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Fortinet Survey Finds 78% of Organizations Felt Prepared for Ransomware Attacks, Yet Half Still Fell Victim

Organizations taking a best-of-breed, point product approach to security were more likely to be attacked by ransomware in the last year

SUNNYVALE, Calif., April 24, 2023 (GLOBE NEWSWIRE) — RSAC 2023

John Maddison, EVP of Products and CMO at Fortinet
“According to the Fortinet research released today, though three out of four organizations detected ransomware attacks early, half still fell victim to them. These results demonstrate the urgency to move beyond simple detection to real-time response. However, this is only part of the solution as organizations cited the top challenges in preventing attacks were related to their people and processes. A holistic approach to cybersecurity that goes beyond investing in essential technologies and prioritizes training is essential.”

News Summary

Fortinet® (NASDAQ: FTNT), the global cybersecurity leader driving the convergence of networking and security, today unveiled its 2023 Global Ransomware Report. The report is based on a recent global survey conducted by Fortinet and explores cybersecurity leaders’ perspectives on ransomware, particularly how it impacted their organizations in the last year, and their strategies to mitigate an attack. Key findings from the global survey include:

  • The global threat of ransomware remains at peak levels, with half of organizations across all sizes, regions and industries falling victim in the last year.
  • The top challenges to stopping a ransomware attack were people and process related, with many organizations lacking clarity on how to secure against the threat.
  • There are a range of technologies viewed as essential to prevent ransomware, with an overwhelming majority prioritizing an integrated approach to security.
  • Despite the global macroeconomic environment, security budgets will increase in the next year with a focus on AI/ML technologies to speed detection, centralized monitoring tools to speed response, and better preparation of people and processes.

A Growing Disconnect Between Ransomware Preparedness and Prevention

Fortinet’s research revealed there was a large disconnect between respondents’ level of preparedness with existing strategies and their ability to stop a ransomware attack. Although 78% of organizations stated they were “very” or “extremely” prepared to mitigate an attack, the survey found 50% fell victim to ransomware in the last year, and almost half were targeted two or more times. Specifically, four out of the five top challenges to stopping ransomware were people or process related. The second largest challenge was a lack of clarity on how to secure against the threat as a result of a lack of user awareness and training, and no clear chain-of-command strategy to deal with attacks.

More Organizations are Paying the Ransom, Despite Industry Guidance

The survey also found that despite most (72%) detecting an incident within hours, and sometimes minutes, the percentage of organizations paying ransoms remains high, with almost three-quarters of respondents making some form of ransom payment. When comparing across industries, organizations in the manufacturing sector received higher ransoms and were more likely to pay the fee. Specifically, one quarter of attacks among manufacturing organizations received a ransom of $1M or higher. Finally, while almost all organizations (88%) reported having cyber insurance, almost 40% didn’t receive as much coverage as expected and, in some cases, didn’t receive any because of an exception from the insurer.

Security Budgets will Increase Despite Economic Uncertainty

With concerns about ransomware still high and despite a challenging global economic environment, nearly all organizations (91%) expect increased security budgets in the next year. Based on the technologies viewed as most essential to secure against ransomware, organizations were most concerned with IoT Security, SASE, Cloud Workload Protection, NGFW, EDR, ZTNA, and Security Email Gateway. When comparing to 2021, the number of respondents citing ZTNA and Secure Email Gateway increased by nearly 20%. Given email phishing remained the most common attack entry method for the second time, it was promising to see respondents view Secure Email Gateway (51%) with higher importance, however, other essential protections, such as Sandboxing (23%) and Network Segmentation (20%) remained low on the list.

In the future, top priorities for respondents will be investing in advanced technology powered by AI and ML to enable faster threat detection and central monitoring tools to speed response. These investments will help organizations combat a rapidly evolving threat landscape as cyber attackers become more aggressive and deploy new elements into attacks.

Enhancing Ransomware Protection Through a Platform Approach

In addition, the report found that organizations using point products were the most likely to fall victim to an attack in the last year, while those who had consolidated to a smaller number of platforms were the least likely to be a victim. Further, almost all respondents (99%) viewed integrated solutions or a platform as essential to preventing ransomware attacks. These findings underscore the importance of leveraging a unified platform approach to defend against ransomware.

Fortinet supports organizations looking to improve their processes and advance cybersecurity skills by providing services such as Incident Readiness Assessments and Tabletop Exercises, Ransomware Readiness Assessments, SOC-as-a-Service, and SOC Readiness Assessments, as well as comprehensive training from one of the largest programs in the industry, the Fortinet Training Institute. With its industry-leading Security Fabric of over 50 natively integrated, enterprise-grade products, Fortinet continues to be the leading vendor helping organizations consolidate their point products into a unified cybersecurity platform. This platform approach, with open APIs and a robust Fabric-Ready technology alliance ecosystem, enables CISOs and security teams to reduce complexity, increase efficacy in the prevention and detection of ransomware, and speed incident triage, investigation and response.

Learn More about the Fortinet Security Fabric in the Fortinet Booth at RSA 2023

Fortinet is a Platinum Sponsor at this year’s RSA Conference and will be showcasing live demonstrations of its Security Fabric and cybersecurity solutions at booth #5863. Stop by the booth for a range of interactive discussions on how to protect your business from ransomware and learn more about Fortinet and its presentations at RSA in this blog post.

Report Overview:

  • The survey was conducted among 569 cybersecurity leaders from 31 different locations around the world, including the United States, United Kingdom, France, India, and Japan, among others.
  • Survey respondents came from a range of industries, such as manufacturing (29%), technology (19%), transportation (12%) and healthcare (11%).

Additional Resources

About Fortinet

Fortinet (NASDAQ: FTNT) is a driving force in the evolution of cybersecurity and the convergence of networking and security. Our mission is to secure people, devices, and data everywhere, and today we deliver cybersecurity everywhere you need it with the largest integrated portfolio of over 50 enterprise-grade products. Well over half a million customers trust Fortinet’s solutions, which are among the most deployed, most patented, and most validated in the industry. The Fortinet Training Institute, one of the largest and broadest training programs in the industry, is dedicated to making cybersecurity training and new career opportunities available to everyone. FortiGuard Labs, Fortinet’s elite threat intelligence and research organization, develops and utilizes leading-edge machine learning and AI technologies to provide customers with timely and consistently top-rated protection and actionable threat intelligence. Learn more at https://www.fortinet.com, the Fortinet Blog, and FortiGuard Labs.

FTNT-O

Copyright © 2023 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and common law trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet’s trademarks include, but are not limited to, the following: Fortinet, the Fortinet logo, FortiGate, FortiOS, FortiGuard, FortiCare, FortiAnalyzer, FortiManager, FortiASIC, FortiClient, FortiCloud, FortiMail, FortiSandbox, FortiADC, FortiAI, FortiAIOps, FortiAntenna, FortiAP, FortiAPCam, FortiAuthenticator, FortiCache, FortiCall, FortiCam, FortiCamera, FortiCarrier, FortiCASB, FortiCentral, FortiConnect, FortiController, FortiConverter, FortiCWP, FortiDB, FortiDDoS, FortiDeceptor, FortiDeploy, FortiDevSec, FortiEdge, FortiEDR, FortiExplorer, FortiExtender, FortiFirewall, FortiFone, FortiGSLB, FortiHypervisor, FortiInsight, FortiIsolator, FortiLAN, FortiLink, FortiMoM, FortiMonitor, FortiNAC, FortiNDR, FortiPenTest, FortiPhish, FortiPlanner, FortiPolicy, FortiPortal, FortiPresence, FortiProxy, FortiRecon, FortiRecorder, FortiSASE, FortiSDNConnector, FortiSIEM, FortiSMS, FortiSOAR, FortiSwitch, FortiTester, FortiToken, FortiTrust, FortiVoice, FortiWAN, FortiWeb, FortiWiFi, FortiWLC, FortiWLM and FortiXDR. Other trademarks belong to their respective owners. Fortinet has not independently verified statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, contract, binding specification or other binding commitment by Fortinet or any indication of intent related to a binding commitment, and performance and other specification information herein may be unique to certain environments.

Media Contact: Investor Contact: Analyst Contact:
Camille Burdge
Fortinet, Inc.
408-235-7700
pr@fortinet.com		 Peter Salkowski
Fortinet, Inc.
408-331-4595
psalkowski@fortinet.com		 Brian Greenberg
Fortinet, Inc.
408-235-7700
analystrelations@fortinet.com

GlobeNewswire Distribution ID 8813162

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Duck Creek Technologies Unveils a “Who’s Who” Participating in the Insurance Industry’s Leading Conference for Tech Decision Makers, Formation ’23

The world’s leading insurance industry and technology minds gather in Orlando, FL, May 8-10, 2023

Boston, April 24, 2023 (GLOBE NEWSWIRE) — Duck Creek Technologies, the intelligent solutions provider defining the future of property and casualty (P&C) and general insurance, announces major sponsors, partners, and presenters joining the leading insurance technology decision makers for its upcoming marquee customer conference, Formation ’23. The event is being held May 8 through May 10, 2023, at Signia by Hilton Orlando Bonnet Creek in Orlando, Florida.

With a focus on cultivating a world-class event experience filled with rich content, industry networking opportunities and unforgettable activities, Formation ‘23 is all about “BUILDING TOGETHER.” Duck Creek will welcome the leading insurtech minds and industry professionals of all levels from across the globe in a high-energy environment with ample educational and networking opportunities focused on the latest trends and innovations empowering the insurance industry. Duck Creek is delighted to be joined on stage and in sessions by customers who will share their personal stories and first-hand experiences implementing Duck Creek and partner ecosystem innovations. Notable carriers presenting include Australia-based general insurers Argyle and Hollard, as well as Berkshire Hathaway Specialty Insurance, EMC Insurance Companies, GAINSCO Auto Insurance® (GAINSCO), Great American Insurance Group, Indigo Insurance Ltd., and Munich Reinsurance America, Inc.

“This year we have a record number of sponsorship commitments from more than 60 members of our partner ecosystem, including diamond sponsors Glia and LTIMindtree; platinum sponsors Coforge and EY; and gold sponsors Accenture, Aggne Global, Capgemini, Cognizant and Quadient,” said Rohit Bedi, Chief Revenue Officer, Duck Creek Technologies. “This is a testimony to the robust partner ecosystem Duck Creek has built to benefit our customers worldwide. We maintain strong relationships with industry leaders to provide complementary, distinct solutions and services to get our joint customers to market quickly.”

Notably, several influential industry analysts from Aite-Novarica Group (Aite-Novarica), Celent, Everest Group, Forrester, International Data Corporation (IDC) and ReSource Pro Consulting, will participate in various sessions as guest speakers. In particular, Aite-Novarica, Celent, and Forrester will come together to speak in a panel, “Building the future together,” to share how insurers must utilize technology to win in today’s market.

Attendees will get first look at Duck Creek’s latest product vision, strategy, and roadmap. “Duck Creek is committed to providing great products that enable insurers and their customers to thrive,” said Chief Product & Technology Officer Jess Keeney. “We believe great products are personal – delivered and supported through the research and development of humanized experiences. Insurance is more complex with more regulations than ever, and we provide our customers with better data and more technology to manage increased distribution channels and shifting demographics.”

The agenda and speaker line-up are now available on the conference website. For more information on Formation ‘23 or to register now for the year’s must-attend event, please visit https://www.duckcreek.com/formation/.

About Duck Creek Technologies

Duck Creek Technologies is the intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. Visit www.duckcreek.com to learn more. Follow Duck Creek on our social channels for the latest information – LinkedIn and Twitter.

Carley Bunch
Duck Creek Technologies
+1-201-962-6091
carley.bunch@duckcreek.com

GlobeNewswire Distribution ID 8813214

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Gorilla Technology Group Announces Clarification to Registration Statement on Form F-1

Barring exercise of warrants, securities registered in F-1 will not cause dilution to existing holders of ordinary shares

LONDON, April 24, 2023 (GLOBE NEWSWIRE) — Gorilla Technology Group Inc. (“Gorilla” or the “Company”) (NASDAQ: GRRR) made an announcement regarding its resale registration statement on Form F-1 (the “Registration Statement”), which went effective on March 30, 2023. Gorilla wishes to clarify that the purpose of filing the Registration Statement was not for a new issuance of ordinary shares by the Company and will not result in dilution to its ordinary shareholders (barring the exercise of the Company’s outstanding options or warrants).

As of the date of filing of the Registration Statement, the Company had 68,629,774 ordinary shares outstanding (excluding treasury shares). Notwithstanding the cover page of the prospectus in the Registration Statement and the securities registered therein, no additional ordinary shares were outstanding following its effectiveness and there are no securities currently outstanding which may cause the number of ordinary shares outstanding to increase other than (1) employee stock options and (2) warrants (all of which have an exercise price of $11.50).

While the Registration Statement states that it is partly for a “primary offering” of ordinary shares, this is only to register ordinary shares underlying the Company’s previously issued contingent value rights (“CVRs”) and will not increase the number of outstanding ordinary shares of Gorilla. If ordinary shares are required to be issued to the holders of CVRs, such issuance will be fully offset (if not more than fully offset) by the forfeiture and cancellation of Earnout Shares (as defined in the Company’s Business Combination Agreement). The Earnout Shares are currently held in escrow by the Company’s transfer agent but are treated as outstanding in all the Company’s filings (as they may be voted, even if economic rights have not yet vested). The number of ordinary shares registered in the Registration Statement pursuant to the “secondary offering” included these Earnout Shares and are reflected in the holdings of the selling security holders (if a selling security holder has a potential claim to such Earnout Shares).

About Gorilla Technology Group Inc.
Gorilla, headquartered in London U.K., is a global solution provider in security intelligence, network intelligence, business intelligence and IoT technology. Gorilla develops a wide range of solutions including Smart Cities, Smart Retail, Enterprise Security, and Smart Media. In addition, Gorilla provides a complete Security Convergence Platform to government institutions, telecom companies and private enterprises with network surveillance and cyber security.

Gorilla places an emphasis on offering leading technology, expert service, and precise delivery, and ensuring top-of-the-line, intelligent and strong edge AI solutions that enable clients to improve operational performance and efficiency. With continuous core technology development, Gorilla will deliver edge AI solutions to managed service providers, distributors, system integrators, and hardware manufacturers. For more information, please visit our website: Gorilla-Technology.com.

Forward-Looking Statements
This press release contains forward-looking statements, which are based on estimates, assumptions, and expectations. Actual results and performance could differ materially and adversely from those expressed or implied in forward-looking statements. Gorilla does not undertake any obligation to update any forward-looking statements, except as required by law.

Contact
Jeff Fox
The Blueshirt Group for Gorilla
+1 (415) 828-8298
jeff@blueshirtgroup.com

GlobeNewswire Distribution ID 8823452

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Philips delivers solid operational performance as supply chain improves and actions to enhance execution start to take effect

April 24, 2023

First-quarter highlights

  • Group sales increased to EUR 4.2 billion, with 6% comparable sales growth
  • Comparable order intake growth was flat, with double-digit growth in the Diagnosis & Treatment businesses, offset by a decline in the Connected Care businesses
  • Income from operations amounted to a loss of EUR 583 million, mainly due to provisions for accelerated restructuring and an important step in litigation
  • EUR 575 million litigation provision is related to the anticipated resolution of the Respironics recall-related economic loss class action in the US
  • Adjusted EBITA increased to EUR 359 million, or 8.6% of sales, compared to EUR 243 million, or 6.2% of sales, in Q1 2022
  • Operating cash flow improved to EUR 202 million, compared to an outflow of EUR 227 million in Q1 2022
  • Simplification of operating model and restructuring plans on track

Roy Jakobs, CEO of Royal Philips:
“I am encouraged that we delivered a solid start to the year, with sales, profitability and operating cash flow improvements in the quarter, a first step to drive progressive value creation. We are executing on our three priorities to enhance patient safety and quality, strengthen our supply chain reliability, and establish a simplified, more agile operating model.

Resolving the Philips Respironics recall for patients remains our highest priority. In the first quarter, we have recorded a provision in anticipation of a resolution of the economic loss class action in the US. This is an important step in addressing the litigation related to the recall.

Our supply chain improvements enabled good growth across the Diagnosis & Treatment businesses and in Hospital Patient Monitoring. Supported by significant change management efforts, we have reduced the workforce by approximately 5,400 roles out of the planned reduction of 10,000 roles globally.

I realize that we are asking a lot from our employees to work through the necessary changes and deeply appreciate their tremendous efforts and ongoing commitment to deliver on our company purpose. I would also like to thank our customers and partners for their continued trust and support. I have met many of them in the last few months, and it is clear that Philips remains a preferred innovation partner.

Looking ahead, based on our solid performance in the quarter, our order book, and the ongoing actions to further improve execution, we are confident in our plan for the year 2023, acknowledging that uncertainties remain.”

Group and business segment performance
Sales for the Group increased to EUR 4.2 billion, with 6% comparable sales growth, mainly driven by the Diagnosis & Treatment businesses. Additionally, sales in the quarter were supported by the good momentum for the Diagnosis & Treatment and Connected Care businesses in China. Adjusted EBITA for the Group increased to EUR 359 million, or 8.6% of sales, mainly due to increased sales and productivity measures, partly offset by cost inflation. Philips’ order book remains strong and is 10% higher than one year ago despite flat order intake growth.

The Diagnosis & Treatment businesses’ comparable sales increased by a strong 15% in the quarter, with double-digit growth in Ultrasound and Image-Guided Therapy, and mid-single-digit growth in Diagnostic Imaging, driven by continued supply chain improvements. Comparable order intake grew double-digit, with double-digit growth in Image-Guided Therapy and Enterprise Diagnostic Informatics and mid-single-digit growth in Diagnostic Imaging. The Adjusted EBITA margin increased to 11.3%, which was mainly due to increased sales and productivity measures, partly offset by cost inflation.

The Connected Care businesses’ comparable sales increased 3% in the quarter, driven by double-digit growth in Hospital Patient Monitoring, largely offset by a decline in Sleep & Respiratory Care. Comparable order intake declined double-digit after strong growth in the period between 2020 and 2022. The Adjusted EBITA margin increased to 2.4%, driven by the improved Adjusted EBITA margin of the Connected Care businesses excluding Sleep & Respiratory Care.

The Personal Health businesses’ comparable sales decreased by 6% in the quarter due to the anticipated lower consumer demand, on the back of 8% growth in Q1 2022. The Adjusted EBITA margin amounted to 13.2%. Sales and Adjusted EBITA were both significantly impacted by portfolio decisions related to Russia in 2022.

Productivity

In the first quarter, operating model productivity savings amounted to EUR 94 million, procurement savings amounted to EUR 32 million, and other productivity programs delivered savings of EUR 64 million, resulting in total savings of EUR 190 million.

Customer and innovation highlights

  • In the quarter, the company announced multiple new partnerships, demonstrating the confidence hospital leaders have in Philips’ innovative portfolio. These include an agreement with Grupo Angeles, the largest private hospital group in Mexico, to provide informatics, diagnostic imaging and image-guided therapy solutions to advance patient care in cardiology, oncology and radiology.
  • Highlighting the strength of its comprehensive patient monitoring offering, Philips announced a multi-year partnership with Northwell Health to standardize and centralize patient monitoring across the hospital, allowing caregivers to see what is happening at each bedside.
  • Leveraging its leading expertise in sustainable healthcare operations, Philips announced a multi-year agreement with Champalimaud Foundation in Portugal aimed at halving its diagnostic imaging carbon footprint by 2028. The partnership will help drive quality and efficiency, while reducing environmental impact.
  • Philips further expanded its industry-leading ultrasound portfolio with the launch of Ultrasound Compact 5500 CV, which enables first-time-right ultrasound exams for cardiology and vascular patients at the bedside.
  • To improve oral care habits among children, Philips introduced Sonicare for Kids ‘Design a Pet Edition’ with an entry price point designed to give more parents access to an electric toothbrush for their children.
  • Philips took a top ranking in medical technology patent filings at the European Patent Office and was included on the Clarivate Top 100 Global Innovator list for the 10th year in a row.

Philips Respironics field action for specific sleep therapy and ventilator devices
To date, more than 95% of the new replacement devices and repair kits required for the remediation of the registered devices have been produced. The vast majority of the produced sleep therapy devices have been sent to patients and home care providers. The remaining 5% of the registered devices are primarily ventilators, for which Philips Respironics is fully focused on working towards a solution.

In Q2 2023, Philips Respironics expects to report on the VOC testing of ozone-induced foam degradation in the first-generation DreamStation devices, and on the complete set of testing results for the SystemOne and DreamStation Go sleep therapy devices.

As previously disclosed, Philips is a defendant in several class-action lawsuits and individual personal injury claims. In the US, an economic loss class action, a medical monitoring class action and personal injury claims have been filed. This quarter, Philips Respironics recorded a EUR 575 million provision in connection with the anticipated resolution of the economic loss class action, an important step in addressing the litigation related to the recall.

Philips Respironics is subject to an investigation by the US Department of Justice and remains in ongoing discussions with the FDA regarding a proposed consent decree. Given the uncertain nature of the relevant events, and of their potential financial and operational impact and associated obligations, if any, the company has not made any provisions in the accounts for these matters.

Click here to view the release online

For further information, please contact:

Ben Zwirs
Philips Global Press Office
Tel.: +31 6 1521 3446
E-mail: ben.zwirs@philips.com

Derya Guzel
Philips Investor Relations
Tel.: +31 20 59 77055
E-mail: derya.guzel@philips.com

About Royal Philips

Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people’s health and well-being, and enabling better outcomes across the health continuum – from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. Philips generated 2022 sales of EUR 17.8 billion and employs approximately 74,000 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter.

Forward-looking statements and other important information

Forward-looking statements

This document and the related oral presentation, including responses to questions following the presentation, contain certain forward-looking statements with respect to the financial condition, results of operations and business of Philips and certain of the plans and objectives of Philips with respect to these items. Examples of forward-looking statements include statements made about our strategy, estimates of sales growth, future Adjusted EBITA*), future restructuring and acquisitionrelated charges and other costs, future developments in Philips’ organic business and the completion of acquisitions and divestments. Forward-looking statements can be identified generally as those containing words such as “anticipates”, “assumes”, “believes”, “estimates”, “expects”, “should”, “will”, “will likely result”, “forecast”, “outlook”, “projects”, “may” or similar expressions. By their nature, these statements involve risk and uncertainty because they relate to future events and circumstances and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these statements.

These factors include but are not limited to: Philips’ ability to gain leadership in health informatics in response to developments in the health technology industry; Philips’ ability to transform its business model to health technology solutions and services; macroeconomic and geopolitical changes; integration of acquisitions and their delivery on business plans and value creation expectations; securing and maintaining Philips’ intellectual property rights, and unauthorized use of third-party intellectual property rights; Philips’ ability to meet expectations with respect to ESG-related matters; failure of products and services to meet quality or security standards, adversely affecting patient safety and customer operations; breaches of cybersecurity; challenges in connection with Philips’ strategy to improve execution and other business performance initiatives; the resilience of our supply chain; attracting and retaining personnel; COVID-19 and other pandemics; challenges to drive operational excellence and speed in bringing innovations to market; compliance with regulations and standards including quality, product safety and (cyber) security; compliance with business conduct rules and regulations including privacy and upcoming ESG disclosure and due diligence requirements; treasury and financing risks; tax risks; reliability of internal controls, financial reporting and management process; global inflation. For a discussion of factors that could cause future results to differ from such forward-looking statements, see also the Risk management chapter included in the Annual Report 2022.

Philips has recognized a provision related to the voluntary recall notification in the US/field safety notice outside the US for certain sleep and respiratory care products, based on Philips’ best estimate for the expected field actions. Future developments are subject to significant uncertainties, which require management to make estimates and assumptions, about items such as quantities and the portion to be replaced or repaired. Actual outcomes in future periods may differ from these estimates and affect the company’s results of operations, financial position and cash flows. Furthermore, Philips is a defendant in several class-action lawsuits and individual personal injury claims, and is in ongoing discussions with the FDA regarding a proposed consent decree. Given the uncertain nature of the relevant events, and of their potential financial and operational impact and associated obligations, if any, the company has not made any provisions in the accounts for these matters, except for the following. In the first quarter of 2023, Philips Respironics recorded a provision in connection with an anticipated resolution of the economic loss class action pending in the US. The provision is subject to final resolution and court approval of the negotiated settlement agreement and is based on Philips’ best estimate for the expected settlement amounts, which is, in part, based on the expected number of claims ultimately filed pursuant the settlement once it is approved. Actual outcomes in future periods of the above matters may differ from these estimates and affect the company’s results of operations, financial positions and cash flows.

Third-party market share data

Statements regarding market share, contained in this document, including those regarding Philips’ competitive position, are based on outside sources such as specialized research institutes, industry and dealer panels in combination with management estimates. Where information is not yet available to Philips, market share statements may also be based on estimates and projections prepared by management and/or based on outside sources of information. Management’s estimates of rankings are based on order intake or sales, depending on the business.

Market Abuse Regulation

This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation. This press release was distributed at 07:00 am CET on April 24, 2023.

Use of non-IFRS information

In presenting and discussing the Philips Group’s financial position, operating results and cash flows, management uses certain non-IFRS financial measures. These non-IFRS financial measures should not be viewed in isolation as alternatives to the equivalent IFRS measure and should be used in conjunction with the most directly comparable IFRS measures. Non-IFRS financial measures do not have standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. A reconciliation of these non-IFRS measures to the most directly comparable IFRS measures is contained in this document. Further information on non-IFRS measures can be found in the Annual Report 2022.

Use of fair value information

In presenting the Philips Group’s financial position, fair values are used for the measurement of various items in accordance with the applicable accounting standards. These fair values are based on market prices, where available, and are obtained from sources that are deemed to be reliable. Readers are cautioned that these values are subject to changes over time and are only valid at the balance sheet date. When quoted prices or observable market data are not readily available, fair values are estimated using appropriate valuation models and unobservable inputs. Such fair value estimates require management to make significant assumptions with respect to future developments, which are inherently uncertain and may therefore deviate from actual developments. Critical assumptions used are disclosed in the Annual Report 2022. In certain cases, independent valuations are obtained to support management’s determination of fair values.

Presentation

All amounts are in millions of euros unless otherwise stated. Due to rounding, amounts may not add up precisely to totals provided. All reported data is unaudited. Financial reporting is in accordance with the accounting policies as stated in the Annual Report 2022 except for the adoption of new standards and amendments to standards which are also expected to be reflected in the company’s consolidated IFRS financial statements as at and for the year ending December 31, 2023.

*) Non-IFRS financial measure. Refer to the Reconciliation of non-IFRS information

GlobeNewswire Distribution ID 1000805622

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แก้ไข: ภาพยนตร์เรื่อง The Wolf of Wall Street จะเปิดตัวการเสนอขาย NFT ซึ่งสนับสนุนโดย Aventus

Aventus ได้ร่วมมือกับผู้ถือสิทธิ์ของ The Wolf of Wall Street เพื่อผลิตคอลเลกชันประวัติศาสตร์ของ NFT เพื่อเป็นการฉลองครบรอบ 10 ปีของภาพยนตร์

ลอนดอน , April 21, 2023 (GLOBE NEWSWIRE) — Aventus ผู้ให้บริการโซลูชัน Web3 สำหรับองค์กรต่าง ๆ ได้ร่วมมือกับผู้ถือลิขสิทธิ์ภาพยนตร์เรื่อง The Wolf of Wall Street อีกทั้งผู้ผลิตและนักตัดต่อภาพยนตร์ชั้นนำระดับโลกเพื่อสร้าง The Wolf of Wall Street Experience ซึ่งเป็นซีรีส์ของ NFT ที่จะทำหน้าที่เป็นกุญแจสำคัญในการปลดล็อกส่วนต่าง ๆ เพื่อให้มีประสบการณ์กว้างขึ้น

เนื่องจากมีรายได้จากบ็อกซ์ออฟฟิศทั่วโลกเกือบ 400 ล้านดอลลาร์ ได้รับการเสนอชื่อเข้าชิงรางวัลออสการ์ 5 รายการ ซึ่งรวมถึงสาขาภาพยนตร์ยอดเยี่ยม และได้รับการบันทึกสถิติโลกของ Guinness ในเรื่องการสบถมากที่สุดในภาพยนตร์ ผลกระทบของ The Wolf of Wall Street ต่อวัฒนธรรมประชานิยมนิยมจึงยังคงมีอยู่มาตลอดเกือบทศวรรษหลังจากออกฉาย โดยมีการใช้มีมของภาพยนตร์หลายล้านครั้งอย่างต่อเนื่อง

The Wolf of Wall Street Experience จะให้เปิดให้แฟน ๆ ของภาพยนตร์และผู้ที่ชื่นชอบ Web3 สามารถเข้าไปดูเนื้อหา รางวัล และสัมผัสประสบการณ์สุดพิเศษผ่านซีรีส์ของ NFT แบบจำกัด NFT จะมีเนื้อหาพิเศษจากภาพยนตร์เรื่องนี้ ซึ่งรวมถึงมุมใหม่ ๆ ของฉากที่โด่งดัง รวมทั้งเครื่องแต่งกายของจริงที่นักแสดงสวมใส่ อุปกรณ์ประกอบฉาก และของที่ระลึกอื่น ๆ นอกจากนี้ แฟน ๆ จะได้สัมผัสกับประสบการณ์จริงและเสมือนจริง ซึ่งรวมถึงการเฉลิมฉลองวันครบรอบสไตล์ฮอลลีวูดในเดือนธันวาคมนี้

การเปิดตัวมีกำหนดในไตรมาสที่สองของปี 2566 พร้อมสิทธิประโยชน์เพิ่มเติมสำหรับผู้เข้าร่วมชุมชนก่อนใคร สามารถดูข้อมูลเพิ่มเติมสามารถได้บนเว็บไซต์ทางการที่: www.wolfofwallstreet.io

ผู้สร้าง NFT ดังกล่าวคือเครือข่าย Aventus ที่เป็นกลางทางคาร์บอน ซึ่งเป็นเลเยอร์ 1 (พาราเชน) บน Polkadot ซึ่งหมายความว่าโปรเจกต์นี้จะใช้ประโยชน์จากระบบนิเวศของ Polkadot อย่างเต็มที่ รวมถึงความสามารถในการปรับขนาด ความเร็ว การทำงานร่วมกัน และความปลอดภัยที่เพิ่มขึ้น นอกจากนี้ ยังหมายความว่าผู้ถือ NFT จะสามารถใช้ประโยชน์จากความสามารถในการทำงานร่วมกันได้อย่างเต็มที่ในกว่า 50 บล็อกเชน รวมทั้ง Ethereum ด้วย

Alan Vey ผู้ก่อตั้งและประธานเจ้าหน้าที่บริหารของ Aventus ได้แสดงความคิดเห็นว่า “The Wolf of Wall Street เป็นหนึ่งในภาพยนตร์ที่โดดเด่นที่สุด ไม่เพียงแต่ในวัฒนธรรมสมัยนิยมในวงกว้างเท่านั้น แต่ยังเจาะจงในชุมชนบล็อกเชนด้วย เรารู้สึกตื่นเต้นที่สามารถนำภาพยนตร์เรื่องนี้มาสู่ Web3 และตื่นเต้นที่ได้เป็นส่วนหนึ่งของช่วงเวลาแห่งประวัติศาสตร์ของอุตสาหกรรม เนื่องจากบล็อกบัสเตอร์ได้กลายเป็นภาคส่วนล่าสุดที่ตระหนักถึงประโยชน์ของ NFT ในการสร้างชุมชนและการมีส่วนร่วม”

Gavin Wood ผู้ก่อตั้ง Polkadot & Ethereum กล่าวเสริมว่า “ระบบนิเวศพาราเชนของ Polkadot มีเป้าหมายที่จะช่วยให้บล็อกเชนบรรลุวัตถุประสงค์ของตน โดยเพิ่มความสามารถในการปรับขนาด ความปลอดภัย และการทำงานร่วมกัน ซึ่งการที่ได้เฝ้าดู Aventus ใช้ประโยชน์จากการสนับสนุนนี้เพื่อสร้างโปรเจกต์ที่ก้าวล้ำอย่างแท้จริงนี้นั้นถือเป็นเรื่องที่ยอดเยี่ยมอย่างมาก”

เกี่ยวกับ Aventus
Aventus นำองค์กรเข้าสู่ Web3 ซึ่งช่วยให้องค์กรสามารถสร้างกระแสรายได้ใหม่ ปรับปรุงประสิทธิภาพการดำเนินงาน และรองรับธุรกิจในอนาคตได้ ประสบการณ์รวมกันกว่าเจ็ดทศวรรษในด้าน Web3 และความเป็นผู้นำระดับองค์กรนั้นทำให้ Aventus ทำงานร่วมกับองค์กรแต่ละแห่งเพื่อกำหนดขอบเขตกรณีการใช้งานที่เป็นไปได้ และปรับแต่งผลิตภัณฑ์สไตล์ SaaS ตลอดจนบำรุงรักษาและจัดการโซลูชัน ดังนั้นองค์กรจึงสามารถมุ่งเน้นไปที่สิ่งที่ตนทำได้ดีที่สุดได้

www.aventus.io/

สื่อมวลชนสอบถามได้ที่:
Ellie Hyman
ellie.hyman@aventus.io

GlobeNewswire Distribution ID 1000805446

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Beer and Beats: Victoria™ Partners with Leading Mexican Band Grupo Firme for 2023 United States Tour

Traditional Mexican beer brand offers fans the chance to connect with Grupo Firme via all-access concert trip, prize packs

Grupo Firme and Victoria

Beer and Beats: Victoria™ Partners with Leading Mexican Band Grupo Firme for 2023 United States Tour

CHICAGO, April 21, 2023 (GLOBE NEWSWIRE) — Considered Mexico’s oldest beer brand, VictoriaTM has announced a new partnership with Grupo Firme, one of the most popular acts in Latin music today. As presenting sponsor of the nationwide Hay Que Conectarla tour, Victoria is elevating the experience for Grupo Firme fans at all U.S. concerts and launching a sweepstakes to reward a lucky beer drinker with a trip for four to see the Latin stars perform live.

“Victoria is proud to bring together the authentic taste of Victoria beer with the charisma and exuberance of Grupo Firme, as both brands are deeply connected to Mexican culture,” said Ryan Anderson, Senior Director, Brand Marketing, Victoria. “Victoria is known as one of Mexico’s ‘best kept secrets,’ but this partnership allows us to expand the reach of our brand’s rich Mexican heritage to new fans through the unique sounds of Grupo Firme and a once-in-a-lifetime concert experience.”

To enter the sweepstakes, consumers 21+ can scan the QR code found on Victoria displays at retailers nationwide and complete an entry form from May 8 through August 31. One grand prize winner will receive an exclusive all-access experience, complete with soundcheck access with the band and VIP seating for the concert. In addition to the grand prize, fans can win a Victoria and Grupo Firme prize pack, including a branded jersey, a wireless speaker and more.

Founded in 2013, Grupo Firme is a Regional Mexican Band based in Tijuana, Baja California. In 2022, Grupo Firme cemented themselves as top artists in the Latin music space by selling out the most consecutive nights at the Crypto.com Arena of any Spanish-speaking act and taking home a major win at the Latin Grammys for Best Banda Album. The same year, the band made history as the first Regional Mexican Band to ever play at Coachella as a main act for both weekends and had more than 1.6 million people attend their 2022 tour.1 With a mix of original songs, covers and collaborations with popular artists, Grupo Firme has captivated new fans across the nation, selling out stadium shows, with over 21 sold-out shows from their 2022 tour alone.

“Like our fans, we take pride in our heritage and we’re honored to have Victoria, a beer with strong Mexican roots, as a partner,” said Eduin Caz, lead singer of Grupo Firme. “Victoria has a proud legacy and a long tradition of bringing people together which is exactly what we love about touring – seeing our fans dancing and singing along, and of course, enjoying authentic Mexican beer.”

Victoria is the presenting sponsor of Grupo Firme’s 2023 U.S. tour, which includes 12 upcoming appearances in 10 cities. More dates will be announced soon.

  • April 21 and 22: Fort Meyers, FL
  • April 28: Nashville, TN
  • April 29: Birmingham, AL
  • May 5: Memphis, TN
  • May 6: Oklahoma City, OK
  • May 12 and 13: El Paso, TX
  • May 19: Tucson, AZ
  • May 20: Albuquerque, NM
  • May 27: Los Angeles, CA
  • May 28: Chicago, IL

In 1865, Victoria beer was born in Toluca, Mexico and features the unique barley crop and top water quality of the area. This combination led to a historied production of some of Mexico’s leading beer in both domestic and international markets. Today, Victoria’s resiliency and popularity keep it in-market and has the honor of being the grandfather of all Mexican beer brands to date.

For more information, visit VictoriaUSA.com and @CervezaVictoriaUSA on Instagram.

NO PURCHASE NECESSARY. Open only to legal residents of the 50 U.S. and D.C., 21 or older. Instant Win Game is void in New Jersey; Sweepstakes/Instant Win Game is void where prohibited. Starts 10:00 AM ET on 5/8/23 and ends 11:59 PM ET on 8/31/23. No alcohol awarded with prizes. For complete details, see Official Rules at VictoriaUSA.com.

About Victoria™
Considered the oldest beer in Mexico, Victoria™ is an ultra-premium, Vienna-style lager with light-to-medium body and slight malt sweetness. Its flavor contains a toasted malt character perfectly balanced with a smooth crisp finish. The brand has true Mexican authenticity and a proud heritage, with a long tradition of bringing people together. For more information, follow Victoria on Facebook at Facebook.com/cervezavictoriausa. Victoria is exclusively brewed in Mexico and imported and marketed for the U.S. by Crown Imports LLC

1 Attendance numbers based on Grupo Firme’s United States, Mexico, Colombia, Coachella and Monday night tour stops in 2022.

Media Contact:
Stephanie McGuane
Stephanie.McGuane@cbrands.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bf44aa4c-1495-4401-811a-542ed843acc0

GlobeNewswire Distribution ID 8812652

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Gorilla Technology Group Names New Global Head of Customer Success

Technology Leader to Drive Customer Success and Partnerships

LONDON, April 21, 2023 (GLOBE NEWSWIRE) — Gorilla Technology Group Inc. (“Gorilla”) (NASDAQ: GRRR), a global provider of AI-based edge video analytics, IoT technologies, and cybersecurity, today announced Mohan Raj Kumar has joined the company as its Global Head of Customer Success Alliance. In his new role, Kumar will engage with Gorilla customers to create exceptional success for them and ensure that they seamlessly achieve their digital transformation objectives. In addition, he will focus on driving innovation across Gorilla’s core offerings while monitoring the competitive landscape.

Kumar brings more than 27 years of experience in information communications technology and networking, helping companies innovate in this fast-evolving landscape, up and down the value chain to create compelling value propositions that best meet customer needs. He has spent a better part of 23 years as a Consultant at Cisco and Director/General Manager at HCL Technologies. Kumar holds a master’s in computer engineering from Birla Institute of Technology (BITS), Pilani, India and is currently pursuing his PhD in AI and machine learning.

“I am honoured to join the Gorilla tribe as its Global Head of Customer Success,” said Mohan. “Technology continues to shape markets, our lives, and the way we transact on an everyday basis. Technological innovation is core to businesses like Gorilla, which strives to stay ahead of its competition with a focus on providing better solutions to the customer and market they serve. I am excited to be part of a team that is 100% committed to innovation and customer success. I will be working very closely with the various facets of the business to intelligently plan actionable events and create a culture of collaboration and excellence that will allow us to thrive both as individuals and as a company. I look forward to working with the executive leadership team to deliver differentiated Security Convergence, SOC & Air Gap solutions, as we realize our ambitious plans together to innovate, scale and grow.”

“Mohan is an outstanding technology leader with a record of continuous success in the IT industry, building world-class technology teams, near and offshore centers and helping take organizations to the next level, in terms of products, platforms and services,” said Jay Chandan, Gorilla Chairman & CEO. “I am delighted to welcome Mohan to our senior management team, and I am looking forward to working alongside him, as we execute on the next chapter of our company’s future to deliver successfully for our customers worldwide.”

About Gorilla Technology Group Inc.
Gorilla, headquartered in London U.K., is a global solution provider in security intelligence, network intelligence, business intelligence and IoT technology. Gorilla develops a wide range of solutions including Smart Cities, Smart Retail, Enterprise Security, and Smart Media. In addition, Gorilla provides a complete Security Convergence Platform to government institutions, telecom companies and private enterprises with network surveillance and cyber security.

Gorilla places an emphasis on offering leading technology, expert service, and precise delivery, and ensuring top-of-the-line, intelligent and strong edge AI solutions that enable customers to improve operational performance and efficiency. With continuous core technology development, Gorilla delivers edge AI solutions to managed service providers, distributors, system integrators, and hardware manufacturers. For more information, please visit our website: Gorilla-Technology.com.

Media Contact:
Jeff Fox
The Blueshirt Group for Gorilla
+1 (415) 828-8298
jeff@blueshirtgroup.com

Investor Relations Contact:
Gary Dvorchak
The Blueshirt Group for Gorilla
+1 (323) 240-5796
gary@blueshirtgroup.com

Scott McCabe
The Blueshirt Group for Gorilla
+1 (917) 434-3275
scott@blueshirtgroup.com

GlobeNewswire Distribution ID 8812459

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Intesa Sanpaolo at Salone del Mobile, supporting supply chain and sustainable lighting in design

MILAN, Italy, April 21, 2023 (GLOBE NEWSWIRE) — A total of thirty-five supply chain contracts signed, 450 suppliers involved and about 3,200 employees with a turnover of over 2 billion euros through the Supply Chain Development Programme. These are just some of the results achieved by Intesa Sanpaolo, institutional partner of the Salone del Mobile Milano 2023 – Milan Design Week – for the seventh year and Italy’s leading bank in providing financial support to the furniture and home decor sector in Italy, which hosted at the Aurore arena, the beating heart of the biennial lighting exhibition Euroluce, the talk ‘Sustainable lighting trends and prospects in design’. The meeting was attended by Italian lighting and design entrepreneurs who reflected on the sustainable development of the sector between innovation and traditions, ecological transition and the role of technology for a zero-impact future.

The economic scenario of the furniture sector was presented by Stefania Trenti, Head of the Industry Research Office at Intesa Sanpaolo. A round table discussion saw the participation of Niccolò Bacci, Head of the Fashion & Textile Desk at Intesa Sanpaolo, and entrepreneurs Roberto Beltrami, Director of Wave Murano Glass, an Italian excellence specialising in the production of artistic glass with a focus on energy recovery, and Martina Lamperti, Circular Economy Manager of Krill Design, a startup included in Intesa Sanpaolo’s Up2Stars for the Bioeconomy, which helps companies give value to organic waste from the food industry by transforming it into natural and compostable biopolymers that are used to create functional eco-design objects, including the Ohmie lamp listed in the ADI Design Index 2022.

One of the highlights was the dialogue between Paolo Melone, Head of Marketing Coordination and Business Development at Intesa Sanpaolo, Carla Morogallo, Director General of Triennale Milano, and Mara Servetto, co-founder of Migliore+Servetto, a prestigious international design studio based in Milan specialising in the creation of branding projects and narrative spaces, which has carried out more than 600 projects in 21 different countries since 1997, winning numerous international awards including three Compasso d’Oro and thirteen Red Dot Design Awards. The talk was introduced by Paolo Melone.

Furniture and lighting are among the leading Made in Italy sectors. Thanks to the strong post-Covid growth, according to estimates by Intesa Sanpaolo’s Studies and Research Department, the turnover of Italian home design has nearly reached 32 billion euros, confirming Italy’s position as the leading production hub in the European Union, ahead of Germany.

“The final figures for 2022,” Intesa Sanpaolo explains, “confirmed significant growth, with exports up 13.4% for furniture and 8.5% for equipment and lighting. Sales to the United States stand out in this regard (+24.9% for furniture and +27.7% for equipment and lighting), reaching 1.9 billion euros in 2022 (382 million euros more than in 2021).”

For more information:
Press Office LaPresse – ufficio.stampa@lapresse.it

A video accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/76322373-e2b4-4943-9298-540fe165b2e9

GlobeNewswire Distribution ID 8812772

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Junshi Biosciences Announces Toripalimab plus Chemotherapy Significantly Improved Event-free Survival (EFS) versus Chemotherapy as Perioperative Treatment for Resectable Stage III Non-small Cell Lung Cancer (NSCLC) in Phase 3 Neotorch Study

  • Perioperative toripalimab plus chemotherapy significantly improved EFS and reduced risk of disease recurrence, progression events or death by 60% among resectable stage III NSCLC patients, compared to chemotherapy alone
  • Results from the Neotorch study were presented during the ASCO April Plenary Series

SHANGHAI, China, April 20, 2023 (GLOBE NEWSWIRE) — Shanghai Junshi Biosciences Co., Ltd (“Junshi Biosciences”, HKEX: 1877; SSE: 688180), a leading innovation-driven biopharmaceutical company dedicated to the discovery, development, and commercialization of novel therapies, today announced that positive interim event-free survival (EFS) results from the Neotorch study were presented at the ASCO April Plenary Series.

Neotorch is the world’s first phase 3 registered study demonstrating that perioperative treatment with anti-PD-1 monoclonal antibody significantly extends EFS of patients with resectable non-small cell lung cancer (NSCLC). It aims to evaluate the efficacy and safety of perioperative toripalimab, Junshi Biosciences’ anti-PD-1 monoclonal antibody, in combination with chemotherapy, followed by toripalimab maintenance versus perioperative chemotherapy alone in resectable stage II/III NSCLC.

Among 404 stage lll NSCLC patients, the interim EFS analysis after a median follow-up of 18.25 months (cut-off date: Nov 30, 2022) revealed a significant EFS improvement in the toripalimab arm (HR = 0.40 [95% Cl, 0.277-0.565]; two-sided P < 0.0001). The median EFS was not reached in the toripalimab arm while it was 15.1 months in the placebo arm. Toripalimab demonstrated a consistent favorable effect on EFS in all subgroups, regardless of PD-L1 expression status.

In the toripalimab arm, the major pathological response (MPR) and pathologic complete response (pCR) rates per blinded independent pathologic review (BIPR) of the study were also higher compared to the placebo arm, with rates of 48.5% vs. 8.4% (P<0.0001) and 24.8% vs. 1.0% (P<0.0001), respectively.

Similarly, the overall survival (OS) results showed a trend favoring toripalimab. The median OS was not reached in the toripalimab arm, while it was 30.4 months in the placebo arm (HR=0.62). OS will be formally tested at the final analysis.

In addition, after neoadjuvant therapy, more patients from the toripalimab arm underwent surgery compared to the placebo arm (82.2% vs. 73.3%), 95.8% and 92.6% of the patients underwent surgery and achieved R0 resection, respectively. The treatment was well-tolerated, with no new safety signals identified.

Based on the Neotorch study, the National Medical Products Administration of China (NMPA) has accepted the supplemental new drug application (sNDA) for toripalimab in combination with chemotherapy as perioperative treatment and toripalimab monotherapy as maintenance therapy after adjuvant therapy for the treatment of resectable stage III NSCLC.

“The Neotorch study has pioneered the world’s first ‘3+1+13’ perioperative treatment model for NSCLC, which incorporates immunotherapy into both preoperative neoadjuvant and postoperative adjuvant treatments,” said Neotorch’s Principal Investigator, Professor Shun LU from the Shanghai Chest Hospital. “The study results show that the addition of toripalimab to chemotherapy provided a superior EFS in stage III NSCLC patients than chemotherapy alone, while maintaining a manageable safety profile. We are hopeful that our innovative solution will further improve the effectiveness and assessibility of lung cancer treatments and medications and ignite a new torch of hope for patients!”

Dr. Jianjun ZOU, President of Global Research and Development at Junshi Biosciences, “Lung cancer has the highest mortality rate of all malignant cancers worldwide. Even with radical surgery in the earlier stages, some patients still experience recurrence or death. Today, immunotherapy has become standard of care for various late-stage cancers, and the exploration of its potential use as early-stage treatment is showing promising results. The Neotorch study has strengthened our resolve to find a cure for more cancer patients. The NMPA is currently reviewing our sNDA for the new indication based on the Neotorch data, and we are excited to work together to benefit early-stage lung cancer patients with this innovative therapy!”

About the Neotorch Study

The Neotorch Study (NCT04158440) is a randomized, double-blind, placebo-controlled, Phase III trial evaluating the efficacy and safety of perioperative toripalimab plus chemotherapy, followed by toripalimab maintenance versus chemotherapy in resectable stage II/III NSCLC. Patients with stage II/III resectable NSCLC and without EGFR/ALK alterations for non-squamous NSCLC were randomized 1:1 to receive 240 mg toripalimab or placebo, combined with chemotherapy Q3W for 3 cycles before surgery and one cycle after surgery, followed by toripalimab or placebo monotherapy Q3W for 13 cycles. The chemotherapy backbones varied depending on the histology of the cancer, with paclitaxel or docetaxel plus platinum for squamous cell carcinoma, and pemetrexed plus platinum for non-squamous cell carcinoma. Stratification variables for randomization included disease stage, histopathologic subtype, PD-L1 expression and surgical procedure. Primary endpoints were EFS as assessed by investigator and MPR rate as assessed by BIPR in the stage III and the ITT populations. Secondary endpoints included OS, pCR rate, EFS as assessed by independent review committee (IRC), and safety.

About Toripalimab

Toripalimab is an anti-PD-1 monoclonal antibody developed for its ability to block PD-1 interactions with its ligands, PD-L1 and PD-L2, and for enhanced receptor internalization (endocytosis function). Blocking PD-1 interactions with PD-L1 and PD-L2 promotes the immune system’s ability to attack and kill tumor cells.

More than forty company-sponsored toripalimab clinical studies covering more than fifteen indications have been conducted globally by Junshi Biosciences, including in China, the United States, Southeast Asia, and European countries. Ongoing or completed pivotal clinical trials evaluating the safety and efficacy of toripalimab cover a broad range of tumor types including cancers of the lung, nasopharynx, esophagus, stomach, bladder, breast, liver, kidney and skin.

In China, toripalimab was the first domestic anti-PD-1 monoclonal antibody approved for marketing (approved in China as TUOYI®). Currently, there are six approved indications for toripalimab in China:

  1. unresectable or metastatic melanoma after failure of standard systemic therapy;
  2. recurrent or metastatic NPC after failure of at least two lines of prior systemic therapy;
  3. locally advanced or metastatic urothelial carcinoma that failed platinum-containing chemotherapy or progressed within 12 months of neoadjuvant or adjuvant platinum-containing chemotherapy;
  4. in combination with cisplatin and gemcitabine as the first-line treatment for patients with locally recurrent or metastatic NPC;
  5. in combination with paclitaxel and cisplatin in first-line treatment of patients with unresectable locally advanced/recurrent or distant metastatic esophageal squamous cell carcinoma (“ESCC”);
  6. in combination with pemetrexed and platinum as the first-line treatment in EGFR mutation-negative and ALK mutation-negative, unresectable, locally advanced or metastatic non-squamous non-small cell lung cancer (“NSCLC”).

The first three indications have been included in the National Reimbursement Drug List (NRDL) (2022 Edition). Toripalimab is the only anti-PD-1 monoclonal antibody included in the NRDL for treatment of melanoma.

In the United States, the Biologics License Application (BLA) for toripalimab in combination with gemcitabine/cisplatin, for the first-line treatment of patients with advanced recurrent or metastatic NPC and toripalimab monotherapy for the second-line or later treatment of recurrent or metastatic NPC after platinum-containing chemotherapy is under review by the U.S. Food and Drug Administration (FDA). The FDA has granted Breakthrough Therapy designations for toripalimab in combination with chemotherapy for the first-line treatment of recurrent or metastatic NPC as well as for toripalimab monotherapy in the second or third-line treatment of recurrent or metastatic NPC. Additionally, the FDA has granted Fast Track designation for toripalimab for the treatment of mucosal melanoma and Orphan Drug designations for the treatment of esophageal cancer, NPC, mucosal melanoma, soft tissue sarcoma, and small cell lung cancer (SCLC).

In Europe, marketing authorization applications (MAA) were accepted by the European Medicines Agency (EMA) and the United Kingdom’s Medicines and Healthcare products Regulatory Agency (MHRA) for 1) toripalimab combined with cisplatin and gemcitabine for the first-line treatment of patients with locally recurrent or metastatic NPC and 2) toripalimab combined with paclitaxel and cisplatin for the first-line treatment of patients with unresectable locally advanced/recurrent or metastatic ESCC, in December 2022 and February 2023.

About Junshi Biosciences

Founded in December 2012, Junshi Biosciences (HKEX: 1877; SSE: 688180) is an innovation-driven biopharmaceutical company dedicated to the discovery, development, and commercialization of innovative therapeutics. The company has established a diversified R&D pipeline comprising over 50 drug candidates, with five therapeutic focus areas covering cancer, autoimmune, metabolic, neurological, and infectious diseases. Junshi Biosciences was the first Chinese pharmaceutical company that obtained marketing approval for anti-PD-1 monoclonal antibody in China. Its first-in-human anti-BTLA monoclonal antibody for the treatment of various cancers was the first in the world to be approved for clinical trials by the FDA and NMPA and has since entered Phase Ib/II trials in both China and the US. Its anti-PCSK9 monoclonal antibody was the first in China to be approved for clinical trials by the NMPA.

In the face of the pandemic, Junshi Biosciences’ response was strong and immediate, joining forces with Chinese and international scientific research institutions and enterprises to develop an arsenal of drug candidates to combat COVID-19, taking the initiative to shoulder the social responsibility of Chinese pharmaceutical companies by prioritizing and accelerating COVID-19 R&D. In 2021, JS016 (etesevimab), China’s first neutralizing fully human monoclonal antibody against SARS-CoV-2 administered with bamlanivimab, was granted Emergency Use Authorizations (EUA) in over 15 countries and regions worldwide. Meanwhile, VV116 (deuremidevir hydrobromide), a novel oral nucleoside analog anti-SARS-CoV-2 drug designed to hinder virus replication, has been approved for marketing in China and Uzbekistan. The JS016 and VV116 programs are a part of the company’s continuous efforts towards innovation for disease control and prevention of the global pandemic.

Junshi Biosciences has about 3,000 employees in the United States (San Francisco and Maryland) and China (Shanghai, Suzhou, Beijing, Guangzhou, etc). For more information, please visit: http://junshipharma.com.

Junshi Biosciences Contact Information
IR Team:
Junshi Biosciences
info@junshipharma.com
+ 86 021-6105 8800

PR Team:
Junshi Biosciences
Zhi Li
zhi_li@junshipharma.com
+ 86 021-6105 8800

GlobeNewswire Distribution ID 8812412

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LG U+ Modernizes Network to Offer New Enterprise Services with Cloud-Native Solutions from Casa Systems

Leading South Korean operator working with Casa Systems and its partner E-Tech System to deploy the Home eNode B Gateway (HeNB GW) and Security Gateway (SeGW)

ANDOVER, Mass., April 20, 2023 (GLOBE NEWSWIRE) — Casa Systems (Nasdaq: CASA) today announced that LG U+ selected its virtualized Home eNodeB Gateway solution to help the South Korean operator modernize its network infrastructure and unlock new services and revenue streams as part of its broader network and service strategy. Casa Systems worked with distribution partner, E-Tech System, a leading provider of IT infrastructure and Mobile solutions and services in South Korea.

With nearly 20 million subscribers on wired and wireless services, LG U+ is one of the largest mobile operators in South Korea with a clear focus on differentiating through modern network infrastructure and advanced services. Featuring operational simplicity and the ability to quickly add new node deployment, Casa Systems’ virtualized HeNB-GW and SeGW solution will enable LG U+ to simplify its network, improve the 4G service coverage and service quality, and more easily capitalize on the growing market opportunity.

“We believe that the next generation of network services will be transformational for small and medium businesses and enterprise customers through new reach, performance, and capabilities. LG U+ will keep investment into small cells teaming up with Casa Systems and E-Tech System. The virtualized solution of Casa’s HeNB-GW and SeGW has the advantage of providing operational agility by requiring less space and power,” said Jonghyuk Lee, Access Team Leader at LG U+.

Based in South Korea, E-Tech System provides optimized IT solutions and professional technical services designed to improve the competitiveness and value of customers’ businesses. The company has expertise with a wide range of network hardware and software vendors and recognized that Casa Systems’ innovative software design addressed both the service flexibility and network operational requirements of LG U+. Casa Systems and E-Tech System are working on new opportunities to serve operators in the region and expect the LG U+ deployment to be the first of many engagements.

“LG U+ is at the forefront of deploying 4G and 5G mobile services, so we are excited to support their strategy with our network expertise and professional services,” said Mr. Shin Ho-Sik, Head of Network Service Provider ARM at E-Tech System. “Since so many of the solutions on the market are still tied to legacy chassis-based architectures and network designs, this collaboration with LG U+ proves Casa Systems’ virtualized HeNB-GW solutions to the market – an important milestone for Casa Systems and E-Tech System. Casa Systems has a robust portfolio of virtualized, cloud-native solutions for mobile core and RAN services. We see tremendous opportunity for operators in our markets to leverage Casa Systems’ solutions and deliver new advanced services and solutions to their customers.”

With Casa Systems’ virtualized HeNB-GW, LG U+ will handle the aggregation of the control and user plane traffic between large clusters of small cells and the core network while the SeGW provides secure connectivity with full visibility into performance and flexible, multi-vendor support.

“As LG U+ looked to scale the reach, performance and security of its corporate services, it recognized the value of Casa Systems’ fully virtualized HeNB GW and SeGW solution featuring unmatched performance from a small footprint, enabling them to cost-effectively scale services,” said Gibson Ang, Vice President of Technology at Casa Systems. “E-Tech System is a leader in the industry with a long history of delivering innovative software-based solutions and services to its customers. We look forward to working with E-Tech System on this and opening new doors for other deployments in Korea that would benefit from our 4G/5G cloud-native solutions.”

About Casa Systems, Inc.
Casa Systems, Inc. (Nasdaq: CASA) delivers the core-to-customer building blocks to speed 5G transformation with future-proof solutions and cutting-edge bandwidth for all access types. In today’s increasingly personalized world, Casa Systems creates disruptive architectures built specifically to meet the needs of service provider networks. Our suite of open, cloud-native network solutions unlocks new ways for service providers to build networks without boundaries and maximizes revenue-generating capabilities. Commercially deployed in more than 70 countries, Casa Systems serves over 475 Tier 1 and regional service providers worldwide. For more information, visit http://www.casa-systems.com/.

About E-Tech System
Established in 2009, E-Tech System is an IT-specialized company that cooperates with major domestic and foreign IT manufacturers such as Cisco, Dell, Broadcom, VMware, Oracle, and HP to provide various system infrastructure such as networks and servers, as well as core infrastructure and services such as security, virtualization, and OS platforms. E-Tech System also provides professional IT services such as consulting, installation, and maintenance for the establishment and operation of IT infrastructure.

CASA SYSTEMS PR CONTACT
Alicia Thomas
Casa Systems, Inc.
+1.817.909.8921
alicia.thomas@casa-systems.com

GlobeNewswire Distribution ID 8812382