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Draper Awarded $3 Million from ARPA-H’s Sprint for Women’s Health to Advance the Well-being of Pregnant Women by Leveraging its Innovative Organ-on-chip Capabilities

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Draper has been selected by the Advanced Research Projects Agency for Health as an awardee of the Sprint for Women’s Health, a funding opportunity to address critical unmet challenges in women’s health, champion transformative innovations, and tackle health conditions that uniquely or disproportionately affect women.

CAMBRIDGE, Mass., Nov. 6, 2024 /PRNewswire-PRWeb/ — Draper has been selected by the Advanced Research Projects Agency for Health (ARPA-H) as an awardee of the Sprint for Women’s Health, a funding opportunity to address critical unmet challenges in women’s health, champion transformative innovations, and tackle health conditions that uniquely or disproportionately affect women. Draper will receive $3 million in funding over two years through the Sprint for Women’s Health spark track for early-stage research efforts.

The goal of Draper’s program is to address the challenge of drug safety during pregnancy without needing to test on pregnant women.

Over 200 million pregnancies occur each year worldwide. Many pregnant women have medical conditions such as depression, diabetes, high blood pressure, or infections for which medication would be desired. However, more than 90% of FDA-approved drugs are currently contraindicated for pregnancy, mostly because there are insufficient data to make conclusions about safety for the developing fetus.

The goal of Draper’s program is to address the challenge of drug safety during pregnancy without needing to test on pregnant women. The Draper team, led by Principal Investigators Dr. Corin Williams and Dr. Hesham Azizgolshani, will use the ARPA-H award to develop a bioengineered model of human pregnancy. Specifically, Draper plans to create interacting tissue models of the placenta, the unique organ that protects and nourishes the fetus, and a developing heart model comprised of stem cell-derived cardiomyocytes to represent a sensitive developing organ. Draper’s advanced capabilities in microphysiological systems will allow testing of pregnancy-relevant medications in dozens of miniature human pregnancy models at a time and determine if they are safe.

“Healthy pregnancies affect all human life, so we believe that many people will care about the outcome of our program,” said Corin Williams, Biomedical Engineer and Principal Investigator. “Our vision is to use our developed technology to test medications in the lab so that we don’t have to test on pregnant women, to provide safer options for these patients.”

“Draper’s 90-year legacy of providing solutions for our nation is something we are proud of,” said John Julias, acting vice president for Biotechnology Systems at Draper. “Having an opportunity to create long-lasting healthcare solutions for women is paramount, and we look forward to making an impact.”

ARPA-H’s Sprint for Women’s Health attracted a record number of submissions across six topics in women’s health. The initiative, announced by First Lady Jill Biden in February, marks the first major deliverable from the White House Initiative on Women’s Health Research.

The ARPA-H Sprint for Women’s Health is conducted in collaboration with the Investor Catalyst Hub of ARPANET-H, the agency’s nationwide health innovation network that connects people, innovators, and institutions to accelerate better health outcomes for everyone.

Over the next two years, Draper will work closely with ARPA-H and the Investor Catalyst Hub to advance their solution.

About Draper

As a nonprofit engineering innovation company, Draper serves the nation’s interests and security needs; advances technologies at the intersection of government, academia and industry; cultivates the next generation of innovators; and solves the most complex challenges. Multidisciplinary teams drawn from a broad and deep talent pool of 1,600 engineers and scientists collaborate to develop first-of-a-kind solutions. Draper’s unbiased approach enables the company to focus on their customers’ needs and to deliver new capabilities to them. Learn more at draper.com.

Media Contact

Scott Deitz, Draper, 1 336-908-7759, scott@sevenletter.com, Draper.com

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Payfare Announces Third Quarter 2024 Financial Results

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Payfare generated net income of $4.5 million, and Adjusted net income per share1 of $0.17 in Q3 2024

TORONTO, Nov. 6, 2024 /PRNewswire/ – Payfare Inc. (“Payfare” or the “Company”) (TSX: PAY) (OTCQX: PYFRF), a leading international Earned Wage Access (“EWA”) company powering instant access to earnings and digital banking solutions for workforces, today announced the filing of its Financial Statements and Management’s Discussion and Analysis (“MD&A”) for the quarter ending September 30, 2024. A comprehensive discussion of Payfare’s financial position and results of operations are provided in the MD&A, which is filed on SEDAR+ under Payfare’s profile and can be found at www.sedarplus.ca.

Q3 2024 Highlights:

Increased revenue to $59.0 million for the three months ended September 30, 2024, representing an $11.8 million (+25%) increase compared to the same period in 2023.Ended Q3 2024 with 1,502,028 active users1, up by 290,753 (+24%) compared to the active users1 count as at the end of Q3 2023.Total gross dollar value (Total GDV)1 in Q3 2024 was $3.8 billion, up by $0.8 billion (+29%) over Q3 2023.Gross Profit1 of $16.0 million for the three months ended September 30, 2024, up by $3.8 million (+31%) over the same period in 2023.Net income of $4.5 million, or $0.09 per share, for the three months ended September 30, 2024, compared to $4.8 million in the same period in 2023.Adjusted net income1 of $8.1 million, or $0.17 per share, for the three months ended September 30, 2024, representing an increase of $0.6 million (+8%) over the same period in 2023.Adjusted EBITDA1 of $7.8 million for the three months ended September 30, 2024, reflecting a $1.5 million increase (+24%) compared to the same period in 2023.Free cash flow1 of $5.4 million for the three months ended September 30, 2024, up by $1.7 million (+44%) compared to the same period in 2023.As at September 30, 2024, Payfare has over $100 million in cash, cash equivalents and guaranteed investment certificates and is well capitalized to fund its new strategic initiatives. Payfare continues to see high growth with its other client programs that were recently renewed to long-term extensions. In addition, the Company is working on securing new, large-scale EWA programs in both the gig economy and employee verticals.On July 16, 2024, the Company announced the formation of a Strategic Advisory Board led by a new seasoned strategy and corporate development executive to guide the Company’s international expansion opportunities (including EWA platform) and achieve global scale efficiently and effectively.On July 25, 2024, the Company announced the long-term extension of its agreement with Lyft Inc. in respect to the Lyft Direct Program, which Payfare currently powers. The extension means drivers on the Lyft program will continue to benefit from free instant pay, a feature rich digital banking platform and a rich cashback rewards program that is offered through Lyft’s partnership with Payfare.On August 27, 2024, the Company launched an upgraded version of the Lyft Direct debit card and banking app with a range of features that include: (a) Lyft Direct Savings – a high-yield savings account, (b) Balance Protection – which provides qualifying cardholders up to US$200 to cover unforeseen costs, (c) New Cashback Rewards for elite drivers, (d) Wellness Perks by Avibra, which provides access to a comprehensive suite of health and financial wellness tools, (e) Spend Insights – which helps with enhanced financial decision making and provides control of personal budgets, and (f) Cash ATM Deposits at participating ATM locations.On September 26, 2024, Payfare announced that its core services agreements related to the DoorDash DasherDirect card program will not be renewed beyond the current term in early 2025. A transition and wind-down plan for the program has not yet been agreed to with DoorDash and it is currently unknown when the financial impact, including on revenue, net income, key performance indicators and certain non-GAAP measures utilized by the Company will be experienced by Payfare from the non-renewal.On September 29, 2024, the Board of Directors initiated a strategic review process to explore and evaluate a broad range of potential options for the Company to enhance value, support conversion of potential new opportunities and alleviate concentration risks.Subsequent to quarter-end, Payfare successfully launched a pilot EWA product with Automatic Data Processing Inc. (“ADP”), a leading global provider of Human Capital Management solutions, to offer EWA to the Canadian market.

Conference Call

Management will be hosting a conference call on Wednesday, November 6, 2024, at 6:30 PM ET to discuss the Company’s financial results for the third quarter of 2024. A short presentation in connection with the conference call will be made available ahead of time on the Company’s website at https://corp.payfare.com/investors/. Management will also host a live question and answer session on the conference call with analysts.

To access the conference call, please dial (289) 514-5100 or 1-800-717-1738. Please call the conference telephone number 10-15 minutes prior to the start time so that you are in the queue for an operator to assist in registering and patching you through.

An archived recording of the conference call will be available until December 6, 2024. To listen to the recording, call (289) 819-1325 or 1-888-660-6264 and enter passcode 70127#.

About Payfare (TSX:PAY, OTCQX: PYFRF)

Payfare is a leading, international Earned Wage Access (“EWA”) company powering instant access to earnings through an award-winning digital banking platform for today’s workforce. Payfare partners with leading e-commerce marketplaces, payroll platforms, and employers to provide financial security and inclusion for all workers.

1Non-IFRS and Supplementary Financial Measures

This press release contains references to “active users”, “Total gross dollar value (“Total GDV”), “adjusted net income”, “adjusted net income per share”, “EBITDA”, “Adjusted EBITDA”, “free cash flow” and “gross profit”, which are not measures prescribed by IFRS Accounting Standards (“IFRS”). These supplementary financial measures are provided as additional information to complement IFRS measures by providing a further understanding of our results of operations from management’s perspective, to provide investors and security analysts with supplemental measures to evaluate the financial performance of the Company and highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. Management also uses non-IFRS and supplementary financial measures to facilitate operating performance comparisons from period to period, prepare annual operating budgets and strategic business plans and to evaluate and price potential acquisitions.

Accordingly, non-IFRS and supplementary financial measures should not be considered in isolation or as a substitute for analysis of our financial information reported under IFRS. Such measures do not have any standardized meaning prescribed by IFRS and, therefore, may not be comparable to similar measures presented by other corporations. The non-IFRS and supplementary financial measures are not subject to standard industry definition and our definitions and method of calculation may differ from other issuers and therefore may not be comparable to similar measures presented by other issuers.

The Company determines the number of users to its services based on active users. “Active users” represent users who have loaded earnings and direct deposits on their card in the period.

Total gross dollar value (“Total GDV”) is defined as the aggregate dollar amount of active user earnings and direct deposits loaded on their payment card during the period.

“EBITDA” means net income (loss) before amortization and depreciation expenses, foreign exchange gain (loss), amortization of deferred income, finance and interest income/ costs, current tax expense and change in fair value of derivative liability.

“Adjusted EBITDA” adjusts EBITDA for share-based compensation expense, restructuring costs and non-recurring expense items. Non-recurring expense items are transactions or events which management believes will not re-occur within the foreseeable future and includes legal and professional fees related to regulatory matters, claim settlements, acquisition, divestiture, asset impairment charges and going public transaction.

The table below reconciles net income to EBITDA and Adjusted EBITDA for the three and nine months ended September 30, 2024 and 2023.

Three Months Ended September 30,

Nine Months Ended September 30,

In CAD $

2024

2023

2024

2023

Net income

$   4,463,222

$  4,810,360

$ 14,467,608

$  8,212,761

Add:

Current tax expense

34,629

20,874

84,230

66,242

Finance income

(875,557)

(795,305)

(2,291,157)

(1,565,277)

Other income

(9,397)

Foreign exchange (gain) loss

528,569

(445,690)

(447,081)

(20,009)

Amortization of intangible assets

1,487,379

942,531

4,153,641

2,227,776

Depreciation of building, property and equipment

25,734

17,812

79,733

87,615

EBITDA

5,663,976

4,549,952

16,046,974

8,999,711

Adjustments:

Restructuring expense/other

514,924

706,185

1,563,513

2,009,504

Share based compensation

1,596,831

1,040,863

2,766,769

3,078,369

Adjusted EBITDA

$  7,775,731

$ 6,297,000

$  20,377,256

$ 14,087,584

“Adjusted net income” adjusts net income (loss) for amortization of intangible assets, depreciation of building, property & equipment, share-based compensation expense, restructuring costs and non-recurring expense items. Non-recurring expense items are transactions or events which management believes will not re-occur within the foreseeable future and includes legal and professional fees related to regulatory matters, claim settlements, acquisition, divestiture, asset impairment charges and going public transaction.

The table below reconciles net income to Adjusted net income for the three and nine months ended September 30, 2024 and 2023.

Three Months Ended September 30,

Nine Months Ended September 30,

In CAD $

2024

2023

2024

2023

Net income

$   4,463,222

$  4,810,360

$ 14,467,608

$  8,212,761

Add:

Amortization of intangible assets

1,487,379

942,531

4,153,641

2,227,776

Depreciation of building, property  and equipment

25,734

17,182

79,733

87,615

Restructuring expense/other

514,924

706,185

1,563,513

2,009,504

Share based compensation

1,596,831

1,040,863

2,766,769

3,078,369

Adjusted net income

$  8,088,090

$  7,517,121

$  23,031,264

$  15,616,025

“Adjusted net income per share” is calculated as Adjusted net income divided by the basic weighted average number of shares outstanding during the period.

The Company defines its “free cash flow” as cash from operating activities less cash used in purchase of building, property and equipment and additions to intangible assets.

The table below reconciles cash from operating activities to free cash flow for the three and nine ended September 30, 2024 and 2023.

Three Months Ended September 30,

Nine Months Ended September 30,

In CAD $

2024

2023

2024

2023

Cash from operating activities

$ 7,327,321

$5,300,226

$  26,431,141

$  14,603,936

Less: Cash used in investing activities

Purchase of building, property and equipment

(15,495)

(41,252)

(19,708)

Additions to intangible assets

(1,896,269)

(1,506,530)

(5,497,115)

(4,067,629)

Free cash flow

$ 5,431,052

$ 3,778,201

$  20,892,774

$ 10,516,599

The Company defines “gross profit” as revenue less cost of services.

Additional information on these measures may be found under the heading “Definitions – IFRS, Additional GAAP and Non-GAAP Measures” in the interim MD&A for the three and nine months ended September 30, 2024 which is available under Payfare’s profile on SEDAR+ at www.sedarplus.ca and is incorporated by reference to this press release.

Cautionary Statement Regarding Forward-Looking Information

This press release also contains forward-looking information within the meaning of applicable securities legislation, which reflects Payfare’s current expectations regarding future events as of the date hereof. Such forward-looking information may include but are not limited to statements regarding the Company’s future financial conditions, results of operations, plans, objectives, performance or business developments and includes statements on rapid international expansion opportunities and achieving global scale efficiently and effectively, achieving profitability, expansion into the earned wage access vertical for hourly paid employees, the actual timing for the non-renewal and eventual termination of the Company’s services agreement with DoorDash and the anticipated material impact on future revenues, earnings, key performance indicators and Non-GAAP measures, potential new EWA programs in both the gig economy and employee verticals and aggregate potential new GDV opportunities being able to mitigate the impact of the non-renewal of the agreement with DoorDash, and the strategic review process to explore and evaluate potential options for the Company to enhance value, support conversion of potential new opportunities and alleviate concentration risks. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Payfare’s control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks include the factors discussed under the “Risk Factors” section in Payfare’s MD&A for the year ended December 31, 2023 and factors discussed from time to time in Payfare’s filings with the Canadian Securities Authorities, copies of which can be found under Payfare’s profile on the SEDAR+ website at www.sedarplus.ca. Other factors that could cause actual results or events to differ materially include the inability of Payfare to launch its new programs or platforms including for earned wage access in a timely manner, the lack of experience or resources to enter into the EWA vertical, the regulatory uncertainty and constraints around EWA services, the economic viability of new programs and platforms, the inability to scale Payfare’s operations to manage the increased volume of new cardholder sign-ups, active users or transactions, loss or termination of existing service agreements with one of its large gig platform clients, the impact of an inflationary recession and rising costs of goods and services on Payfare’s business model, Payfare’s ability to finance and support new programs and platforms, a general decline in the credit markets or gig economy in North America, cybersecurity incidents or data breaches impacting the Company’s operations, reputation, or subjecting the Company to regulatory or legal action, the availability of talent and the retention of employees to support Payfare’s plans, industry competitors who may have superior technology or are quicker to take advantage of certain market opportunities, the non-renewal of the agreement with DoorDash being either expedited or delayed in comparison to current expectations, new client opportunities taking longer to execute and therefore delaying the mitigation impacts sought by the Company, and implications from any decisions or outcome from the Company’s current strategic review process. Accordingly, readers should not place undue reliance on forward-looking information.

View original content:https://www.prnewswire.com/news-releases/payfare-announces-third-quarter-2024-financial-results-302298000.html

SOURCE Payfare Inc.

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M31 Launches USB4 IP for TSMC 5nm Process

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Accelerates Innovation in High-Speed Data Transfer

HSINCHU, Nov. 6, 2024 /PRNewswire/ — M31 Technology Corporation, a leading global provider of silicon intellectual property (IP), today announced that its cutting-edge USB4 IP has achieved silicon validation on TSMC’s 5nm (N5) process. The newly validated IP enhances data transfer capabilities for a new wave of mobile and portable devices.

The announcement coincides with M31’s participation in TSMC’s 2024 Open Innovation Platform® (OIP) Ecosystem Forum in Taiwan. This milestone underscores the close collaboration between M31 and TSMC, reflecting M31’s commitment to advancing high-performance IP solutions by leveraging TSMC’s innovative platform to drive next-generation connectivity.

M31’s USB4 IP is built on the latest USB4 specification and represents a major leap in the evolution of USB architecture. It supports multi-protocol tunneling, enabling simultaneous transmission of multiple data types—such as USB, DisplayPort, and PCIe—over a single connection. The USB4 IP achieves 40 Gbps data transfer rates, significantly enhancing bandwidth associated with previous USB standards. The IP is fully compatible with USB 3.2, USB 2.0, and Thunderbolt 3, ensuring seamless integration with existing and future devices.

M31’s USB4 IP is compliant with PIPE6.0 and UTMI+ interfaces, supporting multiple data rates including SuperSpeed (5 Gbps) and SuperSpeed+ (10 Gbps). The IP operates under 1.2 IO volts to optimize power efficiency, performance, and area (PPA). With a small area and being coupled with advanced process scaling, the IP is suitable for high-performance computing (HPC) and portable device applications.

In conjunction with the announcement, Jerome Hung, M31’s Vice President of R&D said, “Our collaboration with TSMC was essential in overcoming the challenges of low-voltage design and achieving high-speed data transfer. The joint effort of the two companies ensures that our USB4 IP meets the highest performance and reliability standards for designs using TSMC’s advanced 5nm technology, while reducing design risks and accelerating time-to-market. We look forward to continuing this successful partnership that brings more innovative IP solutions to market.”

View original content to download multimedia:https://www.prnewswire.com/news-releases/m31-launches-usb4-ip-for-tsmc-5nm-process-302298043.html

SOURCE M31 Technology Corporation

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Axis My America’s Prediction of the United States Presidential Election 2024 proved to be Spot On

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NEW YORK, Nov. 6, 2024 /PRNewswire/ — Axis My America (AMA), the U.S. subsidiary of Axis My India (AMI), renowned for its exceptional expertise in political forecasting, has achieved a remarkable milestone by accurately predicting Donald Trump’s decisive win in the 2024 United States Presidential Election. This success builds on Axis My India’s proven track record of forecasting 70 out of 76 elections (a 92% accuracy rate). The Harvard Business School has authored a case study around Axis My India’s Election Predication model which is imparted in HBS Classrooms.

 Axis My America accurately predicted the outcome in 49 out of 50 states and the Popular Vote matched exactly with their predictions. Proving to be the most accurate prediction when polling for the U.S. Presidential Elections historically.

This marks AMA’s debut in the U.S. electoral landscape, and the results are nothing short of exceptional. AMA’s comprehensive prediction model was spot on across all three critical segments of the election:

Popular Vote

Party

Predicted Vote %

 Result Vote %*

Republican Party (Donald Trump) 

49 (+2)

49.85

 Democratic Party (Kamala Harris)

48 (+2)

48.60

Independent / Others

3

1.55

* Based on Estimations. In California, counting is in progress. Only 53% counting is completed where
Democrats are leading with 1.7 million votes.

 

State-by-State Accuracy
AMA accurately predicted the outcome in 49 out of 50 states, with only Nevada – 6 Electoral Votes – deviating slightly from the forecast.

Predicting the OUTLIERS
In an election season where U.S. media and other polling firms forecasted a tight race between challenger Donald Trump and incumbent Kamala Harris, AMA boldly and confidently predicted a decisive outcome, which has since proven to be correct. AMA Predicted multiple outliers like Virginia, New Hampshire, and Minnesota were going to be very close and for the current election. New York Popular Voter to be reduced to a 10% margin.

These predictions were covered by Reuters, Time, Chicago Tribune, Morning Star, Associated Press, American Press, Yahoo Finance and many others under the headline ‘Axis My America Poll, in partnership with ITV Gold, Predicts Trump’s Victory in 2024 U.S. Presidential Election with Republicans Leading in Electoral Votes’.

AMA’s success underscores its core mission to deeply understand the needs, concerns, and sentiments of the American electorate, and to deliver these insights to the stakeholders who can turn them into actionable decisions. By employing a unique, face-to-face research methodology, AMA has been able to gather the most authentic and direct feedback from voters across the nation, gauging the public opinion accurately. This in-person approach ensures that their predictions are not only statistically sound but also grounded in the real, lived experiences of the American people.

“This achievement highlights the strength of our unique methodology and our commitment to truly understanding the sentiment on the ground,” said Pradeep Gupta, CMD, Axis My America. “Our success is a direct result of the relentless dedication of our Axis My America Team, who have travelled extensively across all the states of United States of America since last 3 months & Axis My India Team for their continued support.”

About Axis My America
Axis My America (AMA), a fully owned subsidiary of Axis My India, is dedicated to providing actionable insights into American political and social trends. Through cutting-edge research techniques, including direct, face-to-face voter engagement, AMA is committed to delivering accurate, reliable, and timely predictions that empower stakeholders to make informed decisions.

For more information, please visit https://axismyamerica.com or contact info@axismyamerica.com.

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SOURCE Axis My America Inc.

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