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SOL Global Investments Corp (OTCMKTS: SOLCF) Reports a Net Income of $272.8 Million For The First Six Months of 2021

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SOL Global Investments Corp (OTCMKTS: SOLCF) recently released its unaudited financial results for the three and six months ended May 31, 2021. In addition, the company also released other operational highlights for the period.

Financial summary

For the six months, the company recorded a net income of $272.8 million, an increase from $4.2 million in the six months ended May 31, 2020. This represents a $268.6 million increase.

The company’s total investments for the six months were 327.5 million, compared to $27.4 million in a similar period last year. This represents a $300.1 million favorable change. The company’s net value per share is $7.43 at the end of 2Q2021, compared to $2.38 at the end of $2Q2020.

SOL Global’s largest core holdings achieved liquidity events and produced positive returns on investment. The company now has exposure to two major multi-state cannabis companies in the US, giving it better flexibility and price transparency. In addition, SOL has diversified a fraction of its portfolio into new investments that are now returning revenue to shareholders.

SOL Global’s CEO, Andy DeFrancesco, said that his team had once again generated positive results in an underperforming sector led by cannabis. He applauded the remarkable operational performance of most of the company’s portfolio cannabis companies and the general growth in the US cannabis market. He added that the company has increasingly diversified its portfolio into new sectors of the cannabis space with investments in state-supported labs and brands.

Operational highlights

Outside cannabis, the company has also explored investments in real estate, recreational snd commuter EV, psychedelics, and clean technology industries. 

In the second quarter, the company invested $3.9 million into Captor Capital Corp, increasing its position to 16.32% of the undiluted equity of Captor. In March, the company also participated in a$2.5 million private placement for Cansortium Inc (OTCMKTS: CNTMF).

The company has also participated in several rounds of financing for Vaxxinator Enterprises Inc, an advanced air purifier startup, investing a total of $9 million. SOL Global further invested a total of $7.5 million into Spanish micro-mobility company Reby Inc. 

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.

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Pyxis Tankers Inc. (NASDAQ: PXS) Sells Two Small Tankers for $8.9M and Takes Delivery of Pyxis Lamda

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Pyxis Tankers Inc. (NASDAQ: PXS) has announced an agreement to sell two small tankers, Northsea Beta and Northsea Alpha. The product tanker firm will sell the two 2010 constructed 8,600 dwt product tankers for a cash consideration of around $8.6 million. Pyxis has a modern fleet of seven tankers dealing with refined petroleum products and bulk liquids transportation.

Pyxis expects net proceeds of $2.8 million. 

The sale of the vessel is expected to be completed between late January and towards the end of February 2022, pursuant to standard closing conditions. Following the discharge of the outstanding loans securing these boats and the settlement of other transaction expenses, Pyxis Tanker anticipates earning net cash proceeds of $2.8 million, which will be put into working capital. As a result, the company forecasts a $2 million non-cash loss from asset sales for the fiscal period ending December 31, 2021.

Valentines Valentis, Chairman and CEO of Pyxis Tankers, commented, “The sale of these non–core assets underscores our strategic focus on the eco–MR product tanker sector, reduces outstanding debt and improves balance sheet liquidity. Moving forward, we will have a fleet of five MRs with an average age of 8.3 years. Upon completion of the dispositions, our total debt should be approximately $77.35 million at a weighted average interest rate of less than 4% per annum with the next bank loan maturity scheduled in 3.5 years.”

Pyxis acquired Pyxis Lamda for $32 million 

Recently the company disclosed that according to a previously announced transaction, it has taken delivery of Pyxis Lamda. Pyxis Lamda is a 2017 built 50,596 dwt mid-sized product tanker that was acquired from an entity with links to the company’s CEO and Chairman for $32 million. 

Valentis commented, “We are pleased to announce the successful delivery of the Pyxis Lamda, which increases our fleet to a total of seven vessels, including five modern eco- MR2’s. The addition of this young vessel to our fleet positions the Company to take advantage of an anticipated improving chartering environment within the product tanker sector.

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
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Zynerba Pharmaceuticals Inc. (NASDAQ: ZYNE) Offers Program Updates On Evaluation Of Zygel In ASD, 22q. DEE And FXS

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Zynerba Pharmaceuticals Inc. (NASDAQ: ZYNE) has given program updates for autism spectrum disorder(ASD), Fragile X syndrome (FXS), developmental and epileptic encephalopathies (DEE), and 22q11.2 deletion syndrome (22q).

Zynerba hits various milestones in Zygel development 

Armando Anido, the CEO and Chairman of Zynerba stated, “Committing to a Phase 3 development program for patients with autism spectrum disorder is a key step in the advancement of a new treatment option for patients who have high unmet medical needs and limited FDA approved treatment options. Data from our ASD clinical development program to date are compelling and, with a clear regulatory path toward potential approval, we are excited to move forward with this program.”

 “In addition, we are making good progress towards completing enrollment in the INSPIRE trial for patients with 22q11.2 deletion syndrome and expect to have topline results mid-year 2022. Putting resources behind a second indication beyond FXS and completing the INSPIRE trial is consistent with our mission of being a leader in rare and near-rare neuropsychiatric disorders,” concluded Anido

Zynerba evaluating Zygel in various indication s

Regarding the ASD program, the company plans to commence two phases three trials in 2H 2022 to evaluate Zygel in ASD. Zynerba is finalizing the third phase study protocol and will submit an IND to start the pivotal program. Also, the company is evaluating Zygel in FXS, and it expects topline RECONNECT results in 2H 2023. The EMA gave the company written scientific advice offering clarity and guidance on regulatory and clinical requirements to submit an MAA for Zygel in the treatment of behavioral symptoms related to FXS in the EU. 

Zynerba is planning to screen and enroll subjects in a 14-week open-label second phase INSPIRE study evaluating Zygel in 22q and anticipates topline results by mid this year. In addition, in Q4 2021, the company commenced more clinical sites in the US to finalize enrollment. 

Lastly, in the DEE program, the company has received FDA feedback showing that picking a specific DEE syndrome is necessary for a pediatric epilepsy indication instead of evaluating improvements in seizures in all DEEs.

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
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Amyris Inc. (NASDAQ: AMRS) And ImmunityBio (NASDAQ: IBRX) Close Joint Ventures Agreement To Accelerate Next-Gen COVID-19 Vaccine Development

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Amyris Inc. (NASDAQ: AMRS) and ImmunityBio (NASDAQ: IBRX) have announced the closing of a previously announced JV agreement to expedite the commercialization of a flagship next-gen COVID-19 vaccine. 

JV combines Amyris and ImmunoBio’s vaccine capabilities 

The joint venture brings together critical vaccine technologies and production capabilities from Amyris and ImmunityBio. The goal joint venture is to commence delivery of the second-gen vaccine in 2022 as soon as practical after successful human clinical studies and regulatory authorization, with the intent of giving COVID-19 immunity and availability to underserved regions of the globe where present vaccine innovation is challenged because supply chain and cost limitations.

ImmunityBio Executive Chairman and Globa Chief Scientific and Medical Officer Patrick Soon-Shiong said, “We are pleased to combine our expertise in human trials, T-Cell technology, and our access to RNA manufacturing capacity with the Amyris and Infectious Disease Research Institute (IDRI) RNA technology platform and Amyris’ adjuvant technology. Combined, we have a real opportunity to provide true immunity against COVID-19 variants along with a platform that can quickly adapt to a future potential respiratory virus.”

Amyris to combine its RNA tech with ImmunityBio’s expertise 

Amris, the CEO and President, John Melo, said, “Combining our RNA technology with ImmunityBio’s expertise and access has the potential to significantly accelerate and de-risk our time to market for a much-needed second-generation COVID-19 vaccine. We are very pleased with the progress our teams have made in the short time we’ve been working together and remain focused on completing successful human trials as quickly as possible.”

IDRI CEO Corey Casper commented, “Two years into the COVID-19 pandemic, it has become abundantly clear that next-generation vaccines will be required to put the pandemic behind us. Vaccines that are accessible to every person across the globe, broad in their protection against current and future variants of concern, and invoke durable protective immunity are now within our reach. The ability to ‘mix and match’ vaccine platforms through this new joint venture and ImmunityBio’s multiple COVID vaccine platforms represents one of the most exciting approaches to ending COVID-19.”

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
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