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SEMAFO Reports Cash Flow from Operations of $107 Million in 2017

Del

Net Income Attributable to Equity Shareholders of $20.0 Million

MONTREAL, March 06, 2018 (GLOBE NEWSWIRE) -- SEMAFO Inc. (TSX:OMX) (TSX:SMF) today reported its financial and operational results for the fourth quarter and year ended December 31, 2017.  All amounts are in US dollars unless otherwise stated.

2017 - The Year in Review

  • Gold production of 206,400 ounces compared to 2016 production of 240,200 ounces
  • Total cash cost1 of $655 per ounce sold and all-in-sustaining cost1 of $942 per ounce sold
  • Gold sales of $259.0 million compared to $300.5 million in 2016
  • Net income attributable to equity shareholders of $20.0 million compared to $34.2 million in 2016
  • Cash flows from operating activitiesof $107.0 million compared to $142.2 million for the same period in 2016
  • Drawdown of incremental $60.0 million from Credit Facility with Macquarie Bank Limited in June 2017

Fourth Quarter 2017 - in Review

  • Gold production of 49,500 ounces compared to 55,100 ounces for the same period in 2016
  • Gold sales of $63.0 million compared to $69.1 million for the same period in 2016
  • Total cash costof $667 per ounce sold and all-in-sustaining costof $982 per ounce sold
  • Net income attributable to equity shareholders of $1.6 million compared to net loss of $4.9 million for the same period in 2016
  • Cash flows from operating activities2 of $25.4 million compared to $30.4 million for the same period in 2016  

1        Total cash cost and all-in sustaining cost are non-IFRS financial performance measures with no standard definition under IFRS. See the "Non-IFRS financial performance measures" defined at the end of this press release.
2        Cash flows from operating activities exclude changes in non-cash working capital items.

Mana, Burkina Faso        
Mining Operations           
         
  2017 2016 Variation  
Operating Data        
Mining        
Waste mined (tonnes) 16,913,100 16,686,800 1 %
Ore mined (tonnes) 2,268,100 2,175,700 4 %
Operational stripping ratio 7.5 7.7 (3 %)
Capitalized Stripping Activity        
Waste material - Siou (tonnes) 12,607,300 12,263,200 3 %
Waste material - Fofina (tonnes) - 2,820,300 (100 %)
Waste material - Wona (tonnes) 9,189,900 3,252,400 183 %
  21,797,200 18,335,900 19 %
Total strip ratio 17.1 16.1 6 %
         
Processing        
Ore processed (tonnes) 2,136,100 2,329,500 (8 %)
Low grade material (tonnes) 603,800 423,800 42 %
Tonnes processed (tonnes) 2,739,900 2,753,300 - %
Head grade (g/t) 2.46 2.88 (15 %)
Recovery (%) 95 94 1 %
Gold ounces produced 206,400 240,200 (14 %)
Gold ounces sold 205,300 240,600 (15 %)
       
       
Statistics  (in dollars)      
Average realized selling price (per ounce) 1,261 1,249 1 %
Cash operating cost (per tonne processed)¹ 46 43 7 %
Total cash cost (per ounce sold)¹ 655 548 20 %
All-in sustaining cost (per ounce sold)¹ 942 720 31 %
Depreciation (per ounce sold)² 460 324 42 %

The total cash cost1 of $655 per ounce sold and all-in sustaining cost1 of $942 per ounce were anticipated and are both due to a lower head grade and higher cash operating cost per tonne1 ,  the latter being mainly caused by negative foreign exchange fluctuations.

The year-over-year variation in head grade in 2017 resulted from geological issues in the upper portion of Zone 9 early in the year. In addition, the variation is due to the processing of 603,800 tonnes of low-grade material not included in our reserves. This results from the decision to take advantage of higher gold prices and available milling capacity in order to generate additional cash flow. Without this, the head grade would have been 2.96 g/t Au.

The 2017 increase in depreciation in property, plant and equipment and depreciation per ounce sold mainly reflects a higher capitalized stripping ratio from Siou at depth compared to the same period in 2016.

1     Cash operating cost, total cash cost and all-in sustaining cost are non-IFRS financial performance measures with no standard definition under IFRS. See the "Non-IFRS financial performance measures" defined at the end of this press release.
2     Depreciation per ounce sold is a non-IFRS financial performance measure with no standard definition under IFRS and represents the depreciation expense per ounce sold.

2017 Reserves and Resources

As at December 31, 2017, total proven and probable mineral reserves stood at 29.4 million tonnes averaging 3.37 g/t Au for 3.2 million ounces as compared to 28.2 million tonnes at 3.31 g/t Au for 3.0 million ounces at the end of 2016. The increase in reserves is due to additions at Boungou and Mana, with the latter offset by SEMAFO production of 206,400 ounces of gold in 2017.

Measured and indicated mineral resources remained constant at 48.4 million tonnes averaging 2.00 g/t Au for 3.1 million ounces.

Mana Pre-feasibility Study
In the first quarter of 2018, we announced a positive pre-feasibility study (PFS) for Mana that added 188,000 ounces of mineral reserves before depletion, primarily at Siou underground.

The Mana PFS, which investigated the potential for extracting the deeper zone of the Siou deposit through underground operations, envisages pre-production capital of $51.7 million and development start-up in the third quarter of 2018. With mineral reserves of 18.2 million tonnes at 2.92 g/t Au for 1.7 million ounces, Mana annual production should average over 200,000 ounces between 2019 and 2023 at an all-in sustaining cost of $810 per ounce at a gold price of $1,200 per ounce. Access to the 2,000-tpd contract mining operation will be through a single portal and a 5.5- by 5.5-meter ramp at a 14-gradient slope. Given our $222 million cash and restricted cash position at year-end 2017 and anticipated cash flow from operations, pre-production capital expenditure will be financed with existing cash.

2018 Milestones for Development of Siou Underground

  • Filing of NI 43-101 technical report on SEDAR in first quarter
  • Negotiation and signing of contract with underground contractor in second quarter
  • Completion of detailed engineering in second quarter
  • Commencement of infrastructures work in second quarter
  • Completion of environmental and social impact assessment and mining permit in third quarter
  • Mobilization of contractor on site in third quarter
  • Commencement of portal preparation and underground development in third quarter

Boungou
Total proven and probable reserves at Boungou Mine amounted to 11.2 million tonnes averaging 4.11 g/t Au for 1,5 million ounces of gold, an increase of 16% compared to year-end 2016. The increase in mineral reserves is mainly attributable to the expansion of probable reserves located on the West Flank Sector adjacent to known reserves. An internal trade-off study conducted on the West Flank Sector in 2017 concluded that open-pit mining was a mining approach superior to an underground operation as it provided better financial returns.

All mineral resources reported are exclusive of mineral reserves. Gold price assumptions for mineral reserves and resources at Mana and Tapoa (Boungou Mine) were $1,200 and $1,400 per ounce, respectively. For further details, refer to our press release of February 15, 2018.

2018 Exploration

Exploration expenditure for 2018 has been set at $26 million, $9 million of which will be spent at Tapoa (Boungou), $7 million at Mana, $4 million at Nabanga, $3 million at Bantou and the remaining $3 million at Korhogo.

The 2018 exploration at Mana includes 10,000 meters of core, 25,000 meters of reverse-circulation ("RC") and 60,000 meters of auger drilling. The core drill program will primarily target the Siou area with the aim of assessing the north part of Siou at depth. The Bara Trend located some 20 kilometers from the Mana mill will see extensive drilling in the first quarter, including follow-up work on significant RC results and untested auger anomalies.

At Boungou, the 2018 exploration program comprises 42,000 meters of RC and 60,000 meters of auger drilling. The bulk of the RC drill work will test regional gold anomalies on the Boungou proximal, Dangou, Pambourou and 045 Trend Sectors.

The 2018 core drill program at the Nabanga deposit, which will be carried out in the first half of the year, will test lateral and at-depth extension of the mineralization. Furthermore, the Corporation will carry out core and RC drill programs on the Korhogo and Bantou areas following a series of prospective results in 2017.

Update on Boungou Mine Construction

Construction of the Boungou Mine continues to advance on time and on budget. As at January 31, 2018, the following achievements had been made:

  • Addition of 203,000 ounces of reserves
  • Development on budget with $171 million of the $231 million capital expenditure incurred
  • Construction 83% completed
  • Cash and restricted cash of $222 million as at December 31, 2017
  • Completion of about 90% of structural steel, 85% of mechanical and 22% of piping installation
  • Installation of the liner on the water storage facility
  • Tailings storage facility 72% completed
  • Completion of 81% of the fuel depot and 83% of the power plant
  • Pre-stripping 62% completed with 11.2 million of the projected 18 million tonnes extracted
  • Installation of the SAG mill completed
  • 4.1 million man-hours have been worked without lost-time injury
  • 2,027 personnel including contractors were employed on site, 86% of which are Burkinabe

SEMAFO's Management's Discussion and Analysis, Consolidated Financial Statements and related financial materials are available in the "Investor Relations" section of the Corporation's website at www.semafo.com. These and other corporate reports are also available on www.sedar.com.

Fourth Quarter and Year-End 2017 Conference Call

In view of the pre-announced 2017 results and the February 16, 2018 conference call on the Mana PFS and multi-plan targets, no conference call has been scheduled for tomorrow. Parties with questions are invited to call the IR department.

Annual General Meeting of Shareholders

SEMAFO's Annual General Meeting of Shareholders will be held on Thursday, May 10, 2018 at 10:00 EDT at Club Saint-James, Salon Midway, 1145 avenue Union, in Montreal Quebec. Attendees will have the opportunity to ask questions and meet the management team and members of the board of directors.

About SEMAFO

SEMAFO is a Canadian-based mining company with gold production and exploration activities in West Africa.  The Corporation operates the Mana Mine in Burkina Faso, which includes the high-grade satellite deposit of Siou, and is targeting production start-up of the Boungou Mine in the third quarter of 2018. SEMAFO's strategic focus is to maximize shareholder value by effectively managing its existing assets as well as pursuing organic and strategic growth opportunities.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements include words or expressions such as "envisages", "development start-up", "will", "should", "milestones", "aim of", "prospective", "continues", "pursuing", "growth", "opportunities" and other similar words or expressions. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include the ability to develop the Siou underground operation with $51.7 million of pre-production capital, the ability to start the development of the Siou underground operation in the third quarter of 2018, the ability to meet our targets at Mana between 2019 and 2023 with respect to annual production and all-in sustaining cost, the ability meet the 2018 milestones for the development of the Siou underground, the accuracy of our assumptions, the ability to execute a $26 million exploration budget in 2018 at the contemplated properties, the ability to complete the construction of the Boungou mine on time and on budget, the ability to execute on our strategic focus, fluctuation in the price of currencies, gold or operating costs, mining industry risks, uncertainty as to calculation of mineral reserves and resources, delays, political and social stability in Africa (including our ability to maintain or renew licenses and permits) and other risks described in SEMAFO's documents filed with Canadian securities regulatory authorities. You can find further information with respect to these and other risks in SEMAFO's 2017 Annual MD&A, and other filings made with Canadian securities regulatory authorities and available at www.sedar.com. These documents are also available on our website at www.semafo.com. SEMAFO disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law.

The information in this release is subject to the disclosure requirements of SEMAFO under the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. This information was publicly communicated on March 6, 2018 at 5:00 p.m., Eastern Standard Time.

For more information, contact

SEMAFO
John Jentz
Vice-President, Corporate Development & Investor Relations
Email: John.Jentz@semafo.com

Ruth Hanna
Analyst, Investor Relations
Email: Ruth.Hanna@semafo.com

Tel. local & overseas: +1 (514) 744 4408
North America Toll-Free: 1 (888) 744 4408
Website: www.semafo.com  

Financial and Operating Highlights     
  2017 2016 2015
Gold ounces produced 206,400 240,200 255,900
Gold ounces sold 205,300 240,600 258,600
       
(in thousands of dollars, except amounts per ounce, per tonne and per share)      
Revenues - Gold sales 258,993 300,483 300,129
Operating income 11,494 60,086 66,066
       
Net income attributable to equity shareholders 20,036 34,219 24,910
 Basic earnings per share 0.06 0.11 0.09
 Diluted earnings per share 0.06 0.11 0.09
       
Adjusted operating income¹ 10,659 70,989 65,973
Adjusted net income attributable to equity shareholders¹ 864 48,109 40,863
 Per share¹ - 0.15 0.14
       
Cash flows from operating activities2 107,023 142,222 147,561
 Per share1 0.33 0.45 0.51
       
Average realized selling price (per ounce) 1,261 1,249 1,161
Cash operating cost (per tonne processed)¹ 46 43 47
Total cash cost (per ounce sold)¹ 655 548 493
All-in sustaining cost (per ounce sold)¹ 942 720 645
       
       
Total assets 1,028,363 895,276 781,513
Non-current liabilities 180,595 102,091 103,023

 

1 Adjusted operating income, adjusted net income attributable to equity shareholders, adjusted basic earnings per share, operating cash flows per share, cash operating cost, total cash cost and all-in sustaining cost are non-IFRS financial performance measures with no standard definition under IFRS. See the "Non-IFRS financial measures" defined at the end of this press release.
2  Cash flows from operating activities exclude changes in non-cash working capital items.

 

Fourth Quarter Financial and Operating Highlights        
    Three-month period
     
    ended December 31,
     
    2017   2016   Variation  
Gold ounces produced   49,500   55,100   (10 %)
Gold ounces sold   49,200   57,100   (14 %)
             
(in thousands of dollars, except amounts per ounce, per tonne and per share)        
Revenues - Gold sales   62,960   69,137   (9 %)
Operating income   2,215   4,806   (54 %)
           
Net income (loss) attributable to equity shareholders   1,649   (4,949 ) -  
 Basic earnings (loss) per share   0.01   (0.02 ) -  
 Diluted earnings (loss) per share3   0.01   (0.02 ) -  
             
Adjusted operating income1   2,405   10,554   (77 %)
Adjusted net income (loss) attributable to equity shareholders1   (315 ) 7,899   -  
 Per share1   -   0.02   (100 %)
           
Cash flow from operating activities2   25,409   30,362   (16 %)
 Per share1   0.08   0.09   (11 %)
               
Average realized selling price (per ounce)   1,278   1,211   6 %
Cash operating cost (per tonne processed)¹   47   40   18 %
Total cash cost (per ounce sold)¹   667   571   17 %
All-in sustaining cost (per ounce sold)¹   982   694   41 %
               

 

1 Adjusted operating income, adjusted net income attributable to equity shareholders, adjusted basic earnings per share, operating cash flows per share, cash operating cost, total cash cost and all-in sustaining cost are non-IFRS financial performance measures with no standard definition under IFRS.
2 Cash flows from operating activities exclude changes in non-cash working capital items. See the "Non-IFRS financial performance measures defined at the end of this press release.
3  When there is a net loss attributable to equity shareholders, diluted loss per share is calculated from the basic weighted average number of outstanding common shares because the effect of options is anti-dilutive.

Non-IFRS Financial Performance Measures

Some of the indicators used by us to analyze and evaluate our results represent non-IFRS financial measures. We provide non-IFRS financial performance measures as they may be used by some investors to evaluate our financial performance. Since the non-IFRS performance measures do not have any standardized definition prescribed by IFRS, they may not be comparable to similar measures presented by other companies. Accordingly, they are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For the non-IFRS financial performance measures not already reconciled within the document, we have defined the IFRS financial performance measures below and reconciled them to reported IFRS measures.

Cash Operating Cost
A reconciliation of cash operating cost calculated in accordance with the Gold Institute Standard to the operating costs is included in the following table:

  2017   2016  
Per tonne processed    
Tonnes of ore processed 2,739,900   2,753,300  
     
(in thousands of dollars except per tonne)    
Mining operation expenses (relating to ounces sold) 134,385   131,953  
Government royalties and selling expenses (11,364 ) (13,627 )
Effects of inventory adjustments (doré bars and gold in circuit) 3,184   (67 )
     
Operating costs (relating to tonnes processed) 126,205   118,259  
     
Cash operating cost (per tonne processed) 46   43  

 

Total Cash Cost    
  2017
2016
Per ounce sold    
Gold ounce sold 205,300  240,600 
     
(in thousands of dollars except per ounce)    
Mining operation expenses 134,385  131,953 
     
Total cash cost (per ounce sold) 655  548 

All-in Sustaining Cost
All-in sustaining cost represents the total cash cost plus sustainable capital expenditures and stripping costs per ounce.

  2017 2016
Per ounce sold    
Gold ounce sold 205,300  240,600 
     
(in thousands of dollars except per ounce)    
Sustaining capital expenditure 58,907  41,462 
     
Sustaining capital expenditure (per ounce sold) 287 
 172
     
Total cash cost (per ounce sold) 655  548 
     
All-in sustaining cost (per ounce sold) 942  720 

 

Operating Cash Flows per Share    
  2017
2016
(in thousands except per share)    
Cash flows from operating activities1 107,023 142,222
Weighted average number of outstanding common shares - basic 324,894 315,290
     
Operating cash flows per share 0.33 0.45

 

1 Cash flows from operating activities exclude changes in non-cash working capital items.

Adjusted Accounting Measures

  2017   2016  
(in thousands of dollars except per share)      
Net income attributable to equity shareholders as per IFRS 20,036   34,219  
     
Foreign exchange (gain) loss (9,528 ) 1,144  
Tax effect of currency translation on tax base (8,809 ) 1,843  
Share-based compensation (recovery) expense related to change in the fair value of the share price (835 ) 1,990  
Impairment of property, plant and equipment -   8,913  
     
Adjusted net income attributable to equity shareholders 864   48,109  
     
Weighted average number of outstanding shares 324,894   315,290  
     
Adjusted basic earnings per share -   0.15  

 

  2017   2016
(in thousands) $   $
Operating income as per IFRS 11,494   60,086
     
Share-based compensation (recovery) expense related to change in the fair value of the share price (835 ) 1,990
Impairment of property, plant and equipment -   8,913
     
Adjusted operating income 10,659   70,989



Consolidated Statements of Financial Position      
(Expressed in thousands of US dollars)      
  As at   As at
  December 31,   December 31,
  2017   2016
  $   $
Assets      
       
Current assets      
Cash and cash equivalents 198,950   273,772
Trade and other receivables  22,649   16,945
Income tax receivable  3,186   -
Inventories  66,409   51,391
Other current assets  4,094   2,513
  295,288   344,621
Non-current assets      
Advance receivable  2,867   3,060
Restricted cash  23,237   5,689
Property, plant and equipment  703,341   536,237
Intangible asset  1,374   1,595
Other non-current assets  2,256   4,074
  733,075   550,655
Total assets  1,028,363   895,276
       
Liabilities      
       
Current liabilities      
Trade payables and accrued liabilities  72,720   41,964
Current portion of long-term debt  310   310
Current portion of finance lease  4,703   -
Share unit plans liabilities  6,404   6,635
Provisions  3,069   3,271
Income tax payable  -   5,422
  87,206   57,602
Non-current liabilities      
Long-term debt  115,247   56,726
Finance Lease  19,008   -
Share unit plans liabilities  3,138   4,899
Provisions  12,258   8,137
Deferred income tax liabilities  30,944   32,329
  180,595   102,091
Total liabilities 267,801   159,693
       
Equity      
       
Equity Shareholders      
Share capital  622,294   621,902
Contributed surplus  7,220   7,357
Accumulated other comprehensive income  2,256   1,095
Retained earnings 97,710   77,674
  729,480   708,028
Non-controlling interests 31,082   27,555
       
Total equity  760,562   735,583
Total liabilities and equity  1,028,363   895,276



Consolidated Statements of Income        
For the years ended December 31, 2017 and 2016        
(Expressed in thousands of US dollars, except per share amounts)        
  2017   2016  
  $   $  
         
Revenue - Gold sales 258,993   300,483  
     
Costs of operations    
Mining operation expenses 134,385   131,953  
Depreciation of property, plant and equipment 94,722   78,323  
General and administrative 14,069   13,953  
Corporate social responsibility expenses 1,097   960  
Share-based compensation 3,226   6,295  
Impairment of property, plant and equipment -   8,913  
     
Operating income 11,494   60,086  
     
Other expenses (income)    
Finance income (3,294 ) (2,171 )
Finance costs 1,309   1,938  
Foreign exchange (gain) loss (9,528 ) 1,144  
     
Income before income taxes 23,007   59,175  
     
Income tax expense (recovery)    
Current  4,181   16,408  
Deferred (4,737 ) 1,500  
  (556 ) 17,908  
     
Net income for the year  23,563   41,267  
       
Attributable to:      
Equity shareholders  20,036   34,219  
Non-controlling interests  3,527   7,048  
  23,563   41,267  
     
Earnings per share    
Basic  0.06   0.11  
Diluted  0.06   0.11  




Consolidated Statements of Cash Flows        
For the years ended December 31, 2017 and 2016        
(Expressed in thousands of US dollars)        
  2017   2016  
  $   $  
         
Cash flows from (used in):        
         
Operating activities        
Net income for the year  23,563   41,267  
Adjustments for:    
Depreciation of property, plant and equipment  94,722   78,323  
Share-based compensation  3,226   6,295  
Unrealized foreign exchange loss (gain)  (9,480 ) 358  
Impairment of property, plant and equipment  -   8,913  
Deferred income tax expense (recovery)  (4,737 ) 1,500  
Adjustment for withholding taxes  -   5,827  
Other  (271 ) (261 )
  107,023   142,222  
Changes in non-cash working capital items  (30,115 ) 6,558  
Net cash provided by operating activities  76,908   148,780  
     
Financing activities    
Drawdown (repayment) of long-term debt  60,000   (30,000 )
Long-term debt transaction costs  -   (259 )
Repayment of equipment financing  (310 ) (129 )
Payments of finance lease  (5,128 ) -  
Proceeds on issuance of share capital, net of expenses 255   92,017  
Dividend paid by a subsidiary to non-controlling interest -   (10,359 )
     
Net cash provided by financing activities  54,817   51,270  
     
Investing activities    
Acquisition of property, plant and equipment  (201,346 ) (90,890 )
Increase in restricted cash  (16,808 ) (1,390 )
     
Net cash used in investing activities  (218,154 ) (92,280 )
     
Effect of exchange rate changes on cash and cash equivalents  11,607   (1,164 )
Change in cash and cash equivalents during the year  (74,822 ) 106,606  
Cash and cash equivalents - beginning of year  273,772   167,166  
Cash and cash equivalents - end of year  198,950   273,772  
Interest paid  6,576   4,150  
Interest received  3,360   1,608  
Income tax paid  12,109   10,816  

 




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Source: SEMAFO Inc. via Globenewswire

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Data were featured in an oral presentation at the IASLC 19th World Conference on Lung Cancer Phase 3 trial in treatment-naïve EGFR mutation-positive NSCLC patients targeted to commence in 2019 NEW YORK, Sept. 25, 2018 (GLOBE NEWSWIRE) -- Checkpoint Therapeutics, Inc. (“Checkpoint”) (NASDAQ: CKPT), a clinical-stage immuno-oncology biopharmaceutical company focused on the acquisition, development and commercialization of novel treatments for patients with solid tumor cancers, today announced that positive preliminary safety and efficacy data from an ongoing Phase 1/2 clinical trial of CK-101 were presented yesterday in an oral presentation at the International Association for the Study of Lung Cancer (IASLC) 19th World Conference on Lung Cancer in Toronto. The oral presentation included further details on, and updates from, the dataset announced previously. CK-101 is a third-generation epidermal growth factor receptor (EGFR) tyrosine kinase inhibitor (TKI) being evaluated in advanced non

Novavax Initiates Phase 2 Clinical Trial of NanoFlu™ in Older Adults25.9.2018 13:00Pressemelding

First participants enrolled in Phase 2 clinical trial of quadrivalent NanoFlu formulations Top-line immunogenicity and safety data expected in the first quarter of 2019 Phase 2 results will support meeting with the U.S. Food and Drug Administration (FDA) and Phase 3 clinical trial design GAITHERSBURG, Md., Sept. 25, 2018 (GLOBE NEWSWIRE) -- Novavax, Inc. (NASDAQ: NVAX) today announced the initiation of a Phase 2 dose and formulation confirmation clinical trial in older adults of NanoFlu, its nanoparticle seasonal influenza vaccine candidate. “Initiating this Phase 2 clinical trial of NanoFlu is an important milestone for Novavax,” said Stanley C. Erck, President and Chief Executive Officer of Novavax. “With top-line results expected in the first quarter of 2019, we plan to discuss these data with the FDA at an ‘End of Phase 2’ meeting and to agree on the appropriate Phase 3 clinical trial design to support licensure via accelerated approval. We continue to believe NanoFlu is a differen

CGAP Launches Photo and Video Contest Theme for 2018: Financial Inclusion in Africa25.9.2018 13:00Pressemelding

This year's CGAP contest is the first ever to accept short video entries WASHINGTON, Sept. 25, 2018 (GLOBE NEWSWIRE) -- The Consultative Group to Assist the Poor’s (CGAP) 13th annual photo contest, launched today, is seeking striking images on financial inclusion in Africa. For the first time, short video submissions on Africa also will be accepted. Entries may be submitted through December 14, 2018. Each contestant may submit up to 20 photos or videos to compete for the Grand Prize worth US$ 2,000. This year CGAP is looking for original and compelling photographs and short videos that tell the story of how financial services empower poor people and communities in Africa. The region is a center for financial innovation -- home to M-Pesa, the mobile money service launched a decade ago now replicated across markets worldwide; host to vibrant FinTech and e-commerce companies; and to a growing off-grid sector that leverages digital finance. Together these innovators contribute toward lifti

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