Monthly Archives: August 2021

The currently available marketed drugs for cystic fibrosis (CF) target multiple aspects of the disease. Inhaled antibiotics are used for the treatment of chronic lung infections, mucolytic agents are used for reducing the viscosity of the mucus in the lungs, pancreatic enzyme replacement therapies (PERTs) are used for the treatment of CF-related exocrine pancreatic insufficiency (EPI), and CF transmembrane conductance regulator (CFTR) modulators enhance CFTR function, targeting the underlying cause of disease. The disease-modifying nature of CFTR modulators has transformed the treatment paradigm for CF over the last decade, setting a trend that is likely to persist to 2030.

More than a dozen pharmaceutical companies make up the current players in the CF market (Figure). Vertex is the clear market leader, dominating the CF space with four marketed CFTR modulators available throughout the seven major markets (7MM) (US, France, Germany, Italy, Spain, UK and Canada), including Kalydeco (ivacaftor), Orkambi (lumacaftor/ivacaftor), Symdeko/Symkevi (tezacaftor/ivacaftor and ivacaftor), and Trikafta/Kaftrio (elexacaftor, tezacaftor, ivacaftor). Since the global approval of Kalydeco in 2012, Vertex has greatly expanded the number of CF-related mutations that are eligible for CFTR modulator treatment across all age groups. Currently, Vertexs Trikafta/Kaftrio is the worlds first triple-combination therapy for which approximately 90% of the CF population will likely be eligible.

While Vertex is currently the only company with products in the CFTR modulator drug class, other players stand out with marketed products in other drug classes. Chiesi possesses two inhaled antibiotic products, Bramitob/Bethkis (tobramycin) in the US and five major European markets (5EU) (France, Germany, Italy, Spain and the UK) and Quinsair (levofloxacin) in the 5EU, as well as the mucolytic Bronchitol (mannitol) in the US and the PERT product Pertzye (pancrelipase) in the US. Two other key companies include Viatris (formerly Mylan), which owns the most widely-used inhaled antibiotic therapies, TOBI (tobramycin) and TOBI Podhaler (tobramycin inhalation powder), and Nestl HealthScience, which owns two PERT products, Zenpep (pancrelipase) and Viokace (pancrelipase). The rest of the pharmaceutical companies with marketed drugs used for the treatment of CF include Gilead, Teva, Genentech, AbbVie, Vivus, Horizon Therapeutics and Pharmaxis.

Vertex and AbbVie are the only two companies with clear stakes in both the current and future CF market. Vertex is currently pursuing label expansion for Kalydeco to CF patients ages 0 months to less than 12 months in Canada, and Trikafta/Kaftrio to pediatric CF patients ages 2-5 years in the US and 2-11 years in the 5EU and Canada. Additionally, two new products from this company are expected to launch within the next five years: VX-561 and VX-121 + tezacaftor + VX-561. Currently, AbbVie markets Creon, the most widely used PERT by CF patients. The company has two pipeline agents, ABBV-3067, a CFTR potentiator that is being studied in late-stage Phase II trials alone and in combination with galicaftor (ABBV-2222), a CFTR corrector. If successful, AbbVie will be Vertexs first competitor in the CFTR modulator market.

Laurent Pharmaceuticals is expected to be the only new player in the CF space by 2030. It is currently developing an anti-inflammatory agent, LAU-7b (fenretinide), for reducing the levels of inflammation and the severity of pulmonary infections with Pseudomonas aeruginosa. While this pipeline agent has an innovative mechanism of action and is a first-in-class drug, the company is a novice within the CF field and has not yet brought a drug to market.

Due to the limited number of pipeline agents in late-stage development, GlobalData anticipates that the current players in the CF market will likely maintain their competitive positions by 2030.

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Current and future players in the cystic fibrosis market - Pharmaceutical Technology

TORONTO, Aug. 27, 2021 (GLOBE NEWSWIRE) -- CF Energy Corp. (TSX-V: CFY) (CF Energy or the Company, together with its subsidiaries, the Group), an energy provider in the Peoples Republic of China (the PRC or China), announces that the Company has filed its unaudited condensed interim consolidated financial results for the three-month and six-months period ended June 30, 2021 (Q2 2021 and 1H 2021 respectively).

Q2 2021 financial highlights

Continuing Operations

Revenue in Q2 2021 was RMB86.2 million (approx. CAD16.6 million), an increase of RMB9.8 million (approx. CAD1.8 million), or 13%, from RMB76.4 million (approx. CAD14.8 million) for the three-month period ended June 30, 2020 (Q2 2020). The overall increase in revenue mainly reflected the general increase in sales volume with solid economic recovery since COVID-19 was under control.

Gross profit in Q2 2021 was RMB34.5 million (approx. CAD6.6 million), an increase of RMB7.1 million (CAD1.3 million) or 26% from RMB27.4 million (approx. CAD5.3 million) in Q2 2020. Overall Gross margin in Q2 2021 was 40.0%, an increase of 4.2 percentage point from 35.8% in Q2 2020.

EBITDA (Non-IFRS measure) in Q2 2021 was RMB28.3 million (approx. CAD5.4 million), an increase of RMB20.6 million (approx. CAD3.9 million), or 266%, from RMB7.7 million (approx. CAD1.5 million) in Q2 2020. EBITDA in Q2 2021 included non-recurring items. On a comparable basis, after excluding the effects of non-recurring items: the fair value change on derivative financial instrument of RMB2.6 million (approx. CAD0.5 million) (please refer to the MD&A for details) and the recognition of share-based payments of RMB0.7 million (approx. CAD0.1 million), adjusted EBITDA in Q2 2021 was RMB26.4 million (approx. CAD5.0 million), an increase of RMB8.2 million (approx. CAD1.5 million), or 45%, from RMB18.2 million (approx. CAD3.5 million) in Q2 2020.

Net profit in Q2 2021 was RMB14.9 million (approx. CAD2.9 million), an increase of RMB17.1 million (approx. CAD3.3 million), or 795%, from net loss of RMB2.2 million (approx. CAD0.4 million) in Q2 2020. Net profit in Q2 2021 included non-recurring items. On a comparable basis, after excluding the non-recurring items: the fair value change on derivative financial instrument of RMB2.6 million (approx. CAD0.5 million) (please refer to Q2 2021 MD&A for details) and the recognition of share-based payments of RMB0.7 million (approx. CAD0.1 million), the adjusted net profit in Q2 2021 (non-IFRS) was RMB13.0 million (approx. CAD2.5 million), an increase of RMB4.7 million (approx. CAD0.9 million) or 57% from RMB8.3 million (approx. CAD1.6 million) in Q2 2020.

Basic earnings per share (EPS) in Q2 2021 was RMB0.22 (CAD0.04) per share. Adjusted EPS in Q2 2021 was RMB0.19 (CAD0.04) per share (non-IFRS).

1H 2021 financial highlights

Continuing Operations

Revenue in 1H 2021 was RMB167.4 million (approx. CAD32.3 million), an increase of RMB26.1 million (approx. CAD4.9 million), or 18%, from RMB141.3 million (approx. CAD27.4 million) for the six-month period ended June 30, 2020 (1H 2020). The overall increase in revenue mainly reflected the general increase in sales volume with solid economic recovery since COVID-19 was under control.

Gross profit in 1H 2021 was RMB68.1 million (approx. CAD13.1 million), an increase of RMB13.6 million (CAD2.5 million) or 25% from RMB54.5 million (approx. CAD10.6 million) in 1H 2020. Overall Gross margin in 1H 2021 was 40.7%, an increase of 2.1 percentage point from 38.6% in 1H 2020.

EBITDA (Non-IFRS measure) in 1H 2021 was RMB42.9 million (approx. CAD8.3 million), an increase of RMB8.3 million (approx. CAD1.6 million), or 24%, from RMB34.6 million (approx. CAD6.7 million) in 1H 2020. EBITDA in 1H 2021 included non-recurring items. On a comparable basis, after excluding the effects of non-recurring items: the fair value change on derivative financial instrument of RMB3.0 million (approx. CAD0.6 million) (please refer to the MD&A for details) and the recognition of share-based payments of RMB1.0 million (approx. CAD0.2 million), adjusted EBITDA in 1H 2021 was RMB46.9 million (approx. CAD9.1 million), an increase of RMB13.9 million (approx. CAD2.7 million), or 42%, from RMB33.0 million (approx. CAD6.4 million) in 1H 2020.

Net profit in 1H 2021 was RMB17.8 million (approx. CAD3.4 million), an increase of RMB2.9 million (approx. CAD0.5 million), or 18%, from RMB14.9 million (approx. CAD2.9 million) in 1H 2020. Net profit in 1H 2021 included non-recurring items. On a comparable basis, after excluding the non-recurring items: the fair value change on derivative financial instrument of RMB3.0 million (approx. CAD0.6 million) (please refer to MD&A for details) and the recognition of share-based payments of RMB1.0 million (approx. CAD0.2 million), the adjusted net profit in 1H 2021 (non-IFRS) was RMB21.8 million (approx. CAD4.2 million), an increase of RMB8.5 million (approx. CAD1.6 million) or 64% from RMB13.3 million (approx. CAD2.6 million) in 1H 2020.

Basic earnings per share (EPS) in 1H 2021 was RMB0.26 (CAD0.05) per share. Adjusted EPS in 1H 2021 was RMB0.32 (CAD0.06) per share (non-IFRS).

Completion of 2021 Target

Benchmarking against the annual target for the 2021 year, for the half year of 2021, we have achieved up to 40.8% of the revenue, 36.4% of gross profit and 75.4% of net profit targets set for the whole of the 2021 year.

Statement from the Chair

We are very encouraged and please to report to our shareholders the respectable net profit from continuing operations for the first half of 2021 which will place us in a good position to achieve our targets for the 2021 year. With further implementation of the policy of the SYDRC to adjust the natural gas prices chargeable to our customers to take effect from September 1, 2021 and the abolishment of certain pipeline connection related service charges to our customers in Sanya, we expect to face more challenges for the 2021 year. We will continue to do our best to take advantage of the lowering of the natural gas price to explore opportunities to expand our natural gas distribution network and expand our footprint in the natural gas grid, continue with our cost control measures and placing more emphasis on the furtherance of our planned development of the integrated smart energy projects and the EV battery swap station business for sustained future growth and enhancement of return to our shareholders.

The unaudited condensed interim consolidated financial results and Managements Discussion and Analysis (MD&A) can be downloaded from http://www.SEDAR.com or from the Company's website atwww.cfenergy.com.

About CF Energy Corp. (Previously known as: Changfeng Energy Inc.)

CF Energy Corp. is a Canadian public company currently traded on the Toronto Venture Exchange (TSX-V) under the stock symbol CFY. It is an integrated energy provider and natural gas distribution company (or natural gas utility) in the PRC. CF Energy strives to combine leading clean energy technology with natural gas usage to provide sustainable energy to its customer base in the PRC.

TELE-CONFERENCE

A tele-conference will be held following the release of this press release and the results of the Group, details of which will be provided by way of a separate press release in due course.

CONTACT INFORMATION

Corporate Investment RelationsInvestor.relations@changfengenergy.cn

Charles WangExecutive Assistant to CEO & Chair of the Boardzhaoyu.wang@changfengenergy.cn

Frederick WongDirector of the Boardfred.wong@changfengenergy.cn

Mike LiuVP Capital Marketmike.liu@changfengenergy.cn

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking statements and forward-looking information (collectively, Forward-Looking Statements). All statements, other than statements of historical fact, included or incorporated by reference in this document are Forward-Looking Statements, including statements regarding activities, events or developments that the Company expects or anticipates may occur in the future (including, without limitation, no significant adjustments to the gas selling price and charges for related services imposed by the relevant PRC government, the tourism industry continues to recover from COVID-19 impact and no delay in the development of the electric vehicle battery swap stations or the Haitang Bay Integrated Smart Energy Project). These Forward-Looking Statements can be identified by the use of forward-looking words such as will, expect, intend, plan, estimate, anticipate, believe or continue or similar words or the negative thereof. No assurance can be given that the plans, intentions or expectations or assumptions upon which these Forward-Looking Statements are based will prove to be correct and such Forward-Looking Statements included in this news release should not be unduly relied upon. Although management believes that the expectations represented in such Forward-Looking Statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such Forward-Looking Statements are not a guarantee of performance and involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such Forward-Looking Statements. These factors include, without limitation, no significant and continuing adverse changes in general economic conditions or conditions in the financial, tourism, and gas distribution and electric vehicle markets or delays in the development of key projects. Readers are cautioned that all Forward-Looking Statements involve risks and uncertainties, including those risks and uncertainties detailed in the Companys filings with applicable Canadian securities regulatory authorities, copies of which are available at http://www.sedar.com. The Company urges readers to carefully consider those factors. The Forward-Looking Statements included in this news release are made as of the date of this document and the Company disclaims any intention or obligation to update or revise any Forward-Looking Statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. This news release contains future oriented financial information and financial outlook information (collectively, "FOFI") (including, without limitation, statements regarding expected average production), and are subject to the same assumptions, risk factors, limitations and qualifications as set forth in the above paragraph. The FOFI has been prepared by management to provide an outlook of the Company's activities and results, and such information may not be appropriate for other purposes. The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management's reasonable estimates and judgments, however, actual results of operations of the Company and the resulting financial results may vary from the amounts set forth herein. Any FOFI speaks only as of the date on which it is made, and the Company disclaims any intent or obligation to update any FOFI, whether as a result of new information, future events or results or otherwise, unless required by applicable laws.

Non-IFRS Financial Measures.

This news release contains financial terms that are not considered in the International Financial Reporting Standards ("IFRS"): EBITDA, Adjusted EBITDA and Adjusted Net Profit. These financial measures, together with measures prepared in accordance with IFRS, provide useful information to investors and shareholders, as management uses them to evaluate the operating performance of the Company. The Company's determination of these non-IFRS measures may differ from other reporting issuers, and therefore are unlikely to be comparable to similar measures presented by other companies. Further, these non-IFRS measures should not be considered in isolation or as a substitute for measures of performance or cash flows prepared in accordance with IFRS. These financial measures are included because management uses this information to analyze operating performance and liquidity. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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CF Energy Announces Q2 and 1H Result of 2021 - GlobeNewswire

Philadelphia Union draw at home

It was a disappointing 1-1 home draw for the Philadelphia Union on Saturday night against CF Montreal. A result that head coach Jim Curtin thinks showed some uncharacteristic sloppiness on the part of his team.

A Quinn Sullivan goal in the 87th minute salvaged a point for the home side. The 17-year old showed composure in settling a ball at the top of the penalty area and firing it into the top corner from 20 yards out.

But while Sullivans second goal of the season was a big sign of his growth and development, Curtin saw some things from his team that were troubling. The Union were sloppy, gave the ball away and were lacking in the final third despite 57 possession on the night.

They registered 13 shots but just one shot on goal against CF Montreal.

So again its a lesson for us that every time we step on the field [that] we have to be at our absolute maximum. And we werent tonight. We had some good moments in the game, but for the whole the 90 minutes not sharp enough. But with that without the ball, Philadelphia Union head coach Jim Curtin said after the match.

So some things to work on and improve. Again, still give the guys credit for pushing a great goal by quitting, obviously at the end of the game. You take the point for us, but at the same time, we know that were a better team than what we showed.

The Union are in third place in the Eastern Conference on 32 points (8-8-5 record).

The draw follows the Philadelphia Unions 1-0 win midweek over New York City FC, a game which Curtin described as the best result his team had achieved this season. And with clubs such as Atlanta United getting hot, the Unions squandered points at home could be costly.

On the flip side, the weekend tie showed a Union side that wasnt very sharp and was perhaps a bit fortunate to come away with any points.

So, you know overall though, you know, the guys, they worked hard, they put a lot into the game, but I think we can work a lot smarter, especially the decision making in the final third because we had a lot of the ball, Curtin said.

Montreal was very disciplined and theyve got numbers behind it so finding that final ball is something that we didnt do well enough tonight. And as we got tired and we fatigued, we made some really poor decisions.

So a lot of thru-balls that went straight out of bounds or straight to the goalkeeper or careless turnovers that led to us having to run 60-70 yards and put more wear on our legs. Just wasnt our, our sharpest, but at least we salvaged the point out of it and a loss would really bad. But again, well have to regroup get better, but certainly, breaking things down against teams that are organized defensively and sitting [back] a little bit is something that we need to get better.

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Philadelphia Union tie with CF Montreal: we have to be at out absolute maximim - MLS Multiplex

Brave Combat Federations first foray into Italy wasnt withoutcontroversy.

After evaluating the footage of the clash, FIGMMA overturned theresult to a no contest. As a result, the organizations lightheavyweight championship is vacant once again. Brave hasntannounced yet whether it intends to schedule a rematch betweenMaalem and Fakhreddine, but it might be only a matter of timeconsidering the bad blood between the two fighters.

Following a thorough investigation and analysis, the ItalianFederation of Grappling and Mixed Martial Arts deemed that theillegal strikes to the back of the head by Maalem in the finalsequence of the fight,contributed to the stoppage of the match,announced the Bahraini promotion in a statement.

The 37-year-old Fakhreddine(14-4 2 NC, 4-3 2 NC Brave) iscurrently chasing the dream of becoming the first Bravetwo-division champion ever after capturing the middleweight crownfrom DanielSouza Pereira at Brave CF 41. Maalem(11-3 1NC, 2-0 1NCBrave) earned a chance to fight for the title thanks to hissix-bout winning streak, which includes victories over Todd Stouteand ZvonimirKralj under the Brave banner.

This is not the first time the Maalem-Fakhreddine matchup has beensurrounded by controversy. The pair should have collidedinthe Brave CF 50 co-main event with the vacant light heavyweightchampionship on the line, butFakhreddine pulled out a fewhours before the match due to an illness.

Read more here:

FIGMMA Overturns Mohamed Said Maalems Victory in Brave CF 52 Headliner - Sherdog.com