Nyxoah Présente ses Résultats Financiers et d’Exploitation pour le Troisième Trimestre 2024

INFORMATIONS RÉGLEMENTÉES

Nyxoah Présente ses Résultats Financiers et d’Exploitation pour le Troisième Trimestre 2024
L'approbation de la FDA est en bonne voie pour le premier trimestre 2025,
l'équipe commerciale américaine est en cours de constitution
La Société est entièrement financée par des liquidités jusqu'à la mi–2026

Mont–Saint–Guibert, Belgium – 6 Novembre 2024, 22h05 CET / 16h05 ET – Nyxoah SA (Euronext Brussels/Nasdaq: NYXH) (« Nyxoah » ou la « Société »), une société de technologie médicale développant des alternatives thérapeutiques révolutionnaires pour l'apnée obstructive du sommeil (AOS) par la neuromodulation, a rapporté aujourd’hui ses résultats financiers et d’exploitation pour le troisième trimestre 2024.

Temps Forts Financiers et d’Exploitation

  • Présentation des résultats concluants de DREAM à l'International Surgical Sleep Society en septembre.
  • Levée de 24,6 millions d'euros par le biais d'un programme ATM auprès d'un fonds unique américain dédié au secteur de la santé, ce qui nous donne une flexibilité supplémentaire alors que nous nous dirigeons vers la commercialisation aux États–Unis et prolonge notre marge de manœuvre financière jusqu'à la mi–2026.
  • Renforcement de l'organisation américaine avec la nomination de John Landry au poste de Chief Financial Officer et l'arrivée de plusieurs leaders commerciaux clés aux États–Unis.
  • Ventes de 1,3 million d'euros au troisième trimestre, soit une croissance de 30 % par rapport au troisième trimestre 2023.
  • Trésorerie totale de 71,0 millions d'euros à la fin du trimestre, 95,6 millions d'euros proforma incluant les 24,6 millions d'euros levés.

« Nos actions au cours du troisième trimestre nous ont permis de nous positionner favorablement en vue d'un lancement commercial réussi aux États–Unis. Sur la base des solides données DREAM présentées en septembre, nous avons levé des capitaux supplémentaires et nous nous concentrons activement sur le renforcement de notre équipe commerciale aux États–Unis », a commenté Olivier Taelman, CEO de Nyxoah. « Je suis plus confiant que jamais dans le fait que nous avons préparé Genio pour un démarrage commercial solide aux États–Unis immédiatement après l'approbation de la FDA. »

Résultats du Troisième Trimestre 2024

ÉTATS CONSOLIDÉS DES PERTES ET DES AUTRES PERTES COMPRÉHENSIVES
(non audités) (en milliers)

      Pour la période de trois mois terminée le 30 septembre   Pour la période de neuf mois terminée le 30 septembre
      2024   2023   2024   2023
Chiffre d'affaires     € 1 266   € 976   € 3 258   € 2 524
Coût des biens vendus     ( 482)   ( 336)   (1 217)   ( 930)
Bénéfice brut     € 784   € 640   € 2 041   € 1 594
Frais de recherche et de développement     (7 902)   (6 568)   (22 573)   (19 330)
Frais de vente, dépenses administratives et autres frais généraux     (8 042)   (5 058)   (20 396)   (16 794)
Autres revenus / (frais) d'exploitation     180     430   265
Perte d'exploitation de la période     € (14 980)   € (10 986)   € (40 498)   € (34 265)
Produits financiers     1 138   2 178   4 615   3 592
Charges financières     (3 043)   (1 033)   (5 480)   (2 765)
Perte de la période avant impôts     € (16 885)   € (9 841)   € (41 363)   € (33 438)
Impôts sur le revenu     ( 173)   2 229   ( 724)   1 119
Perte de la période     € (17 058)   € (7 612)   € (42 087)   € (32 319)
                   
Perte attribuable aux actionnaires     € (17 058)   € (7 612)   € (42 087)   € (32 319)
Autres éléments du résultat global                  
Eléments pouvant être reclassifiés en bénéfices ou en pertes (nets d'impôts)                  
Différences de conversion de devises     ( 209)   ( 10)   ( 221)   ( 88)
Perte globale totale de la période, nette d'impôts     € (17 267)   € (7 622)   € (42 308)   € (32 407)
Perte attribuable aux actionnaires     € (17 267)   € (7 622)   € (42 308)   € (32 407)
                   
Perte de base par action (en €)     € (0,496)   € (0,266)   € (1,346)   € (1,166)
Perte diluée par action (en €)     € (0,496)   € (0,266)   € (1,346)   € (1,166)

ÉTAT DE LA SITUATION FINANCIÈRE CONSOLIDÉ (non audité) (en milliers)

      Au
      30 septembre
2024
  31 décembre
2023
ACTIFS          
Actifs non courants          
Immobilisations corporelles     4 461   4 188
Immobilisations incorporelles     49 558   46 608
Droit d'utilisation des actifs     3 635   3 788
Actif d'impôts différés     53   56
Autres créances à long terme     1 475   1 166
      € 59 182   € 55 806
Actifs courants          
Stocks     5 272   3 315
Créances commerciales     2 504   2 758
Autres créances     2 992   3 212
Autres actifs courants     1 837   1 318
Actifs financiers     42 299   36 138
Trésorerie et équivalents de trésorerie     28 678   21 610
      € 83 582   € 68 351
Total de l'actif     € 142 764   € 124 157
           
CAPITAUX PROPRES ET PASSIFS          
Capital et réserves          
Capital     5 908   4 926
Prime d'émission     290 906   246 127
Réserve pour paiement fondé sur des actions     8 943   7 661
Autres éléments du résultat global     ( 84)   137
Résultats reportés     (200 966)   (160 829)
Total des capitaux propres attribuables aux actionnaires     € 104 707   € 98 022
           
PASSIFS          
Passifs non courants          
Dettes financières     19 143   8 373
Passifs locatifs     2 636   3 116
Passifs au titre des retraites     47   9
Provisions     398   185
Passif d'impôts différés     12   9
      € 22 236   € 11 692
Passifs courants          
Dettes financières     399   364
Passifs locatifs     1 151   851
Dettes commerciales     7 109   8 108
Passif d'impôts exigibles     2 495   1 988
Autres dettes     4 667   3 132
      € 15 821   € 14 443
Total du passif     € 38 057   € 26 135
Total des capitaux propres et du passif     € 142 764   € 124 157

Revenus

Le chiffre d'affaires s'est élevé à 1,3 million d'euros pour le troisième trimestre se terminant le 30 septembre 2024, contre 1,0 million d'euros pour le troisième trimestre se terminant le 30 juin 2023.

Coût des marchandises vendues
Le coût des marchandises vendues s'est élevé à 482 000 € pour le trimestre se terminant le 30 septembre 2024, soit une marge brute de 0,8 million d’euros, ou une marge brute de 62,0 %. À titre de comparaison, le coût total des marchandises vendues était de 336 000 € au troisième trimestre 2023, pour un bénéfice brut de 0,6 million d’euros, soit une marge brute de 66,0 %.

Recherche et développement
Pour le troisième trimestre clos le 30 septembre 2024, les dépenses de recherche et développement se sont élevées à 7,9 millions d'euros, contre 6,6 millions d'euros pour le troisième trimestre clos le 30 septembre 2023.

Perte d'exploitation
La perte d'exploitation totale pour le troisième trimestre se terminant le 30 septembre 2024 s'est élevée à 15,0 millions d'euros, contre 11,0 millions d'euros pour le troisième trimestre se terminant le 30 septembre 2023. Cette évolution s'explique par l'accélération des dépenses d’activités commerciales et de R&D de la Société, ainsi que par les activités cliniques en cours.

Position de trésorerie

Au 30 septembre 2024, la trésorerie et les actifs financiers s'élevaient à 71,0 millions d'euros, contre 57,7 millions d'euros au 31 décembre 2023. La consommation totale de trésorerie a été d'environ 5,6 millions d'euros par mois au cours du troisième trimestre 2024.

Troisième trimestre 2024

Le rapport financier de Nyxoah pour le deuxième trimestre et le premier semestre 2024, y compris les détails des résultats consolidés audités, sont disponibles sur la page investisseurs du site web de Nyxoah (https://investors.nyxoah.com/financials).

Conférence téléphonique et webcast

Le management de la Société organisera une conférence téléphonique pour discuter ses résultats financiers le mercredi 6 novembre, à 22h30 CET / 16h30 ET.

La retransmission de la conférence téléphonique sera accessible sur la page Investor Relations du site web de Nyxoah ou par le biais de ce lien : Nyxoah's Q3 2024 earnings call webcast. Pour ceux qui n'ont pas l'intention de poser une question au Management, la Société recommande d'écouter la webdiffusion.

Si vous avez l'intention de poser une question, veuillez utiliser le lien suivant : Nyxoah’s Q3 2024 earnings call. Après l'inscription, un courriel sera envoyé, comprenant les détails de la connexion et un code d'accès unique à la conférence téléphonique nécessaire pour rejoindre l'appel en direct. Pour s'assurer que vous êtes connecté avant le début de la conférence, la Société suggère de s'inscrire au moins 10 minutes avant le début de l'appel.

Le webcast archivé pourra être réécouté peu après la clôture de la conférence.

À propos de Nyxoah
Nyxoah réinvente le sommeil pour le milliard de personnes qui souffrent d'apnée obstructive du sommeil (AOS). Nous sommes une société de technologie médicale qui développe des alternatives de traitement révolutionnaires pour l'AOS grâce à la neuromodulation. Notre première innovation est Genio®, un dispositif de neuromodulation hypoglosse sans pile, inséré par une simple incision sous le menton et contrôlé par un dispositif portable. Grâce à notre engagement en faveur de l'innovation et des preuves cliniques, nous avons obtenu les meilleurs résultats de sa catégorie en matière de réduction du fardeau du SAOS.

Suite à l'achèvement réussi de l'étude BLAST OSA, le système Genio® a reçu son marquage CE européen en 2019. Nyxoah a réalisé deux introductions en bourse réussies : sur Euronext Bruxelles en septembre 2020 et sur le NASDAQ en juillet 2021. Suite aux résultats positifs de l'étude BETTER SLEEP, Nyxoah a reçu l'approbation du marquage CE pour l'élargissement de ses indications thérapeutiques aux patients atteints d'effondrement concentrique complet (CCC), actuellement contre–indiqués dans la thérapie des concurrents. En outre, la société a annoncé les résultats positifs de l'étude pivot DREAM IDE en vue de l'approbation de la FDA et de la commercialisation aux États–Unis.

Attention – Marquage CE depuis 2019. Dispositif expérimental aux États–Unis. Limité par la loi fédérale américaine à un usage expérimental aux États–Unis.

DÉCLARATIONS PROSPECTIVES

Certaines déclarations, croyances et opinions contenues dans le présent communiqué de presse sont de nature prospective et reflètent les attentes actuelles de la société ou, le cas échéant, des administrateurs ou de la direction de la société concernant le système Genio®, les études cliniques prévues et en cours sur le système Genio®, les avantages potentiels du système Genio®, les objectifs de Nyxoah concernant le développement, la voie réglementaire et l'utilisation potentielle du système Genio®, l'utilité des données cliniques pour l'obtention éventuelle de l'approbation de la FDA pour le système Genio®, et la communication des données de l'essai pivot DREAM de Nyxoah aux États–Unis, l'obtention de l'approbation de la FDA, l'entrée sur le marché américain et la clôture anticipée et l'utilisation du produit de l'offre. De par leur nature, les déclarations prospectives impliquent un certain nombre de risques, d'incertitudes, d'hypothèses et d'autres facteurs susceptibles d'entraîner une différence matérielle entre les résultats ou événements réels et ceux exprimés ou sous–entendus dans les déclarations prospectives. Ces risques, incertitudes, hypothèses et facteurs pourraient avoir une incidence négative sur les résultats et les effets financiers des plans et des événements décrits dans le présent document. En outre, ces risques et incertitudes comprennent, sans s'y limiter, les risques et incertitudes énoncés dans la section « Facteurs de risque “ du rapport annuel de la Société sur le formulaire 20–F pour l'exercice clos le 31 décembre 2023, déposé auprès de la Securities and Exchange Commission (” SEC ») le 20 mars 2024, et des rapports ultérieurs que la société dépose auprès de la SEC. Une multitude de facteurs, y compris, mais sans s'y limiter, les changements dans la demande, la concurrence et la technologie, peuvent faire en sorte que les événements, les performances ou les résultats réels diffèrent de manière significative de tout développement anticipé. Les déclarations prospectives contenues dans le présent communiqué de presse concernant des tendances ou des activités passées ne constituent pas des garanties de performances futures et ne doivent pas être considérées comme une déclaration selon laquelle ces tendances ou activités se poursuivront à l'avenir. En outre, même si les résultats ou développements réels sont conformes aux déclarations prospectives contenues dans le présent communiqué de presse, ces résultats ou développements peuvent ne pas être représentatifs des résultats ou développements des périodes futures. Aucune déclaration ou garantie n'est donnée quant à l'exactitude ou à la justesse de ces déclarations prévisionnelles. En conséquence, la Société décline expressément toute obligation ou tout engagement de publier des mises à jour ou des révisions des déclarations prospectives contenues dans le présent communiqué de presse à la suite d'un changement des attentes ou d'un changement des événements, conditions, hypothèses ou circonstances sur lesquels ces déclarations prospectives sont basées, sauf si la loi ou la réglementation l'exige expressément. Ni la Société, ni ses conseillers ou représentants, ni aucune de ses filiales, ni les dirigeants ou employés de ces personnes ne garantissent que les hypothèses sous–jacentes à ces déclarations prospectives sont exemptes d'erreurs et n'acceptent aucune responsabilité quant à l'exactitude future des déclarations prospectives contenues dans ce communiqué de presse ou quant à la survenance effective des développements prévus. Vous ne devriez pas accorder une confiance excessive aux déclarations prospectives, qui ne sont valables qu'à la date du présent communiqué de presse.

Le présent communiqué de presse ne constitue pas une offre de vente ou une sollicitation d'une offre d'achat des titres faisant l'objet de l'offre, et il n'y aura pas de vente de ces titres dans une juridiction où une offre, une sollicitation ou une vente serait illégale avant l'enregistrement ou la qualification en vertu des lois sur les valeurs mobilières de cette juridiction.

Contacts:

Nyxoah
Loïc Moreau
IR@nyxoah.com

For Media
In United States
FINN Partners – Glenn Silver
glenn.silver@finnpartners.com

In Belgium/France
Backstage Communication – Gunther De Backer
gunther@backstagecom.be

In International/Germany
MC Services – Anne Hennecke
nyxoah@mc–services.eu

Pièce jointe


GLOBENEWSWIRE (Distribution ID 1001011732)

Nyxoah Reports Third Quarter Financial and Operating Results

REGULATED INFORMATION

Nyxoah Reports Third Quarter Financial and Operating Results
FDA approval on track for first quarter 2025, U.S. commercial team build out in progress
Company fully funded with cash until mid 2026

Mont–Saint–Guibert, Belgium – November 6, 2024, 10:05pm CET / 4:05pm ET – Nyxoah SA (Euronext Brussels/Nasdaq: NYXH) (“Nyxoah” or the “Company”), a medical technology company that develops breakthrough treatment alternatives for Obstructive Sleep Apnea (OSA) through neuromodulation, today reported financial and operating results for the third quarter of 2024.

Recent Financial and Operating Highlights

  • Presented compelling DREAM data results at International Surgical Sleep Society in September.
  • Raised €24.6 million through an ATM program from a single U.S. healthcare–dedicated fund providing incremental flexibility as we shift into U.S. commercialization and extending cash runway until mid 2026.
  • Strengthened U.S. organization with the hiring of John Landry as Chief Financial Officer and the addition of several key commercial leaders in the U.S.
  • Reported third quarter sales of €1.3 million, representing 30% growth versus third quarter 2023.
  • Total cash position of €71.0 million at the end of the quarter, €95.6 million proforma including the €24.6 million raised.

“Our actions in the third quarter have further positioned us well for a successful U.S. commercial launch. On the back of the robust DREAM data presented in September, we have raised additional capital and are actively focused on building up our U.S. commercial team,” commented Olivier Taelman, Nyxoah’s Chief Executive Officer. “I am more confident than ever that we have set Genio up for a strong commercial start in the U.S. immediately after FDA approval.”

Third Quarter 2024 Results

CONSOLIDATED STATEMENTS OF LOSS AND OTHER COMPREHENSIVE LOSS (unaudited)
(in thousands)

 

For the three months ended September 30,

 

For the nine months ended September 30,

 

2024

 

2023

 

2024

 

2023

Revenue 

1,266

 

976

 

3,258

 

2,524

Cost of goods sold 

(482)

 

(336)

 

(1,217)

 

(930)

Gross profit 

€ 784

 

€ 640

 

€ 2,041

 

€ 1,594

Research and Development Expense 

(7,902)

 

(6,568)

 

(22,573)

 

(19,330)

Selling, General and Administrative Expense 

(8,042)

 

(5 058)

 

(20,396)

 

(16,794)

Other income/(expense) 

180

 

 

430

 

265

Operating loss for the period 

€(14,980)

 

€(10,986)

 

€(40,498)

 

€(34,265)

Financial income 

1,138

 

2,178

 

4,615

 

3,592

Financial expense 

(3,043)

 

(1,033)

 

(5,480)

 

(2,765)

Loss for the period before taxes 

€(16,885)

 

€(9,841)

 

€(41,363)

 

€(33,438)

Income taxes 

(173)

 

2,229

 

(724)

 

1,119

Loss for the period 

€(17,058)

 

€(7,612)

 

€(42,087)

 

€(32,319)

 

 

 

 

 

 

 

 

Loss attributable to equity holders 

€(17,058)

 

€(7,612)

 

€(42,087)

 

€(32,319)

 

 

 

 

 

 

 

 

Other comprehensive income/(loss) 

 

 

 

 

 

 

 

Items that may not be subsequently reclassified to profit or loss (net of tax) 

 

 

 

 

 

 

 

Currency translation differences 

(209)

 

(10)

 

(221)

 

(88)

Total comprehensive loss for the year, net of tax 

€(17,267)

 

€ (7,622)

 

€(42,308)

 

€(32,407)

Loss attributable to equity holders 

€(17,267)

 

€ (7,622)

 

€(42,308)

 

(32,407)

 

 

 

 

 

 

 

 

Basic loss per share (in EUR) 

€(0.496)

 

€(0.266)

 

€(1.346)

 

€(1.166)

Diluted loss per share (in EUR) 

€(0.496)

 

€(0.266)

 

€(1.346)

 

€(1.166)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (unaudited)

(in thousands)

 

 

 

As at

 

 

 

September 30,
2024

 

December 31, 2023

ASSETS

 

 

 

 

 

Non–current assets

 

 

 

 

 

Property, plant and equipment

 

 

4,461

 

4,188

Intangible assets

 

 

49,558

 

46,608

Right of use assets

 

 

3,635

 

3,788

Deferred tax asset

 

 

53

 

56

Other long–term receivables

 

 

1,475

 

1,166

 

 

 

59,182

 

€ 55,806

Current assets

 

 

 

 

 

Inventory

 

 

5,272

 

3,315

Trade receivables

 

 

2,504

 

2,758

Other receivables

 

 

2,992

 

3,212

Other current assets

 

 

1,837

 

1,318

Financial assets

 

 

42,299

 

36,138

Cash and cash equivalents

 

 

28,678

 

21,610

 

 

 

83,582

 

€ 68,351

Total assets

 

 

142,764

 

€ 124,157

 

 

 

 

 

 

EQUITY AND LIABILITIES

 

 

 

 

 

Capital and reserves

 

 

 

 

 

Capital

 

 

5,908

 

4,926

Share premium

 

 

290,906

 

246,127

Share based payment reserve

 

 

8,943

 

7,661

Other comprehensive income

 

 

(84)

 

137

Retained loss

 

 

(200,966)

 

(160,829)

Total equity attributable to shareholders

 

 

104,707

 

€ 98,022

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Non–current liabilities

 

 

 

 

 

Financial debt

 

 

19,143

 

8,373

Lease liability

 

 

2,636

 

3,116

Pension liability

 

 

47

 

9

Provisions

 

 

398

 

185

Deferred tax liability

 

 

12

 

9

 

 

 

22,236

 

€ 11,692

Current liabilities

 

 

 

 

 

Financial debt

 

 

399

 

364

Lease liability

 

 

1,151

 

851

Trade payables

 

 

7,109

 

8,108

Current tax liability

 

 

2,495

 

1,988

Other payables

 

 

4,667

 

3,132

 

 

 

15,821

 

€ 14,443

Total liabilities

 

 

38,057

 

€ 26,135

Total equity and liabilities

 

 

142,764

 

€ 124,157

Revenue
Revenue was €1.3 million for the third quarter ending September 30, 2024, compared to €1.0 million for the third quarter ending September 30, 2023.

Cost of Goods Sold

Cost of goods sold was €482,000 for the three months ending September 30, 2024, representing a gross profit of €0.8 million, or gross margin of 62.0%. This compares to total cost of goods sold of €336,000 in the third quarter of 2023, for a gross profit of €0.6 million, or gross margin of 66.0%.

Research and Development
For the third quarter ending September 30, 2024, research and development expenses were €7.9 million, versus €6.6 million for the third quarter ending September 30, 2023.

Operating Loss
Total operating loss for the third quarter ending September 30, 2024, was €15.0 million versus €11.0 million in the third quarter ending September 30, 2023. This increase was primarily driven by expanded commercial activities, higher R&D investments, and ongoing clinical activities.

Cash Position
As of September 30, 2024, cash and financial assets totaled €71.0 million, compared to €57.7 million on December 31, 2023. Total cash burn was approximately €5.6 million per month during the third quarter 2024.

Third Quarter 2024
Nyxoah’s financial report for the third quarter 2024, including details of the consolidated results, are available on the investor page of Nyxoah’s website (https://investors.nyxoah.com/financials).

Conference call and webcast presentation
Company management will host a conference call to discuss financial results on Wednesday, November 6, 2024, beginning at 10:30pm CET / 4:30pm ET.

A webcast of the call will be accessible via the Investor Relations page of the Nyxoah website or through this link: Nyxoah's Q3 2024 earnings call webcast. For those not planning to ask a question of management, the Company recommends listening via the webcast.

If you plan to ask a question, please use the following link: Nyxoah’s Q3 2024 earnings call. After registering, an email will be sent, including dial–in details and a unique conference call access code required to join the live call. To ensure you are connected prior to the beginning of the call, the Company suggests registering a minimum of 10 minutes before the start of the call.

The archived webcast will be available for replay shortly after the close of the call.

About Nyxoah
Nyxoah is reinventing sleep for the billion people that suffer from obstructive sleep apnea (OSA). We are a medical technology company that develops breakthrough treatment alternatives for OSA through neuromodulation. Our first innovation is Genio®, a battery–free hypoglossal neuromodulation device that is inserted through a single incision under the chin and controlled by a wearable. Through our commitment to innovation and clinical evidence, we have shown best–in–class outcomes for reducing OSA burden.

Following the successful completion of the BLAST OSA study, the Genio® system received its European CE Mark in 2019. Nyxoah completed two successful IPOs: on Euronext Brussels in September 2020 and NASDAQ in July 2021. Following the positive outcomes of the BETTER SLEEP study, Nyxoah received CE mark approval for the expansion of its therapeutic indications to Complete Concentric Collapse (CCC) patients, currently contraindicated in competitors’ therapy. Additionally, the Company announced positive outcomes from the DREAM IDE pivotal study for FDA and U.S. commercialization approval.

Caution – CE marked since 2019. Investigational device in the United States. Limited by U.S. federal law to investigational use in the United States.

FORWARD–LOOKING STATEMENTS

Certain statements, beliefs and opinions in this press release are forward–looking, which reflect the Company's or, as appropriate, the Company directors' or managements' current expectations regarding the Genio® system; planned and ongoing clinical studies of the Genio® system; the potential advantages of the Genio® system; Nyxoah’s goals with respect to the development, regulatory pathway and potential use of the Genio® system; the utility of clinical data in potentially obtaining FDA approval of the Genio® system; and reporting data from Nyxoah’s DREAM U.S. pivotal trial; receipt of FDA approval; entrance to the U.S. market; and the anticipated closing and use of the proceeds from the offering. By their nature, forward–looking statements involve a number of risks, uncertainties, assumptions and other factors that could cause actual results or events to differ materially from those expressed or implied by the forward–looking statements. These risks, uncertainties, assumptions and factors could adversely affect the outcome and financial effects of the plans and events described herein. Additionally, these risks and uncertainties include, but are not limited to, the risks and uncertainties set forth in the “Risk Factors” section of the Company’s Annual Report on Form 20–F for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on March 20, 2024, and subsequent reports that the Company files with the SEC. A multitude of factors including, but not limited to, changes in demand, competition and technology, can cause actual events, performance or results to differ significantly from any anticipated development. Forward looking statements contained in this press release regarding past trends or activities are not guarantees of future performance and should not be taken as a representation that such trends or activities will continue in the future. In addition, even if actual results or developments are consistent with the forward–looking statements contained in this press release, those results or developments may not be indicative of results or developments in future periods. No representations and warranties are made as to the accuracy or fairness of such forward–looking statements. As a result, the Company expressly disclaims any obligation or undertaking to release any updates or revisions to any forward–looking statements in this press release as a result of any change in expectations or any change in events, conditions, assumptions or circumstances on which these forward–looking statements are based, except if specifically required to do so by law or regulation. Neither the Company nor its advisers or representatives nor any of its subsidiary undertakings or any such person's officers or employees guarantees that the assumptions underlying such forward–looking statements are free from errors nor does either accept any responsibility for the future accuracy of the forward–looking statements contained in this press release or the actual occurrence of the forecasted developments. You should not place undue reliance on forward–looking statements, which speak only as of the date of this press release.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in the offering, nor shall there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

Contacts:

Nyxoah
Loïc Moreau
IR@nyxoah.com

For Media
In United States
FINN Partners – Glenn Silver
glenn.silver@finnpartners.com

In Belgium/France
Backstage Communication – Gunther De Backer
gunther@backstagecom.be

In International/Germany
MC Services – Anne Hennecke
nyxoah@mc–services.eu

Attachment


GLOBENEWSWIRE (Distribution ID 1001011732)

Utilizing Milbros UV Graphs improves chemical tank cleaning safety and turnaround

BOSTON and LONDON, Nov. 06, 2024 (GLOBE NEWSWIRE) — Milbros, a Veson Nautical solution and the industry’s most reliable and extensive database of liquid bulk products, has launched Milbros UV Graphs, a product aimed at revolutionizing traditional tank cleaning practices across fleets worldwide.

Milbros UV Graphs have been developed to work with a spectrophotometer, a machine now being installed on ships that accepts a sample of the residue, or wash water from the tank. The machine measures the absorbance of light at different wavelengths, including the ultraviolet (UV) range.

Partnered with a UV graph, the data shows how much UV light is absorbed at specific wavelengths, helping you identify any remaining tank contaminants. At present, Milbros offers at least 250 of these UV graphs with the number expected to rise.

Clients can download the required chemical chart and use the onboard spectrophotometer to create a graph. If the graph’s reading is below 100 parts per million (ppm), the tank is clean. If not, the graph will indicate how much contaminant could still be present, allowing the cleaning team to accurately calculate how much more cleaning needs to be done.

“Maritime shipping companies are facing increased pressure to limit their time at port and maximize cost savings,” Capt. Caspar Lavall, Principal Product Manager at Milbros says. “Milbros UV Graphs offers charterers, shipowners, and surveyors a safer, more efficient approach which maintains compliance while growing their bottom line.”

Milbros UV Graph


Source: Milbros, Veson Nautical

Capt. Lavall adds that chemical tanker cleaning is a rigorous component of safe cargo handling, and if not done correctly, can lead to environmental safety hazards, ruined cargoes, delays, and unnecessary costs.

These costs can include both recleaning of tanks that remain contaminated as well as over cleaning tanks when it is not required. UV Graphs can ensure that neither scenario affects the turnaround time of vessels whilst in port.

The use of UV Graphs complements traditional chemical tanker cleaning methods which require crews to enter confined spaces to sample various sections of the tank, exposing them to harmful chemicals. Using a UV Graph reduces the number of tank entries by allowing operators and crew to perform most of the inspections remotely.

UV Graphs are also trusted by many surveyors as a valid proof of tanker inspection and are speeding up the approval processes by allowing operations teams to submit results via email.

“The chemical tanker sector is facing new and complex challenges and having the right digital tools in place to successfully manage the risks that come with preparing vessels for volatile cargoes is vital,” Capt. Lavall concludes. “Milbros UV Graphs is a digital solution that can help establish a competitive advantage in the market.”

Editor’s Notes

  • Milbros UV Graphs are streamlining chemical tank cleaning and offer a safer more cost–effective solution. To learn more about how you can safely clean cargo tanks while minimizing port congestion and growing your cost savings please click here.

About Veson Nautical

Veson Nautical empowers the global maritime industry to navigate compounding complexity on all sides of the trade. Multi–jurisdictional regulations, geopolitical disruptions, decarbonization, cybersecurity threats, and more are forcing industry participants to recalibrate their risk tolerance. By combining trusted maritime data with built–for–purpose workflows, Veson gives clients the decision–making confidence to manage risk and maximize profit. With a heritage of innovation and expertise across all maritime related contracts, Veson serves more than 38,000 users across 2,400 companies in more than 100 countries and is uniquely positioned to enable a decision advantage. Learn more at www.veson.com.

For more information please contact:

Veson Nautical Press Team

Kevin Baxter
kbaxter@veson.com
press@veson.com
Tel: +44 (0)20 3397 0102

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/10620ed3–d997–44ea–b9f7–805cbc030af3


GLOBENEWSWIRE (Distribution ID 9268588)

Yossi Carmil to Step Down as CEO After Nearly 20 Years

TYSONS CORNER, Va. and PETAH TIKVA, Israel, Nov. 06, 2024 (GLOBE NEWSWIRE) — Cellebrite (NASDAQ: CLBT), a global leader in premier Digital Investigative solutions for the public and private sectors, today announced a planned leadership transition following Yossi Carmil’s decision to step down from his current role as CEO and as a member of the Board of Directors by December 31, 2024. The Board has initiated a formal search for a new CEO, retaining an executive recruiting firm to advance this effort. Thomas E. Hogan, Cellebrite’s executive chairman, will serve as interim CEO upon Carmil’s departure and until the search is complete and a new CEO joins Cellebrite.

“Cellebrite is indebted to Yossi Carmil. He is a rare CEO – one who has led the Company from its days as a small entrepreneurial start up through a successful market focus shift, major product and business model transformations, a public listing on Nasdaq and multiple phases of growth to establish Cellebrite’s position as the leading platform for accelerating justice around the world,” said Hogan. “As reflected by our strong financial performance and bright outlook for the future, Cellebrite moves forward extremely well positioned to sustain its business momentum.”

Carmil joined Cellebrite in 2004 as the Company’s fifth employee and became CEO one year later. Under Carmil’s leadership, Cellebrite has grown from 18 people working in a small office in the outskirts of Tel Aviv to over 1,100 people, a dozen offices worldwide and customers in more than 100 countries. Through game–changing innovation, Cellebrite established itself as the leading provider of digital investigative software for the public and private sectors and is trusted by approximately 7,000 customers worldwide. More recently, Carmil has played an instrumental role in leading Cellebrite to achieve a wide range of milestones that include taking Cellebrite public in 2021, completing the transition to a subscription business model, launching Cellebrite’s AI–driven Case–to–Closure platform and delivering consistently strong, profitable growth. As a result, the Company’s market valuation has doubled since going public to approximately $4 billion.

“Leading Cellebrite as CEO for the past 19 years has been an amazing journey and the Company’s success would not have been possible without the support of our customers, partners and investors, and the innumerable contributions from our talented workforce,” said Carmil. “Cellebrite has an incredibly bright future and the timing is right for a new leader to advance our mission and take the Company to the next level. We have assembled a strong leadership team, an exciting technological roadmap and a compelling strategic plan that is aimed at driving value creation for all key stakeholders. I am confident in Cellebrite’s strategic direction and its ability to capitalize on the opportunities ahead.”

Hogan joined Cellebrite as executive chairman in August 2023 and has worked closely with Carmil and the broader Cellebrite leadership team to help advance the Company’s strategy and operational execution. Hogan is a proven technology and software executive with a remarkable 40+ year track record of exceptional shareholder returns, client impact and employee growth. Hogan’s experience includes over a decade as both a private and publicly held software CEO as well as senior executive posts ranging from late stage private to mega–cap public companies.

About Cellebrite
Cellebrite’s (Nasdaq: CLBT) mission is to enable its customers to protect and save lives, accelerate justice and preserve privacy in communities around the world. We are a global leader in Digital Investigative solutions for the public and private sectors, empowering organizations in mastering the complexities of legally sanctioned digital investigations by streamlining intelligence processes. Trusted by thousands of leading agencies and companies worldwide, Cellebrite’s Digital Investigation platform and solutions transform how customers collect, review, analyze and manage data in legally sanctioned investigations. To learn more, visit us at www.cellebrite.com, https://investors.cellebrite.com, or follow us on Twitter at @Cellebrite.

Note: References to our website and the websites of third parties mentioned in this press release are inactive textual references only, and information contained therein or connected thereto is not incorporated into this press release.

References to Websites and Social Media Platforms
References to information included on, or accessible through, websites and social media platforms do not constitute incorporation by reference of the information contained at or available through such websites or social media platforms, and you should not consider such information to be part of this press release.

Caution Regarding Forward Looking Statements
This document includes “forward–looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward looking statements may be identified by the use of words such as “forecast,” “intend,” “seek,” “target,” “anticipate,” “will,” “appear,” “approximate,” “foresee,” “might,” “possible,” “potential,” “believe,” “could,” “predict,” “should,” “could,” “continue,” “expect,” “estimate,” “may,” “plan,” “outlook,” “future” and “project” and other similar expressions that predict, project or indicate future events or trends or that are not statements of historical matters. Such forward–looking statements include comments related to the timing associated with the CEO succession plan as well as the following statements: We have assembled a strong leadership team, an exciting technological roadmap and a compelling strategic plan that is aimed at driving value creation for all key stakeholders; and I am confident in Cellebrite’s strategic direction and its ability to capitalize on the opportunities ahead – I look forward to seeing all that Cellebrite will accomplish over the coming years. Such forward–looking statements including those with respect to commentary associated with future performance, strategies, prospects, and other aspects of Cellebrite’s business are based on current expectations that are subject to risks and uncertainties. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward–looking statements. These factors include, but are not limited to: Cellebrite’s ability to keep pace with technological advances and evolving industry standards; Cellebrite’s material dependence on the purchase, acceptance and use of its solutions by law enforcement and government agencies; real or perceived errors, failures, defects or bugs in Cellebrite’s DI solutions; Cellebrite’s failure to maintain the productivity of sales and marketing personnel, including relating to hiring, integrating and retaining personnel; intense competition in all of Cellebrite’s markets; the inadvertent or deliberate misuse of Cellebrite’s solutions; failure to manage its growth effectively; Cellebrite’s ability to introduce new solutions and add–ons; its dependency on its customers renewing their subscriptions; the low volume of business Cellebrite conducts via e–commerce; risks associated with the use of artificial intelligence; the risk of requiring additional capital to support the growth of its business; risks associated with higher costs or unavailability of materials used to create its hardware product components; fluctuations in foreign currency exchange rates; lengthy sales cycle for some of Cellebrite’s solutions; near term declines in new or renewed agreements; risks associated with inability to retain qualified personnel and senior management; the security of Cellebrite’s operations and the integrity of its software solutions; risks associated with the negative publicity related to Cellebrite’s business and use of its products; risks related to Cellebrite’s intellectual property; the regulatory constraints to which Cellebrite is subject; risks associated with Cellebrite’s operations in Israel, including the ongoing Israel–Hamas war and the risk of a greater regional conflict; risks associated with different corporate governance requirements applicable to Israeli companies and risks associated with being a foreign private issuer and an emerging growth company; market volatility in the price of Cellebrite’s shares; changing tax laws and regulations; risks associated with joint, ventures, partnerships and strategic initiatives; risks associated with Cellebrite’s significant international operations; risks associated with Cellebrite’s failure to comply with anti–corruption, trade compliance, anti–money–laundering and economic sanctions laws and regulations; risks relating to the adequacy of Cellebrite’s existing systems, processes, policies, procedures, internal controls and personnel for Cellebrite’s current and future operations and reporting needs; and other factors, risks and uncertainties set forth in the section titled “Risk Factors” in Cellebrite’s annual report on Form 20–F filed with the SEC on March 21, 2024 and as amended on April 12, 2024, and in other documents filed by Cellebrite with the U.S. Securities and Exchange Commission (“SEC”), which are available free of charge at www.sec.gov. You are cautioned not to place undue reliance upon any forward–looking statements, which speak only as of the date made, in this communication or elsewhere. Cellebrite undertakes no obligation to update its forward–looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.

Contacts:

Investors Relations
Andrew Kramer
Vice President, Investor Relations
investors@cellebrite.com
+1 973.206.7760

Media
Victor Cooper
Sr. Director of Corporate Communications + Content Operations
Victor.cooper@cellebrite.com
+1 404.804.5910


GLOBENEWSWIRE (Distribution ID 9268172)

Sic Transit Gloria Mundi: Preserving the Cultural Heritage

By Jan Lundius
STOCKHOLM, Sweden, Nov 6 2024 –  

More durable than bronze, higher than Pharaoh’s
pyramids is the monument I have made,
a shape that angry wind or hungry rain
cannot demolish, nor the innumerable ranks
of the years that march in centuries.
I shall not wholly die:
some part of me will cheat the goddess of death.

Thus wrote, not without reason, in 23 BCE the proud and self-conscious Horace. So far, he has been quite right – ancient monuments have crumbled, or disappeared completely, while his poetry still remains. However, you might ask – for how much longer? Latin is already dead, at least as a spoken language, while its connoisseurs are dwindling. Pessimists may contradict Horace’s optimism with Thomas à Kempis phrase from 1418: O quam cito transit gloria mundi, how quickly the glory of the world passes away. As a matter of fact, more and more people, in particular youngsters, have a diminishing interest in the written word, in particular in the form of longer texts like novels and newspaper editorials, preferring short messages and slogans that are easy to understand and preferably not longer than half a page.

Nevertheless, some human creations remain for a very long time. The most potent form of nuclear waste does, according to most scientists, need to be safely stored away for up to one million years, the time needed to ensure radioactive decay, i.e. actually a far longer stretch of time than the period that has passed since the first Neanderthals appeared on earth.

How may we be able to warn future generations about lethal dangers buried beneath Earth’s surface? Thousands of years from now, our descendants can probably not understand any of the writing systems currently in use. And how can we now adequately predict which future geological upheavals lay in store? Nuclear waste is drilled deep down into primeval rock, but can it really be guaranteed that cracks cannot occur, that atomic waste will not sip into underground water resources? Considering who little was expected from the effects of climate change just a few years ago, it makes you wonder about the safe future of our planet and the shortsighted damage we are doing to it.

In 2008, the Svalbard Global Seed Vault was inaugurated on the Norwegian island of Spitzbergen. It is intended to be a secure backup facility for the world’s crop diversity. More than 100 metres below earth, in the tunnels of an abandoned coal mine, the Seed Vault currently conserves 1,280,677 accessions, representing more than 13,000 years of agricultural history.

By the inauguration of this unique seed-bank it was said that the deep-frozen plant material would be safe from any temperature change and water damage, resting as it was under Arctic permafrost. However, already in 2016, an unusually large amount of water seeped in to the Vault’s entrance tunnel, 100 metres underground. The water flow was stopped just before it reached the precious plant material, though the incident indicated that the frozen permafrost no longer is a guarantee for safeguarding the Vault – Arctic temperatures are now rising four times faster than in the rest of the world making the permafrost melt at an unexpected speed. Improvements to the Vault have been made to prevent water intrusion, the tunnel walls have been made “waterproof” and above ground, draining ditches now surround the entrance to the Vault.

Filled with pride, hope and expectations Horace wrote that his poems would survive for thousands of years. Nevertheless, he could not have predicted how humans now are destroying our shared environment. Authors have for more than a hundred years warned us about what is currently happening. First it was mainly science fiction writers who produced terrifying dystopias about what could happen to our planet if we continue to abuse its natural resources, depleting its organic life, and destroying its life preserving beauty. This literary trend is still alive, particularly after the nuclear bombs that in 1945 wiped out Hiroshima and Nagasaki, as well as the melt down of the nuclear reactor in Tjernobyl. One disturbing and well written example of such dystopias is the Russian author Tatyana Tolstaya’s novel The Slynx from year 2000.

After some kind of nuclear disaster, disfigured people survive in what was once Moscow. They depend on mice for food and clothing, and know almost nothing about the past. Most of them cannot read and write, though a handful of people who live in this nightmarish reality remember how life was before the Blast, before civilization collapsed and brought culture down with it. These people occasionally quote poetry and dream of bringing about a cultural renaissance, though the reader understands they are a dying breed and there is almost nothing left to resurrect. Books still exist, but anyone found with one of them is hunted down and severely punished, while their books are confiscated, all in the name of stopping “freethinking.”

Is a nuclear catastrophe necessary for us all to end up in such misery? The author Amitav Ghosh was born in Calcutta. He grew up in India, Bangladesh and Sri Lanka and is currently living in New York. In his non-fiction book The Great Derangement, Gosh wonders why an extremely dangerous threat like climate change is not overshadowing cultural expressions. He emphasizes that the frightening effects of climate change are already with us. They are evident everywhere, though strangely enough people are still listening to dangerous climate change deniers, like the increasingly deranged Donald Trump. According to Gosh, depictions of the threat of climate change can no longer be banished to science fiction, but has to be convincingly expressed in all strands of art, literature, theatre, and movies. Gosh provides an example of this in his own novel Gun Island, which takes its starting point in Sunderbans, a huge West Bengali mangrove forest, currently threatened by polluting biochemical industries and rising sea levels. The novel deals with the vulnerability of climatological migrants and the ongoing, galloping destruction of human and animal habitats. As a story coloured by magic realism it ranges from Bangladesh, which climate change threatens with almost complete annihilation, to Venice, this dreamlike treasure house of amazing art that likewise appears to be doomed to disappear.

Gosh’s novel leads us back to Spitzbergen. Close to the Svalbard Global Seed Vault is another abandoned coal mine, even deeper than the one where the Seed Vault is accommodated. At the depth of 300 metres, we find the vaults of the Arctic World Archive (AWA), where governments, associations and private persons are welcomed, for a fee, to store what they assume to be world heritage. Down deep below, under permafrost (so far) we find copies and microfilm of a wide assortment of items that AWA is guaranteeing to safeguard for at least 2000 years. Here the Vatican has sent copies and microfilms of its vast collection of inestimable manuscripts, an organisation called Linga Aeterna is preserving recordings of 500 languages on the brink of extinction, the Polish Government has deposited copies of literary works and Chopin’s manuscripts. Here we find a wide collection of movies and rock music, as well as blueprints of architectural-, industrial, and car designs from the World’s biggest firms, etc., etc.

Thoughtful speculators and depositors are by AWA treated with advertising materials and movies reminding them of threats to the cultural heritage, like war and terrorism with footage showing the destruction of the immense Buddha in Bamiyan and how ISIS destroyed priceless cultural treasures in Palmyra and Mosul. Other disasters are highlighted, not the least those triggered off by climate change, which if nothing is done to stop it, will around 2050 have placed most of Florida, Bangladesh and the Maldives under water and completely inundated and destroyed Venice.

Spitzbergen is not the only place harbouring deposits of cultural heritage. In the salt mines of Hallstatt in Austria the so-called Memory of Mankind stores, within specifically designed, “indestructible” ceramic containers, huge amounts of microfilm and copies of valuable art and manuscripts. Libraries and archives around the world also shelter underground labyrinths, filled with books, magazines, and documents.

However, the question remains – for how long time will these enormous deposits be able to withstand the drastic changes that menace our Earth, and will future generations, if they now survive what threatens us all, be able to find these deposits of human endeavour, be interested in them, or even be able to understand them? Will our descendants be capable of benefitting from all that presumably has been preserved in these secluded places – or will they like the miserable creatures of Tolstoya’s depressing wasteland either despise all of it, or consider these items to be dangerous? Let us at least for the moment appreciate the written treasures left to us by poets like Horace and teach our children to appreciate what our ancestors have left behind, learn from it and also value, and enjoy what is written today.

Main sources: Gosh, Amitav (2016) The Great Derangement: Climate Change and the Unthinkable. University of Chicago Press. Gosh, Amitav (2019) Gun Island. London: John Murray. Horatius Flaccus, Quintus (1967) The Odes of Horace Translated by James Michie. Harmondsworth: Penguin Classics. Stagliano, Riccardo (2024) “A futura memoria”, Il Venerdi di Repubblica, 25 ottubre. Tolstaya, Tatyana (2016) The Slynx. New York Review of Books.

IPS UN Bureau

 


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How Blue Carbon Ecosystems are Saving the Philippines’ Sinking Islands

Submerged structure in Tubigon, Philippines. Credit: Greenpeace

 
In the Philippines, a group of islands is rapidly sinking due to an unprecedented rise in sea levels. This blog dives into how these coastal communities are utilizing marine resources and ecosystems to find solutions and build resilience against climate risks.

By Anne Cortez
KUALA LUMPUR, Malaysia, Nov 6 2024 – Imagine living with water up to your knees for half of the year, where homes are flooded, and people constantly fear that the sea might one day engulf the town and everyone in it.

This is the reality for the sinking islands in the Philippines—a cluster of four island barangays in Tubigon located in the south-central region of Bohol. Here, the sea level is rising at an alarming rate of 10.8 millimeters per year, three times faster than the global average. If this continues, these islands could disappear by 2100.

Tubigon sank by one meter after being hit by a 7.2 magnitude earthquake over a decade ago. While still recovering, the islands were devastated by a super typhoon in 2021, unleashing four-meter-high tidal waves that destroyed over 1.7 million homes and displaced more than 3 million people. This year, the islands were declared inhabitable by the government.

Existential Climate Threats to Coastal Communities

Coastal communities like the Philippines are severely threatened by accelerating sea level rise compounded by extreme weather events. Similar to small island developing states, also known as SIDS, low-lying coastal areas are the most vulnerable to climate change.

Their geographic location leaves them highly-exposed to natural disasters and hazards like cyclones and tidal flooding. These vulnerabilities exacerbate coastal communities’ unique development challenges.

The Intergovernmental Panel on Climate Change (IPCC) reports that with the current 1.5 degree temperature increase, global sea levels will continue to rise and low-lying coastal regions are to experience extreme sea events such as storm surges and massive tides annually by 2050.

SIDS, including Tuvalu and the Maldives, along with the sinking islands of Tubigon, are proof of the existential threats of climate change. These communities are at risk of vanishing unless urgent action is taken.

Bouncing Back from Climate Risks

While island communities are under threat, they are not powerless. Many of them have shown commitment to addressing climate-related risks in their national climate action plans. Their goal is to build climate resilience.

The term “resilience” is often mentioned in climate change discussions, but what does it really mean? It comes from the Latin verb resilire, meaning “to bounce back.” Resilience refers to the ability to recover from risks, which, in the context of climate change, is determined by the degree of vulnerability and exposure to climate-related threats.

For coastal communities and low-lying islands, rising sea levels pose a significant risk, so they must build resilience to endure and recover from climate-related hazards and disasters.

Turning to Blue Carbon Ecosystems for Solutions

Many SIDS set a good example in piloting measures to build resilience and adapt to the impacts of climate change. Similarly, the residents of Tubigon, many of whom are fisherfolks, have learned to adapt to the rising tides.

The local community has developed resilience strategies and initiatives to help them sustain their lives on the islands. One promising solution involves utilizing the sea and its resources, part of what is called the blue carbon ecosystem.

Blue carbon ecosystem is a collective term for natural marine resources such as mangroves, seagrasses, and marshes known for their ability to capture and store carbon dioxide from the atmosphere. Research shows that these coastal resources can transfer and store carbon ten times more effective than tropical forests.

These ecosystems also support fishery production, protect shorelines and reduce flooding, and provide habitats for wildlife and migratory species. Studies indicate that conserving blue carbon ecosystems is a timely and cost-effective strategy to help coastal communities adapt to climate change.

Harnessing Coastal Resources for Climate Change Adaptation

Tubigon and the Bohol region have long implemented measures to protect their blue carbon ecosystems, helping residents adapt to climate-related risks. Their strategy is two-fold: eliminating destructive fishing practices and conserving coastal resources particularly mangroves.

The local community has designated bantay dagat (which translates literally to sea protectors) to patrol its marine area spanning 156 hectares of coral reefs and 335 hectares of mangroves. These protectors report illegal fishing activities and safeguard the mangrove forests.

Over time, many locals have transitioned from destructive fishing methods, such as dynamite and cyanide use, to more sustainable aquaculture and alternative livelihoods, including crab and squid jigging, grouper farming, and ecotourism.

Moreover, particular focus is given to mangrove conservation. The vast mangrove area in Tubigon is considered a valuable blue ecosystem resource playing an important role in sequestering carbon. Experts estimate that a 4-decade mangrove plantation can store over 370 tons of carbon per hectare.

Additionally, mangroves act as natural seawalls, reducing wave energy and shielding residents from rising sea levels and tidal flooding. By investing in the preservation of blue carbon ecosystems, coastal communities like Tubigon tap into an essential resource that supports their livelihoods and enhances their resilience to the effects of climate change.

Turning the Tide

The islands of Tubigon stay afloat amidst the intensifying battle against climate threats. Most recently, the Philippines joined an alliance to build the resilience of coastal communities. It was also selected as the host of a fund dedicated to supporting countries to respond to loss and damage, enabling them to recover and rebuild from the adverse effects of the climate crisis.

Allowing islands to sink and entire communities to disappear is unimaginable, especially when we have the resources and tools to address the planet’s most significant crisis. Time is running out, but there is still hope to turn the tide.

This article is originally published in Global Dev as part of its Climate Resilience series.

Anne Cortez is a communications and knowledge management consultant with over a decade of experience working with governments, academic institutions, and international organizations including the UN, ADB, and The Asia Foundation. She has spearheaded and managed development programs and capacity building initiatives promoting climate action, digital inclusion, and health equity across Asia and the Pacific. Previously, she led the knowledge and communications team at the UN think tank for global health based in Malaysia, and the social mobilization division at the Department of Education in the Philippines. Anne has a master’s degree in international studies and an undergraduate degree in communications. Learn more about her work here.

IPS UN Bureau

 


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Bitget Lists Swell (SWELL) on Launchpool, Poolx and Spot With 23,440,000 Tokens in Rewards

VICTORIA, Seychelles, Nov. 06, 2024 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has announced the listing of SWELL tokens on its platform covering a range of products such as Launchpool, Poolx and Spot trading. This provides eligible users to win rewards from a pool of 23,440,000 SWELL tokens in total. The first initiative is a Launchpool campaign which enables users to lock BGB and USDT to share in a pool of 19,500,000 SWELL tokens. This exclusive event will be available from November 7, 2024, at 10:00 UTC, until November 14, 2024, at 10:00 UTC, allowing users to participate in the growing Ethereum restaking ecosystem through Swell’s advanced staking protocols.

The Poolx event for SWELL allocates 1,800,000 tokens, where users can stake their tokens to mine more. Additionally, a Candybomb promotion is organized where 2,000,000 SWELL tokens will be distributed to users depending upon their trading activities.

Swell, designed as a restaking yield layer for Ethereum, introduces a range of liquid staking and restaking options tailored for decentralized finance (DeFi). As the first to deliver a vertically integrated Layer 2 restaked rollup, Swell aims to enhance user returns and staking efficiency within the Ethereum network. In March 2022, Swell Network raised $3.75 million in a Seed round led by Framework Ventures, with support from IOSG Ventures and Maven 11 Capital.

Swell unveils the tokenomics of its native token, SWELL, on October 9, 2024. The total supply of SWELL will be 10 billion tokens, with 8.5% allocated to the community. The SWELL token will serve three main purposes: governance for Swell DAO, restaking to secure Swell L2 applications and infrastructure, and paying for gas fees on the network.

Coming back to Launchpool, it offers two distinct locking pools. The primary pool, with a total allocation of 16,000,000 SWELL, is open to users locking BGB, Bitget’s native token. Airdrops will be distributed hourly based on each participant’s locked volume, ensuring users receive rewards proportionate to their commitment within the pool. The secondary pool, specifically designed for new users who join after November 5, 2024, offers a share of 3,500,000 SWELL for those locking their USDTs. With a maximum locking limit of 2,000 USDT and a minimum requirement of 5 USDT, this pool provides an accessible entry point for newcomers to the platform.

Bitget’s Launchpool utilizes an efficient airdrop system, distributing tokens hourly to participating users. This approach allows participants to quickly see returns from their locked assets, while Poolx and Spot markets are more for pro–traders, helping them earn rewards for existing tokens.

To know more about SWELL tokens, visit Bitget's Launchpool, and Poolx/Spot promotion visit here.

About Bitget

Established in 2018, Bitget is the world's leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real–time access to Bitcoin priceEthereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world–class multi–chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World's Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

For more information, visit: WebsiteTwitterTelegramLinkedInDiscordBitget Wallet

For media inquiries, please contact: media@bitget.com

Risk Warning: Digital asset prices may fluctuate and experience price volatility. Only invest what you can afford to lose. The value of your investment may be impacted and it is possible that you may not achieve your financial goals or be able to recover your principal investment. You should always seek independent financial advice and consider your own financial experience and financial standing. Past performance is not a reliable measure of future performance. Bitget shall not be liable for any losses you may incur. Nothing here shall be construed as financial advice.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f6fc066f–9306–4055–928b–d1ef1f47d69d


GLOBENEWSWIRE (Distribution ID 1001011634)

World Inequality Still Rising Despite Some Convergence

By Jomo Kwame Sundaram
KUALA LUMPUR, Malaysia, Nov 6 2024 – Despite earlier income convergence among nations, many low-income countries (LICs) and people are falling further behind. Worse, the number of poor and hungry has been increasing again after declining for decades.

Jomo Kwame Sundaram

After the post-Second World War ‘Golden Age’ ended over half a century ago, the world has seen unequal and uneven economic growth, industrialisation, and poverty reduction. Income divergence and convergence have involved inequalities within and among countries.

While some national-level income inequalities have fallen, North-South disparities have trended unevenly, partly due to the quantitative influence of China’s and India’s large economies.

Dividing billions
Paul Collier’s original ‘Bottom Billion’ included 58 developing countries. By 2021, they had 1.4 billion people. Failing to grow sustainably, poverty in these nations has persisted.

Despite rejecting the World Bank’s LICs and the UN’s least-developed countries, Collier and his World Bank colleagues’ revival of his Bottom Billion notion offers a valuable review of recent distributional trends.

Without supporting evidence, the authors insist most developing nations were similar at independence, with little significant difference between the Bottom Billion and the “growing” Five Billion.

Per capita incomes of most Bottom Billion countries have not risen much. Although much of the world has grown since the 1960s, many of the poorest nations have fallen further behind, albeit unevenly.

Slow economic growth and rapid population increase have reduced per capita incomes. Most Bottom Billion countries have barely grown since and are now much worse off than the ‘Lucky Billion’ of 38 rich member nations of the Organization of Economic Cooperation and Development (OECD).

Poverty is increasingly concentrated in Sub-Saharan Africa. Also, overall poverty is worsening as African populations continue to grow faster as the poor have more children to improve family circumstances.

Average output per capita of OECD member countries rose by half, from under $30,000 in 1990 to almost $45,000 in 2021. Even the poorest OECD nations are at least upper-middle-income countries.

Despite some convergence, world inequality continued to grow unevenly after 2000. The average per capita income gap between developing countries and prosperous economies has not narrowed since the turn of the century.

In recent decades, sustained high-growth episodes have mainly been in East and South Asia. Average output per capita in such ‘emerging markets’ almost tripled from under $5,000 in 1990 to nearly $15,000 by 2021.

Convergence?
Angus Maddison found divergence among world regions over the last two millennia but agreed that recent Asian growth has made convergence more plausible.

Since the Industrial Revolution two centuries ago, extended periods of divergence have been interrupted by brief episodes of convergence. Between 1870 and 1990, the ratio of the highest to the lowest incomes increased tenfold.

The remaining ‘Five Billion’ are between the Bottom and Lucky Billions. Successful ‘developing market economies’ include large, populous, rapidly growing economies like India and China, as well as small petroleum-rich states.

The Lucky Billion were already well ahead in 1990 and have remained better off since. The incomes of some of the Five Billion have risen rapidly to converge with the Lucky Billion, but the Bottom Billion are not much better off.

Some studies claim these Five Billion grew fast enough for incomes to converge worldwide. Rejecting counterclaims of divergence, the authors insist on ‘unconditional convergence’, regardless of countries’ starting positions.

Other research claims unconditional worldwide convergence as poor nations catch up. Income convergence in the 1990s and 2004-14 suggests higher primary commodity prices financed growth during the latter ‘Golden Decade’, enabling brief LIC progress, including in Africa.

This last brief growth acceleration collapsed with most commodity prices a decade ago. The Bottom Billion’s average income growth rate briefly exceeded the OECD’s during 2004-14

But the episode is wrongly seen as proof of longer-term convergence. Few developing nations have narrowed the average gap in per capita incomes with rich countries. Trends can mislead if not interpreted in context.

For years, China’s average income was below the world’s mean. This previously supported claims of worldwide convergence but will change as China’s mean income overtakes the world average.

But overall convergence can coexist with some countries and people slipping further behind while the number in ‘extreme poverty’ rises. However, data limitations and methodological disagreements make consensus unlikely.

Falling further behind
World output (in constant US dollars) more than doubled from $36 trillion in 1990 to $87 trillion by 2021. While a few developing economies have made rapid progress and more have made modest advances, many have been left behind.

As growth has been higher in East Asia and India, World Bank estimates of the poor fell from 1990 until the pandemic, although the number in ‘extreme poverty’ increased.

Despite continuing growth until the 2008 global financial crisis and declining poverty before the pandemic, many developing countries’ per capita incomes continue to fall further behind.

Hunger numbers have risen in the last decade, while the number of poor has increased since the pandemic. Ongoing economic stagnation has been worse for the Bottom Billion, who have struggled to cope with higher interest rates and capital flight since 2022.

Meanwhile, hunger numbers have been rising for a decade, while the number of poor has increased since the pandemic. Worse, higher interest rates recently have worsened the ongoing economic stagnation.

IPS UN Bureau

 


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As Forests Felled Wood Shortage Hits Villagers in Zimbabwe

Cart laden with firewood in Gonzoma, Zimbabwe. Woodpoaching for household fuel is having an impact on forests in Zimbabwe. Credit: Jeffrey Moyo/IPS

Cart laden with firewood in Gonzoma, Zimbabwe. Woodpoaching for household fuel is having an impact on forests in Zimbabwe. Credit: Jeffrey Moyo/IPS

By Jeffrey Moyo
CHIMANIMANI, Zimbabwe, Nov 6 2024 – Linet Makwera (28) has a baby strapped on her back as she totters barefoot, picking tiny pieces of wood on both sides of a dusty and narrow road, peering fearfully at people passing by along the road in Chimanimani’s Mutambara area in Gonzoma village located in Zimbabwe’s Manicaland Province, east of the country.

Her fears, Makwera says, are the patrolling plain clothes police officers, who often target people, cutting down the few available trees in search of firewood.

In the midst of firewood shortages countrywide, more than 300,000 trees were destroyed between 2000 and 2010, according to Zimbabwe’s Ministry of Environment and Climate Change.

In fact, in 2011, the Forestry Commission of Zimbabwe found out that the country was losing about 330,000 hectares of forests per year. According to Global Forest Watch in 2010, Zimbabwe had 1.01 Mha of natural forest, extending over 2.7 percent of its land area. In 2023, it lost 4.67 kha of natural forest, equivalent to 3.27 Mt of CO₂ emissions.

A slight drop from the previous one, currently, Zimbabwe’s annual deforestation rate is estimated to be at 262,348.98 hectares per annum, the Forestry Commission says.

According to UNDP in 2022, the use of local forests for fuel wood has also been one of the many drivers of deforestation in the country.

UNDP has been on record, saying presently, fuel wood accounts for over 60 percent of the total energy supply in the country and almost 98 percent of rural people rely on fuel wood for cooking and heating.

The Forestry Commission says up to 11 million tons of firewood are needed for domestic cooking, heating and tobacco curing every year in Zimbabwe.

Zimbabwe is ranked top of the United Nations-ranked Least Developed Countries (LDCs) that have battled the highest rate of deforestation in the world, as many rural dwellers here depend on firewood for cooking.

Yet still, even as the felling of trees for firewood gets worse and worse in Zimbabwe, it is a crime for anybody to be found cutting trees for any purpose without the authorities’ blessing.

If caught on the wrong side of the law, a wood poacher can be fined USD 200 to 5,000

Like many villagers domiciled in her remote area, Makwera has to battle with firewood deficits as the forests disappear under massive deforestation.

But the laws prohibiting people from cutting down trees have also meant hard times for many, like Makwera.

Yet despite her struggles to find firewood often in order to cook food for her family, she (Makwera) has had to soldier on, just like many other villagers in her area.

With even the hills and mountains now running out of firewood in Makwera’s village, life has never been the same for the villagers, as they do not have electricity, which, even though it might have been there, would not have saved any purpose amid daily power cuts gripping the Southern African nation.

“Finding firewood is now a huge challenge. Yes, we buy. We have no choice. We suffer to find the firewood. In the hills and mountains where we used to find firewood, there is now nothing,” Makwera told IPS.

Named using vernacular Shona, a tsotso stove typically is a tin with holes pricked into it, with a few tiny sticks stashed inside the home-made stove to produce some fire heat needed for cooking.

Stung by the growing firewood deficits, Zimbabwean villagers are even resorting to buying firewood from woodpoachers moving around in scotch carts touting for customers.

Such are many, like 33-year-old Tigere Mhike, also a resident of Gonzoma village, who said he has been for a long time earning his living through selling firewood to the desperate villagers.

He does this illegally, and in order to escape the wrath of law enforcers, Mhike said he and his assistant often operate under the cover of darkness in their search for the wooden gold.

“Where we live here, there are now too many people who are crowded. Some pieces of land that had plenty of firewood are now occupied by more and more people. We now have to travel very long distances, waking up very early in the mornings sometimes at 2am to go and search for firewood so that we deliver to the villagers wanting the firewood. We sell one scotch-cart full of firewood at 25 (US) dollars,” Mhike told IPS.

Amid incessant droughts actuated by climate change that have also led to the gradual disappearance of Zimbabwe’s forests, with the use of tsotso stoves requiring fewer wood sticks to produce the cooking heat, villagers here have said they are gradually adapting to the crisis.

Even to environmental experts like Batanai Mutasa, part of the panacea to surmount firewood deficits has turned out to be the now popular tsotso stoves in the face of Zimbabwe’s laws forbidding the cutting down of trees.

Mutasa is also the spokesman for the Zimbabwe Environmental Law Association (ZELA), a non-governmental organization comprising of legal minds fighting for this country’s environment.

As the trees disappear amid firewood poaching in Zimbabwe’s villages like Gonzoma in Manicaland Province, Mutasa has a piece of advice.

“My advice to people struggling to find firewood in remote areas is that they should work together to find other means that protect our trees from being damaged, things like using biogas or stoves that don’t require much firewood like tsotso stoves,” he (Mutasa) told IPS.

In worst case scenarios, said Mutasa, to preserve forests as they search for firewood, people should resort to just plucking off branches from the surviving trees to use these to make fire, leaving the trees alive.

Mutasa said: “Mainly, people should make it their habit to plant and replant trees. People can team up with authorities in their villages to fight off woodpoachers in their areas.”

Another Gonzoma villager, Mzilikazi Rusawo, in his early sixties, said faced with desperate times in their search for firewood as the few forests are jealously guarded by law enforcers, they now have to seek permission from authorities before they cut selected trees for firewood.

“The law does not allow us to just cut down trees for firewood anyhow. We actually seek permission from authorities before cutting trees for firewood, which we do with care—sparsely cutting down the trees in order to leave many other trees standing,” Rusawo told IPS.

For the Zimbabwean government, the options are, however, fast running out as rural dwellers battle with firewood shortages.

Some of the options can not be afforded by many residents in rural areas in a country where more than 90 percent are jobless, according to the Zimbabwe Congress of Trade Unions (ZCTU).

“Firewood shortages are a huge challenge for all people living in rural areas, but it is not only firewood that can be used for cooking. People can also use biogas,” Joyce Chapungu, spokesperson for the Environmental Management Agency (EMA), told IPS.

With the retail price of biogas in Zimbabwe going for approximately two dollars per kilogram, not many rural residents can afford buying the cooking gas.

IPS UN Bureau Report

 


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ROSEN, A LONGSTANDING LAW FIRM, Encourages Acadia Healthcare Company, Inc. Investors to Secure Counsel Before Important Deadline in Securities Class Action First Filed by the Firm – ACHC

NEW YORK, Nov. 06, 2024 (GLOBE NEWSWIRE) —

WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Acadia Healthcare Company, Inc. (NASDAQ: ACHC) between February 28, 2020 and October 18, 2024, both dates inclusive (the “Class Period”) of the important December 16, 2024 lead plaintiff deadline in the securities class action first filed by the Firm.

SO WHAT: If you purchased Acadia Healthcare securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Acadia Healthcare class action, go to https://rosenlegal.com/submit–form/?case_id=28482 or call Phillip Kim, Esq. toll–free at 866–767–3653 or email case@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than December 16, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made materially false and/or misleading statements and/or failed to disclose that: (1) Acadia Healthcare’s business model centered on holding vulnerable people against their will in its facilities, including in cases where it was not medically necessary to do so; (2) while in Acadia Healthcare facilities, many patients were subjected to abuse; (3) Acadia Healthcare deceived insurance providers into paying for patients to stay in its facilities when it was not medically necessary; and (4) as a result, defendants’ statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Acadia Healthcare class action, go to https://rosenlegal.com/submit–form/?case_id=28482 call Phillip Kim, Esq. toll–free at 866–767–3653 or email case@rosenlegal.com for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the–rosen–law–firm or on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm.

Attorney Advertising. Prior results do not guarantee a similar outcome.

———————————————–

Contact Information:

        Laurence Rosen, Esq.
        Phillip Kim, Esq.
        The Rosen Law Firm, P.A.
        275 Madison Avenue, 40th Floor
        New York, NY 10016
        Tel: (212) 686–1060
        Toll Free: (866) 767–3653
        Fax: (212) 202–3827
        case@rosenlegal.com
        www.rosenlegal.com


GLOBENEWSWIRE (Distribution ID 9267859)