ASPA Leaders Thank Public Officials for Strong Support of the U.S. Shrimp Industry in USITC Sunset Review Case

WASHINGTON, March 16, 2017 (GLOBE NEWSWIRE) — Today, the U.S. International Trade Commission (USITC) held a public hearing to help decide whether to renew anti-dumping trade enforcement orders against Brazil, China, India, Thailand and Vietnam in place for five more years or whether to sunset those orders. The USITC will hold a final vote on May 2, which will decide their fate.    
Public official allies of the domestic shrimp industry today stressed that these orders are critical to restore free and fair trade in shrimp. American Shrimp Processor Association (ASPA) leaders appreciate the strong support of these public officials from the Gulf and South Atlantic regions that are critical to this effort to keep the domestic shrimp industry viable for the long term.“We are so pleased that 14 public officials from across the Gulf and South Atlantic Coast have weighed in so far at the USITC in support of domestic shrimp harvesters, processors and distributors,” said Dr. David Veal, Executive Director of ASPA. “We are grateful that the representatives, senators, and statewide officials support the retention of anti-dumping orders on foreign shrimp.” “In particular, we want to thank Representatives Garret Graves (R-LA), Walter Jones (R-NC) and Steven Palazzo (R-MS), as well as Louisiana Lt. Governor Billy Nungesser (R-LA), who all testified in person today at the USITC,” said Eddy Hayes, Gulf Counsel to ASPA. “Their commitment to trade enforcement and leveling the playing field for the domestic shrimp industry is impressive,” he added.“We are optimistic that the result of this Sunset Review will be the retention of these important anti-dumping orders,” Dr. Veal noted. “Leaders from our Gulf and South Atlantic regions understand the economic and cultural impact of the shrimp industry and are committed to its survival,” Hayes added.So far Senators Bill Cassidy (R-LA), Thad Cochran (R-MS), John Kennedy (R-LA), Richard Shelby (R-AL), Luther Strange (R-AL), and Roger Wicker (R-MS) have all committed to submit either letters or testimony in support of the domestic shrimp industry. On the House side, Representatives Clay Higgins (R-LA), Cedric Richmond (R-LA), Steve Scalise (R-LA), and Randy Weber (R-TX) have all committed to support the domestic shrimp industry. Additional input from other public officials from the region is also welcome.“ASPA is so appreciative of all the support that our government officials have provided. They are an impressive group of leaders for their constituents,” Dr. Veal noted.The American Shrimp Processors Association (ASPA), based in Biloxi, Mississippi, was formed in 1964 to represent and promote the interests of the domestic, U.S. wild-caught, warm water shrimp processing industry along the Gulf Coast with members from Texas, Louisiana, Mississippi, Alabama and Florida. We are the collective voice of the industry, and our focus is to promote the interests of shrimp processors, other segments of the U.S. domestic wild-caught shrimp industry and the general public.Contact:
Dr. David C. Veal
228-806-9600

CRAWFORD® TO PRESENT DURING 21th ANNUAL NYSSA CONFERENCE


CRAWFORD® TO PRESENT DURING 21th ANNUAL NYSSA CONFERENCE
ATLANTA (March 16, 2017) – Crawford & Company®, the world’s largest publicly listed independent provider of claims management solutions to insurance companies and self insured entities, today announced that W. Bruce Swain, executive vice president and chief financial officer, and Larry C. Thomas, chief executive officer for U.S. Services and Crawford Contractor Connection®, will present during the 21st Annual New York Society of Security Analysts, Inc. (NYSSA) Insurance Industry Conference on Tuesday, March 21, 2016 at 8:30 a.m. EST. The conference will be held at 1540 Broadway, Suite 1010, New York City.Below you will find the registration link for the LiveStream of Crawford & Company’s presentation. Once you register, you will receive confirmation of your registration with a link to view the LiveStream.https://service.nyssa.org/nyssassa/evtssareg.custinfo?p_event_id=3018A replay of the webcast will remain available for one year.About Crawford®
Based in Atlanta, Crawford & Company (NYSE: CRDA and CRDB) is the world’s largest publicly listed independent provider of claims management solutions to insurance companies and self insured entities with an expansive global network serving clients in more than 70 countries. The Crawford Solution® offers comprehensive, integrated claims services, business process outsourcing and consulting services for major product lines including property and casualty claims management, workers’ compensation claims and medical management, and legal settlement administration. More information is available at www.crawfordandcompany.com.
###Attachments:http://www.globenewswire.com/NewsRoom/AttachmentNg/defd68ef-d0f4-4825-9572-4d151daee8af

MannKind Corporation Reports 2016 Fourth Quarter and Full Year Financial Results

Conference Call to Begin Today at 5:00 PM ETVALENCIA, Calif., March 16, 2017 (GLOBE NEWSWIRE) — MannKind Corporation (NASDAQ:MNKD) (TASE:MNKD) today reported financial results for the fourth quarter and full year ended December 31, 2016.  Key results include:Total revenue for the quarter of $12.4 million, including $10.2 million from insulin sales to Sanofi, and net income for the fourth quarter of $54.0 million including $72.0 million from the extinguishment of debt owed to SanofiTotal revenue for 2016 of $174.8 million, including $172.0 million in revenue previously deferred from the collaboration with Sanofi, and net income for 2016 of $125.7 million, compared with a net loss of $368.4 million for 2015Finished 2016 with $22.9 million of cash and cash equivalents, not including $30.6 million subsequently received from Sanofi and $16.7 million subsequently received from sale of surplus buildingFourth Quarter ResultsFor the fourth quarter of 2016, total net revenue of $12.4 million was comprised primarily of $10.2 million from the sale of bulk insulin to Sanofi under the terms of the settlement agreement, in addition to $1.3 million of recognized Afrezza product sales as dispensed to patients.  As of December 31, 2016, deferred net revenue included $1.7 million of Afrezza product shipped to the third-party logistics provider and wholesale distributors, but not yet recognized as revenue.Research and development expenses were $1.6 million for the fourth quarter of 2016 compared to $6.2 million in the fourth quarter of 2015, a decrease of 74.2%, primarily due to $1.9 million in decreased collaboration development work and $1.6 million in decreased consulting support for research and development projects.Selling, general and administrative expenses were $15.3 million for the fourth quarter of 2016 compared to $8.3 million for the same quarter of 2015, an increase of 84.3%, primarily due to $8.8 million in sales and marketing expense associated with the commercialization of Afrezza, offset by a $1.8 million decrease in general and administrative costs, mainly due to the effects of the 2015 and 2016 reductions in force.Full Year 2016 ResultsTotal net revenue for 2016 of $174.8 million is comprised primarily of $172.0 million net revenue previously deferred from the collaboration with Sanofi.  Net revenue from commercial product sales by the Company was $1.9 million, after giving effect to gross to net adjustments on gross revenue of $2.7 million of Afrezza product dispensed to patients.  Commercial product sales commenced in August 2016, after Afrezza transitioned from Sanofi to MannKind.  During 2015, there was no recognition of revenue or cost of revenue related to the collaboration.Research and development costs for 2016 were $14.9 million compared to $29.7 million for 2015, a decrease of 49.8%, primarily due to $6.2 million of reduced expenses associated with the reductions in force, $3.3 million of decreased facility spending, $3.1 million in lower project costs, and $2.1 million of reduced clinical trial costs.  These decreases were partially offset by the FDA filing fee of $1.0 million for the supplemental new drug application submitted in 2016.Selling, general and administrative expenses for 2016 were $46.9 million compared to $41.0 million for 2015, an increase of 14.4%, primarily due to increased costs for the sales and marketing of Afrezza, offset by decreased general and administrative expenses.  Sales and marketing expenses were $19.8 million for 2016 compared to $1.6 million for 2015. General and administrative expenses for 2016 were $27.1 million compared to $39.4 million in 2015, a decrease of 31.2%, primarily due to decreased costs associated with the effects of the reductions in force of $9.0 million, $1.7 million in decreased professional fees and $1.7 million in reduced facility spending.The $72.0 million gain from extinguishment of debt in 2016 resulted from the forgiveness of the full outstanding loan balance of the Sanofi Loan Facility as part of the settlement agreement with Sanofi.Net income for 2016 was $125.7 million, or $1.37 net income per share, compared to the net loss of $368.4 million, or $4.54 net loss per share in 2015.On March 1, 2017, following stockholder approval of the Reverse Split Proposal, the Company’s board of directors approved a reverse stock split of the Company’s common stock at a ratio of 1-for-5. On March 1, 2017, the Company filed with the Secretary of State of the State of Delaware a Certificate of Amendment of its Amended and Restated Certificate to (i) implement a one-for-five reverse stock split of the Company’s outstanding common stock and (ii) reduce the authorized number of shares of the Company’s common stock from 700 million to 140 million shares.  As a result, all common stock share amounts included in this release were retroactively reduced by a factor of five and all common stock per share amounts were increased by a factor of five.Cash and cash equivalents at December 31, 2016 were $22.9 million, compared to $35.5 million at the end of the third quarter of 2016. During the fourth quarter of 2016, cash receipts were $10.2 million from the sale of insulin to Sanofi, $4.8 million from shipments of Afrezza, $2.2 million from sales of insulin to a third party and $1.1 million from the collaboration with Receptor. Currently, $30.1 million remains available to borrow under the amended loan arrangement with The Mann Group.Conference CallMannKind will host a conference call and presentation webcast to discuss these results today at 5:00 p.m. Eastern Time.  To view and listen to the earnings call webcast, visit MannKind’s website at http://www.mannkindcorp.com and click on the “Q4 2016 MannKind Earnings Conference Call” link in the Webcast section of News & Events.  To participate in the live call by telephone, please dial (888) 771-4371 or (847) 585-4405 and use the participant passcode: 44096370.A telephone replay will be accessible for approximately 14 days following completion of the call by dialing (888) 843-7419 or (630) 652-3042 and use the participant passcode: 4409 6370#.  A replay will also be available on MannKind’s website for 14 days.About MannKind CorporationMannKind Corporation (NASDAQ:MNKD) (TASE:MNKD) focuses on the discovery, development and commercialization of therapeutic products for patients with diseases such as diabetes.  MannKind maintains a website at http://www.mannkindcorp.com to which MannKind regularly posts copies of its press releases as well as additional information about MannKind. Interested persons can subscribe on the MannKind website to e-mail alerts that are sent automatically when MannKind issues press releases, files its reports with the Securities and Exchange Commission or posts certain other information to the website.Forward-Looking StatementsThis press release contains forward-looking statements that involve risks and uncertainties, including statements regarding MannKind’s ability to directly commercialize pharmaceutical products.  Words such as “believes”, “anticipates”, “plans”, “expects”, “intend”, “will”, “goal”, “potential” and similar expressions are intended to identify forward-looking statements.  These forward-looking statements are based upon the MannKind’s current expectations.  Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, the ability to generate significant product sales for MannKind, MannKind’s ability to manage its existing cash resources or raise additional cash resources, stock price volatility and other risks detailed in MannKind’s filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2016 and subsequent periodic reports on Form 10-Q and current reports on Form 8-K.  You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.  All forward-looking statements are qualified in their entirety by this cautionary statement, and MannKind undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.


Company Contact:

Rose Alinaya
SVP, Finance
661-775-5300
ralinaya@mannkindcorp.com

MannKind Corporation Reports 2016 Fourth Quarter and Full Year Financial Results

Conference Call to Begin Today at 5:00 PM ETVALENCIA, Calif., March 16, 2017 (GLOBE NEWSWIRE) — MannKind Corporation (NASDAQ:MNKD) (TASE:MNKD) today reported financial results for the fourth quarter and full year ended December 31, 2016.  Key results include:Total revenue for the quarter of $12.4 million, including $10.2 million from insulin sales to Sanofi, and net income for the fourth quarter of $54.0 million including $72.0 million from the extinguishment of debt owed to SanofiTotal revenue for 2016 of $174.8 million, including $172.0 million in revenue previously deferred from the collaboration with Sanofi, and net income for 2016 of $125.7 million, compared with a net loss of $368.4 million for 2015Finished 2016 with $22.9 million of cash and cash equivalents, not including $30.6 million subsequently received from Sanofi and $16.7 million subsequently received from sale of surplus buildingFourth Quarter ResultsFor the fourth quarter of 2016, total net revenue of $12.4 million was comprised primarily of $10.2 million from the sale of bulk insulin to Sanofi under the terms of the settlement agreement, in addition to $1.3 million of recognized Afrezza product sales as dispensed to patients.  As of December 31, 2016, deferred net revenue included $1.7 million of Afrezza product shipped to the third-party logistics provider and wholesale distributors, but not yet recognized as revenue.Research and development expenses were $1.6 million for the fourth quarter of 2016 compared to $6.2 million in the fourth quarter of 2015, a decrease of 74.2%, primarily due to $1.9 million in decreased collaboration development work and $1.6 million in decreased consulting support for research and development projects.Selling, general and administrative expenses were $15.3 million for the fourth quarter of 2016 compared to $8.3 million for the same quarter of 2015, an increase of 84.3%, primarily due to $8.8 million in sales and marketing expense associated with the commercialization of Afrezza, offset by a $1.8 million decrease in general and administrative costs, mainly due to the effects of the 2015 and 2016 reductions in force.Full Year 2016 ResultsTotal net revenue for 2016 of $174.8 million is comprised primarily of $172.0 million net revenue previously deferred from the collaboration with Sanofi.  Net revenue from commercial product sales by the Company was $1.9 million, after giving effect to gross to net adjustments on gross revenue of $2.7 million of Afrezza product dispensed to patients.  Commercial product sales commenced in August 2016, after Afrezza transitioned from Sanofi to MannKind.  During 2015, there was no recognition of revenue or cost of revenue related to the collaboration.Research and development costs for 2016 were $14.9 million compared to $29.7 million for 2015, a decrease of 49.8%, primarily due to $6.2 million of reduced expenses associated with the reductions in force, $3.3 million of decreased facility spending, $3.1 million in lower project costs, and $2.1 million of reduced clinical trial costs.  These decreases were partially offset by the FDA filing fee of $1.0 million for the supplemental new drug application submitted in 2016.Selling, general and administrative expenses for 2016 were $46.9 million compared to $41.0 million for 2015, an increase of 14.4%, primarily due to increased costs for the sales and marketing of Afrezza, offset by decreased general and administrative expenses.  Sales and marketing expenses were $19.8 million for 2016 compared to $1.6 million for 2015. General and administrative expenses for 2016 were $27.1 million compared to $39.4 million in 2015, a decrease of 31.2%, primarily due to decreased costs associated with the effects of the reductions in force of $9.0 million, $1.7 million in decreased professional fees and $1.7 million in reduced facility spending.The $72.0 million gain from extinguishment of debt in 2016 resulted from the forgiveness of the full outstanding loan balance of the Sanofi Loan Facility as part of the settlement agreement with Sanofi.Net income for 2016 was $125.7 million, or $1.37 net income per share, compared to the net loss of $368.4 million, or $4.54 net loss per share in 2015.On March 1, 2017, following stockholder approval of the Reverse Split Proposal, the Company’s board of directors approved a reverse stock split of the Company’s common stock at a ratio of 1-for-5. On March 1, 2017, the Company filed with the Secretary of State of the State of Delaware a Certificate of Amendment of its Amended and Restated Certificate to (i) implement a one-for-five reverse stock split of the Company’s outstanding common stock and (ii) reduce the authorized number of shares of the Company’s common stock from 700 million to 140 million shares.  As a result, all common stock share amounts included in this release were retroactively reduced by a factor of five and all common stock per share amounts were increased by a factor of five.Cash and cash equivalents at December 31, 2016 were $22.9 million, compared to $35.5 million at the end of the third quarter of 2016. During the fourth quarter of 2016, cash receipts were $10.2 million from the sale of insulin to Sanofi, $4.8 million from shipments of Afrezza, $2.2 million from sales of insulin to a third party and $1.1 million from the collaboration with Receptor. Currently, $30.1 million remains available to borrow under the amended loan arrangement with The Mann Group.Conference CallMannKind will host a conference call and presentation webcast to discuss these results today at 5:00 p.m. Eastern Time.  To view and listen to the earnings call webcast, visit MannKind’s website at http://www.mannkindcorp.com and click on the “Q4 2016 MannKind Earnings Conference Call” link in the Webcast section of News & Events.  To participate in the live call by telephone, please dial (888) 771-4371 or (847) 585-4405 and use the participant passcode: 44096370.A telephone replay will be accessible for approximately 14 days following completion of the call by dialing (888) 843-7419 or (630) 652-3042 and use the participant passcode: 4409 6370#.  A replay will also be available on MannKind’s website for 14 days.About MannKind CorporationMannKind Corporation (NASDAQ:MNKD) (TASE:MNKD) focuses on the discovery, development and commercialization of therapeutic products for patients with diseases such as diabetes.  MannKind maintains a website at http://www.mannkindcorp.com to which MannKind regularly posts copies of its press releases as well as additional information about MannKind. Interested persons can subscribe on the MannKind website to e-mail alerts that are sent automatically when MannKind issues press releases, files its reports with the Securities and Exchange Commission or posts certain other information to the website.Forward-Looking StatementsThis press release contains forward-looking statements that involve risks and uncertainties, including statements regarding MannKind’s ability to directly commercialize pharmaceutical products.  Words such as “believes”, “anticipates”, “plans”, “expects”, “intend”, “will”, “goal”, “potential” and similar expressions are intended to identify forward-looking statements.  These forward-looking statements are based upon the MannKind’s current expectations.  Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, the ability to generate significant product sales for MannKind, MannKind’s ability to manage its existing cash resources or raise additional cash resources, stock price volatility and other risks detailed in MannKind’s filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2016 and subsequent periodic reports on Form 10-Q and current reports on Form 8-K.  You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.  All forward-looking statements are qualified in their entirety by this cautionary statement, and MannKind undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.


Company Contact:

Rose Alinaya
SVP, Finance
661-775-5300
ralinaya@mannkindcorp.com

FutureFuel Releases 2016 Results

CLAYTON, Mo., March 16, 2017 (GLOBE NEWSWIRE) — FutureFuel Corp. (NYSE:FF) (“FutureFuel”), a manufacturer of custom and performance chemicals and biofuels, today announced financial results for the year ended December 31, 2016.

FutureFuel Releases 2016 Results

CLAYTON, Mo., March 16, 2017 (GLOBE NEWSWIRE) — FutureFuel Corp. (NYSE:FF) (“FutureFuel”), a manufacturer of custom and performance chemicals and biofuels, today announced financial results for the year ended December 31, 2016.

Fate Therapeutics Reports Fourth Quarter 2016 Financial Results

First Subject Treated with ProTmune™ for GvHD Prevention
IND Cleared by FDA for FATE-NK100 Natural Killer Cell Product Candidate in AMLFirst-of-Kind Cancer Immunotherapy Derived from Engineered Pluripotent Cell Line to Begin Clinical TranslationiPSC-derived NK Cell Research Collaboration Launched with Oslo University HospitalSAN DIEGO, March 16, 2017 (GLOBE NEWSWIRE) — Fate Therapeutics, Inc. (NASDAQ:FATE), a clinical-stage biopharmaceutical company dedicated to the development of programmed cellular immunotherapies for cancer and immune disorders, today reported business highlights and financial results for the fourth quarter and year ended December 31, 2016.“The past twelve months has been a period of significant progress for Fate Therapeutics, including advancing two first-in-class product candidates to clinical development and launching our revolutionary induced pluripotent cell platform to enable our ‘one cell, many patients’ approach to cancer immunotherapy. We have recently treated the first subject in our PROTECT study with ProTmune, our next-generation mobilized peripheral blood graft with the potential to change the field of allogeneic hematopoietic cell transplantation, and FDA clearance was granted for clinical investigation of FATE-NK100, our first-in-class adaptive memory natural killer cell product candidate. Additionally, we established collaborations with Dr. Jeffrey S. Miller at the University of Minnesota and Dr. Michel Sadelain at Memorial Sloan Kettering Cancer Center to build our off-the-shelf cancer immunotherapy pipeline using master pluripotent cell lines,” said Scott Wolchko, President and Chief Executive Officer of Fate Therapeutics. “Looking ahead to a data-rich 2017, having recently raised approximately $70 million from a leading investor syndicate, we are in a position of financial strength and are poised to be the first company to advance a cancer immunotherapy created from a master pluripotent cell line toward clinical development.”Recent Highlights & Program UpdatesFirst Subject Treated with ProTmune™ for GvHD Prevention. The Company’s Phase 1/2 PROTECT study of ProTmune for the prevention of acute graft-versus-host disease (GvHD) has treated its first subject and is open across ten U.S. centers. The Phase 1 stage of the clinical study is expected to enroll up to ten adult subjects with hematologic malignancies undergoing allogeneic mobilized peripheral blood hematopoietic cell transplantation. ProTmune has been granted Fast Track and Orphan Drug Designations by the U.S. Food and Drug Administration (FDA) and Orphan Medicinal Product Designation by the European Medicines Agency.IND Cleared by FDA for FATE-NK100 in AML. Enrollment of a first-in-human clinical trial of FATE-NK100 under an investigator-initiated clinical trial is poised to commence at the Masonic Cancer Center, University of Minnesota (UMN). In February 2017, the FDA cleared the Investigational New Drug (IND) application of FATE-NK100 for the treatment of refractory or relapsed acute myelogenous leukemia (AML). An oral presentation at the 58th American Society of Hematology Annual Meeting and Exposition in December 2016 featured FATE-NK100 preclinical data. The natural killer (NK) cell product candidate demonstrated enhanced anti-tumor activity across a broad range of liquid and solid tumors, improved persistence and increased resistance to immune checkpoint pathways as compared to current conventional NK cell therapies.Expanded Collaboration with UMN to Advance hnCD16-iNK Cell Product Candidate. In February 2017, Fate Therapeutics and UMN expanded their collaboration, initiating the clinical translation of a first-of-kind product candidate, an off-the-shelf cellular immunotherapy created from an induced pluripotent stem cell (iPSC) line for the treatment of cancer. Similar to the manufacture of therapeutic antibodies using master cell lines, the Company’s targeted NK cell product candidate is created from a master iPSC line engineered to express a proprietary high-affinity, non-cleavable CD16 (hnCD16) receptor. Preclinical data, which the Company plans to present at the upcoming 2017 Annual Meeting of the American Association for Cancer Research, demonstrates the potential of its hnCD16-iNK cell product candidate to complement standard-of-care monoclonal antibody therapy for the treatment of breast, head and neck, colorectal and certain blood cancers by binding to and selectively killing antibody-coated tumor cells.Launched iPSC-derived NK Cell Research Collaboration with Oslo University Hospital. In February 2017, Fate Therapeutics formed a two-year research collaboration with Oslo University Hospital to develop NK cell product candidates expressing certain activating and targeting receptors using master pluripotent cell lines. The collaboration is being led by Karl-Johan Malmberg, M.D., Ph.D., Group Leader of Natural Killer Cell Biology and Cell Therapy, Department of Immunology, who has extensively studied the human NK cell repertoire, including the influence of killer cell immunoglobulin-like receptors, in regulating anti-tumor activity.Bolstered NK Cell Product and iPSC Platform Intellectual Property. In December 2016, the Company exclusively licensed intellectual property from UMN covering compositions of a modified CD16, as well as certain chimeric antigen, receptors and immune cells expressing such receptors. In addition, in March 2017, the U.S. Patent and Trademark Office issued U.S. Patent No. 9,593,311, which is owned by the Whitehead Institute for Biomedical Research and licensed exclusively to the Company for all therapeutic purposes, protecting cellular compositions comprising an iPSC and a WNT pathway activator. Publications in the pluripotent cell biology field have shown that WNT pathway activation is required to enable single cell isolation and clonal expansion of iPSCs, which are critical steps in generating, engineering and maintaining master pluripotent cell lines.Completed $56.7M Common and Preferred Stock Private Placement. In November 2016, Fate Therapeutics issued 2.82 million shares of non-voting Class A Preferred Stock at $13.30 per share, each of which is convertible into five shares of common stock upon certain conditions, and 7.24 million shares of common stock at $2.66 per share. The sale and issuance was pursuant to a securities purchase agreement with certain institutional and accredited investors including Redmile Group LLC, BVF Partners L.P., EcoR1 Capital LLC, Franklin Advisers, Inc. and certain members of the Company’s Board of Directors and management.Fourth Quarter 2016 Financial ResultsCash & Short-term Investment Position: Cash, cash equivalents and short-term investments as of December 31, 2016 were $92.1 million compared to $64.8 million as of December 31, 2015. The increase was primarily driven by net proceeds from the sale of the Company’s securities in two private issuances, a $56.7 million sale and issuance of preferred and common stock in November 2016 and a $10.2 million sale and issuance of common stock in August 2016. These proceeds were offset by the Company’s use of cash to fund operating activities and to service principal and interest obligations under its loan agreement with Silicon Valley Bank.Total Revenue: Revenue was $1.0 million for the fourth quarter of 2016 compared to $1.1 million for the comparable period in 2015. All revenue was derived from the Company’s research collaboration and license agreement with Juno Therapeutics.Total Operating Expenses: Total operating expenses were $8.7 million for the fourth quarter of 2016 compared to $8.0 million for the comparable period in 2015. Operating expenses for the fourth quarter of 2016 included $0.8 million of stock compensation expense, compared to $0.5 million for the comparable period in 2015.R&D Expenses: Research and development expenses were $6.2 million for the fourth quarter of 2016 compared to $5.4 million for the comparable period in 2015. The increase in R&D expenses was primarily related to an increase in third-party service provider fees to support the Company’s clinical development of ProTmune and the preclinical development of its NK cell programs.G&A Expenses: General and administrative expenses were $2.5 million for the fourth quarter of 2016 compared to $2.6 million for the comparable period in 2015. The decrease in G&A expenses was primarily related to a decrease in intellectual property-related expenses.Common Shares Outstanding: Common shares outstanding as of December 31, 2016 were 41.4 million compared to 28.7 million as of December 31, 2015. Common shares outstanding increased primarily as a result of the Company’s sale and issuance of its securities in two private issuances in November and August 2016, respectively.Preferred Shares Outstanding: Preferred shares outstanding as of December 31, 2016 were 2.82 million. Preferred shares outstanding increased as a result of the Company’s sale and issuance of 2.82 million shares of non-voting Class A convertible preferred stock to Redmile Group, LLC in November 2016.Today’s Conference Call and WebcastThe Company will conduct a conference call today, Thursday, March 16, 2017 at 5:00 p.m. ET to review financial and operating results for the quarter ended December 31, 2016. In order to participate in the conference call, please dial 1-877-303-6235 (domestic) or 1-631-291-4837 (international) and refer to conference ID 85799370. The live webcast can be accessed under „Events & Presentations” in the Investors & Media section of the Company’s website at www.fatetherapeutics.com. The archived webcast will be available on the Company’s website beginning approximately two hours after the event.About Fate Therapeutics, Inc.Fate Therapeutics is a clinical-stage biopharmaceutical company dedicated to the development of programmed cellular immunotherapies for cancer and immune disorders. The Company’s hematopoietic cell therapy pipeline is comprised of NK- and T-cell immuno-oncology programs, including off-the-shelf product candidates derived from engineered induced pluripotent cells, and immuno-regulatory programs, including product candidates to prevent life-threatening complications in patients undergoing hematopoietic cell transplantation and to promote immune tolerance in patients with autoimmune disease. Its adoptive cell therapy programs are based on the Company’s novel ex vivo cell programming approach, which it applies to modulate the therapeutic function and direct the fate of immune cells. Fate Therapeutics is headquartered in San Diego, CA. For more information, please visit www.fatetherapeutics.com.Forward-Looking StatementsThis release contains „forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s advancement of and plans related to the Company’s product candidates, clinical studies, research and development programs, and partnerships, the Company’s progress and plans for its clinical investigation of ProTmune™ and of FATE-NK100, the Company’s expected product registration strategy for ProTmune, including its ability to pursue accelerated registration, the ability of ProTmune to prevent, or reduce the incidence or severity of life-threatening complications, including acute graft-versus-host disease and severe viral infections, the scope of the Company’s intellectual property, and the Company’s projected cash expenditures. These and any other forward-looking statements in this release are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the risk that results observed in prior studies, including preclinical studies of ProTmune and the Company’s other product candidates, will not be observed in ongoing or future studies involving these product candidates, the risk that the Company may cease or delay preclinical or clinical development activities for any of its existing or future product candidates for a variety of reasons (including requirements that may be imposed by regulatory authorities and requirements for regulatory approval, difficulties or delays in patient enrollment in current and planned clinical trials, and any adverse events or other negative results that may be observed during preclinical or clinical development), the risk that the Company’s research collaborations may not be successful or may be terminated, and the risk that the Company’s expenditures may exceed current expectations for a variety of reasons. For a discussion of other risks and uncertainties, and other important factors, any of which could cause our actual results to differ from those contained in the forward-looking statements, see the risks and uncertainties detailed in the Company’s periodic filings with the Securities and Exchange Commission, including but not limited to the Company’s most recently filed periodic report, and from time to time the Company’s other investor communications. Fate Therapeutics is providing the information in this release as of this date and does not undertake any obligation to update any forward-looking statements contained in this release as a result of new information, future events or otherwise.Availability of Other Information about Fate Therapeutics, Inc.Investors and others should note that the Company routinely communicates with investors and the public using its website (www.fatetherapeutics.com) and its investor relations website (ir.fatetherapeutics.com), including without limitation, through the posting of investor presentations, SEC filings, press releases, public conference calls and webcasts on these websites. The information posted on these websites could be deemed to be material information. As a result, investors, the media, and others interested in Fate Therapeutics are encouraged to review this information on a regular basis. The contents of the Company’s website, or any other website that may be accessed from the Company’s website, shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

 
Contact:

Christina Tartaglia
Stern Investor Relations, Inc.
212.362.1200
christina@sternir.com

Cumulus Reports Operating Results for Fourth Quarter and Full Year 2016

ATLANTA, March 16, 2017 (GLOBE NEWSWIRE) — Cumulus Media Inc. (NASDAQ:CMLS) (the “Company,” “we,” “us,” or “our”) today announced operating results for the three months and year ended December 31, 2016.  For the three months ended December 31, 2016, the Company reported net revenue of $299.5 million, down 3.0% from the three months ended December 31, 2015, net loss of $543.7 million and Adjusted EBITDA of $56.9 million, down 9.8% from the quarter ended December 31, 2015.  For the year ended December 31, 2016, the Company reported net revenue of $1,141.4 million, down 2.3% from the year ended December 31, 2015, net loss of $510.7 million and Adjusted EBITDA of $205.9 million, down 20.6% from the year ended December 31, 2015.  During the fourth quarter of 2016, the Company recorded non-cash impairment charges against intangible assets and goodwill of $603.1 million.Mary Berner, President and Chief Executive Officer of Cumulus Media Inc. said, “We entered 2016 with a singular objective: to fix the core business problems – poor culture, poor ratings and poor operational execution – which was essential to establishing a foundation on which to build improved financial results. Throughout the year we made significant progress addressing each of these areas, most visibly in ratings growth where we’ve outperformed the industry for 15 straight months. In fact, with two back-to-back quarters of revenue share increases on the station side, a trend which continued through January, we have early evidence that, despite a tough industry environment, our foundational work is beginning to translate into improved financial performance.”Operating Summary (in thousands, except percentages and per share data): 
** Calculation is not meaningful

(1) Adjusted EBITDA is not a financial measure calculated or presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). For additional information, see “Non-GAAP Financial Measure and Definition”.
Results for Three Months Ended December 31, 2016

Cumulus Reports Operating Results for Fourth Quarter and Full Year 2016

ATLANTA, March 16, 2017 (GLOBE NEWSWIRE) — Cumulus Media Inc. (NASDAQ:CMLS) (the “Company,” “we,” “us,” or “our”) today announced operating results for the three months and year ended December 31, 2016.  For the three months ended December 31, 2016, the Company reported net revenue of $299.5 million, down 3.0% from the three months ended December 31, 2015, net loss of $543.7 million and Adjusted EBITDA of $56.9 million, down 9.8% from the quarter ended December 31, 2015.  For the year ended December 31, 2016, the Company reported net revenue of $1,141.4 million, down 2.3% from the year ended December 31, 2015, net loss of $510.7 million and Adjusted EBITDA of $205.9 million, down 20.6% from the year ended December 31, 2015.  During the fourth quarter of 2016, the Company recorded non-cash impairment charges against intangible assets and goodwill of $603.1 million.Mary Berner, President and Chief Executive Officer of Cumulus Media Inc. said, “We entered 2016 with a singular objective: to fix the core business problems – poor culture, poor ratings and poor operational execution – which was essential to establishing a foundation on which to build improved financial results. Throughout the year we made significant progress addressing each of these areas, most visibly in ratings growth where we’ve outperformed the industry for 15 straight months. In fact, with two back-to-back quarters of revenue share increases on the station side, a trend which continued through January, we have early evidence that, despite a tough industry environment, our foundational work is beginning to translate into improved financial performance.”Operating Summary (in thousands, except percentages and per share data): 
** Calculation is not meaningful

(1) Adjusted EBITDA is not a financial measure calculated or presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). For additional information, see “Non-GAAP Financial Measure and Definition”.
Results for Three Months Ended December 31, 2016

A.M. Best Affirms Credit Ratings of Guggenheim Life and Annuity Company

OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” of Guggenheim Life and Annuity Company (GLAC) (Wilmington, DE). The outlook of these Credit Ratings (rating) is stable.

The affirmation of the ratings reflects GLAC’s adequate levels of risk-adjusted capitalization relative to its insurance, investment and business risks. A.M. Best notes that overall credit quality of invested assets is expected to improve as the company shifts its allocations to less risky and more liquid asset types. Operating performance reflects above-average investment yields relative to benchmarks and enterprise risk management practices that generally are aligned with its risk profile. GLAC’s business profile is highly concentrated in interest-sensitive business lines; however, its distribution profile is somewhat diversified through assumed reinsurance, retail and private placement business. More recently, its business profile is shifting toward being an originator of fixed and fixed indexed annuities.

Partially offsetting rating factors include holdings in structured securities, collateral loan obligations and BA assets, which have contributed to a strong portfolio yield but contain some concentration risk and lower portfolio liquidity, albeit reduced from prior levels. In addition, while GLAC has experienced favorable earnings in recent years, asset growth has outpaced capital growth over the last four years. Finally, GLAC’s business profile remains highly concentrated in interest-sensitive liabilities with historically high utilization of reinsurance, and it operates in the highly competitive fixed index annuity marketplace.

An inability to retain earnings at a level sufficient to support growth in risk-adjusted capitalization may result in a negative rating action. A significant decline in risk-adjusted capitalization due to operating losses, dividends or large credit impairments may result in a negative rating action. Higher allocations of relatively less liquid and potentially more risky asset types including an increase in level III assets may result in a negative rating action.

This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

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