Finance

Palvella Therapeutics Appoints Matthew E. Korenberg as Chief Financial Officer

Published

3 months ago

October 17, 2024

Palvella Therapeutics Appoints Matthew E. Korenberg as Chief Financial Officer

Mr. Korenberg is a seasoned executive with significant operational and financial leadership experience, including senior roles at Ligand Pharmaceuticals (NASDAQ: LGND) and in healthcare investment banking at Goldman Sachs

WAYNE, Pa., Oct. 17, 2024 (GLOBE NEWSWIRE) — Palvella Therapeutics, Inc., a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapies to treat patients suffering from serious, rare genetic skin diseases for which there are no FDA-approved therapies, today announced the appointment of Matthew E. Korenberg as Chief Financial Officer, effective immediately. Mr. Korenberg is a seasoned operational and financial leader with more than 27 years of senior executive experience in biotech companies and healthcare investment banking. Throughout his career, he has focused on capital raising, partnering and licensing deals, acquisitions, as well as overseeing public company operations related to investor relations and public reporting.

“I am thrilled to welcome Matt to the Palvella senior leadership team. Matt’s proven track record in public company corporate finance and strategy, operations, and capital markets will be instrumental to Palvella as we advance our rare disease pipeline and progress our lead product candidate QTORIN™ rapamycin to potential regulatory approvals and U.S. commercialization,” said Wes Kaupinen, Founder and Chief Executive Officer of Palvella. “We look forward to Matt’s significant contributions as we work towards achieving our vision of becoming the leading rare disease company focused on developing and commercializing novel therapies to treat patients suffering from serious, rare genetic skin diseases.”

Mr. Korenberg joins Palvella from Ligand Pharmaceuticals Inc. (NASDAQ: LGND), where he served as President and Chief Operating Officer since 2022 and Chief Financial Officer from 2015 to 2022. Prior to Ligand Pharmaceuticals, Mr. Korenberg was the founder, Chief Executive Officer, and a director of NeuroCircuit Therapeutics, a company focused on developing drugs to treat genetic disorders of the brain with an initial focus on Down syndrome. Mr. Korenberg previously served as a Managing Director and member of the healthcare investment banking team at The Goldman Sachs Group from 1999 to 2013. During his 14-year tenure at Goldman Sachs, Mr. Korenberg focused on advising and financing companies in the biotechnology and pharmaceutical sectors. Mr. Korenberg currently serves on the board of directors, including the audit committee, of Lifecore Biomedical Inc. (NASDAQ: LFCR), a fully integrated contract development and manufacturing organization. He earned a B.B.A. in Finance and Accounting from the University of Michigan.

“I am excited to join Palvella at such a dynamic time. The combination of a dedicated leadership team, patented QTORIN™ platform technology, and promising late-stage rare disease pipeline position the company well for growth,” said Mr. Korenberg. “I look forward to leading Palvella’s transformation to a public company and addressing the unmet needs of people with serious, rare genetic skin diseases.”

About Palvella Therapeutics
Founded and led by rare drug disease drug development veterans, Palvella Therapeutics is a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapies to treat patients suffering from serious, rare genetic skin diseases for which there are no FDA-approved therapies. Palvella is developing a broad pipeline of product candidates based on its patented QTORIN™ platform, with an initial focus on serious, rare genetic skin diseases, many of which are lifelong in nature. Palvella’s lead product candidate, QTORIN 3.9% rapamycin anhydrous gel (QTORIN™ rapamycin), is currently in clinical development for microcystic lymphatic malformations (microcystic LMs) and cutaneous venous malformations.

In July 2024, Palvella and Pieris Pharmaceuticals, Inc. (Nasdaq: PIRS) announced they have entered into a definitive merger agreement to combine the companies in an all-stock transaction.

Forward-Looking Statements
This press release contains forward-looking statements concerning the development and commercialization of Palvella’s products, the potential benefits and attributes of such products, and the company’s expectations regarding its prospects, including the potential merger with Pieris Pharmaceuticals. Forward-looking statements are subject to risks, assumptions and uncertainties that could cause actual future events or results to differ materially from such statements. These statements are made as of the date of this press release. Actual results may vary. Palvella undertakes no obligation to update any forward-looking statements for any reason.

No Offer or Solicitation
This press release is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote in any jurisdiction pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act. Subject to certain exceptions to be approved by the relevant regulators or certain facts to be ascertained, the public offer will not be made directly or indirectly, in or into any jurisdiction where to do so would constitute a violation of the laws of such jurisdiction, or by use of the mails or by any means or instrumentality (including without limitation, telephone and the internet) of interstate or foreign commerce, or any facility of a national securities exchange, of any such jurisdiction.

NEITHER THE SEC NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OR DETERMINED IF THIS PRESS RELEASE IS TRUTHFUL OR COMPLETE.

Important Additional Information About the Proposed Transactions Will be Filed with the SEC
In connection with the proposed transaction between Pieris and Palvella, Pieris intends to file relevant materials with the SEC, including a registration statement on Form S-4 that will contain a proxy statement and prospectus of Pieris and an information statement of Palvella. PIERIS URGES INVESTORS AND STOCKHOLDERS TO READ THESE MATERIALS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE MATERIALS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT PIERIS, PALVELLA, THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and stockholders will be able to obtain free copies of the proxy statement/prospectus/information statement and other documents filed by Pieris with the SEC (when they become available) through the website maintained by the SEC at www.sec.gov. In addition, investors and stockholders will be able to obtain free copies of the proxy statement/prospectus/information statement and other documents filed by Pieris with the SEC free of charge on Pieris’ website at www.pieris.com, or by contacting Investor Relations by email at info@pieris.com. Investors and stockholders are urged to read the proxy statement/prospectus/information statement and the other relevant materials when they become available before making any voting or investment decision with respect to the proposed transaction.

Participants in the Solicitation
Palvella, Pieris and their respective directors and executive officers may be considered participants in the solicitation of proxies in connection with the proposed transaction. Information about Pieris’ directors and executive officers is included in Pieris’ most recent Annual Report on Form 10-K, as amended, including any information incorporated therein by reference, as filed with the SEC on March 29, 2024, and amended on April 29, 2024. Additional information regarding the persons who may be deemed participants in the solicitation of proxies will be included in the proxy statement/prospectus/information statement relating to the proposed transaction when it is filed with the SEC. These documents can be obtained free of charge from the sources indicated above.

Contact Information
Investors
Wesley H. Kaupinen
Founder and CEO, Palvella Therapeutics
wes.kaupinen@palvellatx.com

Media
Stephanie Jacobson
Managing Director, Argot Partners
palvella@argotpartners.com

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Finance

Security Bank, JuanHand tie up for financial inclusion in Philippines

Published

2 hours ago

January 6, 2025

Press Room

Security Bank, JuanHand tie up for financial inclusion in Philippines

JuanHand app users can now apply for loans by providing basic personal information and one valid ID. Credit: JuanHand/ Security Bank.

Filipino lender Security Bank has signed a credit facility agreement with WeFund Lending, the operator of fintech cash lending app JuanHand in Philippines.

This partnership aims to bolster financial inclusion by providing Filipinos with accessible financial solutions.

JuanHand app users can now apply for loans by providing basic personal information and one valid ID.

Utilising Finvolution group’s proprietary AI technology, borrowers are said to get loan approvals in under five minutes, without collateral or the need to upload proof of income or a billing address.

The signing event was attended by Security Bank executive vice president John Cary L. Ong and assistant vice president and relationship manager Earvin Lucido.

Finvolution and WeFund Lending were represented by chief financial officer Alexis Xu and CEO Francisco “Coco” Mauricio.

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Cary L. Ong said: “We are grateful for the opportunity to be part of the JuanHand family. We resonate with JuanHand’s vision of one family with one heart that gives Filipinos a helping hand with their financial needs.”

JuanHand, operated by WeFund Lending, has disbursed over PHP 40bn in loans and boasts over 12 million registered users.

“Coco” Mauricio stated: “We are thrilled that Security Bank chose JuanHand as their first fintech lending company partner. By giving us their trust and confidence, this truly exemplifies Security Bank’s commitment to rapidly expand financial inclusion for all underserved Pinoys. Security Bank’s support helps fulfil our mission of being a helping hand for every Juan.”

In November 2024, Security Bank signed an agreement to acquire a 25% stake in HC Consumer Finance Philippines, also known as Home Credit Philippines.

Finance

Where to put your money in 2025

Published

9 hours ago

January 6, 2025

Press Room

The most frustrating answer in financial services is ‘it depends’, so if you’re keen to find out where to put your money in 2025, you’re not going to like the answer – because it really does depend.

Fortunately, that’s not the start and end of the answer, because once you know what it depends on, it’s actually much more useful advice than someone simply giving you the name of a fund or telling you to keep your cash in a shoebox under the bed.

Read more: 7 post-budget steps to protect your finances

When people ask about the best home for their money, they’re usually thinking about external factors, but the key is to start with your own needs. Think about your finances in the round. Are your short-term debts under control? Do you have protection in place for your family?

Do you have enough saved for emergencies? Are you on track with your pension? And are you investing to make the most of your money? There’s a decent chance that you’re falling short in one or more areas, so these are your key priorities for the year.

It’s important to think about your finances in the round. Are things like credit card debts under control? · boonchai wedmakawand via Getty Images

If short-term debt, like credit cards and loans, are an issue, it makes sense to set up a direct debit to pay down the most expensive of them first. Over time, you’ll spend less on interest, so you can free up more money for your other financial goals. If protection is a priority, you need to consider how to free up cash for insurance premiums to cover those who rely on you.

For emergency savings, the first step is working out how much you ought to have. This is another frustrating ‘it depends’ answer. While you’re working age, you should have enough cash to cover 3-6 months’ worth of essential spending – and in retirement that grows to 1-3 years. It means considering the cost of your essentials, and then looking at your circumstances to figure out where on the saving spectrum you need to be. The answers will be radically different for every household, but as a very rough starting point, the Hl Savings & Resilience Barometer shows that the median spent on essentials is £1,842 a month.

Read more: 6 red flags that will help you spot a scam

For any other cash you’ll need over the next five years, savings is still the most sensible home for it, but you can consider tying it up for periods in a fixed rate account, in order to lock in a decent rate. You need to decide what the money is for, when you’ll need it, and how long you can fix it for.

British pound notes in savings jar — For emergency savings, you should have enough cash to cover 3-6 months’ worth of essential spending – and in retirement that grows to 1-3 years · Peter Dazeley via Getty Images

You also need to look ahead, and consider your pension. The best approach is to start with a pension calculator, where you put in details of what you’ve saved so far, what you’re putting aside each month, and when you want to retire. It will show you what you’re on track for, and whether you need to do more.

Finance

2024 sees biggest exodus from London stock market since global financial crisis

Published

17 hours ago

January 5, 2025

Press Room

2024 sees biggest exodus from London stock market since global financial crisis

Last year was one of the quietest on record for the London Stock Exchange, which saw the largest outflow of companies since the global financial crisis, stark new analysis shows.

Takeaway giant Just Eat, Paddy Power owner Flutter, travel group Tui, and equipment rental firm Ashtead were among those to announce plans to ditch their main UK listing.

The London Stock Exchange (LSE) saw 88 companies delist or transfer their primary listing from the main market – the most since 2009, according to data from auditing giant EY.

A number of these firms said declining liquidity and lower valuations were key reasons for moving away from London, particularly to the US which offers more capital and trading activity, EY said.

Betting giant Flutter Entertainment switched its primary listing to New York, where it said it could access the “world’s deepest and most liquid capital markets”.

Just Eat Takeaway abandoned its listing on the LSE altogether, citing the “administrative burden, complexity and costs” associated with keeping its shares in London as one of the reasons to quit.

Other companies such as Watches of Switzerland faced pressure from activist investors to swap their main stock market listing to the US.

A flurry of companies exiting or moving their primary listing to foreign markets was compounded by a shortage of companies launching their shares in 2024.

There were a total of 18 new listings, known as initial public offerings (IPOs), in London last year, EY found.

This was the lowest volume of listings since EY started recording the data in 2010, and five times less than the number that delisted or transferred elsewhere.

The launch of French TV and production giant Canal+ in December nevertheless gave London’s stock market a major boost as the year drew to a close, raising £2.6 billion on its market debut.

Canal+ had the largest IPO since 2022 for the London Stock Exchange (Martin Bertrand/Alamy/PA)

This was the largest listing since 2022 and brought the total value of proceeds raised over the year to £3.4 billion – triple the amount raised from 23 companies in 2023.

Scott McCubbin, EY’s IPO lead for the UK and Ireland, said it had been a “quiet year” for the LSE, adding: “Ongoing geopolitical instability, slow economic growth and a diminished appetite for domestic equities among pension funds have impacted valuations and liquidity.

“We also saw the largest outflow of companies from the main market since the global financial crisis as companies sought access to a deeper pool of investors and the prospect of improved liquidity on other exchanges.”

“But as we enter 2025, there are reasons for cautious optimism,” Mr McCubbin went on.