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Grizzly Research Releases Coverage Report on GigaCloud (NASDAQ:GCT)

GigaCloud Technology Inc

New York, May 22, 2024 – Grizzly Research has released a comprehensive coverage report on GigaCloud Technology Inc. (NASDAQ: GCT). The report provides an in-depth analysis of GigaCloud’s business operations, highlighting several areas of concern regarding the company’s financial reporting and operational practices. A copy of the report can be found here: Grizzly GCT Report Key Findings: Discrepancies in Gross Merchandise Value (GMV): While GigaCloud reports significant growth in GMV, web traffic data for its B2B marketplace, GigaB2B, indicates low activity. At its peak, the site had only 1,000 visits per month, which raises questions about the accuracy of the reported $907 million GMV. RelatedParty Transactions: The report identifies a network of related party transactions involving shell companies. These entities, often managed by GigaCloud employees, appear to be used to enhance the appearance of marketplace activity. Revenue Recognition Practices: GigaCloud’s method of booking fulfillment costs as revenue to inflate top-line figures is examined. Over $100 million in last-mile service revenue was recorded, despite the company reportedly lacking the necessary infrastructure to support such a volume of business. Auditor Practices: The report notes that GigaCloud’s auditor, KPMG Huazhen LLP, has a limited track record, having audited only two U.S. public companies, both of which have faced scrutiny from short-sellers. Insider Selling: Significant insider stock sales by key executives, including CEO Larry Lei Wu, amounting to over $85 million, are highlighted as a point of concern for investors. Noble House Acquisition: The acquisition of Noble House, which GigaCloud presented as a strategic expansion, is discussed. Bankruptcy documents show that Noble House’s revenue declined significantly from $491 million in 2022 to $150 million in 2023, which contrasts with GigaCloud’s optimistic projections. Background: GigaCloud Technology Inc. provides end-to-end B2B e-commerce solutions for large parcel merchandise through its GigaB2B platform. While the company has reported impressive growth metrics, the findings in Grizzly Research’s report suggest the need for a closer examination of GigaCloud’s business practices. Implications: Grizzly Research’s report raises important questions about GigaCloud’s operational and financial practices. The use of related party transactions to potentially inflate financial results and the significant insider stock sales suggest areas that may require further scrutiny by investors and stakeholders. Conclusion: The report encourages investors to exercise caution and conduct thorough due diligence when considering investments in GigaCloud. Grizzly Research aims to provide valuable insights to help investors make informed decisions. About Grizzly Research: Grizzly Research is a leading investigative research firm dedicated to providing comprehensive analyses and insights into corporate practices. With a team of experienced analysts and investigators, Grizzly Research helps investors navigate complex financial landscapes. For further information, please contact: Media Relations: Grizzly Research Email: Admin@grizzlyreports.com Disclaimer: The findings and conclusions in this press release are based on Grizzly Research’s independent analysis. Investors should consider these findings as part of a broader due diligence process. This press release is a summary of the coverage report released by Grizzly Research. For the full report, please visit Grizzly Research’s website https://www.grizzlyreports.com. Contact Details Grizzly Research Admin@grizzlyreports.com

May 22, 2024 09:46 AM Eastern Daylight Time

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TRON DAO at DC Blockchain Summit

TRON DAO

Geneva, Switzerland, May 22, 2024 – TRON DAO, a leading innovator in blockchain technology, showcased its prowess as a Silver Sponsor at the prestigious DC Blockchain Summit held in Washington DC on May 15, 2024. This pivotal event gathered the most influential figures in blockchain and digital assets to engage with top policymakers and regulators, shaping the discourse on the future of blockchain technology. Engagement and Advocacy in the Capital The DC Blockchain Summit is renowned for its focus on connecting leaders within the blockchain space with key policymakers to advocate for the technology’s potential and address regulatory challenges. As a Silver Sponsor, TRON DAO played a crucial role in these discussions, emphasizing the need for a regulatory framework that supports innovation and growth within the blockchain sector. Panel Discussion on Blockchain for Social Good Highlighting the conference was a panel discussion featuring Dave Uhryniak, Ecosystem Development Leader at TRON DAO, who spoke on the topic "Blockchain for Social Good" on May 15th from 3:20-3:40 PM. Moderated by Jackie Price, Marketing and Communications Advisor at The Digital Chamber, the discussion provided a platform to explore how blockchain technology can drive social impact globally. Dave Uhryniak began by defining "social good" to set the stage for the discussion. He then shared several use cases and stories of companies leveraging blockchain technology to enhance social welfare: Uhryniak emphasized the global impact of blockchain technology, steering the conversation away from US-centric political issues and focusing on how blockchain fulfills its original purpose of improving lives worldwide. Networking and Strategic Collaborations A significant aspect of the event was the successful networking opportunities with various projects and leaders in the blockchain community. These interactions fostered discussions about potential collaborations, reinforcing TRON DAO’s strategic position within the global blockchain landscape. Future Commitments and Outlook Looking ahead, TRON DAO remains dedicated to playing a significant role in shaping the blockchain landscape through ongoing dialogue with policymakers and continued participation in key industry events. The insights gained and relationships forged at the DC Blockchain Summit will aid TRON DAO in its efforts to advance blockchain technology and advocate for policies that benefit the wider digital asset community. For more updates on TRON DAO’s initiatives and future engagements, please follow our social media platforms and stay connected with the evolving blockchain ecosystem. About TRON DAO TRON DAO is a community-governed DAO dedicated to accelerating the decentralization of the internet via blockchain technology and dApps. Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized Web3 services boasting over 100 million monthly active users. The TRON network has gained incredible traction in recent years. As of May 2024, it has over 230.22 million total user accounts on the blockchain, more than 7.64 billion total transactions, and over $22.12 billion in total value locked (TVL), as reported on TRONSCAN. In addition, TRON hosts the largest circulating supply of USD Tether (USDT) stablecoin across the globe, overtaking USDT on Ethereum since April 2021. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. Most recently in October 2022, TRON was designated as the national blockchain for the Commonwealth of Dominica, which marks the first time a major public blockchain partnered with a sovereign nation to develop its national blockchain infrastructure. On top of the government’s endorsement to issue Dominica Coin (“DMC”), a blockchain-based fan token to help promote Dominica’s global fanfare, seven existing TRON-based tokens - TRX, BTT, NFT, JST, USDD, USDT, TUSD, have been granted statutory status as authorized digital currency and medium of exchange in the country. TRONNetwork | TRONDAO | Twitter | YouTube | Telegram | Discord | Reddit | GitHub | Medium | Forum Media Contact Hayward Wong press@tron.network Contact Details Hayward Wong press@tron.network Company Website https://trondao.org/

May 22, 2024 09:34 AM Eastern Daylight Time

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Ilika Plc Advances Goliath EV Battery Testing with Customer-Sponsored Program

Ilika PLC

Ilika Plc CEO Graeme Purdy joined Steve Darling from Proactive to share news the company has initiated testing on its inaugural batch of P1 Goliath electric vehicle prototype batteries within a customer-sponsored initiative. This significant step follows the successful completion of production and rigorous in-house testing. Ilika previously achieved a pivotal milestone, termed the D4 development point, announced in November. This milestone marks a design-freeze stage in Ilika's Goliath roadmap, forming the basis for the P1 prototype slated for customer release. The P1 prototype represents an intermediary phase on Ilika's journey towards its anticipated minimum viable product scheduled for 2025. Comprising solid-state pouch cells with an NMC cathode and silicon anode, the P1 prototype showcases promising advancements in battery technology. Purdy confirmed that Ilika has effectively manufactured and tested batches of P1 pouch cells aligned with the D4 development point. Subsequently, the company has embarked on a customer-driven test program, marking the commencement of a series of commercial collaborations with automotive OEMs and Tier 1 companies. Undeterred, Ilika remains focused on advancing along its roadmap towards the MVP milestone slated for the calendar year 2025. The Goliath MVP, represented by P2 prototypes, is poised to unlock licensing opportunities, signaling continued progress and innovation in the electric vehicle battery sector. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com

May 22, 2024 09:29 AM Eastern Daylight Time

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BenevolentAI and AstraZeneca Advance Heart Failure Treatment Discovery

BenevolentAI

BenevolentAI Co-Founder Dr. Ivan Griffin shared exciting news with Proactive's Steve Darling regarding the company's collaboration with AstraZeneca. Through this partnership, AstraZeneca has incorporated a novel target for Heart Failure into its discovery portfolio, thanks to BenevolentAI's AI-driven drug discovery platform. Dr. Griffin emphasized that this achievement marks a significant milestone, as it represents the first target selected from the extended collaboration with AstraZeneca. This underscores the positive progress in Target Identification within the field of Heart Failure treatment. The collaboration between BenevolentAI and AstraZeneca began in 2019, initially focusing on discovering potential treatments for idiopathic pulmonary fibrosis and chronic kidney disease. Building on this success, the collaboration expanded in January 2022 to include Heart Failure and Systemic Lupus Erythematosus, showcasing the versatility of BenevolentAI's platform across multiple therapeutic areas. One of the key strengths of this collaboration is its innovative structure, which brings together scientists and technologists from both companies to work collaboratively. By combining BenevolentAI's AI-driven platform and biomedical knowledge with AstraZeneca's scientific expertise, the collaboration has yielded novel and robust Target Identification strategies. Overall, the advancement in Heart Failure treatment discovery reflects the commitment of BenevolentAI and AstraZeneca to leveraging cutting-edge technology and collaborative efforts to address unmet medical needs and improve patient outcomes. Contact Details Proactive North America +1 604-688-8158 NA-editorial@proactiveinvestors.com

May 22, 2024 09:25 AM Eastern Daylight Time

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News Release

Babson College to Launch C. Dean Metropoulos Institute for Entrepreneurship and Technology

Babson College

Institute Advances Babson’s Infusion of Technology and AI into Entrepreneurial Education Babson College announced today that C. Dean Metropoulos ’67, MBA’68 has made a transformational gift to launch the C. Dean Metropoulos Institute for Entrepreneurship and Technology. This marks a significant step forward in Babson’s strategic initiatives to advance and elevate the pivotal role of technology in entrepreneurial education. This generous gift reflects Metropoulos’ long-standing commitment to Babson and underscores the College’s commitment to innovation in the technology sector. The C. Dean Metropoulos Institute for Entrepreneurship and Technology will build on Babson’s history of success preparing the next generation of entrepreneurial leaders to change the world. This groundbreaking institute will bolster Babson’s leading entrepreneurial education into the leadership ranks of technology and AI. The Institute will support and expand curricular and cocurricular programs that amplify the importance of technological innovation in the entrepreneurial process. Thought leadership initiatives will explore the critical need for guardrails when navigating the benefits and risks of emerging technologies and AI and their adoption in industry, medicine, and the environment. This focus will serve as the cornerstone of the Metropoulos Institute’s contribution through its emerging leaders. “I am very proud to be part of Babson’s exciting new initiatives in this incredible frontier of technology and AI,” said C. Dean Metropoulos. “The past century has ushered in unprecedented scientific discoveries and innovation impacting humanity and our planet. It is very clear that these technologies are accelerating at a speed never before experienced. This tide clearly offers many opportunities that provide positive solutions to humanity in every aspect of life, from education, business, medicine, environment, and just day-to-day living.” “And yet,” continued Metropoulos, “with all this progress, we face major global challenges of social and economic inequality, sustainability, and fostering a healthy planet for healthy humans. It is crucial that young leaders and entrepreneurs, business, government, philanthropists, and researchers will need to work closely together to positively impact the challenges confronting us.” Metropoulos, a member of the undergraduate Class of 1967 and graduate Class of 1968, has long been a passionate supporter of Babson. He previously served as a trustee of the College and in 2017 was inducted into the Academy of Distinguished Entrepreneurs®. Dean and his sons, Evan and Daren, have specialized in the revival and reimagination of hundreds of historic, iconic and global brands and businesses in the food and beverage, consumer products, and other diversified sectors. Throughout their impressive career, Dean and his sons have transformed companies and accelerated revenue and earnings growth by restructuring the businesses and revitalizing and innovating iconic brands around the world. “Babson’s ability to embrace new technologies and rapidly integrate them into our academic and experiential endeavors will be critical to our continued success,” said President Stephen Spinelli Jr. MBA’92, PhD. “It is inspiring to have such an innovative alumnus like C. Dean Metropoulos support our work and advance our leadership in this space.” The C. Dean Metropoulos Institute for Entrepreneurship and Technology is expected to open in the fall of 2024. About Babson College Babson College prepares and empowers entrepreneurial leaders who create, grow, and steward sustainable economic and social value everywhere. We shape the entrepreneurial leaders our world needs most: those with strong functional knowledge, skills, and vision to navigate change, accommodate ambiguity, surmount complexity, and motivate teams in organizations of all types and sizes. An international leader in entrepreneurship education recognized globally by U.S. News & World Report, our undergraduate, graduate, executive programs, and partnership opportunities are tailored to the needs of our world.

May 22, 2024 09:01 AM Eastern Daylight Time

NAVEX Releases 2024 Regional Whistleblowing & Incident Management Benchmark Report

NAVEX Global

NAVEX, the global leader in integrated risk and compliance management software, has released its 2024 Regional Whistleblowing & Incident Management Benchmark Report. A deeper dive into the global data, it offers valuable insights into workplace culture by analysing 1.86 million global reports spanning 3,784 organisations that together employ more than 50 million employees. NAVEX analysed its global 2023 data by four main regions: Europe, North America, South America, and Asia Pacific (APAC). “Understanding how regional differences may impact the level and types of incident reporting is a key component of evaluating the effectiveness of a whistleblower program. Consistent analysis and benchmarking of whistleblowing hotline data empowers organisations to take action and evaluate their risk and compliance programs,” says Carrie Penman, Chief Risk and Compliance Officer at NAVEX. “NAVEX remains the gold standard in risk and compliance data analytics, continually innovating our benchmarks to enhance corporate compliance programs and offer insights into the trending risk areas. New this year, we analysed critical third-party reporting trends in our research to involve a group that represents a diverse and distinct view. In this way, business leaders will better understand how to nurture ethical culture throughout the business including the supply chain.” Europe-based organisations saw a larger share of reports from third parties In a first for this report, NAVEX analysed its database by both employees and third-party reporters. Europe-based organisations appear to have received a larger share of their reports from third parties than peers based elsewhere in 2023 (apart from South America, where some metrics in this analysis are subject to greater swings). This may be related to a greater focus on third-party due diligence in Europe driven by regulations such as the German Supply Chain Due Diligence Act (commonly referred to as LkSG), the European Union’s Corporate Sustainability Due Diligence Directive, and sanctions regimes. Third-party reporters are less likely to be anonymous than employees across almost all measures, but some nuances remain. For example, organisations based in Europe and APAC have roughly the same anonymity rate for employees, but third parties were more likely to stay anonymous when reporting to an organisation based in APAC. The Substantiation Rate (the rate of reports that when investigated prove to be correct or partially correct) for third-party reports made to organisations based in Europe was actually better than the rate for employees in 2023 – a surprising finding given the decreased proximity third-party reporters have to the organisation, its policies, and training. European headquartered organisations received the greatest share of reports of Bribery and Corruption The greatest share of reports pertaining to Bribery and Corruption by headquarters were for those based in Europe, which also showed a 10% year-over-year increase; 1.78% of reports in 2023 compared to 1.62% in 2022. Conversely, when looking at this category by report origination, reports in North America and Europe were far less likely than in APAC and especially South America to involve this Risk Type. March and October are peak months Interestingly, report volume is typically lower in the summer months. This appears true when looking at reporting by company headquarter location and by the region in which a report originated. Reporting shows two peaks across regions and measures – March and October. Europe shows increase in reporting…except the UK There were expectations that the implementation of the European Union Whistleblower Protection Directive would increase internal reporting activity across Europe, given that the regulation requires a wide swath of organisations to implement internal reporting systems. Data shows median Reports per 100 Employees is indeed increasing across mainland Europe. However, for the UK – notably not an EU member state and thus not subject to the Directive – report volumes fell. Comparing 2022 to 2023, organisations based in Europe saw median Reports per 100 Employees increase from 0.53 to 0.63, while in the UK, those values decreased from 0.53 to 0.43. This trend may change as the nation considers updates to its own internal reporting regulations, a process still under discussion in Parliament. Workplace Civility reports for European-based organisations more than doubled Workplace Civility issues (bad behaviour, bullying or abuse of power) experienced a major increase in frequency for organisations based in Europe; reports jumped 123% (2022 versus 2023). This trend was also evident in Europe by region of report origination, which experienced an 83% increase. By both measures, all regions saw this Risk Type grow year-over-year, yet Europe was particularly notable. Retaliation reports still low but are on the rise Finally, although always relatively low, retaliation reports represented a greater share of reports made for all four geographies in 2023 than in 2022, both in terms of headquarters and report origination region. Among the greatest increases were for organisations based in Europe, which saw a noticeable rise in frequency. Individuals who experience retaliation are much less likely to report again to the same channel, and this is likely a factor in the low overall volume of these types of reports. When reporters feel they cannot safely speak up internally, they may turn to an external regulator, revealing the need to address misconduct directly and for organisational change. Noting the protections provided to whistleblowers in various regulatory regimes, and that the EU Directive places the burden of proof on the organisation - not the reporter - proactive retaliation prevention processes are becoming more important than ever. Join our webinar for more insights on the 2024 Regional Whistleblowing & Incident Management Benchmark Report. NAVEX is trusted by thousands of customers worldwide to help them achieve the business outcomes that matter most. As the global leader in integrated risk and compliance management software and services, we deliver solutions through the NAVEX One platform, the industry’s most comprehensive governance, risk, and compliance (GRC) information system. For more information, visit NAVEX.com and our blog. Follow us on Twitter and LinkedIn. Contact Details NAVEX anita.lo@navex.com Company Website https://navex.com

May 22, 2024 09:00 AM Eastern Daylight Time

UnifyApps secures $11Mn to transform enterprise integrations with generative AI

UnifyApps

The average enterprise uses nearly 400 SaaS applications that are not connected to each other, leading to data silos and scattered insights across the organization. In a significant move to streamline this process, UnifyApps has announced an $11 million seed funding round to build a unified integration platform that will allow enterprises to create custom applications 10x faster, build workflow automations and sync data between applications in real-time. The funding, led by Elevation Capital, along with participation from the founders and angel investors, underscores the growing demand for real-time connectivity between applications in the enterprise technology landscape. UnifyApps was co-founded by Pavitar Singh (CEO), who served as the CTO at NYSE-listed enterprise software company Sprinklr, along with Sumeet Nandal (COO), Abhishek Kurana (CPO), Rachit Mittal (CTO), Abhinav Singi (VP Engineering), Rahul Anishetty (VP Engineering), Kavish Manubolu (VP Engineering) and Shivam Satrawal (VP Product Management). The idea for UnifyApps was born after the founders realized that enterprise companies lacked a solution for seamless app integration, leaving tremendous untapped value from cost optimizations and efficiency gains. Pavitar Singh, CEO of UnifyApps, said, "The rapid adoption of SaaS applications has led to building silos within the organization with each team using their own set of tools which are not connected to the rest of the organization. Our vision is to change this by making integration simple and accessible, enhancing experiences for both customers and employees". What sets UnifyApps apart is its comprehensive approach to integration, addressing four critical areas: data sync, workflow automation, no-code application development, and the creation of generative AI agents. While competitors may focus on individual areas, UnifyApps offers a holistic solution that delivers a better return on investment (ROI) and lower total cost of ownership (TCO) for customers. Currently, UnifyApps is targeting large, forward-thinking enterprises globally. The platform is designed to be ready for enterprise scale and complexity. Looking ahead, UnifyApps plans to expand its platform to support over 5,000 applications and give organizations the flexibility to build their own custom integrations in less than a day. The company is also committed to advancing the capabilities of generative AI and building fine-tuned, purpose-built LLM-powered agents that will leverage these integrations. "Our goal is to deliver value first products and obsess over customer satisfaction. We want enterprises to truly unlock the full potential of their technology investments. By using UnifyApps, they can unlock a lot of hidden value from their current SaaS ecosystem and propel the next level of growth.” added Pavitar Singh. Mukul Arora, Co-managing Partner, Elevation Capital, said, “We are really excited to partner with Pavitar, who has deep experience in building a large enterprise-focused SaaS business, and was instrumental in growing Sprinklr to a multi-100mn dollar revenue company. With UnifyApps, he wants to build a future where seamless unification across applications and data can help large enterprises automate complex business processes and bring unparalleled efficiency. We believe this can be a massive opportunity and are thrilled to be a part of this journey.” The announcement of UnifyApps' seed funding marks a significant milestone in the company's journey to redefine the SaaS unification landscape. With a strong foundation and a clear vision, UnifyApps is poised to reduce fragmented systems & bridge data silos by enabling teams to build complex applications, automate workflows and unify data across multiple applications. About UnifyApps Unifyapps is a cutting-edge ‘Unified Integration Platform’ powered by generative AI, revolutionizing how enterprises connect disparate applications. Founded in 2023 by Pavitar Singh, along with a team of visionary Co-founders, Unifyapps operates globally with headquarters in India, Dubai, and the US. In its seed round, the company raised $11 million, with funding from Elevation Capital, co-founders, and angel investors. Unifyapps empowers enterprises to create sophisticated applications, automate business workflows, and construct robust data pipelines, catering to the needs of forward-thinking organizations worldwide. Designed for enterprise scalability and complexity, Unifyapps is at the forefront of innovation, transforming the digital landscape with its cutting-edge solutions. About Elevation Capital Elevation Capital is a leading venture capital firm that provides seed and early-stage capital for emerging companies in India. Having invested in India since 2002, Elevation has deployed over $2.6 Bn of capital in 190+ companies. The firm announced its eighth pool of capital of $670 million in April 2022. Co-led by Managing Partners Ravi Adusumalli and Mukul Arora, along with Partners Mridul Arora and Mayank Khanduja, the firm has invested across Consumer Internet, SaaS, Fintech, Consumer Brands, Edtech, Healthtech and Deeptech. Elevation Capital has offices in Bengaluru and Gurgaon. Contact Details UnifyApps Bilal Mahmood +44 7714 007257 b.mahmood@stockwoodstrategy.com Company Website https://www.unifyapps.com/

May 22, 2024 09:00 AM Eastern Daylight Time

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Exalate Achieves ISO 27001 Certification, Reinforcing Security Excellence

500NewsWire

Antwerp, Belgium, May 22, 2024 - ( 500NewsWire ) -- Exalate, a global integration solution provider, today announced its attainment of the ISO 27001 certification, the world's best-known standard for information security management systems (ISMS). This certification, achieved in partnership with NVISO, a leading Belgian cyber security services firm, validates Exalate’s dedication to safeguarding data and ensuring the highest standards of security for its clients. As businesses increasingly rely on integration solutions to streamline operations and enhance collaboration, the importance of robust security measures cannot be overstated. Exalate's ISO 27001 certification provides assurance to customers that their data is protected at every stage of the integration process. "At Exalate, we understand the critical importance of maintaining the highest standards of security, especially in integration scenarios where data integrity is crucial,” said Francis Martens, CEO of Exalate. “This certification reflects our dedicated efforts to provide customers with secure, reliable integration so they can focus on their core business with peace of mind.” Key benefits of Exalate’s ISO 27001 certification for the organization and its clients: Enhanced Security: Ensures clients' data is safeguarded against breaches and cyber threats. Risk Mitigation: Exalate proactively identifies and manages security risks, ensuring the highest level of data protection, cyber resilience, and operational excellence for clients. Global Recognition: Reinforces clients' confidence in Exalate's adherence to internationally recognized security standards. Exalate remains committed to maintaining the highest standards of security and will continue to invest in initiatives that strengthen its security posture and uphold the trust of its clients. For media inquiries, please contact: Dafina Hristova, PR pr@exalate.com About Exalate: Exalate is a leading integration solution provider, offering robust and flexible synchronization capabilities for teams across diverse platforms, environments, and company borders. With a focus on security, reliability, and seamless connectivity, Exalate empowers organizations to streamline their workflows and achieve greater efficiency at scale. About NVISO: NVISO is a pure-play cyber security consulting firm, focused mainly on the financial sector, the technology sector, and government and critical infrastructure. Contact Details Dafina Hristova, PR pr@exalate.com

May 22, 2024 09:00 AM Eastern Daylight Time

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Revolutionizing Mental Healthcare With The Rise Of Ketamine And Psychedelic Therapies

Benzinga

By Faith Ashmore, Benzinga In the world of mental healthcare, there has been growing criticism over traditional drugs that treat depression. Traditional drugs that treat depression, such as selective serotonin reuptake inhibitors (SSRIs) and serotonin-norepinephrine reuptake inhibitors (SNRIs), primarily target the levels of neurotransmitters in the brain, specifically serotonin and norepinephrine, to alleviate symptoms of depression. These medications work by blocking the reuptake of these neurotransmitters, allowing them to accumulate in the brain and enhance mood regulation. However, SSRIs and SNRIs have received criticism for their potential side effects, such as sexual dysfunction, weight gain and withdrawal symptoms. More and more studies are coming out questioning their efficacy as well. As antidepressants are looking less shiny to consumers and scientists, it begs the question, what is the alternative? Is Ketamine The Answer To Hard To Treat Mental Illnesses? In recent years, alternative treatments for hard-to-treat mental illnesses like treatment-resistant depression (TRD), bipolar 2 and PTSD have become increasingly common and sought-after. Drugs like MDMA and ketamine have gotten attention for being often more effective and less dangerous than traditional medicine. Ketamine, which is a dissociative anesthetic, targets the glutamate system in the brain, specifically the NMDA receptors, and modulates the release of neurotransmitters like glutamate. By doing so, ketamine can rapidly improve depressive symptoms, often within hours or days, in contrast to the weeks or months that traditional antidepressants may require. Psychedelics, like ketamine, are emerging as a potential treatment option for mental health conditions by disrupting rigid neural pathways associated with depression, anxiety, and other disorders. Research indicates that these substances have the potential to promote neuroplasticity and restore neural circuits, ultimately leading to improved mental health outcomes. For patients who are struggling under the weight of a difficult-to-treat mental illness, these alternatives can be life-saving. Even high-profile celebrities like Elon Musk have opened up about their success with ketamine as a depression treatment. Companies like SiloPharma Inc. (NASDAQ: SILO) are at the forefront of developing alternative treatments for conditions such as depression. With a focus on underserved areas, including PTSD, stress-induced psychiatric disorders, chronic pain and central nervous system diseases, SiloPharma aims to provide novel therapeutics to address these unmet needs. They have built a growing pipeline of opportunities, leveraging the promising potential of psychedelic drugs and conventional formulations. The company recently conducted a study in partnership with Columbia University, which explored new pathways involved in mood regulation. This study yielded promising results, showing significant improvements in patient mood stability without the common side effects of existing antidepressants. As a result, Silo has successfully progressed SPC-15 through pre-clinical development and is now preparing to submit a pre-investigational New Drug Application (IND) to the FDA. This application will focus on SPC-15's use in treating PTSD, a lead indication for the drug. “The recently completed study demonstrated marked improvements in mood stability, which we see as a potentially significant development for combatting depression and preventing relapse,” said Silo CEO Eric Weisblum. “While advancing our SPC-15 program in PTSD to the clinic remains our top pipeline priority, we are excited about these encouraging new results and the additional potential for treating millions of people affected by depression which could ultimately expand our pipeline.” Silo has exercised its option to license SPC-15 from Columbia University, as outlined in its sponsored research and option agreement established in 2021. The license agreement, currently in the finalization stage, will grant Silo the exclusive rights to further develop, manufacture and distribute SPC-15 globally. Completion of the exclusive license agreement is expected by the first half of 2024. SiloPharma is not alone in the pursuit of alternative treatment for mental health; Atai Life Sciences (NASDAQ: ATAI) and Field Trip Health Ltd (NASDAQ: FTRP) are both exploring R-ketamine and MDMA treatments, respectively. For patients who are in desperate need of alternative treatment, ketamine is looking like a viable option, and companies like SiloPharma are helping to make that more possible. Featured photo by Pawel Czerwinski on Unsplash. Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders. This post contains sponsored content. This content is for informational purposes only and not intended to be investing advice. Contact Details Benzinga +1 877-440-9464 info@benzinga.com Company Website http://www.benzinga.com

May 22, 2024 08:55 AM Eastern Daylight Time

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