in seed funding to date, backed by Susquehanna and Aglaé Ventures.
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Peloton delivers Platform v2 with enhanced security, mobility, and speed, powering business solutions for the world’s energy enterprises

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CALGARY, AB, May 22, 2024 /PRNewswire/ — Peloton Computer Enterprises Ltd. — the global standard for energy data management is proud to announce the release of Platform v2. The Peloton Platform delivers a cohesive experience for traditionally siloed operations, hosting solutions encompassing Well Data Lifecycle, Production Data Lifecycle and Land Data Management. The Platform is designed to manage your assets by providing efficiencies for removing disparate processes and data redundancy. Peloton Platform maximizes security, leverages mobility, accelerates data input, and enables real-time, data driven decisions for energy clients. Learn how you can GET IT ALL, and get it today at https://www.peloton.com/get-it-all-lp.

 
Security: Peloton’s best in class security includes our 24/7 security team and SOC1/2 compliance embedded within the Peloton Platform. With superior security measures and dedicated platform monitoring, Peloton ensures data integrity and reliability, backed by global, redundant data centers to minimize the risk, and offer material cost savings compared to on-premises solutions.Mobility: The Platform offers industry leading mobility, allowing customers to access and manage critical operational data anytime, anywhere. With intuitive mobile apps and fast, local data centers, Peloton empowers users with seamless accessibility and enhanced productivity.Integration: The Peloton Platform provides data integration across all three solutions (Well Data Lifecycle, Production Data Lifecycle, and Land Data Management) creating a unified ecosystem for the data management of your assets. Plus, ETL/Web API processes empower organizations to seamlessly manage integrations to third party databases and applications. By centralizing these functions, Platform clients benefit from saving countless hours of manual data entry and significant costs associated with rework from relying on disparate or out of date information. The Platform delivers stakeholder data trust and peak data efficiency, ensuring better decision-making and resource optimization across organizational silos.Faster Data Input: Peloton’s Well Data Lifecycle, Production Data Lifecycle and Land Data Management solutions on the Peloton Platform, revolutionize data input workflows by automating processes and reducing manual entry. With a suite of direct integrations, import tools, automated data synthesis from sensor and contextual data points, our solutions accelerate data entry and enhance accuracy, enabling users to focus on critical tasks without the burden of tedious data input.Real-time: The Peloton Platform offers real-time data ingestion and visualization in cloud storage solutions, providing clients with instant access to critical data during and after operations. With ultra-low latency connections and standardized data delivery, Peloton empowers clients with actionable insights for efficient decision-making using current information.”Organizational data silos and data redundancy breed frustration and erode trust in your operations. Too many organizations are still relying on disparate processes and custom solutions preventing a single source of truth and hampering their abilities to do more with less effort”, said Adil Walji, Peloton CTO.
About Peloton: Peloton is a leading provider of innovative technology solutions for the energy industry, offering solutions to optimize operations and enhance productivity. With a focus on security, mobility, integration, and real-time monitoring, Peloton powers energy clients to thrive in an ever-evolving landscape. For more information, visit https://www.peloton.com/get-it-all-lp.
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