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The Bright Side of Muni Market Volatility: Tax-Loss Harvesting


The uncertainty around the timing of interest rate hikes these past two years has created an opportunity that municipal bond investors haven’t seen in a decade – gaining by losing. What we mean is tax-loss harvesting, a strategy rarely available to this market given munis’ historic stability and, more recently, the extended bull market run in bonds that preceded this latest Fed tightening cycle. Now, with less than a month left before year’s end, we’re seeing strong evidence that institutional and retail investors are taking advantage of recent yield volatility to book these advantageous losses. The volume of bid wanted lists on the Tradeweb platform spiked in November and continues to run 70% higher than August year-to-date activity, prior to the temporary blip in municipal bond performance. Through the first eight months of 2023, total returns in the muni market were positive, so tax-harvesting as a widely available strategy stayed on the shelf. However, with the market losing more than 3% in October and turning negative for 2023, investors could again consider the strategy to manage tax liabilities while dumping underperforming bonds. Investors had a similar opportunity to pursue tax-loss harvesting at the end of 2022, set up by a comparable spike in yields last September. A surge in activity For those who haven’t been around munis long enough to experience past downturns, tax harvesting might be an unfamiliar concept. The idea is simple tax management - investors sell securities with unrealized capital losses to offset realized capital gains. Those losses that exceed the gains in a given year can be carried forward to offset gains in future tax years. Since September, we have seen institutions and retail investors alike pursuing the strategy in earnest. Evidencing this trend, users of Tradeweb Direct’s Portfolio Solutions analytics suite conducted holdings searches to identify municipal positions with unrealized losses in the month of September at a clip 82% higher than in the preceding eight months. What’s more, muni bid wanteds routed through Tradeweb Direct have also spiked, with October sell inquiries 65% greater than the August year-to-date average and November liquidation requests soaring 70% above that level. Retail is on board Given the dynamic role and high levels of participation of retail investors in the municipals market that’s not at all surprising. Retail investors are crucial to creating a high-functioning muni market and have themselves become more sophisticated, active market investors. They own roughly 60-70% of all municipal bonds outstanding, and are no longer just the buy-and-hold investor of last resort. Through advances in electronic trading, they’ve gained a direct conduit to the institutional sell side, and represent a big pool of market liquidity in both volatile and stable markets. The tricky part of tax-loss selling for any investor comes when it’s time to reinvest. While buying similar securities - often to maintain portfolio allocations - is ok, IRS “wash rules” prohibit the purchase of substantially the identical investment within 30 days before or after the sale. Because liquidity in the muni market is largely driven by available inventory, finding a similar replacement manually for the asset that was sold can sometimes be a challenge. There are tools, though, that can help with the transaction and with locating a qualified replacement. Leveraging the Portfolio Solutions analytics suite on Tradeweb Direct, investors can pursue tax-loss harvesting electronically, using features that support the end-to-end workflow of the strategy. Here’s how to get started: 1) Identify your loss candidates 2) Add a swap candidate to a restructuring proposal 3) Add a replacement candidate to the proposal 4) Generate a client-facing transaction report As we’ve seen through periods of bond market volatility these past two years, sudden swings in yields present opportunities to use negative returns to your advantage. The windows open and close quickly, so being prepared, with the tools to enable fast execution, is essential. With year-end approaching and interest rates top of mind, it’s important to stay vigilant and move on tax-loss harvesting possibilities when they are available. To learn more about Tradeweb Direct’s capabilities and how we can assist you in your trading strategies, visit: Written by: Bill Buzaid, Managing Director, Head of Sales & Relationship Management, Tradeweb Direct and Alexandra Isayev, Director, Head of Portfolio Solutions Product, Tradeweb Direct © 2023 Tradeweb Markets LLC. The information contained herein is proprietary and may not be copied or redistributed without the prior written consent of Tradeweb Markets LLC. The content of this publication is for informational purposes only and is not offered as investment, tax or legal advice, or an offer to buy or sell securities. The information is provided “as is” and to the fullest extent permitted by applicable law, all warranties and representations are disclaimed. About Tradeweb Markets Tradeweb Markets Inc. (Nasdaq: TW) is a leading, global operator of electronic marketplaces for rates, credit, equities and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, electronic trading, straight-through-processing and reporting for more than 40 products to clients in the institutional, wholesale and retail markets. Advanced technologies developed by Tradeweb enhance price discovery, order execution and trade workflows while allowing for greater scale and helping to reduce risks in client trading operations. Tradeweb serves more than 2,500 clients in more than 65 countries. On average, Tradeweb facilitated more than $1.2 trillion in notional value traded per day over the past four quarters. For more information, please go to Forward-Looking Statements This release contains forward-looking statements within the meaning of the federal securities laws. Statements related to, among other things, our outlook and future performance, the industry and markets in which we operate, our expectations, beliefs, plans, strategies, objectives, prospects and assumptions and future events are forward-looking statements. We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors, including those discussed under the heading “Risk Factors” in documents of Tradeweb Markets Inc. on file with or furnished to the SEC, may cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this release are not guarantees of future performance and our actual results of operations, financial condition or liquidity, and the development of the industry and markets in which we operate, may differ materially from the forward-looking statements contained in this release. In addition, even if our results of operations, financial condition or liquidity, and events in the industry and markets in which we operate, are consistent with the forward-looking statements contained in this release, they may not be predictive of results or developments in future periods. Any forward-looking statement that we make in this release speaks only as of the date of such statement. Except as required by law, we do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this release. Contact Details Tradeweb Media Contact Daniel Noonan +1 646-767-4677 Company Website

December 06, 2023 09:51 AM Eastern Standard Time

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Minuteman Press Franchise in Londonderry, NH Wins Business of the Year

Minuteman Press International Inc

For over 8 years and counting, Bob Bean has been the proud owner of the Minuteman Press franchise in Londonderry, New Hampshire located at 44 Nashua Road, Unit 18. When Bob purchased the business in October of 2015, he followed the Minuteman Press system and immediately became involved with several community groups and organizations. Thanks to Bob’s hard work and dedication, Minuteman Press in Londonderry has won the Business of the Year award from the Greater Derry Londonderry Chamber of Commerce. Bob accepted the award at the special awards dinner that was held on Oct. 12, 2023 at the Tupelo Music Hall in Derry NH. Bob shares his humble reaction to winning the award and provides his insights on the importance of being an active member of local groups in order to build relationships and generate referrals. He also talks about his journey to Minuteman Press and how his passion for helping others drives him today. What does it mean to you to win Business of the Year? H ow are you active in your community? Bob Bean: “Receiving the Business of the Year is a humbling experience. It was a surprise, I did not know that we had made such an impact in the Chamber and business community for this recognition. We have just tried to provide services to the businesses and the community to the best of our ability. It is great to be recognized and know that we are doing a good job with in the communities that we serve. I am involved in two local Chambers, member of the Rotary Club of Londonderry, and have been an active member in BNI for 8 years. I have made many connections with a lot of the non-profits in the area and work with them to help with their needs and support their functions. With the local rotary we have sponsored Christmas on the Commons, Senior High School Graduation Banners have donated to many non-profits and helped with fuel assistance during the winter months. I am also involved with the Freemasons in the state.” How would you best describe your community? Bob Bean: “ The Derry/Londonderry community are the largest two towns that are in the chamber and we have several smaller towns in the chamber also. New Hampshire does not have a lot of large metropolitan areas; it is made up more of small towns that are convenient to bordering states. Other than small businesses and small business owners, the majority of the communities are made up of people that work out of state. The people and businesses in the community are open and always look for ways to help each other when possible. As business owners, we all want to support each other and do what we can to see that we can grow and thrive.” What are some of the key ways you’ve grown your business? Bob Bean: “Networking is the key that has worked for us. Since 2015, I have been a member of the chamber and of BNI. I have always been very active in the networking area by going to meetings, ribbon-cuttings, events, and visiting businesses. We took advantage of the upgraded website to get some traffic through online channels. One of the other biggest ways we’ve built the business is through referrals from our customers and the organizations we work with.” What are your high-demand products and services? Bob Bean: “We have been able to provide direct mail services for many of our clients; this has been a big part of the business over the last few years especially during the pandemic. We also do a lot of marketing catalogs and Playbills for several theater groups and music groups.” What was your previous background? Why did you choose Minuteman Press? Bob Bean: “I was in the computer industry for almost 40 years. Most of my career was in management both in manufacturing and support. I was a Field Service Representative for a computer company for many years. Then, for 20 years, I was a Technical Support Manager for a supermarket chain. I chose Minuteman Press because of the research I did on the company and talking to the Regional Vice President and several store owners.” What has the support from Minuteman Press been like for you? Bob Bean: “Minuteman Press International support has been good on all levels. When I have a question, we can usually get an answer quickly. When there is an issue, support has been good at assisting in resolving the issue.” What are the biggest personal and professional rewards of owning your business? Bob Bean: “Personal and professional goals are similar in that I enjoy helping people and organizations. This business has given me the chance to connect with many more people and organizations to be able to help and give my knowledge and experience to them so that they can succeed.” What advice would you give to other business owners right now? Bob Bean: “Get involved with your local Chamber of Commerce and BNI Networking Group. These two are very critical to the growth and success of the business. Also, look into other organizations and groups like the Exchange, Rotary, Kiwanis, or whatever is in your area and local to your business. But do not just join these groups; get involved and be active in what is going on with the groups and be involved in the community. You get out of them what you put into them, so if you are active and visible then you will be the person or business that others will seek out and rely on for help and advice.” For more information on Minuteman Press in Londonderry, NH, visit Learn more about #1 rated Minuteman Press franchise opportunities and read Minuteman Press franchise reviews at Contact Details Minuteman Press International Chris Biscuiti +1 631-249-1370 Company Website

December 06, 2023 09:10 AM Eastern Standard Time

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Bitcoin Eyes $40k, Polygon Set To Explode While New Token Leads With Real AI Use in Crypto

Total Media

Excitement has been rekindled in the crypto market after the Fed hinted at a potential interest rate drop. Bitcoin has capitalized on this, surging past $40,000 to set its sights on $44,000. Polygon (MATIC) is another crypto that has gained momentum in the last few days. Because of this, a top crypto analyst has predicted a potential price surge for MATIC. Amidst the price rally, Everlodge has caught the attention of the crypto space. The project has gained popularity as it looks to lead the adoption of real AI in the crypto space. Bitcoin Has Reclaimed $40,000, Sets Sight on $444,000 A key Fed official has raised the possibility of a rate cut by spring if inflation keeps slowing. The announcement provided the cryptocurrency market a positive boost. Profiting from the optimistic outlook, Bitcoin surged beyond $40,000. The price of Bitcoin will surpass $44k if it breaks above $43,400. Additionally, TradingView data has indicated that the price of Bitcoin may soon surpass $40,000. The approval of a spot Bitcoin ETF is imminent, which might lead to a price rise above $50,000. Analysts have projected that the Bitcoin price could increase to $100,000 by the time of the Bitcoin halving. Some have projected a price of $100,000 for BTC by April 2024. Polygon (MATIC) Could Surge Soon Pseudonymous analyst Bluntz has shared his sentiments about Polygon (MATIC). Based on his analysis, MATIC is currently showing significant bullish signs. According to Bluntz, the price of Polygon is ready for a potential 20% push. When this happens, the price of MATIC could rally to a new high above $1. The MATIC price last traded above $1 in May. Several developments could cause the Polygon price to increase. First, the network is looking to transition. As part of the upgrade, the Polygon network will launch a rebranded POL token. In addition, Lumoz has announced that they will launch StableNet - an EVM-compatible ZK-Rollup - on Polygon. These events could provide the momentum for a price increase for the Polygon coin. Everlodge Leads Adoption of Real AI in Crypto Artificial Intelligence (AI) has emerged as one of the hottest trends in recent months. According to experts, AI will eventually prove to be priceless for platforms that rely on smart contracts and cryptocurrency. Everlodge has embraced this, integrating AI into its blockchain-based real estate marketplace. The purpose of these tools is to assist Everlodge members in making better investment decisions in real estate. These tools are available to Everlodge customers for monitoring, scanning, and analyzing worldwide real estate values. They will not only have access to the most recent global real estate prices, but the AI technologies will also be able to forecast future values. Everlodge wants to provide these properties with more optimized access. The integration of AI aligns with the project's objective of facilitating global accessibility and ease of real estate investing. Due to this, the project has already become popular in the crypto space, drawing a lot of investors to purchase ELDG, the native network token. The project has quickly sold over 18 million ELDG tokens. Also, because Everlodge is connected to the real estate market, which is valued at over $280 trillion, analysts have expressed optimism about it. They have therefore estimated greater upside potential for Everlodge than the Polygon coin. By 2024, ELDG could easily reach $1 per token, while trading at $0.025 at the moment. For more information about Everlodge (ELDG) please visit their website. Contact Details Everlodge Media Team

December 06, 2023 07:00 AM Eastern Standard Time

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Backed by Salesforce Ventures, AI Company AutogenAI Raises $39.5M Series B


AutogenAI, an enterprise-level artificial intelligence company, today announced it has closed a $39.5M Series B. Co-led by Salesforce Ventures and Spark Capital, with participation from Blossom Capital, the funding will enable AutogenAI to further develop its bid-writing product suite helping businesses more efficiently win more work. This marks the company’s second fundraise in four months, bringing total investments in AutogenAI to $65.3M. "The investment in AutogenAI by Salesforce Ventures highlights our conviction that AutogenAI's software is a game-changer for enterprises that secure business via tendering and drafting proposals,” said Nowi Kallen, Managing Director, Salesforce Ventures. “The entire landscape is being transformed by generative AI, and the revolutionary way AutogenAI employs this technology to assist companies to secure more business is groundbreaking.” Global Customers Validate AutogenAI Platform AutogenAI works with Fortune 500 companies, international government agencies, management consultancies, construction companies as well as charities and nonprofits applying for grant funding, to revolutionize the time-consuming and highly sensitive bidding process. This latest fundraise comes as AutogenAI continues to experience unprecedented company growth, having recently expanded to the US and Australia, appointing Elizabeth Lukas and Emma Crichton as CEOs, respectively. With over 100 global employees, AutogenAI has helped businesses achieve a 30% uplift in win rates – over $100M of additional work – and cut associated costs by up to 85%. “The bids and proposals industry is fast-paced and win decisions can be made on the smallest of margins. Having implemented AutogenAI, it is clear that this is a game changer - significantly increasing the productivity of bid teams,” said Debbie Brockbank, Interim Growth Director at Hinduja Global Solutions, the global multi-billion dollar services group. “The quality of the complete finished bid is more consistent and cohesive. The speed to get to the first cut is transformed. Contributors can get access to information quickly and communication in the organization is improved.” AutogenAI Launches New Tool to Address Increased Privacy Regulations Data security is among the biggest barriers to entry for enterprises adopting AI. AutogenAI has prioritized privacy and factual accuracy from its inception making it a trusted partner for businesses. The company’s latest feature, known as the Bowdleriser, removes confidential information from corporate documents, which allows for a wider distribution within a company, fundamentally changing the way knowledge is managed, retrieved, and reused. AutogenAI named the Bowdleriser after the 18th century physician, Thomas Bowdler, who published edited versions of Shakespeare's plays, in which he took the liberty of removing all content that he deemed inappropriate or salacious. "Companies know that they need to embrace AI to reduce costs and drive expansion. AutogenAI has invested in thousands of hours of research to develop the very best competitive writing tool in the world. We are trailblazers in the field of AI knowledge theory,” said Sean Williams, AutogenAI founder and CEO. “Our distinct methodologies prioritize dependable source materials as the foundation of verifying information. Our customers are already winning more work through using our software. The return on investment in using our software is tangible and can be realized in a short span of time. Our platform serves as a launchpad for businesses looking to embrace and expand with generative AI. We have already delivered hundreds of millions of new business wins to our customers and this is only going to increase over time." About AutogenAI AutogenAI helps organizations to win more work. AutogenAI deploys cutting edge artificial intelligence technology so that organizations can write bids, tenders and proposals faster and more compellingly. The AutogenAI team includes specialists in procurement, bid writing and machine learning. Founded by serial entrepreneur, Sean Williams, who started his career as a bid writer, AutogenAI has become one of the fastest-growing generative artificial intelligence companies in the UK and is now being deployed across three continents. For more information, visit Contact Details Kite Hill PR for AutogenAI +1 724-787-1565

December 06, 2023 07:00 AM Eastern Standard Time

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Holiday Gadget Guide

News Media Group, Inc.

Contact Details Karl Wayne +1 334-440-6397 Company Website

December 06, 2023 06:00 AM Eastern Standard Time

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Microsoft Shareholder Seeks Accountability for Transgender Policies; Opposes Reid Hoffman for Board


At the annual meeting for Microsoft Corporation on Thursday, National Legal and Policy Center will present a shareholder proposal that demands the company deliver an analysis of potential discrimination in the insurance coverage it offers employees, as it pertains to gender. Specifically, NLPC has identified coverage for so-called “transgender” staffers who desire to switch from their birth sex. Meanwhile the tech giant – otherwise generous in its benefits coverage, which includes paying for women to travel out of their home states to get abortions, if it’s unlawful where they live – has no provisions in its health plans for those who rue their life-altering “transition” decisions. In support of the proposal, NLPC also filed a proxy memo with the Securities and Exchange Commission, which explains in greater detail the reasons why shareholders should support its resolution for the Microsoft meeting, which is Proposal 5 on the company’s proxy statement. As the nonprofit shareholder reports, the Equal Employment Opportunity Commission prohibits discrimination “in the payment of wages or employee benefits” based on gender, and thus Microsoft’s failure to accommodate de-transitioning workers is clearly biased and inequitable treatment. “A ‘de-transitioner’ fits into Dept. of Labor- and EEOC-protected categories of prohibited discrimination, which include ‘sex’ – expressly incorporating ‘gender identity’ and ‘sexual orientation,’” NLPC reported. “Arguably, for a ‘de-transitioner,’ the protected categories of ‘disability’ and/or ‘genetic information’ could also be cited as possible bases for discrimination.” “While Microsoft boasts about its perfect score from the Human Rights Campaign for capitulating to their radical LGBT agenda, those who are permanently scarred as a consequence of their policies have nowhere to turn for help,” said Paul Chesser, director of NLPC’s Corporate Integrity Project. As NLPC’s proposal states, many regretful transitioners are harmed with “various long-lasting side effects like chronic pain, sexual dysfunction, unwanted hair loss and hair gain, menstrual irregularities, urinary problems, and other complications. Rather than resolve mental health problems, such ‘gender affirming’ care instead often exacerbates them.” NLPC also notes how sufferers are becoming increasingly litigious, which could present material risk to Microsoft shareholders, as noted in the proxy memo to the SEC: Michelle Zacchigna had her uterus and breasts removed, and is suing the eight providers who treated her over their “recklessness.” “Distress related to my gender was treated to the exclusion of other serious mental health issues which went undiagnosed for years. Blind affirmation of my stated identity closed the door to alternative treatment options. What happened to me should never happen again.” Those who desire to “de-transition” cannot find needed treatment, whether from providers or insurance companies… Prisha Mosley said every primary care physician, endocrinologist, obstetrician, and gynecologist she’s approached on her insurance list has turned her away or said they can’t help. “I could call and be rejected every single day.” Chloe Cole said, “I reached out to every physician, every therapist who is involved with this, and I haven’t really gotten any help at all.” Cat Cattinson said, “Because of the experimental nature of gender medicine, doctors know very little about the long-term effects of medical transition and even less about the health-care needs of those who de-transition.” “Microsoft is not only vulnerable legally and financially because it fails to cover care for de-transitioners,” Chesser said, “but also because the company’s stated policies affirm it is possible to change one’s gender. If a judge and jury were to decide the company lied and convinced an employee into undergoing chemical or surgical castration, that is a material risk that Microsoft must disclose in its 10-K annual report to shareholders.” In addition to its shareholder proposal, NLPC also filed another proxy memo with the SEC to oppose the re-election of LinkedIn co-founder Reid Hoffman for Microsoft’s board of directors. The move follows a letter that Chesser sent to Microsoft’s board in October, which asked for the removal of the tech billionaire from the board, due to his hyper-partisan political activities and his connections to the late convicted pedophile Jeffrey Epstein. Founded in 1991, NLPC promotes ethics in public life and government accountability through research, investigation, education, and legal action. ### For more information or to schedule an interview with Paul Chesser, contact Dan Rene at 202-329-8357 or Please visit Contact Details National Legal and Policy Center Dan Rene +1 202-329-8357 Company Website

December 05, 2023 01:35 PM Eastern Standard Time

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Why This New Token Could be 2023's Biggest Altcoin Yet

RoundHouse Media

Why This New Token Could be 2023's Biggest Altcoin Yet Things didn’t go well for the cryptocurrency market over the last few years, with major setbacks like the FTX scandal and a long crypto winter that followed. Fortunately, there are clear signs that this situation is changing for the better as we approach the end of 2023. Subsequently, investors are gearing up and repositioning themselves to purchase cheap tokens to make huge profits when these tokens blossom in 2024 and beyond. There are more than 15,000 tokens currently in the crypto market. However, not all of them can be considered as the best crypto coins to invest in. Most crypto investors are only concerned with one big question: what projects will offer the highest returns? The answer to this question depends on the risk appetite of investors. But there’s one new coin guaranteed to completely transform how many people interact with the crypto market. So let’s take a look at its fundamentals. >>BUY $GFOX TOKENS NOW<< Galaxy Fox ($GFOX) Galaxy Fox ($GFOX) is a P2E gaming platform that allows players to enjoy fun and exciting games, while earning in-game assets they can exchange for $GFOX. The exciting new gaming platform has many unique and innovative features that will draw in gamers and investors from all demographics. In addition to gaming, the project provides users with lucrative opportunities to earn passive income and rewards by staking their tokens, minting and selling NFTs, and more. Galaxy Fox aims to become one of the best crypto coins to invest in by redefining the space through the combination of P2E mechanics and meme culture while enabling users to earn real-world assets. With its versatility and multiple use cases, it’s not surprising that many crypto analysts choose Galaxy Fox as the best cheap crypto to buy in the present market, and expect it to deliver major returns after the presale ends and it goes live on exchanges. The platform has officially launched its first presale stage and is generating a lot of buzz among investors, demonstrating increasing user adoption. The token is currently being sold at $0.0008778 and has already garnered over $400,000 in its first presale stage, which means that a lot of investors are rushing to buy the token to position themselves for a lot of profits. It’s a great opportunity to tap into the vast network of the P2E gaming sector using Galaxy Fox. If you’re looking for the best crypto coins to invest in, this is a serious game-changer in the meme and gaming worlds. So don’t wait to get in early on this project. Check out their presale today! >>BUY $GFOX TOKENS NOW<< Learn more about Galaxy Fox ($GFOX) here: Visit Galaxy Fox Presale | Join The Telegram Group | Follow Galaxy Fox on Twitter Contact Details Team

December 05, 2023 01:00 PM Eastern Standard Time

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Ethernity Networks CEO looks forward to 2024 after "reviving" business in H2

Ethernity Networks Ltd

Ethernity Networks Ltd (AIM:ENET, OTCQB:ENETF) chief executive David Levi speaks to Proactive's Thomas Warner after the networking and security software solutions company released a trading update for calendar year 2023 - a year Lev himself describes as "extremely challenging." Levi starts by talking about some of the positives from the year, noting what he calls the collection of $4.5mln, an increase in gross margin and the announcement of an improvement in the company's cash position during the second half. He describes the action taken during the second half as a "successful revival of the business operation." He goes on to talk about his hopes for 2024, saying that he expects to generate positive cash flow, saying "all in all we completed product development, and now is the time to monetise the business based on what he have developed." "The major thing for investors is that... we plan to operate a positive cash flow but we need in order to do that we need to improve our balance sheet to attain new customers." Contact Details Proactive UK Ltd +44 20 7989 0813

December 05, 2023 12:18 PM Eastern Standard Time

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PathAI Announces Research Presentations at the San Antonio Breast Cancer Symposium


PathAI, a leading technology company which combines AI-powered pathology solutions with end-to-end central pathology and histology services, today announced it will present four research presentations underscoring the value and potential of PathExplore’s* human interpretable features (HIFs), and one research presentation demonstrating the ability of the AIM-HER2* product to accurately predict HER2 scores, including in HER2-low cases, at the San Antonio Breast Cancer Symposium on December 5-9, 2023, in San Antonio, TX. “This research builds on our past successes and proceeds to show that PathAI’s algorithms continue to further our understanding of cancer biology and disease mechanisms,” said Andy Beck, M.D., Ph.D., co-founder and chief executive officer of PathAI. “At PathAI, we continue to demonstrate the clinical potential for these AI pathology tools, and we’re confident that it will ultimately translate to advancements in precision medicine and patient outcomes.” Poster #PO1-07-01: Artificial Intelligence-based prediction of Oncotype DX score from whole slide images using human-interpretable features and breast biomarkers The Oncotype DX Breast Recurrence Score assay (ODX) is a commonly used genomic test for patients with estrogen receptor (ER)-positive, HER2-negative, early-stage invasive breast cancer. While ODX predicts patients’ recurrence risk and benefit from chemotherapy, it is time-consuming and expensive. Using human-interpretable features extracted from H&E whole slide images with the PathExplore Breast model, together with manually assessed ER, PR, HER-2 scores, and tumor stage, PathAI, in collaboration with researchers from the Cleveland Clinic Foundation, developed interpretable models for predicting ODX recurrence scores using histological features and clinical covariates. The models achieved a level of performance comparable to previous deep-learning approaches, while also revealing the contribution of features such as cancer cell density, immune cell density, and variations in cancer nuclear shape and color to the ODX score prediction. Using readily available information, the model has the potential to be a convenient screening tool for patient stratification, which may lead to better patient care, lower costs, and faster treatment. Presenting Author: Nhat Le Time/Location: Wednesday, December 6, 12:00 PM – 2:00 PM, Poster Session 1 Poster #PO3-07-04: Prediction of PAM50 molecular subtypes from H&E-stained breast cancer specimens using tumor microenvironment features and additive multiple instance learning models PAM50, a 50-gene signature, classifies breast cancers into one of five subtypes and has emerged as a key prognostic indicator influencing treatment decisions. There is growing interest in bridging the gap between expression-based metrics and histopathology. In this poster, PathAI describes a computer vision-based approach to predict PAM50 classification using H&E-stained whole slide images (WSIs). Two separate machine learning approaches were developed to predict PAM50 subtypes from WSIs. Both models performed well in predicting Basal, Luminal A, Luminal B, and Luminal (A+B) subtypes, and provide biological interpretability not found in typical black-box models. The results support the notion that AI-powered digital pathology can accurately and reproducibly perform molecular-based classification tasks such as predicting PAM50 classifications using WSIs, suggesting a more efficient path toward clinically relevant breast cancer characterization. Presenting Author: Nhat Le Time/Location: Thursday, December 7, 12:00 PM – 2:00 PM CT, Poster Session 3 Poster #PO1-15-01: Digital pathology models reveal case-specific characteristics of the tumor microenvironment Tumor microenvironments are complex three-dimensional structures, but often only single histological sections are used to glean biological information for research purposes or in some diagnostic practices. These conclusions can also be affected by technical factors in slide preparation and digitization. In this research, PathAI applied PathExplore, a suite of digital pathology models to identify cell and tissue substances as well as their spatial relationships, to whole-slide images of breast cancer tumors and quantified intra- and inter-tumor heterogeneity in human-interpretable features of the tumor microenvironment. The results reveal biological and technical variability that can inform selection and interpretation of biomarkers derived from single slides. The ability to uniquely identify slides from the same case additionally demonstrates the technical robustness of digital pathology models for yielding quantitative insights into tumor biology. Presenting Author: Ylaine Gerardin Time/Location: Wednesday, December 6, 12:00 PM – 2:00 PM, Poster Session 1 Poster #PO2-14-12: Accurate quantification of slide-level HER2 scores in breast cancer using a machine-learning model, AIM-HER2 Breast Cancer The HER2 biomarker is critical in determining a breast cancer treatment course. To aid accurate interpretation of HER2-stained breast cancer specimens, PathAI developed the AIM-HER2 machine learning model, which demonstrates that the model performs comparably to pathologists in the prediction of HER2 scores (0-3+), including HER2-low. Comparable concordance between AIM-HER2 and pathologists was also observed irrespective of the HER2 antibody clone or slide scanner used. AIM-HER2 was developed using “Additive Multiple Instance Learning,” a novel technique which yields highly explainable results as slide-level scores and heatmaps, thereby supporting future use in AI-assisted pathologist workflows. Presenting Author: John Shamshoian Time/location: Wednesday, December 6, 5:00 – 7:00 PM CT, Poster Session 2 For more information, visit our poster sessions. For BioPharma opportunities, reach out to meet with our team at To get in touch with our Digital Diagnostics team, reach out to For Academic Research opportunities, reach out to and *PathExplore and AIM-HER2 are For Research Use Only. Not for use in diagnostic procedures. About PathAI PathAI is a recognized leader in the biopharma partnering space, uniquely combining AI-powered pathology solutions with end-to-end central pathology and histology services. The company supports biopharma partners in executing clinical trials where pathology-based endpoints, biomarker classification, and/or superior histology quality are critical to successfully gauging therapeutic efficacy, accelerating drug development for complex diseases. PathAI has already supported multiple Phase 2 clinical trials in NASH, IBD, and breast cancer, as well as oncology neoadjuvant trials, and is now expanding into larger scale global Phase 3 studies, as well as additional indications. PathAI provides a fully integrated approach to clinical trials, enabling pharma partners to leverage the power of AI without the heavy lift of implementation. This helps reduce the impact of challenges associated with clinical trials, including unreliable turnaround times, variable histology, stain or scan/digitization quality, and challenging assessment of histological endpoints. The lab offers all major immunohistochemistry staining platforms, with flexible workflows across different scanners, stains, and biopsy types, which improves the quality of clinical trials. Services include access to PathAI’s extensive network of over 500 US Board Certified pathologists to perform high quality reading with rapid turnaround time in a cost-effective manner, plus seamless integration of PathAI's advanced AI-solutions to ensure high-quality, reproducible results with every scan. PathAI is headquartered in Boston, MA, and manages a CAP/CLIA-certified diagnostics clinical laboratory (formerly known as Poplar Healthcare) – one of the country’s largest anatomic pathology labs – in Memphis, TN. For more information, please visit Contact Details SVM Public Relations and Marketing Communications Maggie Naples +1 401-490-9700 Company Website

December 05, 2023 12:00 PM Eastern Standard Time

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