Artificial Intelligence

Nanoform Interim Report January – June 2021

Published

3 years ago

August 26, 2021

The strong momentum continues: Additional line capacity, more projects, new clients, the number of employees crosses 100, while the gross margin forcefully breaks through 90 per cent. Letter of intent signed for the development, manufacturing, and commercialization of a by nanoforming improved version of a current blockbuster drug.

Q2/2021 key financials:

Revenue came in at EUR 0.55 million, up 185% compared with EUR 0.19 million in 4-6/2020.
The gross profit more than tripled to EUR 0.52 million as the gross margin jumped to 95% (EUR 0.16 million, 83% in 4-6/2020).
EBITDA improved to EUR -4.36 million (EUR -6.35 million).
The operating loss improved to EUR –4.84 million (EUR –6.62 million).
The loss for the period improved to EUR –5.34 million (EUR –6.76 million).
Basic EPS was EUR -0.07 (EUR -0.14).
The number of employees grew to 106 at the end of the review period (55).
Cash position was EUR 88.1 million on June 30, 2021 (EUR 75.2 million).

H1/2021 key financials:

Revenue EUR 0.82 million, growth + 141%, stemming from 16 different customer projects (EUR 0.34 million, 7 customer projects in 1-6/2020).
The gross profit and gross margin jumped to EUR 0.76 million and 92%, respectively (EUR 0.26 million, 77% in 1-6/2020).
EBITDA improved to EUR -8.28 million (EUR -10.49 million).
The operating loss improved to EUR –9.20 million (EUR –10.99 million).
The loss for the period improved to EUR –9.61 million (EUR –11.35 million).
Basic EPS was EUR -0.14 (EUR -0.23).
EUR 40 million (gross) was raised in a new share issue in March.

Significant events during H1/2021

Early January, a new near-term business target was announced: “At least 12 new non-GMP and at least one GMP customer project in 2021”.
In January, Nanoform announced positive interim results from its clinical study. The interim results suggested that a nanoformed oral piroxicam tablet achieved significantly faster absorption when compared to the reference tablet from the originator Pfizer.
In February, Nanoform and Herantis Pharma Plc signed a Biologics Proof of Concept Agreement aiming to enhance nasal drug delivery to the brain of Herantis’ CDNF therapies for Parkinson’s disease using Nanoform’s proprietary biological nanoparticle technology. As a result, Nanoform achieved its near-term business target of “First Biologics PoC project signed in 2021”.
In February, a PoC agreement was signed with an East Coast US Biotech Company.
In February, Nanoform announced further positive interim results from its clinical study. The fast absorption data from the second part of the study implied that nanoforming might offer viable alternatives to complex formulation approaches such as cyclodextrin based technologies.
In February, Nanoform appointed Dr Jamie Unwin as Commercial Insights Officer, based in Oxford UK, starting in April.
On February 26, a new near-term business target was announced: “At least three new non-GMP lines in 2021 and two new GMP lines in 2022”.
In March, Nanoform and Nacuity Pharmaceuticals, a Texas-based clinical stage pharmaceutical company, signed a technology Proof of Concept agreement to enhance ophthalmic drug delivery of Nacuity’s NPI-001 and NPI-002 drug candidates.
In March, a PoC agreement was signed with a European Biotech Company.
In March, Nanoform launched the next generation of its STARMAP^®artificial intelligence platform, v2.0. The technology utilizes sparse-data AI to augment experimental results from its CESS^® nanoparticle engineering process with detailed expert knowledge, allowing reliable predictions to be made regarding partners’ potential success of nanoforming their drug molecules. STARMAP^® is a digital version of the CESS^® technology that enables in silico experiments in large quantities, creating fast predictions of which molecules should be nanoformed.
In March, EUR 40 million (gross) was raised in a successful new share issue through an accelerated bookbuilding process. The considerably oversubscribed capital raise attracted strong interest from Nordic and international investors, including a considerable number of large global Tier 1 institutional investors.
In March, Nanoform appointed Dr Chris Worral as VP Business Development US, based in San Diego, starting in May.
During 1-3/2021 three new non-GMP lines were commissioned. As a result, the near-term business target “at least three new non-GMP lines in 2021”, was achieved.
On April 6, at the AGM, the Board of Directors, chaired by Miguel Calado, was re-elected.
In April, Nanoform and Aprecia, a US-based three-dimensional printing pharmaceutical company, announced that they are exploring the synergies between their respective technologies in the field of nanoparticle-enabled 3DP dosage forms. The collaboration targets to combine Nanoform’s fast dissolution nanoformed particles with Aprecia’s ZipDose-technology platform for rapid disintegration to enable high performance buccal and oral delivery of medicines to patients where rapid absorption is essential.
In May, Nanoform announced the completion and final results of its clinical study. The primary, secondary and optional exploratory objectives of the study were all met. The results showed that Nanoform’s CESS® technology enabled development of a fast-acting piroxicam immediate release tablet formulation with more rapid absorption and improved drug delivery performance in comparison to a standard reference IR tablet. The study outcome confirmed earlier published interim results and supports the clinical utility of Nanoform’s technology and its potential applicability for producing fast-acting dosage forms for poorly soluble drugs.
In May, Nanoform and a US listed metabolic pharmaceuticals company signed a collaboration agreement.
In May, Nanoform and Celanese Corporation, a global specialty materials company, announced plans to explore the synergies between their respective technologies in the field of nanoparticle-enabled drug delivery. The goal is to assess the utility of combining Nanoform’s nanoparticle platform technologies with Celanese’s VitalDose^® EVA copolymer delivery technology for drug-eluting implants. The aims are to enable the development of next-generation drug delivery devices that support increased drug load and possess enhanced sustained release properties. Nanoform and Celanese intend to work on formulation development, leveraging each organization’s unique formulation expertise.
In May, a Proof of Concept contract was signed with a new client, a US Biotech company.
On June 2, Nanoform raised its mid-term business targets for 2025. The new targets are:
- To nanoform annually at least 70 new active pharmaceutical ingredients, or ‘APIs’ (40% increase from the previous target of at least 50 new APIs annually)
- To have in place 35 operating production lines, of which 7 to 14 are expected to be GMP compliant (40% increase from the previous target of 25 operating lines of which 5-10 are GMP compliant)
- To have 200-250 employees (0-25% increase from the previous target of ~200)
- To have a gross margin over 90 percent (unchanged; re-iterated)
- To be cash flow positive (unchanged; re-iterated)

The raised midterm business targets were a consequence of several factors: the additional market opportunity foreseen for Nanoform’s new biologics technology, the significant interest in Nanoform’s service offering shown by the global pharma market, and the fact that both the number of companies developing novel drugs and the total number of APIs in the global pipeline continue to grow rapidly.

In June, a letter of intent was signed with a European headquartered international company for the development, manufacturing, and commercialization of a by nanoforming improved version of a current blockbuster drug. The expected improvements will be focused on patient convenience. Nanoform has already started a Proof of Concept study on the asset, paid for by the partner, and are simultaneously in discussions for the execution of the definitive agreement for the further co-development and GMP manufacturing. The execution of the definitive agreement is dependent on the outcome of the PoC study and agreement on customary contractual terms with the partner.

Significant events after H1/2021

In July, a Proof of Concept contract was signed with a new global major pharma customer.
In July, a Master Services Agreement was signed with Boehringer Ingelheim. Proof of Concept studies may now be performed to assess the added value Nanoform’s CESS^® technology can deliver to Boehringer Ingelheim’s drug development projects.

CEO’s review

To build, serve, and polish simultaneously – execution is key.

Nanoform has continued to execute strongly on all these three fronts during the last months. Our GMP expansion progresses according to timetable and budget, and we have now ordered the main equipment for GMP lines 2 and 3, which we target to have operational in 2022. In addition, we have engaged with an industrial gas company to take our (super critical CO₂) flow rates to the next level by installing a 40m³ tank that will allow us to take another logarithmic step in our manufacturing capabilities. This fits well with the recently signed letter of intent with a new client to develop, manufacture, and commercialize a by nanoforming improved version of a current blockbuster drug. If the ongoing POC project is successful, the following step in the plan is to move rapidly into GMP manufacturing of tens of kilograms of API for clinical studies. We’re prepared for that.

We have thoroughly evaluated five global ERP vendors and their IT services partners during the last six months, and we are about to sign with the winning consortium. Implementing a new enterprise resource planning system is a large project that we will do in steps, starting with Finance and HR, before moving to Manufacturing, QC, QA etc. As a young company we have few legacy systems, and we use this opportunity to early on implement the best global pharma practices into all parts of Nanoform. In parallel, our ISO 27001 project has progressed nicely, and I expect it to be ready during 2021.

In June we held our first CMD, which included a live virtual tour of our facilities and a live demonstration of our CESS technology in action. Our Biologics team showed results on e.g. nanoformed insulin, on the extended size range of the molecules they work on (6 kDa – 140 kDa) and we are now ready to take on antibodies. The logarithmic productivity and capacity growth of our next generation STARMAP^®artificial intelligence platform was described by our R&D team. The very positive feedback we got from analysts and investors echoed that provided by pharma companies for which we have held similar live tours during the last year. Whereas we all look forward to some travelling and meetings in-person, it is clear that virtual tours are efficient economically and timewise, not forgetting that they are environmentally friendly.

During the last months we’ve added additional line capacity, won more projects, signed new clients – of which two are global major pharma companies, entered into new collaborations, experienced the number of employees cross 100 and seen the gross margin jump above 90 per cent. Based on all this action in combination with client interaction, sales pipeline, and our recently strengthened commercial team, I’m confident that the coming quarters and years will continue to show strong commercial momentum.

Again, none of this could have been achieved without our amazing employees and great partners. My sincere THANK YOU to you all for your continued dedication to Nanoform and for the inspiring and innovative work for which we’re known.

Best Regards,
Prof. Edward Hæggström, CEO Nanoform

Company near-term business targets for 2021 and 2022 (re-iterarated)

First Biologics PoC project in 2021 (achieved in February)
At least three new non-GMP lines in 2021 (achieved in March)
At least 12 new non-GMP and at least one GMP customer projects in 2021
Two new GMP lines in 2022

Company mid-term business targets 2025 (raised on June 2; re-iterated)

To nanoform at least 70 new Active Pharmaceutical Ingredients (API) annually
To have in place 35 operating production lines of which 7 to 14 are expected to be GMP production lines
Over 90 percent gross margin
To have 200-250 employees
To be cash flow positive

Nanoform’s complete Q2/2021 Interim Report can also be found at: https://nanoform.com/en/financial-reports-and-presentations/

Nanoform Q2/2021 Interim Report conference call and online presentation Aug 26, 2021 at 3:00 p.m. Helsinki time / 2:00 p.m. Stockholm time

Nanoform will be represented by CEO Edward Hæggström, CFO Albert Hæggström and CCO Christian Jones. The presentation will be delivered in English.

The presentation will be broadcast live as a webcast available at:

https://financialhearings.com/event/13595

Teleconference dial-in numbers:

FI: +358981710522
SE: +46850558355
UK: +443333009263
US: +16467224902

For further information, please contact:

Albert Hæggström, CFO
[email protected] / +358 29 370 0150

For investor relations queries, please contact:

Henri von Haartman, Director of Investor Relations
[email protected] / +46 7686 650 11

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Artificial Intelligence

Oncolytics Biotech® Announces Upcoming Presentations at the American Society of Clinical Oncology Annual Meeting

Published

50 mins ago

April 25, 2024

CISION (PR Newswire)

SAN DIEGO and CALGARY, AB, April 25, 2024 /PRNewswire/ — Oncolytics Biotech® Inc. (NASDAQ: ONCY) (TSX: ONC), a leading clinical-stage company specializing in immunotherapy for oncology, today announced the acceptance of two abstracts at the 2024 American Society of Clinical Oncology (ASCO) Annual Meeting, which is taking place from May 31 – June 4, 2024, in Chicago, Illinois. Details on the abstracts and poster presentation are shown below.

Title: Phase 1/2 randomized, open-label, multicenter, Simon two-stage study of pelareorep combined with modified FOLFIRINOX +/- atezolizumab in patients with metastatic pancreatic ductal adenocarcinoma.
Presentation Type: PosterAbstract Number: TPS4203Session Title: Gastrointestinal Cancer – Gastroesophageal, Pancreatic, and HepatobiliarySession Date and Time: June 1, 2024, 1:30 – 4:30 p.m. CTTitle: Pelareorep driven blood TIL expansion in patients with pancreatic, breast and colon cancer.Presentation Type: Online abstractAbstract Number: e14625
Abstracts will be published on the ASCO Annual Meeting website at 5:00 p.m. ET on May 23, 2024.
About Oncolytics Biotech Inc.
Oncolytics is a clinical-stage biotechnology company developing pelareorep, an intravenously delivered immunotherapeutic agent. Pelareorep has demonstrated promising results in two randomized Phase 2 studies in metastatic breast cancer and Phase 1 and 2 studies in pancreatic cancer. It acts by inducing anti-cancer immune responses and promotes an inflamed tumor phenotype — turning “cold” tumors “hot” — through innate and adaptive immune responses to treat a variety of cancers.
Pelareorep has demonstrated synergies with multiple approved oncology treatments. Oncolytics is currently conducting and planning combination clinical trials with pelareorep in solid and hematological malignancies as it advances towards registrational studies in metastatic breast cancer and pancreatic cancer, both of which have received Fast Track designation from the FDA. For further information, please visit: www.oncolyticsbiotech.com or follow the company on social media on LinkedIn and on X @oncolytics.

Company Contact
Jon Patton
Director of IR & Communication
[email protected]

Investor Relations for Oncolytics
Timothy McCarthy
LifeSci Advisors
+1-917-679-9282
[email protected]

View original content:https://www.prnewswire.co.uk/news-releases/oncolytics-biotech-announces-upcoming-presentations-at-the-american-society-of-clinical-oncology-annual-meeting-302127245.html

Artificial Intelligence

Internet of Things (IoT) Market to Expand at a Stellar 19.4% CAGR through 2031 | SkyQuest Technology

Published

50 mins ago

April 25, 2024

CISION (PR Newswire)

WESTFORD, Mass., April 25, 2024 /PRNewswire/ — SkyQuest projects that the Internet of Things (IoT) Market will attain a value of USD 1572.37 billion by 2031, with a CAGR of 19.4% over the forecast period (2024-2031). Internet of Things (IoT) refers to the network of connected devices over the internet that are embedded with sensors and software. Growing adoption of automation around the world and advancements in connected device technologies are forecasted to be key factors driving the Internet of Things (IoT) market growth in the future.

Download a detailed overview:
https://www.skyquestt.com/report/internet-of-things-market
Browse in-depth TOC on “Internet of Things (IoT) Market”
Pages – 197Tables – 69Figures – 75Internet of Things (IoT) Market Overview:
Report Coverage
Details
Market Revenue in 2023
$ 380.6 billion
Estimated Value by 2031
$1572.37 billion
Growth Rate
Poised to grow at a CAGR of 19.4%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Component Type, Application, and Region
Geographies Covered
North America, Europe, Asia Pacific, and the Rest of the world
Report Highlights
Updated financial information / product portfolio of players
Key Market Opportunities
Rising demand for connected healthcare and growing use of industrial automation solutions
Key Market Drivers
Advancements in connectivity and connected device technologies

Hardware is Estimated to Dominate the Global Market Share Owing to High Use of Hardware Components in IoT
Hardware components such as sensors and actuators are highly vital to the proper functioning of any kind of Internet of Things (IoT) device. Growing adoption of IoT devices in different industry verticals for various applications is promoting market growth via this segment. The development of new hardware solutions also helps this segment maintain its dominance.
Smart Agriculture is the Fastest-growing Segment Owing to Rising Adoption of Precision Agriculture Practice
Rising emphasis on improving agricultural yield and sustainability has resulted in the growing adoption of smart agriculture and precision agriculture practices. IoT devices play a crucial role in monitoring and controlling different elements of a smart agriculture setup that is mostly automated using different smart devices thereby contributing to the IoT market growth as well.
Growing Adoption of 5G Technology Allowing North America to Dominate the Global Internet of Things (IoT) Market
Rapid adoption of 5G technology and high use of cloud-based platforms are key factors allowing North America to lead the demand for Internet of Things (IoT) around the world. Surging investments in the research and development of advanced technologies and the presence of key tech giants such as Amazon, Google, IBM, and Microsoft also helps the dominance of this region. Canada and the United States remain the most lucrative markets for Internet of Things (IoT) companies in North America through 2031.
Request Free Customization of this report:
https://www.skyquestt.com/speak-with-analyst/internet-of-things-market
Internet of Things (IoT) Market Insights:
Drivers
Advancements in connectivity and connected device technologies.Growing demand for Industrial IoT (IIoT) solutions.Increasing number of smart cities and development of smart infrastructure.Restraints
Lack of standardization of IoT devices and technologies.Privacy and data security issues.Interoperability challenges and complex integration scenarios.Prominent Players in Internet of Things (IoT) Market
MicrosoftCisco SystemsIntelSiemens (Germany)AWS (US)Oracle (US)Qualcomm (UK)SAP (Germany)IBM (US)Google (US)View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/internet-of-things-market
Key Questions Answered in Internet of Things (IoT) Market Report
What are the top drivers for Internet of Things (IoT) market going forward?Who are the leading Internet of Things (IoT) market players?Where will demand for Internet of Things (IoT) be high?Which component accounts for a dominant revenue share of the global Internet of Things (IoT) market?This report provides the following insights:
Analysis of key drivers (advancements in connectivity and connected device technologies, growing demand for industrial IoT (IIoT), development of smart infrastructure for smart cities, growing use of smart devices ), restraints (lack of standardization, complexities in integration, concerns regarding security and privacy of data), and opportunities (rising popularity of connected healthcare, increasing adoption of Industry 4.0, rising use of industrial automation), influencing the growth of Internet of Things (IoT) market.Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the Internet of Things (IoT) market.Market Development: Detailed analysis of potential regions where the market has potential to grow.Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.Related Reports:
Global Internet of Things in Retail Market
Global Internet of Things (IoT) in Agriculture Market
Global Internet of Things (IoT) Microcontroller Market
Global IOT In Healthcare Market
Global IOT in Manufacturing Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact:
Mr. Jagraj Singh Skyquest Technology1 Apache Way,Westford,Massachusetts 01886USA (+1) 351-333-4748Email: [email protected] Our Website: https://www.skyquestt.com/

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Artificial Intelligence

Sapiens Unveils Enhanced Reinsurance and Analytics Solution Catering to Evolving Market Demands

Published

50 mins ago

April 25, 2024

CISION (PR Newswire)

Latest version enhances operational efficiency, regulatory reporting, and strategic decision-making with robust business insights
ROCHELLE PARK, N.J., April 25, 2024 /PRNewswire/ — Sapiens International Corporation, (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the insurance industry, today announced the launch of its latest version of Sapiens ReinsuranceMaster.

The new release of Version 9 brings a multitude of enhancements and technology stack updates, designed to empower insurers and reinsurers with robust, enriched functionality to support business requirements. This includes automating global inter-company retrocession, facilitating U.S. NAIC statutory reporting (Schedule F), and real-time reinsurance allocation support (‘reinsurance as a service’).
The latest release offers a multitude of enhancements, with one of the standout features being the seamless integration of Sapiens Intelligence with Sapiens ReinsuranceMaster. This integration empowers users with advanced data capabilities and actionable insights through out-of-the-box reinsurance reports and analytics of the reinsurance portfolio’s performance.
In addition, the new release brings significant improvements to the user experience, with a revamped user interface, enhancements in processing performance through improvements and parallel processing mechanisms, improved scalability and operability.
“With the growing significance of reinsurance in today’s volatile environment, our latest version of Sapiens ReinsuranceMaster with Sapiens Intelligence offers even greater value to insurers and reinsurers, catering to the ever-changing demands of this dynamic market,” said Roni Al-Dor, Sapiens President & CEO. “Leveraging the shared experience from our other products as well as requirements from our global client base, the solution is now very well-positioned to support global automation of complex reinsurance programs and provide management with insights into reinsurance performance as well as statutory reporting.”
Sapiens ReinsuranceMaster is a comprehensive, single platform for large and multi-national reinsurance programs, providing full financial control and flexibility across all lines of business. The solution supports the entire range of reinsurance contracts, providing full support for all auditing requirements and a consolidated view of liabilities and risks, as well as helping prevent financial leakage.
Sapiens Intelligence, now a fully integrated component of Sapiens ReinsuranceMaster v.9, produces actionable insights to maximize the value of data and KPIs for smarter decision making, improving reinsurance business management.
About Sapiens
Sapiens International Corporation (NASDAQ and TASE: SPNS) empowers the financial sector, with a focus on insurance, to transform and become digital, innovative, and agile. With more than 40 years of industry expertise, Sapiens’ cloud-based SaaS insurance platform offers pre-integrated, low-code capabilities across core, data, and digital domains to accelerate our customers’ digital transformation. Serving over 600 customers in more than 30 countries, Sapiens offers insurers across property and casualty, workers’ compensation, and life insurance markets the most comprehensive set of solutions, from core to complementary, including Reinsurance, Financial & Compliance, Data & Analytics, Digital, and Decision Management. For more information visit https://sapiens.com or follow us on LinkedIn
Investor and Media Contact : Yaffa Cohen-Ifrah Sapiens Chief Marketing Officer and Head of Investor Relations Email: [email protected]
Forward Looking Statements
Certain matters discussed in this press release that are incorporated herein and therein by reference are forward-looking statements within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, that are based on our beliefs, assumptions and expectations, as well as information currently available to us. Such forward-looking statements may be identified by the use of the words “anticipate,” “believe,” “estimate,” “expect,” “may,” “will,” “plan” and similar expressions. Such statements reflect our current views with respect to future events and are subject to certain risks and uncertainties. There are important factors that could cause our actual results, levels of activity, performance or achievements to differ materially from the results, levels of activity, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: the degree of our success in our plans to leverage our global footprint to grow our sales; the degree of our success in integrating the companies that we have acquired through the implementation of our M&A growth strategy; the lengthy development cycles for our solutions, which may frustrate our ability to realize revenues and/or profits from our potential new solutions; our lengthy and complex sales cycles, which do not always result in the realization of revenues; the degree of our success in retaining our existing customers or competing effectively for greater market share; the global macroeconomic environment, including headwinds caused by inflation, relatively high interest rates, potentially unfavorable currency exchange rate movements, and uncertain economic conditions, and their impact on our revenues, profitability and cash flows; difficulties in successfully planning and managing changes in the size of our operations; the frequency of the long-term, large, complex projects that we perform that involve complex estimates of project costs and profit margins, which sometimes change mid-stream; the challenges and potential liability that heightened privacy laws and regulations pose to our business; occasional disputes with clients, which may adversely impact our results of operations and our reputation; various intellectual property issues related to our business; potential unanticipated product vulnerabilities or cybersecurity breaches of our or our customers’ systems; risks related to the insurance industry in which our clients operate; risks associated with our global sales and operations, such as changes in regulatory requirements, wide-spread viruses and epidemics like the coronavirus epidemic, and fluctuations in currency exchange rates; and risks related to our principal location in Israel and our status as a Cayman Islands company.
While we believe such forward-looking statements are based on reasonable assumptions, should one or more of the underlying assumptions prove incorrect, or these risks or uncertainties materialize, our actual results may differ materially from those expressed or implied by the forward-looking statements. Please read the risks discussed under the heading “Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2023, to be filed in the near future, in order to review conditions that we believe could cause actual results to differ materially from those contemplated by the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason, to conform these statements to actual results or to changes in our expectations.

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