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An Aroostook County winter festival will move its snowmobile races from Caribou to Presque Isle to take advantage of better conditions. The third annual SnowBowl, planned in February, will include events from Mars Hill to Van Buren. Racing activities will move from Spud Speedway about 18 miles south to the Aroostook Centre Mall. When Spud Speedway owners Jim Gamage and Troy Haney launched the first SnowBowl in Caribou in 2023, the response was bigger than they dreamed, drawing thousands to the area. But last winter’s lack of snow caused a dismal snowmobile season that devastated local businesses. Organizers hope the 2025 festival will bring a much-needed economic boost to a region that depends on winter recreation. “We’ve got to take what we have for assets and bring them to light. Two of those are the people and the trail system,” co-founder Jim Gamage said. “We want to attract snowmobilers to make The County their destination.” Mild temperatures and little snow last year made the Caribou speedway track too muddy to use. Organizers made a quick decision to move racing to the mall parking area, creating a track in 36 hours with 400 truckloads of snow. It proved to be the perfect spot, Gamage said. Spectators and racers liked the surroundings. There’s also more parking and vendors can set up inside where it’s warm. The 2025 event will offer a weeklong slate of snowmobile racing, a scenic ride, a snowman-building contest, a magic show and “restaurant rumble,” where participants can eat at central Aroostook restaurants and enter their names for drawings, he said. Gamage, Haney and crew are introducing something new this year they hope will inspire residents and entice visitors to northern Maine. The speedway will debut phase one of its Spud Speedway Northern Lights project, similar to Boothbay Harbor’s Gardens Aglow — but with a County twist. “We created a 70-foot tunnel of old quonset hut frames and made six snowmen out of old tractor and skidder tires,” Gamage said. “We’re going to light it all up with Christmas lights. It’s a tunnel you drive through.” Phase two of the project is in the works for the following year, and will transform the speedway grounds into a trail with 15 lit displays showcasing elements of Aroostook: potato harvest, forestry, outdoor recreation, veterans and more. While Caribou is disappointed that some portions of the SnowBowl will move to Presque Isle, the city supports Spud Speedway as it grows the audience for the annual winter event, Caribou City manager Penny Thompson said. “Safety is of paramount importance to this type of experience and, due to the unpredictable nature of our spring weather, the organizers need to consider venues that are easiest to control to keep participants and spectators safe,” she said. The entire region will benefit as people come to the event and spend money locally, Thompson said. The SnowBowl will kick off on Sunday, Feb. 23, with Brian’s Ride, a guided 80-mile ride to the arch hangar at the former Loring Air Force Base , then on to a scenic spot in Van Buren with a hot lunch on the trail. There will be a snowmobile hill climbing contest at BigRock Mountain in Mars Hill, the return of mindreader/magician Kent Axell and an evening at Spud Speedway with demonstration rides, a groomer rodeo, a bonfire and hot dog roast. Everything moves to Presque Isle for the weekend of March 1 and 2, with pro racing and several classes of local competition, Gamage said. Vendors, food trucks, and a vintage sled display are planned at the mall. X Racing owner Joe Duncan of Minnesota, creator of the Winter X Games, will bring his snocross racing team from across the country for a show on Saturday, March 1. Freestyle riders will present a stunt show with jumps and acrobatics. Sunday, March 2, will be a family fun day, Gamage said. More snocross and vintage racing are on tap, along with local competitions in numerous age divisions so anyone can try out the track. The business community has stepped up since day one to support the SnowBowl, he said. People are already booking accommodations for February, and one company has reserved 60 local rooms to bring its entire cohort. That’s exactly what Gamage and Haney hoped for when they started. “We want to get the kids out, we want to get the community involved, and we want people to have fun and make a memory and smile,” he said. “We want to give people a reason to celebrate winter.”WEST PALM BEACH, Fla. (AP) — President-elect Donald Trump has invited Chinese President Xi Jinping and other world leaders to his inauguration next month — an unorthodox move that would fold U.S. allies and adversaries into a very American political tradition. Trump said Thursday during an appearance at the New York Stock Exchange , where he was ringing the opening bell to kick off trading for the day, that he’s been “thinking about inviting certain people to the inauguration” without referring to any specific individuals. “And some people said, ‘Wow, that’s a little risky, isn’t it?’” Trump said. “And I said, ‘Maybe it is. We’ll see. We’ll see what happens.’ But we like to take little chances.” His comments came soon after his incoming White House press secretary, Karoline Leavitt, confirmed during a Thursday morning appearance on “Fox & Friends” that Trump had invited Xi and other world leaders to attend his inauguration. No head of state has previously made an official visit to the U.S. for the inauguration, according to State Department historical records. The unprecedented invitations come at a moment when much of the world is bracing for what comes next when Trump and his “America First” worldview return to the White House. The president-elect has vowed to levy massive tariffs against the United States' chief economic competitor, China, as well as neighbors Canada and Mexico unless those countries do more to reduce illegal immigration and the flow of illegal drugs such as fentanyl into the United States. Trump's also pledged to move quickly to end Russia's nearly three-year war in Ukraine and press NATO allies who are spending less than 2% of their GDP on defense to step up or risk the United States not coming to their defense, as required by the transatlantic alliance's treaty, should they come under attack. “We’ve been talking and discussing with President Xi some things, and others, other world leaders, and I think we’re going to do very well all around,” Trump said. “We’ve been abused as a country. We’ve been badly abused from an economic standpoint, I think, and even militarily, you know, we put up all the money, they put up nothing, and then they abuse us on the economy. And we just can’t let that happen.” Xi is likely to see the invitation as too risky to accept, and the gesture from Trump may have little bearing on the increasingly competitive ties between the two nations as the White House changes hands, experts say. Danny Russel, vice president for international security and diplomacy at the Asia Society Policy Institute, said Xi would not allow himself to “be reduced to the status of a mere guest celebrating the triumph of a foreign leader — the U.S. president, no less.” Still, Leavitt saw it as a plus. “This is an example of President Trump creating an open dialogue with leaders of countries that are not just our allies, but our adversaries and our competitors, too,” she said on "Fox & Friends." “We saw this in his first term. He got a lot of criticism for it, but it led to peace around this world. He is willing to talk to anyone, and he will always put America’s interest first.” Asked at a Chinese Foreign Ministry briefing Thursday about Trump's invitation, spokesperson Mao Ning responded, “I have nothing to share at present.” Leavitt did not detail which leaders beyond Xi have been invited. But Trump's decision to invite Xi, in particular, squares with his belief that foreign policy — much like a business negotiation — should be carried out with carrots and sticks to get the United States' opponents to operate closer to his administration's preferred terms. Jim Bendat, a historian and author of “Democracy’s Big Day: The Inauguration of Our President,” said he was not aware of a previous U.S. inauguration attended by a foreign head of state. “It's not necessarily a bad thing to invite foreign leaders to attend,” Bendat said. “But it sure would make more sense to invite an ally before an adversary.” Edward Frantz, a presidential historian at the University of Indianapolis, said the invitation helps Trump burnish his “dealmaker and savvy businessman” brand. “I could see why he might like the optics," Frantz said. “But from the standpoint of American values, it seems shockingly cavalier." White House officials said it was up to Trump to decide whom he invites to the inauguration. “I would just say, without doubt, it's the single most consequential bilateral relationship that the United States has in the world,” White House national security spokesperson John Kirby said. “It is a relationship both fraught with peril and responsibility.” It's unclear which leaders, if any, might show. A top aide to Hungarian President Viktor Orban, one of Trump's most vocal supporters on the world stage, said Thursday that Orban isn't slated to attend the inauguration. “There is no such plan, at least for the time being," said Gergely Gulyás, Orban's chief of staff. The nationalist Hungarian leader is embraced by Trump but has faced isolation in Europe as he's sought to undermine the European Union's support for Ukraine, and routinely blocked, delayed or watered down the bloc’s efforts to provide weapons and funding and to sanction Moscow for its invasion. Orban recently met with Trump at Mar-a-Lago. Every country's chief of mission to the United States will also be invited, according to a Trump Inaugural Committee official who was not authorized to comment publicly and spoke on condition of anonymity. Such invitations to diplomats stationed in Washington has been customary during past inaugurations. Xi, during a meeting with President Joe Biden last month in Peru, urged the United States not to start a trade war. “Make the wise choice,” Xi cautioned. “Keep exploring the right way for two major countries to get along well with each other.” Canadian Prime Minister Justin Trudeau has also pushed back on Trump's threats, warning that such tariffs would be perilous for the U.S. economy as well. Trudeau earlier this week said Americans “are beginning to wake up to the real reality that tariffs on everything from Canada would make life a lot more expensive” and said he will retaliate if Trump goes ahead with them. Trump responded by calling Canada a state and Trudeau the governor. In addition to the tariff dispute, U.S.-China relations are strained over other issues, including what U.S. officials see as Beijing's indirect support of Russia's war on Ukraine. The Biden administration says China has supported Russia with a surge in sales of dual-use components that help keep its military industrial base afloat. U.S. officials also have expressed frustration with Beijing for not doing more to rein in North Korea's support for the Russian war. China accounts for the vast majority of North Korea’s trade. North Korean leader Kim Jong Un has dispatched thousands of troops to Russia to help repel Ukrainian forces from the Kursk border region. The North Koreans also have provided Russia with artillery and other munitions, according to U.S. and South Korean intelligence officials. Trump’s Jan. 20 inauguration is set to take place a day after the U.S. deadline for ByteDance, the Chinese parent company of social media giant TikTok, to sell the social media app or face a ban in the United States. Associated Press writers Didi Tang in Washington and Balint Domotor in Budapest, Hungary, contributed to this report.
Maryland is suing the company that produces the waterproof material Gore-Tex often used for raincoats and other outdoor gear, alleging its leaders kept using “forever chemicals” long after learning about serious health risks associated with them. The complaint, which was filed last week in federal court, focuses on a cluster of 13 facilities in northeastern Maryland operated by Delaware-based W.L. Gore & Associates. It alleges the company polluted the air and water around its facilities with per- and polyfluoroalkyl substances , jeopardizing the health of surrounding communities while raking in profits. The lawsuit adds to other claims filed in recent years, including a class action on behalf of Cecil County residents in 2023 demanding Gore foot the bill for water filtration systems, medical bills and other damages associated with decades of harmful pollution in the largely rural community. “PFAS are linked to cancer, weakened immune systems, and can even harm the ability to bear children,” Maryland Attorney General Anthony Brown said in a statement. “It is unacceptable for any company to knowingly contaminate our drinking water with these toxins, putting Marylanders at risk of severe health conditions.” Gore spokesperson Donna Leinwand Leger said the company is “surprised by the Maryland Attorney General’s decision to initiate legal action, particularly in light of our proactive and intensive engagement with state regulators over the past two years.” “We have been working with Maryland, employing the most current, reliable science and technology to assess the potential impact of our operations and guide our ongoing, collaborative efforts to protect the environment,” the company said in a statement, noting a Dec. 18 report that contains nearly two years of groundwater testing results. But attorney Philip Federico, who represents plaintiffs in the class action and other lawsuits against Gore, called the company’s efforts “too little, much too late.” In the meantime, he said, residents are continuing to suffer — one of his clients was recently diagnosed with kidney cancer. “It’s typical corporate environmental contamination,” he said. “They’re in no hurry to fix the problem.” The synthetic chemicals are especially harmful because they’re nearly indestructible and can build up in various environments, including the human body. In addition to cancers and immune system problems, exposure to certain levels of PFAS has been linked to increased cholesterol levels, reproductive health issues and developmental delays in children, according to the Environmental Protection Agency. Gore leaders failed to warn people living near its Maryland facilities about the potential impacts, hoping to protect their corporate image and avoid liability, according to the state’s lawsuit. The result has been “a toxic legacy for generations to come,” the lawsuit alleges. Since the chemicals are already in the local environment, protecting residents now often means installing complex and expensive water filtration systems. People with private wells have found highly elevated levels of dangerous chemicals in their water, according to the class action lawsuit. The Maryland facilities are located in a rural area just across the border from Delaware, where Gore has become a longtime fixture in the community. The company, which today employs more than 13,000 people, was founded in 1958 after Wilbert Gore left the chemical giant DuPont to start his own business. Its profile rose with the development of Gore-Tex , a lightweight waterproof material created by stretching polytetrafluoroethylene, which is better known by the brand name Teflon that’s used to coat nonstick pans. The membrane within Gore-Tex fabric has billions of pores that are smaller than water droplets, making it especially effective for outdoor gear. The state’s complaint traces Gore’s longstanding relationship with DuPont , arguing that information about the chemicals’ dangers was long known within both companies as they sought to keep things quiet and boost profits. It alleges that as early as 1961, DuPont scientists knew the chemical caused adverse liver reactions in rats and dogs. DuPont has faced widespread litigation in recent years. Along with two spinoff companies, it announced a $1.18 billion deal last year to resolve complaints of polluting many U.S. drinking water systems with forever chemicals. The Maryland lawsuit seeks to hold Gore responsible for costs associated with the state’s ongoing investigations and cleanup efforts, among other damages. State oversight has ramped up following litigation from residents alleging their drinking water was contaminated. Until then, the company operated in Cecil County with little scrutiny. Gore announced in 2014 that it had eliminated perfluorooctanoic acid from the raw materials used to create Gore-Tex. But it’s still causing long-term impacts because it persists for so long in the environment, attorneys say. Over the past two years, Gore has hired an environmental consulting firm to conduct testing in the area and provided bottled water and water filtration systems to residents near certain Maryland facilities, according to a webpage describing its efforts. Recent testing of drinking water at residences near certain Gore sites revealed perfluorooctanoic acid levels well above what the EPA considers safe, according to state officials. Attorneys for the state acknowledged Gore’s ongoing efforts to investigate and address the problem but said the company needs to step up and be a better neighbor. “While we appreciate Gore’s limited investigation to ascertain the extent of PFAS contamination around its facilities, much more needs to be done to protect the community and the health of residents,” Maryland Department of the Environment Secretary Serena McIlwain said in a statement. “We must remove these forever chemicals from our natural resources urgently, and we expect responsible parties to pay for this remediation.”
US stocks rose to records on Tuesday, as indexes recovered from Donald Trump's market-moving tariff plans announced Monday evening and as traders digested the minutes of the Federal Reserve's last meeting. Investors were surprised on Monday evening by the President-elect's social media announcement that imports from China will face an extra 10% , while products from Mexico and Canada should expect a 25% duty. Trump said on Monday that these will stay in effect until drug and migrant flows are addressed by each country. Stocks sold off after hours before recovering early Tuesday. The S&P 500 and Nasdaq rose 0.57% and 0.63%, respectively, while the Dow Jones increased by over 100 points. The 10-year Treasury yield rose three basis points to 4.298%. against the Canadian dollar and Mexican peso. Meanwhile, international stocks slid on fears of a widening trade war, with European, Japanese, and South Korean indexes falling after Trump's posts. Mexican President Claudia Sheinbaum Pardo hinted that US tariffs would be met with retaliation, while Canada's Prime Minister Justin Trudeau called for cooperation. Investors also cheered the news of a . The cease-fire will take effect Wednesday morning and bring an end to 14 months of fighting between Israel and Hezbollah. Meanwhile, US-oriented investors parsed through the latest minutes from the Fed's last policy meeting. Central bank officials shared consensus for "gradually" cutting rates moving forward. "Many participants highlighted that uncertainties concerning the equilibrium fed funds rate, or the final destination, have complicated the assessment of how restrictive monetary policy should be," wrote Ryan Sweet, chief US economist at Oxford Economics. The market is awaiting several more data points this week. Initial jobless claims, a third-quarter GDP revision, and personal consumption expenditures data are scheduled for release Wednesday morning. Read the original article on
Exploration and evaluation of strategic alternatives continue WESTPORT, Conn., Nov. 26, 2024 (GLOBE NEWSWIRE) -- Portage Biotech Inc. ("Portage” or the "Company”) (NASDAQ: PRTG), a clinical-stage immuno-oncology company with a portfolio of novel multi-targeted therapies for use as monotherapy and in combination, today reported its financial results for the fiscal quarter ended September 30, 2024. "We are continuing to explore multiple strategic alternatives to further unlock shareholder value. These may include finding a partner for one or more of our assets, a sale of our company, a merger, restructurings (both in and out of court), a company wind down, further financing efforts, or other strategic actions,” said Dr. Ian Walters, Chief Executive Officer and Chairman of Portage. "The ADPORT-601 trial is paused for further patient accrual pending additional financial resources, and we are analyzing the data. We also continue our collaborations with numerous experts to further understand the biology and utility of our product candidates,” continued Dr. Walters. Financial Results for the Quarter Ended September 30, 2024 The Company incurred a net loss of approximately $1.4 million during the three months ended September 30, 2024 (the "Fiscal 2025 Quarter”), compared to a net loss of approximately $5.2 million during the three months ended September 30, 2023 (the "Fiscal 2024 Quarter”), representing a $3.8 million decrease quarter-over-quarter. Operating expenses, including research and development ("R&D”) costs and general and administrative ("G&A”) expenses, were $1.6 million in the Fiscal 2025 Quarter, down from $5.9 million in the Fiscal 2024 Quarter, a decrease of $4.3 million, as detailed below. R&D costs decreased by approximately $3.5 million, or approximately 83%, from approximately $4.2 million in the Fiscal 2024 Quarter to approximately $0.7 million in the Fiscal 2025 Quarter. The decrease was primarily attributable to the winding down of clinical trial costs (principally CRO-related), which decreased by approximately $1.6 million, from $2.0 million in the Fiscal 2024 Quarter to $0.4 million in the Fiscal 2025 Quarter, as activities ramped down throughout the period since we made the decision to pause enrollment in our sponsored clinical trials in the third and fourth quarters of Fiscal 2024. Manufacturing-related costs decreased by $0.9 million, from $1.0 million in the Fiscal 2024 Quarter to $0.029 million in the Fiscal 2025 Quarter. These decreases reflect the winding down of clinical activity and manufacturing-related costs resulting from our decision to discontinue our sponsored clinical trial for the iNKT program and pause further patient accrual to our sponsored adenosine program. R&D non-cash share-based compensation expense decreased from $0.4 million in the Fiscal 2024 Quarter to nil in the Fiscal 2025 Quarter. Payroll-related expenses decreased by $0.1 million, from $0.37 million in the Fiscal 2024 Quarter to $0.24 million in the Fiscal 2025 Quarter, due to the resignation of two employees in January 2024. Additionally, consulting fees decreased by approximately $0.2 million from $0.25 million in the Fiscal 2024 Quarter to $0.03 million in the Fiscal 2025 Quarter, to reflect the decrease in activity period-over-period. Finally, licensing fees decreased by approximately $0.1 million due to licensing fees paid to the licensor of certain intellectual property utilized in the iNKT clinical trial in Fiscal 2024 Quarter compared to nil in Fiscal 2025 Quarter as the iNKT clinical trial was discontinued in the latter half of Fiscal 2024. G&A expenses decreased by approximately $0.8 million, or approximately 48%, from approximately $1.7 million in the Fiscal 2024 Quarter to approximately $0.9 million in the Fiscal 2025 Quarter. Professional fees decreased by $0.4 million, from $0.8 million in the Fiscal 2024 Quarter to $0.4 million in the Fiscal 2025 Quarter. Payroll-related expenses decreased by $0.1 million from $0.2 million in the Fiscal 2024 Quarter to $0.1 million in the Fiscal 2025 Quarter. The decrease in professional fees and payroll-related expenses is due to the accrual of the monthly fees and payments for the entire second quarter in the first quarter for a consultant and employee in connection with certain Retention Agreements entered into on July 22, 2024. Additionally, G&A non-cash share-based compensation expense decreased by $0.2 million due to the continued vesting of stock options, partially offset by recording all share-based compensation expense as G&A expenses as the result of the discontinuation of the iNKT trial and the pause of further patient accrual in the adenosine program. Finally, directors' fees decreased by $0.1 million in the Fiscal 2025 Quarter, compared to the Fiscal 2024 Quarter, as all directors, except for two directors who resigned in April 2024, waived their fees in the Fiscal 2025 Quarter. The primary reasons for the quarter-over-quarter differences in the Company's pre-tax items of income and expense were the $0.9 million net gain from the settlement and release of obligations and liabilities under the Master Services Agreement between iOx and Parexel partially offset to some extent by the $0.7 million non-cash loss from the change in the fair value of certain warrants accounted for as liabilities, issued in connection with a private placement offering in October 2023, both in the Fiscal 2025 Quarter, and a non-cash loss from the increase in the fair value of the deferred purchase price payable to the former Tarus shareholders and the deferred obligation for the iOx milestone, totaling $0.1 million, in the Fiscal 2024 Quarter. As of September 30, 2024, the Company had cash and cash equivalents of approximately $1.8 million and total current liabilities of approximately $0.9 million. About Portage Biotech Inc. Portage is a clinical-stage immuno-oncology company with a portfolio of multi-targeted therapies to extend survival and significantly improve the lives of patients with cancer. The Company has made the decision to discontinue its sponsored trial for its the invariant natural killer T-cell (iNKT) program and pause further patient accrual to its sponsored adenosine trial program (ADPORT-601 trial) for its potentially best-in-class adenosine antagonists PORT-6 (adenosine 2A inhibitor) and PORT-7 (adenosine 2B inhibitor). The Company is exploring strategic alternatives, which may include finding a partner for one or more of its assets, a sale of the company, a merger, restructurings, both in and out of court, a company wind down, further financing efforts or other strategic actions. For more information, please visit www.portagebiotech.com or find us on LinkedIn at Portage Biotech Inc. Forward-Looking Statements All statements in this news release, other than statements of historical facts, including without limitation, statements regarding about the Company's information that are forward-looking in nature and, business strategy, plans and objectives of management for future operations and those statements preceded by, followed by or that otherwise include the words "believe," "expects," "anticipates," "intends," "estimates," "will,” "may,” "plan,” "potential,” "continue,” or similar expressions or variations on such expressions are forward-looking statements. For example, statements regarding the Company's plans to continue exploring strategic alternatives, which may include finding a partner for one or more of its assets, a sale of the company, a merger, restructurings (both in and out of court), a company wind down, further financing efforts, or other strategic actions, the Company's expectation to replace one patient in the ADPORT-601 trial, and the Company's plans to continue its collaborations with numerous experts to further understand the biology and utility of its product candidates are forward-looking statements. As a result, forward-looking statements are subject to certain risks and uncertainties, including, but are not limited to: the Company's plans and ability to develop and commercialize product candidates and the timing of these development programs; the Company's clinical development of its product candidates, including the results of current and future clinical trials; the benefits and risks of the Company's product candidates as compared to others; the Company's maintenance and establishment of intellectual property rights in its product candidates; the Company's ability to obtain financing in the future to cover its operational costs and progress its plans for clinical development, its estimates regarding its capital requirements, and its ability to continue as a going concern; the Company's estimates of future revenues and profitability; the Company's estimates of the size of the potential markets for its product candidates; its selection and licensing of product candidates; and other factors set forth in "Item 3 - Key Information-Risk Factors” in the Company's Annual Report on Form 20-F for the year ended March 31, 2024 2024 and "Business Environment - Risk Factors” in the Company's Management's Discussion and Analysis for the Three and Six Months ended September 30, 2024 filed as Exhibit 99.2 to the Company's Form 6-K. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from these forward-looking statements. The forward- looking statements contained in this news release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law. FOR MORE INFORMATION, PLEASE CONTACT: Investor Relations: [email protected] Media Relations: [email protected] ---tables to follow--- PORTAGE BIOTECH INC. Condensed Consolidated Interim Statements of Operations and Other Comprehensive Income (Loss) (U.S. Dollars in thousands, except per share amounts) (Unaudited) September 30, September 30, Tarus and deferred obligation - iOx milestone ) ) PORTAGE BIOTECH INC. Condensed Consolidated Interim Statements of Financial Position (U.S. Dollars in thousands) (Unaudited) 2024 2024
ANDOVER, Mass. , Dec. 2, 2024 /PRNewswire/ -- TransMedics Group, Inc. ("TransMedics") (Nasdaq: TMDX), a medical technology company that is transforming organ transplant therapy for patients with end-stage lung, heart, and liver failure, today announced the appointment of Mr. Gerardo Hernandez as the Company's Chief Financial Officer, effective December 2, 2024 . In this role, Mr. Hernandez joins the TransMedics executive leadership team, succeeding Mr. Stephen Gordon . To enable a smooth transition, Mr. Gordon will remain a non-executive employee of the Company until March 31, 2025 , before serving as a non-employee senior advisor to the Company focusing on national transplant stakeholder engagement until March 31, 2026 . TransMedics also updated its 2024 financial outlook. Dr. Waleed Hassanein , Mr. Gerardo Hernandez and Mr. Stephen Gordon will attend the upcoming Piper Sandler Conference on December 3, 2024 , the TransMedics Investor & Analyst Day on December 10, 2024 , as well as the J.P. Morgan Healthcare Conference in January 2025 . Mr. Hernandez is an accomplished finance leader with over 25 years of experience across the healthcare and consumer packaged goods (CPG) sectors. He most recently served as Vice President Finance, Head of Corporate Financial Planning and Analysis at Alnylam Pharmaceuticals, a biopharmaceutical company focused on RNAi therapeutics. In this role, Mr. Hernandez led a global team as the company scaled rapidly. Prior to his role at Alnylam, Mr. Hernandez spent nearly a decade at Shire, where he rose through the organization, eventually leading corporate FP&A. During his tenure, Shire was acquired by Takeda in a $62 billion transaction, after which he was instrumental in the integration effort. Mr. Hernandez began his career at Unilever where he held several finance roles of increasing responsibility before joining Shire in 2010. Mr. Hernandez holds a Bachelor of Science degree in Finance from the University of Wisconsin , La Crosse and an MBA in Strategy and Economics from Fundação Getulio Vargas , Sao Paulo, Brazil . "Stephen has been an exceptional partner to me as a member of the TransMedics leadership team for nearly a decade. During his tenure we transitioned the Company from a clinical stage organization to a high growth, publicly traded commercial business," said Waleed Hassanein , M.D., President and Chief Executive Officer. "On behalf of the entire management team and the Board, I want to thank Stephen for his countless contributions to our business that will have lasting benefits for the Company. I am grateful for Stephen's dedication and efforts to advance our corporate strategy while delivering considerable shareholder value, and I look forward to his continued partnership to affect a smooth transition as we start our next chapter at TransMedics." "I am delighted to welcome Gerardo to the TransMedics leadership team as our new Chief Financial Officer," added Dr. Hassanein. "His proven record over two decades of leadership across FP&A functions within high-growth, complex global organizations makes him an ideal addition to our team. I am looking forward to partnering with Gerardo as we continue to deliver significant long-term corporate growth and shareholder value." "I am thrilled to join TransMedics as Chief Financial Officer," said Mr. Hernandez. "I look forward to working with the entire leadership team to expand access to the Company's unparalleled products and services in the organ transplant field while enhancing operational efficiency and delivering lasting value to both our shareholders and the patients we serve." Dr. Hassanein concluded, "As we enter the final weeks of the fourth quarter, we are also updating our financial outlook for the full year 2024. Our updated guidance reflects our continued expectation for considerable year-over-year revenue growth. We look forward to providing additional context at our upcoming Investor & Analyst Day." 2024 Financial Outlook TransMedics now expects revenue for the full year 2024 to be in the range of $428 million to $432 million, which represents 77% to 79% growth compared to the Company's prior year revenue. Piper Sandler 36th Annual Healthcare Conference Members of the TransMedics management team will participate in a fireside chat at the upcoming Piper Sandler 36th Annual Healthcare Conference at the Lotte New York Palace. The fireside chat will take place on Tuesday, December 3, 2024 , at 4:00 p.m. Eastern Time . A live and archived webcast of the fireside chat will be available on the "Investors" section of the TransMedics website at https://investors.transmedics.com . The Company's standard investor presentation is also available through this link. TransMedics Investor & Analyst Day Details TransMedics will discuss the transition and updated financial outlook, as well as the Company's growth strategy, clinical pipeline, and operations, in greater detail at its Investor & Analyst Day in New York City on Tuesday, December 10, 2024 , at 10:00 a.m. Eastern Time . A live and archived webcast of presentations and Q&A sessions will be available on the "Investors" section of the TransMedics website at https://investors.transmedics.com . Please note management will only take questions from the live audience during the question-and-answer session following formal presentations. About TransMedics Group, Inc. TransMedics is the world's leader in portable extracorporeal warm perfusion and assessment of donor organs for transplantation. Headquartered in Andover, Massachusetts , the company was founded to address the unmet need for more and better organs for transplantation and has developed technologies to preserve organ quality, assess organ viability prior to transplant, and potentially increase the utilization of donor organs for the treatment of end-stage heart, lung, and liver failure. Forward-Looking Statements This press release contains forward-looking statements with respect to, among other things, a leadership transition and our full-year guidance. For this purpose, all statements other than statements of historical facts are forward-looking statements. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "could," "target," "predict," "seek" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties. Our management cannot predict all risks, nor can we assess the impact of all factors or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in or implied by any forward-looking statements we may make. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated in or implied by the forward-looking statements. Some of the key factors that could cause actual results to differ include: our ability to maintain profitability on a sustained basis; our ability to attract, train and retain key personnel; our existing and any future indebtedness, including our ability to comply with affirmative and negative covenants under our credit agreement to which we will remain subject until maturity; the fluctuation of our financial results from quarter to quarter; our need to raise additional funding and our ability to obtain it on favorable terms, or at all; our ability to use net operating losses and research and development credit carryforwards; our dependence on the success of the Organ Care System or OCS; our ability to expand access to the OCS through our National OCS Program or NOP; our ability to scale our manufacturing and sterilization capabilities to meet increasing demand for our products; the rate and degree of market acceptance of the OCS; our ability to educate patients, surgeons, transplant centers and private and public payors on the benefits offered by the OCS; our ability to improve the OCS platform and develop the next generation of the OCS products; our dependence on a limited number of customers for a significant portion of our revenue; our ability to maintain regulatory approvals or clearances for our OCS products in the United States , the European Union, and other select jurisdictions worldwide; our ability to adequately respond to the Food and Drug Administration or FDA, or other competent authorities, follow-up inquiries in a timely manner; the performance of our third-party suppliers and manufacturers; our use of third parties to transport donor organs and medical personnel for our NOP and our ability to maintain and grow our logistics capabilities to support our NOP and reduce dependence on third party transportation, including by means of attracting, training and retaining pilots, and the acquisition, maintenance or replacement of fixed-wing aircraft for our aviation transportation services or other acquisitions, joint ventures or strategic investments; our ability to maintain Federal Aviation Administration or FAA or other regulatory licenses or approvals for our aircraft transportation services; price increases of the components of our products and maintenance, parts and fuel for our aircraft; the timing or results of post-approval studies and any clinical trials for the OCS; our manufacturing, sales, marketing and clinical support capabilities and strategy; attacks against our information technology infrastructure; the economic, political and other risks associated with our foreign operations; our ability to protect, defend, maintain and enforce our intellectual property rights relating to the OCS and avoid allegations that our products infringe, misappropriate or otherwise violate the intellectual property rights of third parties; the pricing of the OCS, as well as the reimbursement coverage for the OCS in the United States and internationally; regulatory developments in the United States, European Union and other jurisdictions; the extent and success of competing products or procedures that are or may become available; our ability to service our 1.50% convertible senior notes, due 2028; the impact of any product recalls or improper use of our products; our estimates regarding revenues, expenses and needs for additional financing; and other factors that may be described in our filings with the Securities and Exchange Commission (the "SEC"). Additional information will be made available in our annual and quarterly reports and other filings that we make with the SEC. The forward-looking statements in this press release speak only as of the date of this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and we are not able to predict all of them. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by applicable law. Investor Contact: Brian Johnston Laine Morgan 332-895-3222 Investors@transmedics.com View original content to download multimedia: https://www.prnewswire.com/news-releases/transmedics-appoints-gerardo-hernandez-as-chief-financial-officer-and-provides-updated-2024-financial-outlook-302320060.html SOURCE TransMedics Group, Inc.
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