Producing hydrogen from ‘sour gas’ waste streams for Emissions Reduction Alberta,
Alberta Innovates

PASADENA, Calif., July 1, 2024 — Thiozen, the first company ever to produce clean hydrogen from “sour gas” waste streams, today announced it has received a total of $3.2M in funding for a clean hydrogen project in Alberta, Canada. Administered by Emissions Reduction Alberta (ERA) and Alberta Innovates, the funding is part of an overall $57 million commitment by the Government of Alberta to support 28 projects that advance the hydrogen economy, reduce emissions, and create jobs in Alberta.

Projects cover the spectrum of hydrogen production, storage, transmission, distribution, and usage. The Thiozen project will produce zero-emission hydrogen, which will be used to decarbonize onsite operations as a way of addressing one of the energy industry’s leading challenges: finding economically viable ways to decarbonize remote industrial locations.

“The Government of Alberta recognizes that sour gas processing is a major cost associated with energy supply, and appreciates both the economic and environmental value of removing the hydrogen sulfide and producing a new energy stream in hydrogen,” said Ryan Gillis, co-founder and President at Thiozen. “We’re honored to be selected to participate in this project and to help Alberta leverage an entirely new method of producing hydrogen.”

Thiozen will use ERA funding to install its proprietary technology at a gas processing site in Alberta. The Thiozen platform will facilitate the “de-souring” – or removal – of hydrogen sulfide from the sour natural gas streams while simultaneously generating zero-emission hydrogen.

“Hydrogen has the potential to transform global energy markets and to create trillions of dollars of economic activity,” said Nate Glubish, Minister of Technology and Innovation with ERA. “Alberta’s government is committed to investing in new technologies to develop a hydrogen market and to ensure that Alberta is the Hydrogen capital of Canada. These investments will help to grow and diversify our economy and secure our future as a global energy powerhouse for generations to come.”

If successful, the eight projects funded through ERA’s Accelerating Hydrogen Challenge are expected to deliver annual greenhouse gas (GHG) reductions of 13 thousand tonnes, cumulative reductions of 81 thousand tonnes by 2030, and 493 thousand tonnes by 2050.

“Thiozen’s selection by the Government of Alberta reflects the urgency of finding efficient decarbonization strategies for some of Canada’s most important industries,” said Gillis. “This is truly a transformational moment for Canada’s hydrogen economy and for the energy industry as a whole.”

About Thiozen’s Breakthrough Hydrogen Production Technology
Thiozen’s patented chemical cycle produces hydrogen from hydrogen sulfide – the “sour gas” waste stream – thereby replacing traditional hydrogen production. This process will dramatically reduce global greenhouse gas emissions. In addition, the technology will improve air quality and respiratory health in communities near current hydrogen infrastructure while providing cost-sensitive firms a path to both procuring additional hydrogen and lowering the carbon intensity of their products.

About Thiozen
Thiozen is an MIT spinout and the first-ever company to commercialize a process that can produce hydrogen from sour gas waste streams. By developing a low-cost, low-emission method of producing hydrogen, Thiozen helps meet the energy industry’s growing demand for clean, affordable hydrogen. Thiozen recently validated its technology in an in-field pilot unit in the Permian Basin. The 3-year-old company has headquarters in Pasadena, CA. Learn more at www.thiozen.com.  

About Emissions Reduction Alberta (ERA)
Emissions Reduction Alberta has been investing revenues from the carbon price paid by large emitters to accelerate the development and adoption of innovative clean technology solutions for 15 years. Since established in 2009, ERA has committed nearly $935 million toward 267 projects worth $8.8 billion that are helping to reduce GHGs, create competitive industries and are leading to new business opportunities in Alberta. These projects are estimated to deliver cumulative GHG reductions of 42.5 million tonnes by 2030 and 117.6 million tonnes by 2050. 

About The Hydrogen Centre of Excellence
The Hydrogen Centre of Excellence is a funding program, testing and service facility and a forum for facilitating partnerships to de-risk hydrogen technology development led by Alberta Innovates. The Centre received $50 million in funding from the Government of Alberta as an important component of Alberta’s Hydrogen Roadmap and Alberta’s Recovery Plan. The Hydrogen Centre of Excellence will accelerate technology and innovation across the hydrogen value chain, closing innovation and support gaps to strengthen Alberta’s hydrogen economy. Its purpose is to provide innovation support across the entire hydrogen system, from production to end use.

About Alberta Innovates
Alberta Innovates manages nearly 1,300 projects in a portfolio valued at $1.33 billion. It works with innovators in all sectors of the economy and all corners of the province to drive entrepreneurship, applied research and industry development. With its impact-based funding programs and services, Alberta Innovates is transforming energy systems for a net-zero world, promoting the responsible use of land and water, leveraging provincial strengths in agriculture, and contributing to improved health and well-being by harnessing digital tech and data. Alberta Innovates is also advancing emerging technologies and strengthening entrepreneurship for a strong and diversified economy. It operates in 11 locations with more than one million sq. ft. of industrial testing and lab facilities, and 600 acres of farmland and employs nearly 600 highly skilled scientists, business and technical professionals.

SOURCE Thiozen

TAIPEI, July 1, 2024 — Anbogen Therapeutics, Inc., a clinical-stage company dedicated to developing breakthrough cancer therapies, has announced the successful closing of a USD 7.3M oversubscribed A+ round financing, which is a direct continuation of the USD 12.5 Million Series A on 1^st February, 2024, bringing the total raised to USD 19.8M. The funds from the A+ round will be specifically used to advance the Phase II clinical trial of ABT-301. The financing round was led by KGI Venture Capital and both new and existing investors.

The capital raised in the A+ round will primarily be used to support the Phase II clinical trial of ABT-301 in combination with PD-1 inhibitors for treating microsatellite stable (MSS) metastatic colorectal cancer, which accounts for 95% of the metastatic colorectal cancer population that does not benefit from immune checkpoint inhibitors. Previous preclinical studies have repeatedly showed that ABT-301, when combined with immune checkpoint inhibitors, exhibits remarkable synergistic therapeutic effects in various solid tumor models, including subcutaneous xenograft and orthotopic models of colorectal cancer, liver cancer, triple-negative breast cancer, and head and neck cancer.

Given these promising results, Anbogen decided to proceed with the A+ round of financing to secure the necessary funds for ABT-301’s clinical trial, without impacting the ongoing Phase II development of ABT-101.

Leveraging ABT-301’s compelling immunomodulatory and synergistic effect combined with PD-1 treatment that Anbogen has observed, we have successfully engaged pharmaceutical companies who will agree to enter PD-1 drug-supply agreement with Anbogen. This collaboration will enable Anbogen to optimize its resource allocation and underscores the strong recognition of both ABT-301 and Anbogen.

“We are deeply grateful to our investors for their continued support and confidence in our mission,” says Dr. Tsu-An Hsu, CEO of Anbogen Therapeutics. “This funding is crucial for the advancement of ABT-301 combo with immune checkpoint inhibitors treating solid tumors, and it validates our ongoing efforts to bring effective cancer treatments to patients in need.”

About Anbogen:

Anbogen is a clinical-stage biotechnology company dedicated to developing precision anti-cancer drugs and is committed to R&D innovations to improve the lives of cancer patients around the world. The company was founded by Dr. Joe Shih, in response to the national science and technology policy. The team has years of experience in new drug development while working at the National Health Research Institutes or biopharma companies.

Two of its drugs, ABT-101 for non-small cell lung cancer (NSCLC) with HER2 exon20 insertion mutations and ABT-301(combine with immune checkpoint inhibitors) for metastatic colorectal cancer, are currently in human clinical trials. For more information, please visit Anbogen’s official website (www.anbogen.com).

SOURCE Anbogen Therapeutics

Lower Middle Market Private Equity Firm with Unique Merchant Banking Model

LOS ANGELES, July 1, 2024 — American Discovery Capital (“ADC”), a leading merchant bank focused on founder-led and family-owned companies operating in the lower middle market, announced the final closing of American Discovery Fund II (“ADF II”) at $190 million, representing a more than 3x increase over ADC’s first fund, American Discovery Fund I (“ADF I”). ADF I closed in 2019 and invested $60 million across six portfolio companies and 17 add-on acquisitions. Consistent with its prior fund, ADF II will continue to target majority and significant minority investments as the first institutional capital in leading, founder-led and family-owned companies focused on the business services and software sectors. ADF II has already closed on three investments and is actively seeking new investment opportunities.

ADF II received commitments from a diverse group of limited partners, reflecting significant reinvestments from ADC’s existing investor base in ADF I, and a broad array of new investors who share similar entrepreneurial qualities as the companies ADC invests in, including wealth managers, family offices and high net worth individuals. Importantly, over 17% of ADF II’s commitments came from the partners and employees of ADC, reflecting the firm’s long-term, relationship-driven orientation and commitment to its investors and portfolio companies and a significant alignment of incentives across all constituents.

“We are delighted to announce the successful close of our second fund and are grateful for the support of our limited partners, many of whom have been investing with us since the launch of our first fund over five years ago,” said Brian Webber, Managing Partner of ADC. “We chose the name ‘American Discovery Capital’ to reflect the pride, optimism and enthusiasm we see in the growth potential of U.S. companies, particularly founder-led and family-owned businesses in the lower middle market that drive the majority of job creation in the U.S. We believe the circumstances surrounding these companies and the highly fragmented nature of this market segment have caused it to be overlooked by traditional private equity investors, and that we are well-positioned to source and cultivate differentiated investment opportunities in our sectors of expertise.”

ADC believes its merchant banking model is a unique differentiator in the private equity industry, allowing it to generate proprietary, non-competitive investment opportunities from within its relationship network, and providing the firm with a constant source of market intelligence, industry expertise, M&A prospects, and professional relationships that benefit its portfolio companies.

“We founded ADC because we wanted to work with founder-led businesses, which embody the grit, determination and entrepreneurial spirit which are the heart and soul of this country,” said John Joliet, Managing Partner of ADC. “Our merchant banking model, and the deep expertise and relationship networks of our senior team which comes from decades of collective professional experience, puts us in constant dialogue with exciting, well-established, growth-oriented companies and the founders and management teams who drive them. We look forward to partnering with these founders and collaborating with them on their next chapter of growth.”

Kirkland & Ellis served as legal counsel for ADC. 

ADC Partners: Laurent Degryse, Mike Denbeau, Jeff Gelles, John Joliet, Frank McMahon, Peter Shoemaker, Brian Webber.

SOURCE American Discovery Capital

• New capital financing includes equity injection participation from large strategic industrial companies and diversified investors
• Net proceeds, along with existing cash and long-term credit lines, position company for future success

MELBOURNE, Fla., July 1, 2024 — Eve Air Mobility (“Eve”) (NYSE: EVEX; EVEXW), a global electric vertical take-off and landing (eVTOL) aircraft manufacturer and services provider, has announced $94M in new equity financing from multiple investors. The funding, which includes the issuance of new shares of common stock and warrants, includes participation from a diverse group of global industrial companies that include Embraer, Nidec and additional financial investors.  The new funding strongly positions the company for future success and will support the continued development and manufacturing of the company’s eVTOL.

“We appreciate the confidence that these investors are placing in Eve. The new equity, along with existing cash and credit lines, ensures Eve is well positioned as we continue to build momentum and advance in the development and manufacturing of our eVTOL,” said Eduardo Couto, chief financial officer at Eve Air Mobility. “With the industry’s largest pre-order book with letters of intent for 2,900 aircraft and strong program development partners, Eve has continued to demonstrate the opportunity that our company presents for both strategic and financial investors.”

The Company entered into agreements, dated as of June 28, 2024, for the issuance and sale of 23,500,000 new shares of the Company’s common stock at a purchase price of $4.00 per share, the exchange of certain warrants for shares of common stock, and the granting of warrants to certain investors. The private placement is expected to result in gross proceeds to Eve of $94 million, before deducting other offering expenses.

The equity funding is expected to close over the coming weeks, subject to the satisfaction of customary closing conditions. Additional details regarding the equity funding is included in a Form 8-K filed by Eve with the Securities and Exchange Commission (“SEC”).

Eve’s eVTOL aircraft utilizes eight dedicated propellers for vertical flight and fixed wings to fly in cruise, with no change in the position of these components during flight. The concept includes an electric pusher powered by dual electric motors that provide propulsion redundancy with the goal of ensuring the highest levels of performance and safety. While offering numerous advantages including lower cost of operation, fewer parts, optimized structures and systems, it has been developed to offer efficient thrust with low noise.

The company is completing assembly of its first full-scale eVTOL prototype which will be followed by a test campaign. Concurrently, Eve continues to develop a comprehensive portfolio of agnostic services and operations solutions, including Vector, a unique Urban Air Traffic Management software to optimize and scale Advanced Air Mobility operations worldwide.  

The Company has engaged Bradesco BBI as its exclusive financial advisor and Skadden, Arps, Slate, Meagher & Flom as its legal advisor.

The securities being sold in the equity financing have not been registered under the Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from such registration requirements.  The Company has agreed to file a registration statement with the SEC covering the resale of the Shares and the shares underlying the Warrants issuable in connection with the Private Placement.  

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities. 

Image: https://eve.imagerelay.com/share/716f968f68a64c62894a7afc3ff7df22

About Eve

Eve is dedicated to accelerating the Urban Air Mobility ecosystem. Benefitting from a start-up mindset, backed by Embraer S.A.’s more than 50-year history of aerospace expertise, and with a singular focus, Eve is taking a holistic approach to progressing the UAM ecosystem, with an advanced eVTOL project, a comprehensive global services and support network and a unique air traffic management solution. Since May 10, 2022, Eve has been listed on the New York Stock Exchange, where its shares of common stock and public warrants trade under the tickers “EVEX” and “EVEXW.” For more information, please visit www.eveairmobility.com. 

Contacts:

Media: [email protected]   

Investors: [email protected] 

Forward-Looking Statement Disclosure

Certain statements contained in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate,” “plan,” “project,” “could,” “should,” “would,” “continue,” “seek,” “target,” “guidance,” “outlook,” “if current trends continue,” “optimistic,” “forecast” and other similar words or expressions. All statements, other than statements of historical facts, are forward-looking statements, including, but not limited to, statements about the company’s plans, objectives, expectations, outlooks, projections, intentions, estimates, and other statements of future events or conditions, including with respect to all companies or entities named within. These forward-looking statements are based on the company’s current objectives, beliefs and expectations, and they are subject to significant risks and uncertainties that may cause actual results and financial position and timing of certain events to differ materially from the information in the forward-looking statements. These risks and uncertainties include, but are not limited to, those set forth herein as well as in Part I, Item 1A. Risk Factors and Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of the company’s most recent Annual Report on Form 10-K, Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Part II, Item 1A. Risk Factors of the company’s most recent Quarterly Report on Form 10-Q, and other risks and uncertainties listed from time to time in the company’s other filings with the Securities and Exchange Commission. Additionally, there may be other factors of which the company is not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ materially from those discussed. The company does not assume any obligation to publicly update or supplement any forward-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting these forward-looking statements. other than as required by law. Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statement.

SOURCE Eve Holding, Inc.

NEW YORK, July 1, 2024 — Lee Equity Partners, LLC (“Lee Equity”), a middle-market private equity firm, announces the final closing of Lee Equity Partners Fund IV, L.P. (together with its related funds, “Fund IV” or the “Fund”). Fund IV was oversubscribed and including the General Partner commitment achieved its hard cap with total capital commitments of approximately $1.3 billion, exceeding the $1.0 billion target. Fund IV added a diverse group of global investors including family offices, private and public pensions, funds of funds, sovereign wealth funds and insurance companies.

“In a challenging fundraising environment, we are incredibly grateful for the support of both our existing partners and a diverse group of new limited partners. The strong demand for Fund IV is a testament to the strength of our platform and the sector expertise of our team,” said Partner, Mark Gormley. “We believe that our thesis development and proactive deal sourcing allows us to find proprietary opportunities early in the private equity life cycle, which has historically delivered long-term capital appreciation to our investors and management partners.”

Fund IV continues the firm’s nearly two-decade history of investing in and partnering with middle market, growth-oriented companies. Fund IV will continue Lee Equity’s strategy of partnering with founders, entrepreneurs, and management teams to build market leading companies in the financial and healthcare services sectors.

Partner Danny Rodriguez, added, “We have completed four platform investments in Fund IV and continue to see compelling opportunities in our areas of focus in the financial and healthcare services sectors. We will continue to leverage our team, network of advisors and industry relationships to help our businesses achieve transformational growth through investments in people, processes, technologies and strategic acquisitions.”

Evercore Private Funds Group acted as global placement agent and Weil, Gotshal & Manges LLP acted as legal advisor.

About Lee Equity Partners

Lee Equity Partners, LLC is a middle-market private equity firm that partners with entrepreneurs, founders and management teams in the financial and healthcare services sectors. Over nearly two decades the firm has utilized its thematic based investment strategy and deep sector expertise to identify and partner with talented management teams to accelerate growth and build market leading businesses. Additional information is available at www.leeequity.com.

SOURCE Lee Equity Partners

With $29.5 million in total funding, the company has developed the world’s leading spatial biology platform, designed for breakthroughs in drug development, clinical diagnostics, agriculture, and food safety. This proprietary mapping technology will first be used to leverage the microbiome – a critical factor in human health – in order to manufacture a therapeutic with significant promise for improving outcomes in ICI-refractory cancers.

PRINCETON, N.J., July 1, 2024 — Kanvas Biosciences, a full-stack spatial biology company, today announced it has raised $12.5 million in additional funding co-led by existing investors DCVC and Lions Capital LLC, and participation from FemHealth Ventures, Germin8, Ki Tua Fund, and Pangaea Ventures as well as existing investors. Paul Theunissen, Managing Partner at Lions Capital Partners LLC, will join the company’s Board, and Ashlie L Burkart, MD, Chief Scientific Officer of Germin8 Ventures, will join as a board observer. The fresh capital closely follows a June 2023 round and brings Kanvas’s total funding to $29.5 million. The funding will be used to further develop the company’s spatial biology platform and advance two novel therapeutics in its Immuno-oncology Program, KAN-001 and KAN-003 — KAN-001 to an Investigational New Drug (IND) filing in 2025.

The Kanvas platform is unique in its ability to spatially map gene expression and cellular function across all kingdoms of life. Its unprecedented capability to illuminate host-microbiome interactions marks a significant advancement in understanding diseases related to the microbiomes, finally unlocking the promise of microbiome-based therapies. The platform provides not only a path to breakthroughs in drug development, but also clinical diagnostics, agriculture and food safety.

Kanvas Bioscience’s spatial biology platform provides the unique ability to map host-microbiome interactions and leverage the resulting data to design live biotherapeutic products (LBPs), which can be used to create novel microbiome-based therapies that optimize the microbiome – a critical factor in human health. KAN-001, the company’s lead drug candidate, is an LBP demonstrating significant potential to improve outcomes for cancer patients who have been resistant to immune checkpoint inhibitors (ICIs). Designed with the goal of increasing the percentage of patients who respond to ICIs across all ICI-approved cancer types, KAN-003 will be a defined consortium for cancer patients, administered just before starting ICI treatment. Kanvas is collaborating with The University of Texas MD Anderson Cancer Center and its Platform for Innovative Microbiome and Translational Research (PRIME-TR) to conduct additional preclinical studies for KAN-001 to optimize the drug’s formulation and prepare it for an IND filing in 2025, preparatory to recruiting the first patients for a clinical trial the same year.

“We have a remarkable opportunity to help patients by offering them an effective, novel therapeutic approach to some of the most common and debilitating conditions, starting with improving the efficacy of immunotherapy in the treatment of solid organ cancer. I’m so proud of the extraordinary progress the Kanvas team has already achieved,” said Matthew Cheng, co-founder and CEO of Kanvas Biosciences. “Because of this progress and with additional capital, Kanvas is positioned to accelerate its growth and build on its early success in illuminating host-microbiome interactions by launching a clinical pipeline of precision microbiome therapeutics.”

With a market expected to grow at a 21% CAGR to over $3 billion by 2031, LBPs are living microbes and can improve treatment outcomes for microbiome-addressable conditions, including solid organ cancer, inflammatory bowel disease and metabolic disorders. By acting in a synergistic and complementary manner to existing therapies, LBPs provide a safe method for targeting underlying disease processes, but through different pathways and with greater efficacy. Historical approaches to LBP development have generally focused on single strains of bacteria – which don’t have an appropriate ecosystem to add therapeutic value – or fecal microbiota transplants (FMTs), which are complex and consist of many bacterial strains, but are difficult to scale commercially, highly variable and cannot be optimized. Kanvas has demonstrated the ability to develop and manufacture complex microbial consortia of 148 bacterial strains, providing the benefits of a complex community with multiple mechanisms of action, which make LBPs more effective.

“Not only does Kanvas’s spatial biology platform offer much-needed discovery capabilities, it also now enables the manufacturing of complex LBPs as a therapeutic modality. KAN-001 and KAN-003 have the potential to be breakthrough, complementary therapeutics for ICI-refractory and ICI-naive cancers,” said Jason Pontin, General Partner at DCVC and chair of Kanvas’s board. “By providing the missing link between microbiome drug design rationale and therapeutic outcomes, Kanvas has the unique and exciting ability to provide a better mechanistic understanding of microbiome-addressable conditions, and ultimately improve clinical success for the next generation of LBPs.”

“I’m thrilled to support Kanvas’s mission as a board observer,” remarked Dr. Burkart, Germin8’s Chief Scientific Officer and a board-certified pathologist specializing in gastrointestinal pathology. “Their exceptional team and groundbreaking technology will revolutionize our understanding of host-microbiome interactions, driving transformative discoveries in human health and beyond. This tool isn’t just relevant for human health; it holds promise for sectors like animal health and agriculture. Understanding microbes in these areas is vital for global health and sustainability.”

The past 12 months have been a period of momentous growth for Kanvas. This fall, the company opened a new research laboratory and drug manufacturing facility in South San Francisco. Kanvas also recently expanded its leadership team: Lee Swem, formerly Federation Bio’s Chief Science Officer, joined Kanvas as Chief Development Officer, Steve Kujawa, who previously led business development at 10x Genomics, joined as Vice President of Business Development, and Kevin Cutler joined the company as Lead Scientist with expertise in AI. Swem is driving the execution of Kanvas’s LBP portfolio, with a focus on KAN-001, and Kujawa is leading partnerships for the company’s spatial biology platform and licensing of non-core LBP assets. Cutler is spearheading the curation of a state-of-the-art training database for machine learning segmentation of microbes, development of deep learning models for spectral identification of microbes, and integration of advanced AI into the company’s analytical platform.

For more information on Kanvas Biosciences or to inquire about pharmaceutical discovery partnership opportunities, visit https://www.kanvasbio.com/.

About Kanvas Biosciences
Kanvas Biosciences is a spatial biology company building the world’s first microbiome drug screening, discovery and manufacturing platform to accelerate the development of next generation live biotherapeutics. With an unparalleled ability to spatially map the microbiome and profile host gene expression, and manufacture complex consortia containing hundreds of members that can restore microbiome health, the company is uniquely positioned to develop novel therapeutics that can significantly improve the lives of all patients living with microbiome-associated diseases. Kanvas Biosciences’ technology was initially developed at Cornell University and exclusively licensed. The company’s notable investors include DCVC, Lions Capital LLC, FemHealth Ventures, Germin8, Ki Tua Fund, and Pangaea Ventures. Kanvas Biosciences is headquartered in Princeton, NJ. For more information, visit www.kanvasbio.com or follow the company on LinkedIn.

SOURCE Kanvas Biosciences