Latest news with #Cornerstone
CTV News
2 days ago
- Business
- CTV News
Vast majority of members from 3 Sask. credit unions vote to merge
Members of Conexus, Cornerstone and Synergy credit unions in Saskatchewan have voted in favour of merging. The vast majority of members from three Saskatchewan credit unions have voted in favour of a merger. More than 87 per cent of members of Conexus Credit Union in Regina, 86.5 per cent of Cornerstone Credit Union members in Yorkton and 88.7 per cent of Synergy Credit Union members in Lloydminster voted in favour of a merger. A successful vote required at least 75 per cent approval from members that cast a vote from each credit union. The three credit unions will officially merge Jan. 1, 2026, forming a new province-wide institution. A joint news release from the three partners says the new Credit Union will be governed by an inaugural board that will include 12 directors comprised of six directors from Conexus and three each from Cornerstone and Synergy. 'The overwhelming member support confirms the shared vision and commitment to building a stronger, more resilient credit union that remains member-focused and dedicated to thriving in Saskatchewan,' the release said. The credit unions feel that a merger will better prepare them to meet future investment needs, access specialized expertise and navigate regulatory challenges while continuing to 'offer the service, innovation and local decision-making members expect.' Required legal and regulatory processes will be finalized in the coming months. A CEO and credit union name is also expected to be announced during that period. 'The CEO and credit union name will be selected from one of the three existing credit unions before we officially become one,' the release said. Progress on the merger can be seen here.
Glasgow Times
2 days ago
- Health
- Glasgow Times
New defibrillator installed on Glasgow mobile phone mast
The potentially life-saving equipment has been fitted to the mast's cabinet, situated at the corner of Easterhouse Road and Springcroft Road, Swinton in Glasgow. This instillation was completed following calls from Baillieston councillor, Kevin Lalley who was on the lookout for a suitable location for the unit donated by an anonymous resident. Councillor Lalley approached VodafoneThree, which, along with mobile infrastructure partner Cornerstone, installed the unit on the supporting cabinet of the mast which provides the defibrillator with the power it needs to function properly. Read more: Warning issued as over 100,000 Scots could be left without heating and hot water (Image: Supplied) Councillor Lalley said: "I wish to thank VodafoneThree for assisting the community of Swinton and the wider Baillieston community with their assistance to install this defibrillator. "This is a fantastic initiative and is solely down to one of Swinton's residents. "This lady, who wishes to remain anonymous, approached me and, together, this facility has arrived in our community. "This lady has kindly donated the defibrillator and a very big thank you goes to her for thinking of others. "This can potentially save lives. "Cardiac arrest can happen to anyone at any time, and having defibrillators in a public place, ready for use, is so important." Read more: STV presenter 'brings the sunshine' to officially open Glasgow care home Miranda van Gestel, chief customer officer at Cornerstone, said: "When St John's contacted VodafoneThree about installing a defibrillator on one of our infrastructure cabinets, we were delighted to support the initiative. "This collaboration shows how our shared footprint can do more than deliver connectivity, it can also help save lives. "We're proud to play a part and look forward to exploring more ways we can partner with VodafoneThree for community good." Kris Sanderson, VodafoneThree's network regional manager, added: "When we heard about the need for the defibrillator placement, we were only too happy to help. "We hope it's never needed, but it's a massively important piece of equipment for the local community, and we're delighted to be supporting it."
Korea Herald
3 days ago
- Business
- Korea Herald
Cornerstone reenters Korea to tap Asia's executive market
CEO Simon Wan cites Korea's strategic role in AI, fintech, high-tech sectors Cornerstone International Group is betting big on Asia's dynamic skilled worker market, reopening its Seoul office as the American executive search powerhouse seeks to capture the region's most coveted leaders for both multinational and ambitious local companies. 'The world of economics has changed a lot. It used to be driven by Europe and the US, but now Asia is becoming a very strong champion all over the world in particular industries,' said Simon Wan, CEO of Cornerstone International Group, in an interview with The Korea Herald held in Seoul on Tuesday. Wan, who has been serving as chief executive since 2012, described Korea, along with China and Japan, as a 'triangle of influence' in the global high-tech, chemical and AI sectors. Established in 1989 and headquartered jointly in Atlanta and Shanghai, Cornerstone previously operated in Korea over a decade until 2012 through a partnership with local firm KK Consulting. When that partnership ended, the company exited the market. More than a decade later, Cornerstone is back on the scene. Its new Seoul office opened on May 1, through a partnership with local executive firm Fortis Partners, led by Managing Director Ennis Bae. The Korea team brings international and local experience that aligns with Cornerstone's values, said Wan. 'We are an executive search firm and we help companies find the right person to make transformation in their business," said Wan, stressing that the company's mission is to identify 'cornerstone' executives, leaders around whom teams can build and achieve success. The Seoul office primarily focuses on four sectors, AI, fintech, EVs and telecommunications. Wan stressed that industry expertise is what sets Cornerstone apart. 'Our job is not just to provide a CV,' said Wan. 'Our job is to talk to our client as an internal expert, saying that based on what we see in the market, this is who you need to attract.' Cornerstone goes through a rigorous screening process, evaluating hundreds of candidates to identify a shortlist of five to seven for clients. The firm reviews everything from social media to criminal records, background and psychometric assessments. The timing of the company's comeback to Korea is noteworthy, as second- and third-generation leaders begin to take the reins at major domestic companies, many of whom were educated abroad and actively seek mentorship and strategic consulting, Wan explained. 'With a global platform like Cornerstone, we can really help them to become not just a strong local company but a regional power and even a global power." Leveraging its global network of over 60 offices across 40 countries, Cornerstone conducts multinational executive searches to identify the most suitable candidates for clients. 'We can do the search in the US, Germany, Japan, Shenzen and look for ones that have background and who are happy to work in Korea,' he said. Such global reach is essential, Wan noted, as companies around the world face mounting challenges in securing the right talent. 'The pain point that our clients keep telling us is they cannot find enough good people. There are a lot of applicants, but not many good people,' he said. 'That's when we come in because the best candidates normally are not looking for jobs.' The skilled worker exodus is also a concern, with Korea's brightest semiconductor, AI and high-tech executives increasingly poached by overseas opportunities. Wan said companies need strong leadership cultures to retain top talent. He added that people leave a company for three reasons: family-related decisions, such as children's education; dissatisfaction with leadership; and a lack of strong corporate culture. 'You need to have a good coaching culture internally, so your best performers feel respected and able to perform,' said Wan. This becomes even more important in today's business landscape, where escalating global uncertainty and market ambiguity are forcing companies to make strategic choices. "The reality is that the market has shifted and you have to pick where you are going to focus on," he said. For Cornerstone, that focus means expanding its presence in this region. "Asia, Middle East and Africa are really the powerhouses for the next 10 years." sahn@
Yahoo
12-06-2025
- Business
- Yahoo
Rafael Holdings Reports Third Quarter Fiscal 2025 Financial Results
Cyclo Therapeutics' TransportNPC™ Phase 3 clinical trial for Trappsol® Cyclo™ for the treatment of Niemann-Pick Disease Type C1, a rare and fatal genetic disease, is fully enrolled and results from the 48-week interim analysis are expected later this month NEWARK, N.J., June 11, 2025 (GLOBE NEWSWIRE) -- Rafael Holdings, Inc. (NYSE: RFL; NYSE American: RFL-WT), today reported its financial results for the third quarter and first nine months of fiscal year 2025 ended April 30, 2025. 'We are pleased to have completed our merger with Cyclo Therapeutics and look forward to reporting the topline data from the 48-week interim analysis of the pivotal Phase 3 TransportNPC™ study evaluating Trappsol® Cyclo™ for the treatment of Niemann-Pick Disease Type C1 anticipated later this month,' said Howard Jonas, Chief Executive Officer, Executive Chairman and Chairman of the Board of Rafael Holdings. Mr. Jonas added, 'We have enhanced our financial position with the closing of a $25 million rights offering earlier this month which will support advancing this potential new treatment option for patients suffering from this rare genetic disease.' Rafael Holdings, Inc. Third Quarter Fiscal Year 2025 Financial Results As of April 30, 2025, we had cash and cash equivalents of $37.9 million. On June 4, 2025, the Company announced the closing of a $25 million rights offering, which, including the funding of the backstop commitment by the Jonas family, raised net proceeds of $24.9 million after deduction of certain expenses incurred in connection with the offering. For the three months ended April 30, 2025, we recorded a net loss attributable to Rafael Holdings of $4.8 million, or $0.19 per share, versus a net loss of $32.4 million, or $1.36 per share in the year ago period. The year over year decrease in net loss is attributable to non-cash items, primarily unrealized losses of $1.4 million on the Company's investment in Cyclo equity which we purchased in advance of the potential merger in the current period versus $4.4 million in the year ago period, combined with an in-process R&D expense of $89.9 million related to the acquisition of Cornerstone, partially offset by a $31.3 million recovery of receivables from Cornerstone in the year ago period. Research and development expenses were $3.0 million for the three months ended April 30, 2025, compared to $1.5 million in the year ago period. The year over year increase relates to the inclusion in the current year period of spending at Cyclo Therapeutics following the March 25, 2025 merger and the activity of Cornerstone and Day Three which were consolidated with Rafael Holdings during fiscal 2024. General and administrative expenses were $3.2 million for the three months ended April 30, 2025, compared to $1.9 million in the year ago period. The year over year increase relates to the inclusion of Cyclo Therapeutics following closing of the merger, and the activity of Cornerstone and Day Three, following their consolidation. Rafael Holdings, Inc. First Nine Months Fiscal Year 2025 Financial Results For the nine months ended April 30, 2025, we recorded a net loss attributable to Rafael Holdings of $18.4 million, or $0.73 per share, versus a net loss of $29.9 million, or $1.26 per share in the year ago period. The year over year decrease in net loss is attributable to in-process R&D expense of $89.9 million related to the acquisition of Cornerstone net with a $31.3 million recovery of receivables from Cornerstone in the year ago period and $3.2 million in unrealized gains on the Company's investment in Cyclo equity. Research and development expenses were $5.3 million for the nine months ended April 30, 2025, compared to $2.6 million in the year ago period. The year over year increase relates to the merger with Cyclo Therapeutics which closed on March 25, 2025, and the activity of Cornerstone and Day Three, which were consolidated with Rafael Holdings during fiscal 2024. For the nine months ended April 30, 2025, general and administrative expenses were $8.3 million compared to $6.5 million in the same period in the prior year. The year over year increase relates to the merger with Cyclo Therapeutics which closed on March 25, 2025, and the activity of Cornerstone and Day Three, which were consolidated with Rafael Holdings during fiscal 2024. About Rafael Holdings, Inc. Rafael Holdings, Inc. holds interests in clinical and early-stage pharmaceutical and certain other companies, including our wholly owned subsidiary, Cyclo Therapeutics, LLC, a clinical stage biotechnology company dedicated to developing Rafael's lead clinical candidate, Trappsol® Cyclo™, which is being evaluated in clinical trials for the potential treatment of Niemann-Pick Disease Type C1 ('NPC1'), a rare, fatal, and progressive genetic disorder. Rafael also holds majority equity interests in LipoMedix Pharmaceuticals Ltd., a clinical stage pharmaceutical company, Cornerstone Pharmaceuticals, Inc., formerly known as Rafael Pharmaceuticals Inc., a cancer metabolism-based therapeutics company, Rafael Medical Devices, LLC, an orthopedic-focused medical device company developing instruments to advance minimally invasive surgeries, and Day Three Labs, Inc., a company which empowers third-party manufacturers to reimagine their existing cannabis offerings. Forward Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding our expectations surrounding the potential, safety, efficacy, and regulatory and clinical progress of our product candidates; plans regarding the further evaluation of clinical data; and the potential of our pipeline, including our internal cancer metabolism research programs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, those disclosed under the caption 'Risk Factors' in our Annual Report on Form 10-K for the year ended July 31, 2024, and our other filings with the SEC. These factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. Contact:Barbara 274-2825 RAFAEL HOLDINGS, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) April 30, 2025 July 31, 2024 (audited) ASSETS CURRENT ASSETS Cash and cash equivalents $ 37,936 $ 2,675 Available-for-sale securities — 63,265 Interest receivable — 515 Prepaid clinical trial costs 2,968 — Convertible note receivables, due from Cyclo — 5,191 Accounts receivable, net of allowance for credit losses of $245 at April 30, 2025 and July 31, 2024 414 426 Inventory 288 — Prepaid expenses and other current assets 837 430 Total current assets 42,443 72,502 Property and equipment, net 1,614 2,120 Non-current prepaid clinical trial costs 1,399 — Investments – Cyclo — 12,010 Investments - Hedge Funds — 2,547 Convertible note receivable classified as available-for-sale 1,719 1,146 Goodwill 28,278 3,050 Intangible assets, net 1,027 1,847 In-process research and development 31,575 1,575 Other assets 41 35 TOTAL ASSETS $ 108,096 $ 96,832 LIABILITIES AND EQUITY CURRENT LIABILITIES Accounts payable $ 7,793 $ 2,556 Accrued expenses 1,866 1,798 Convertible notes payable 614 614 Other current liabilities 93 113 Due to related parties 664 733 Installment note payable — 1,700 Total current liabilities 11,030 7,514 Accrued expenses, noncurrent 3,445 2,982 Convertible notes payable, noncurrent 76 73 Other liabilities 25 5 Deferred income tax liability 9,002 — TOTAL LIABILITIES 23,578 10,574 COMMITMENTS AND CONTINGENCIES EQUITY Class A common stock, $0.01 par value; 35,000,000 shares authorized, 787,163 shares issued and outstanding as of April 30, 2025 and July 31, 2024 8 8 Class B common stock, $0.01 par value; 200,000,000 shares authorized, 31,240,188 issued and outstanding (excluding treasury shares of 101,487) as of April 30, 2025, and 24,142,535 issued and 23,819,948 outstanding (excluding treasury shares of 101,487) as of July 31, 2024 312 238 Additional paid-in capital 296,648 280,048 Accumulated deficit (220,169 ) (201,743 ) Treasury stock, at cost; 101,487 Class B shares as of October 31, 2024 and July 31, 2024 (168 ) (168 ) Accumulated other comprehensive income related to unrealized income on available-for-sale securities 219 111 Accumulated other comprehensive income related to foreign currency translation adjustment 3,728 3,691 Total equity attributable to Rafael Holdings, Inc. 80,578 82,185 Noncontrolling interests 3,940 4,073 TOTAL EQUITY 84,518 86,258 TOTAL LIABILITIES AND EQUITY $ 108,096 $ 96,832 RAFAEL HOLDINGS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited, in thousands, except share and per share data) Three Months Ended April 30, Nine Months Ended April 30, 2025 2024 2025 2024 Revenues $ 362 $ 336 $ 567 $ 472 Cost of Infusion Technology revenue 31 85 106 85 Cost of product revenue 9 — 9 — SG&A Expenses 3,170 1,923 8,284 6,524 R&D Expenses 3,003 1,526 5,276 2,627 In-process R&D expense — 89,861 — 89,861 Depreciation and amortization 62 102 238 157 Loss on impairment of goodwill — — 3,050 — Operating Loss (5,913 ) (93,161 ) (16,396 ) (98,782 ) Interest income 472 502 1,529 1,777 Loss on initial investment in Day Three upon acquisition — — — (1,633 ) Realized gain on available-for-sale securities — 945 178 1,521 Realized loss on investment in equity securities — — — (46 ) Realized gain on investment - Cyclo — — — 424 Unrealized (loss) gain on investments - Cyclo (1,393 ) (4,395 ) (5,144 ) 3,199 Unrealized gain (loss) on convertible notes receivable, due from Cyclo 383 — (719 ) — Unrealized loss on investments - Hedge Funds — (3 ) — (118 ) Recovery of receivables from Cornerstone — 31,305 — 31,305 Interest expense (165 ) (85 ) (490 ) (85 ) Other income, net 154 — 74 118 Loss before Incomes Taxes (6,462 ) (64,892 ) (20,968 ) (62,320 ) Benefit from income taxes 2,411 2,599 2,379 2,593 Equity in loss of Day Three — — — (422 ) Consolidated net loss (4,051 ) (62,293 ) (18,589 ) (60,149 ) Net income (loss) attributable to noncontrolling interests 728 (29,942 ) (163 ) (30,207 ) Net loss attributable to Rafael Holdings, Inc. $ (4,779 ) $ (32,351 ) $ (18,426 ) $ (29,942 ) Loss per share Basic and diluted (0.19 ) (1.36 ) (0.73 ) (1.26 ) Loss per basic common share $ (0.19 ) $ (1.36 ) $ (0.73 ) $ (1.26 ) Weighted average shares in calculation 25,238,501 23,777,493 23,131,655 23,687,781 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
11-06-2025
- Business
- Associated Press
Rafael Holdings Reports Third Quarter Fiscal 2025 Financial Results
NEWARK, N.J., June 11, 2025 (GLOBE NEWSWIRE) -- Rafael Holdings, Inc. (NYSE: RFL; NYSE American: RFL-WT), today reported its financial results for the third quarter and first nine months of fiscal year 2025 ended April 30, 2025. 'We are pleased to have completed our merger with Cyclo Therapeutics and look forward to reporting the topline data from the 48-week interim analysis of the pivotal Phase 3 TransportNPC ™ study evaluating Trappsol® Cyclo™ for the treatment of Niemann-Pick Disease Type C1 anticipated later this month,' said Howard Jonas, Chief Executive Officer, Executive Chairman and Chairman of the Board of Rafael Holdings. Mr. Jonas added, 'We have enhanced our financial position with the closing of a $25 million rights offering earlier this month which will support advancing this potential new treatment option for patients suffering from this rare genetic disease.' Rafael Holdings, Inc. Third Quarter Fiscal Year 2025 Financial Results As of April 30, 2025, we had cash and cash equivalents of $37.9 million. On June 4, 2025, the Company announced the closing of a $25 million rights offering, which, including the funding of the backstop commitment by the Jonas family, raised net proceeds of $24.9 million after deduction of certain expenses incurred in connection with the offering. For the three months ended April 30, 2025, we recorded a net loss attributable to Rafael Holdings of $4.8 million, or $0.19 per share, versus a net loss of $32.4 million, or $1.36 per share in the year ago period. The year over year decrease in net loss is attributable to non-cash items, primarily unrealized losses of $1.4 million on the Company's investment in Cyclo equity which we purchased in advance of the potential merger in the current period versus $4.4 million in the year ago period, combined with an in-process R&D expense of $89.9 million related to the acquisition of Cornerstone, partially offset by a $31.3 million recovery of receivables from Cornerstone in the year ago period. Research and development expenses were $3.0 million for the three months ended April 30, 2025, compared to $1.5 million in the year ago period. The year over year increase relates to the inclusion in the current year period of spending at Cyclo Therapeutics following the March 25, 2025 merger and the activity of Cornerstone and Day Three which were consolidated with Rafael Holdings during fiscal 2024. General and administrative expenses were $3.2 million for the three months ended April 30, 2025, compared to $1.9 million in the year ago period. The year over year increase relates to the inclusion of Cyclo Therapeutics following closing of the merger, and the activity of Cornerstone and Day Three, following their consolidation. Rafael Holdings, Inc. First Nine Months Fiscal Year 2025 Financial Results For the nine months ended April 30, 2025, we recorded a net loss attributable to Rafael Holdings of $18.4 million, or $0.73 per share, versus a net loss of $29.9 million, or $1.26 per share in the year ago period. The year over year decrease in net loss is attributable to in-process R&D expense of $89.9 million related to the acquisition of Cornerstone net with a $31.3 million recovery of receivables from Cornerstone in the year ago period and $3.2 million in unrealized gains on the Company's investment in Cyclo equity. Research and development expenses were $5.3 million for the nine months ended April 30, 2025, compared to $2.6 million in the year ago period. The year over year increase relates to the merger with Cyclo Therapeutics which closed on March 25, 2025, and the activity of Cornerstone and Day Three, which were consolidated with Rafael Holdings during fiscal 2024. For the nine months ended April 30, 2025, general and administrative expenses were $8.3 million compared to $6.5 million in the same period in the prior year. The year over year increase relates to the merger with Cyclo Therapeutics which closed on March 25, 2025, and the activity of Cornerstone and Day Three, which were consolidated with Rafael Holdings during fiscal 2024. About Rafael Holdings, Inc. Rafael Holdings, Inc. holds interests in clinical and early-stage pharmaceutical and certain other companies, including our wholly owned subsidiary, Cyclo Therapeutics, LLC, a clinical stage biotechnology company dedicated to developing Rafael's lead clinical candidate, Trappsol® Cyclo™, which is being evaluated in clinical trials for the potential treatment of Niemann-Pick Disease Type C1 ('NPC1'), a rare, fatal, and progressive genetic disorder. Rafael also holds majority equity interests in LipoMedix Pharmaceuticals Ltd., a clinical stage pharmaceutical company, Cornerstone Pharmaceuticals, Inc., formerly known as Rafael Pharmaceuticals Inc., a cancer metabolism-based therapeutics company, Rafael Medical Devices, LLC, an orthopedic-focused medical device company developing instruments to advance minimally invasive surgeries, and Day Three Labs, Inc., a company which empowers third-party manufacturers to reimagine their existing cannabis offerings. Forward Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding our expectations surrounding the potential, safety, efficacy, and regulatory and clinical progress of our product candidates; plans regarding the further evaluation of clinical data; and the potential of our pipeline, including our internal cancer metabolism research programs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, those disclosed under the caption 'Risk Factors' in our Annual Report on Form 10-K for the year ended July 31, 2024, and our other filings with the SEC. These factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. Contact: Barbara Ryan [email protected] (203) 274-2825
