Saturday, June 22, 2024

Takeda Receives Approval from European Commission for FRUZAQLA in Previously Treated Metastatic Colorectal Cancer

OSAKA, Japan & CAMBRIDGE, Mass. - Saturday, 22. June 2024 AETOSWire

Approval Based on Results from Positive, Global, Phase 3 FRESCO-2 Trial

− FRUZAQLA (fruquintinib) is the First Novel Targeted Therapy in the EU for Metastatic Colorectal Cancer (mCRC) Regardless of Biomarker Status in Over a Decade

(BUSINESS WIRE) -- Takeda (TSE:4502/NYSE:TAK) today announced that the European Commission (EC) approved FRUZAQLA (fruquintinib) as a monotherapy indicated for the treatment of adult patients with metastatic colorectal cancer (mCRC) who have been previously treated with available standard therapies, including fluoropyrimidine-, oxaliplatin-, and irinotecan-based chemotherapies, anti-VEGF agents, and anti-EGFR agents, and who have progressed on or are intolerant to treatment with either trifluridine-tipiracil or regorafenib. The decision follows a positive opinion from the Committee for Medicinal Products for Human Use (CHMP) on April 25, 2024, and approval by the U.S. Food and Drug Administration (FDA) for adults with mCRC who have been previously treated with oxaliplatin- and irinotecan-based regimens on November 8, 2023.1,2

“People living with metastatic colorectal cancer face numerous difficulties, stemming both from their illness and the adverse effects of therapies. Given the complex nature of the disease, introducing innovative treatments such as fruquintinib – an oral, chemotherapy-free targeted agent – is essential. I am looking forward to having a new choice for appropriate patients,” said Josep Tabernero, MD, PhD, director of Vall d´Hebron Institute of Oncology (VHIO).

The approval is based on results from the Phase 3 multi-regional FRESCO-2 trial. The trial investigated FRUZAQLA plus best supportive care (BSC) versus placebo plus BSC in patients with previously treated mCRC. FRESCO-2 met all its primary and key secondary efficacy endpoints and showed consistent benefit among patients treated with FRUZAQLA, regardless of the prior types of therapies they received. FRUZAQLA demonstrated a manageable safety profile in FRESCO-2. Adverse reactions leading to treatment discontinuation occurred in 20% of patients treated with FRUZAQLA plus BSC versus 21% of those treated with placebo plus BSC. Data from FRESCO-2 were published in The Lancet in June 2023.3

“Today's approval marks an important moment for the colorectal cancer community in the EU. For the first time in over a decade, patients with previously treated metastatic colorectal cancer have a new targeted treatment option that can be used irrespective of whether their tumors harbor actionable mutations,” said Teresa Bitetti, president of the Global Oncology Business Unit at Takeda. “We look forward to offering patients a novel treatment option that has a manageable safety profile and can be effective regardless of the prior types of therapies they have received.”

About FRUZAQLA (fruquintinib)

FRUZAQLA is a selective oral inhibitor of all three VEGF receptors (-1, -2 and -3). VEGFR inhibitors play a pivotal role in blocking tumor angiogenesis. FRUZAQLA was designed to have enhanced selectivity that limits off-target kinase activity, allowing for high drug exposure, sustained target inhibition, and flexibility for potential use as part of combination therapy.

Takeda has the exclusive worldwide license to further develop, commercialize, and manufacture fruquintinib outside of mainland China, Hong Kong and Macau. FRUZAQLA was approved by the U.S. Food and Drug Administration (FDA) in November 2023. A submission to the Japan Pharmaceuticals and Medical Devices Agency (PMDA) took place in September 2023. Fruquintinib is developed and marketed in China by HUTCHMED. Fruquintinib was approved for marketing by the China National Medical Products Administration (NMPA) in September 2018 and commercially launched in China in November 2018 under the brand name ELUNATE®.


Please consult the FRUZAQLA (fruquintinib) Summary of Product Characteristics (SmPC) before prescribing.

Guidance for use: FRUZAQLA should be initiated by a physician experienced in the administration of anticancer therapy. Patients should be given the package leaflet.

CONTRAINDICATIONS: Hypersensitivity to the active substance or to any of the excipients.

SPECIAL POPULATIONS: Renal impairment: No dose adjustment is required for patients with mild, moderate, or severe renal impairment; Hepatic impairment: No dose adjustment is required for patients with mild or moderate hepatic impairment. FRUZAQLA is not recommended for use in patients with severe hepatic impairment as FRUZAQLA has not been studied in this population; Elderly: No dose adjustment is required in patients aged 65 years or above; Paediatric population: There is no relevant use of FRUZAQLA in the paediatric population for the indication of metastatic colorectal cancer; Women of childbearing potential/Contraception in females: Women of childbearing potential should be advised to use highly effective contraception during treatment and for at least 2 weeks following the last dose of FRUZAQLA; Pregnancy: There are no clinical data available on the use of FRUZAQLA in pregnant women. Based on its mechanism of action, FRUZAQLA has the potential to cause foetal harm. Animal studies have shown reproductive toxicity, including foetal malformations. FRUZAQLA should not be used during pregnancy unless the clinical condition of the woman requires treatment with FRUZAQLA. If FRUZAQLA is used during pregnancy or if the patient becomes pregnant while on treatment, the patient must be informed of the potential hazard to the foetus; Breast-feeding: The safe use of FRUZAQLA during breast-feeding has not been established. It is not known whether FRUZAQLA or its metabolites are excreted in human milk. There are no animal data on the excretion of FRUZAQLA in animal milk. A risk to the breastfeeding newborns/infants cannot be excluded. Breastfeeding should be discontinued during treatment and for 2 weeks after the last dose; Fertility: There are no data on the effects of FRUZAQLA on human fertility. Results from animal studies indicate that FRUZAQLA may impair male and female fertility.


    Hypertension: Hypertension, including hypertensive crisis, has been reported in patients treated with FRUZAQLA. Pre-existing hypertension should be monitored and adequately controlled in accordance with standard medical practices before starting FRUZAQLA treatment.

    Hypertension should be medically managed with antihypertensive medicinal products and adjustment of the FRUZAQLA dose, if necessary. FRUZAQLA should be permanently discontinued for hypertension that cannot be controlled with antihypertensive therapy or in patients with hypertensive crisis.

    Haemorrhagic events: Haemorrhagic events have been reported in patients treated with FRUZAQLA, including gastrointestinal (GI) tract events. Serious and sometimes fatal bleeding events have been reported in patients after treatment with FRUZAQLA.

    Haematologic and coagulation profiles should be monitored in accordance with standard medical practices in patients at risk for bleeding, including those treated with anticoagulants or other concomitant medicinal products that increase the risk of bleeding. In the event of severe bleeding requiring immediate medical intervention, FRUZAQLA should be permanently discontinued.

    Gastrointestinal perforation: GI perforation events, including fatal events, have been reported in patients treated with FRUZAQLA.

    Symptoms of GI perforation should be periodically monitored during treatment with FRUZAQLA.

    FRUZAQLA should be permanently discontinued in patients developing GI perforation.

    Proteinuria: Proteinuria events have occurred in patients treated with FRUZAQLA.

    Proteinuria should be monitored before initiation and during treatment with FRUZAQLA in accordance with standard medical practices. If urine dipstick proteinuria ≥ 2 g / 24 hours is detected, dose interruptions, adjustments, or discontinuation may be necessary. FRUZAQLA should be permanently discontinued in patients developing nephrotic syndrome.

    Palmar-plantar erythrodysaesthesia syndrome (PPES): PPES is the most frequently reported dermatological adverse reaction.

    If Grade ≥ 2 skin reactions are detected, dose interruptions, adjustments, or discontinuation may be necessary.

    Posterior reversible encephalopathy syndrome (PRES): PRES has been reported in 1 patient (0.1%) treated with FRUZAQLA in clinical studies. PRES is a rare neurologic disorder that can present with headache, seizure, lethargy, confusion, altered mental function, blindness, and other visual or neurological disturbances, with or without associated hypertension. A diagnosis of PRES requires confirmation by brain imaging, preferably magnetic resonance imaging (MRI). In patients developing PRES, discontinuation of FRUZAQLA, along with control of hypertension and supportive medical management of other symptoms, are recommended.

    Impaired wound healing: Impaired wound healing has been reported in 1 patient (0.1%) treated with FRUZAQLA in clinical studies.

    Patients are recommended to withhold FRUZAQLA for at least 2 weeks prior to surgery. FRUZAQLA should not be resumed for at least 2 weeks after surgery, as clinically indicated when there is evidence of adequate wound healing.

    Arterial and venous thromboembolic events: It is recommended to avoid starting treatment with FRUZAQLA in patients with a history of thromboembolic events (including deep vein thrombosis and pulmonary embolism) within the past 6 months or if they have a history of stroke and/or transient ischemic attack within the last 12 months. If arterial thrombosis is suspected, FRUZAQLA should be discontinued immediately.


Effects of other medicinal products on the pharmacokinetics of FRUZAQLA

CYP3A inducers

Co-administration of FRUZAQLA with rifampicin (a strong CYP3A inducer) 600 mg once daily decreased FRUZAQLA AUCinf by 65% and decreased Cmax by 12%. The concomitant use of FRUZAQLA with strong and moderate CYP3A inducers should be avoided.

CYP3A inhibitors

Co-administration of FRUZAQLA with itraconazole (a strong CYP3A inhibitor) 200 mg twice daily did not result in clinically meaningful changes in the area under the concentration-time curve (AUC) and Cmax of FRUZAQLA. No dose adjustment of FRUZAQLA is needed during concomitant use with CYP3A inhibitors.

Gastric acid lowering agents

Co-administration of FRUZAQLA with rabeprazole (a proton pump inhibitor) 40 mg once daily did not result in clinically meaningful changes in the AUC of FRUZAQLA. No dose adjustment of FRUZAQLA is needed during concomitant use with gastric acid lowering agents.

Effect of FRUZAQLA on the pharmacokinetics of other medicinal products

Medicinal products that are substrates of P-glycoprotein (P-gp)

Co-administration of a single dose of dabigatran etexilate 150 mg (a P-gp substrate) with a single dose of FRUZAQLA 5 mg decreased AUC of dabigatran by 9%. No dose adjustment is recommended for P-gp substrates during concomitant use with FRUZAQLA.

Medicinal products that are substrates of breast cancer resistance protein (BCRP)

Co-administration of a single 10 mg dose of rosuvastatin (a BCRP substrate) with a single 5 mg dose of FRUZAQLA decreased AUC of rosuvastatin by 19%. No dose adjustment is recommended for BCRP substrates during concomitant use with FRUZAQLA.

UNDESIRABLE EFFECTS: The most commonly reported adverse reactions with FRUZAQLA are:

Very common

(frequency ≥1/10)

Thrombocytopenia, hypothyroidism, anorexia, hypertension, dysphonia, diarrhoea, stomatitis, aspartate aminotransferase increased, total bilirubin increased, alanine aminotransferase increased, palmar-plantar erythrodysaesthesia syndrome, musculoskeletal discomfort, arthralgia, proteinuria, asthenia, and fatigue


(≥1/100 to <1/10)

Pneumonia, upper respiratory tract infection, bacterial infections, leukopenia, neutropenia, hypokalemia, epistaxis, throat pain, gastrointestinal haemorrhage, gastrointestinal perforation, pancreatic enzymes increased, oral pain, rash, and mucosal inflammation

About CRC

CRC is a cancer that starts in either the colon or rectum. According to the International Agency for Research on Cancer, CRC is the third most prevalent cancer worldwide and was associated with more than 1.9 million new cases and 900,000 deaths in 2022. In Europe, CRC was the second most common cancer in 2022, with approximately 538,000 new cases and 248,000 deaths.4 In the U.S., it is estimated that 153,000 patients will be diagnosed with CRC and 53,000 deaths from the disease will occur in 2024.5 In Japan, CRC was the most common cancer in 2022, with more than 145,000 new cases and 60,000 deaths.4 Although early-stage CRC can be surgically resected, metastatic CRC remains an area of high unmet need with poor outcomes and limited treatment options. Some patients with metastatic CRC may benefit from personalized therapeutic strategies based on molecular characteristics; however, most patients have tumors that do not harbor actionable mutations.6,7,8,9,10

About the Phase 3 FRESCO-2 Trial

The FRESCO-2 study is a multi-regional clinical trial conducted in the U.S., Europe, Japan and Australia investigating FRUZAQLA plus BSC vs placebo plus BSC in patients with previously treated mCRC (NCT04322539). The study met all of its primary and key secondary endpoints, demonstrating that treatment with FRUZAQLA resulted in statistically significant and clinically meaningful improvement in OS and PFS. The safety profile of FRUZAQLA in FRESCO-2 was consistent with previously reported fruquintinib monotherapy studies. Results from the study were presented at ESMO in September 2022 and subsequently published in The Lancet in June 2023.11,3

About Takeda

Takeda is focused on creating better health for people and a brighter future for the world. We aim to discover and deliver life-transforming treatments in our core therapeutic and business areas, including gastrointestinal and inflammation, rare diseases, plasma-derived therapies, oncology, neuroscience and vaccines. Together with our partners, we aim to improve the patient experience and advance a new frontier of treatment options through our dynamic and diverse pipeline. As a leading values-based, R&D-driven biopharmaceutical company headquartered in Japan, we are guided by our commitment to patients, our people and the planet. Our employees in approximately 80 countries and regions are driven by our purpose and are grounded in the values that have defined us for more than two centuries. For more information, visit

Important Notice

For the purposes of this notice, “press release” means this document, any oral presentation, any question and answer session and any written or oral material discussed or distributed by Takeda Pharmaceutical Company Limited (“Takeda”) regarding this release. This press release (including any oral briefing and any question-and-answer in connection with it) is not intended to, and does not constitute, represent or form part of any offer, invitation or solicitation of any offer to purchase, otherwise acquire, subscribe for, exchange, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction. No shares or other securities are being offered to the public by means of this press release. No offering of securities shall be made in the United States except pursuant to registration under the U.S. Securities Act of 1933, as amended, or an exemption therefrom. This press release is being given (together with any further information which may be provided to the recipient) on the condition that it is for use by the recipient for information purposes only (and not for the evaluation of any investment, acquisition, disposal or any other transaction). Any failure to comply with these restrictions may constitute a violation of applicable securities laws.

The companies in which Takeda directly and indirectly owns investments are separate entities. In this press release, “Takeda” is sometimes used for convenience where references are made to Takeda and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to subsidiaries in general or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies.

Forward-Looking Statements

This press release and any materials distributed in connection with this press release may contain forward-looking statements, beliefs or opinions regarding Takeda’s future business, future position and results of operations, including estimates, forecasts, targets and plans for Takeda. Without limitation, forward-looking statements often include words such as “targets”, “plans”, “believes”, “hopes”, “continues”, “expects”, “aims”, “intends”, “ensures”, “will”, “may”, “should”, “would”, “could”, “anticipates”, “estimates”, “projects” or similar expressions or the negative thereof. These forward-looking statements are based on assumptions about many important factors, including the following, which could cause actual results to differ materially from those expressed or implied by the forward-looking statements: the economic circumstances surrounding Takeda’s global business, including general economic conditions in Japan and the United States; competitive pressures and developments; changes to applicable laws and regulations, including global health care reforms; challenges inherent in new product development, including uncertainty of clinical success and decisions of regulatory authorities and the timing thereof; uncertainty of commercial success for new and existing products; manufacturing difficulties or delays; fluctuations in interest and currency exchange rates; claims or concerns regarding the safety or efficacy of marketed products or product candidates; the impact of health crises, like the novel coronavirus pandemic, on Takeda and its customers and suppliers, including foreign governments in countries in which Takeda operates, or on other facets of its business; the timing and impact of post-merger integration efforts with acquired companies; the ability to divest assets that are not core to Takeda’s operations and the timing of any such divestment(s); and other factors identified in Takeda’s most recent Annual Report on Form 20-F and Takeda’s other reports filed with the U.S. Securities and Exchange Commission, available on Takeda’s website at: or at Takeda does not undertake to update any of the forward-looking statements contained in this press release or any other forward-looking statements it may make, except as required by law or stock exchange rule. Past performance is not an indicator of future results and the results or statements of Takeda in this press release may not be indicative of, and are not an estimate, forecast, guarantee or projection of Takeda’s future results.

Medical Information

This press release contains information about products that may not be available in all countries, or may be available under different trademarks, for different indications, in different dosages, or in different strengths. Nothing contained herein should be considered a solicitation, promotion or advertisement for any prescription drugs including the ones under development.


    Takeda Pharmaceuticals. (2024 April 26). Takeda Receives Positive CHMP Opinion for Fruquintinib in Previously Treated Metastatic Colorectal Cancer [Press Release]. Available here.

    Takeda Pharmaceuticals. (2023 November 8). Takeda Receives U.S. FDA Approval of FRUZAQLA™ (fruquintinib) for Previously Treated Metastatic Colorectal Cancer [Press Release]. Available here.

    Dasari NA, et al. Fruquintinib versus placebo in patients with refractory metastatic colorectal cancer (FRESCO-2): an international, multicentre, randomised, double-blind, phase 3 study. Lancet. 2023;402(10395):41-53. doi:10.1016/S0140-6736(23)00772-9.

    Bray F, et al. Global cancer statistics 2022: GLOBOCAN estimates of incidence and mortality worldwide for 36 cancers in 185 countries. CA Cancer J Clin. 2024 [online ahead of print]. doi: 10.3322/caac.21834

    American Cancer Society. Cancer Facts & Figures 2024. Atlanta, American Cancer Society; 2024.

    Bando H, et al. Therapeutic landscape and future direction of metastatic colorectal cancer. Nat Rev Gastroenterol Hepatol 2023; 20(5)306-322. doi:10.1038/s41575-022-00736-1.

    D'Haene N, et al. Clinical application of targeted next-generation sequencing for colorectal cancer patients: a multicentric Belgian experience. Oncotarget. 2018;9(29):20761-20768. Published 2018 Apr 17. doi:10.18632/oncotarget.25099.

    Venderbosch, et al. Mismatch repair status and braf mutation status in metastatic colorectal cancer patients: A pooled analysis of the Cairo, Cairo2, coin, and Focus Studies. Clinical Cancer Res., 2014; 20(20):5322–5330. doi:10.1158/1078-0432.ccr-14-0332.

    Koopman, M., et al. Deficient mismatch repair system in patients with sporadic advanced colorectal cancer. Br J Cancer. 209;100(2), 266–273. doi:10.1038/sj.bjc.6604867.

    Ahcene Djaballah S, et al. HER2 in Colorectal Cancer: The Long and Winding Road From Negative Predictive Factor to Positive Actionable Target. Am Soc Clin Oncol Educ Book. 2022;42:1-14. doi:10.1200/EDBK_351354.

    Dasari NA, et al. LBA25 – FRESCO-2: A global phase 3 multiregional clinical trial (MRCT) evaluating the efficacy and safety of fruquintinib in patients with refractory metastatic colorectal cancer. Ann Oncol. 2022 Sep;33(suppl_7): S808-S869. Doi:10.1016/annonc/annonc1089.


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Friday, June 21, 2024

ASTRA 1P Successfully Launched on SpaceX’s Falcon 9 Rocket


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    CAPE CANAVERAL, Fla. - Friday, 21. June 2024 AETOSWire Print

Most powerful geostationary satellite to operate at 19.2 degrees East will deliver content from SES’s prime TV neighbourhood to 119 million households across Europe

(BUSINESS WIRE) -- SES announced today that the ASTRA 1P satellite was successfully launched by a SpaceX Falcon 9 rocket from Cape Canaveral Space Force Station in Florida, United States, at 5:35 pm local time.

The Ku-band satellite will augment and strengthen SES's prime TV neighbourhood at 19.2 degrees East while delivering content for public and private broadcasters, sports organisations and content owners to audiences across largest European TV markets. ASTRA 1P will also ensure the delivery of premium HD content directly to subscribers of HD+, SES’s high-definition satellite TV platform in Germany.

Built by Thales Alenia Space, ASTRA 1P is based on the 100% electric Spacebus NEO platform and features 80 transponders capable of delivering 500 HD TV channels. It is the most powerful satellite to operate at 19.2 degrees East, seamlessly replacing the current four satellites at the orbital location and continuing their mission of serving 119 million TV households.

“We are excited that ASTRA 1P will be joining our fleet of geostationary satellites, marking the next generation of satellites to operate at one of our most important orbital positions responsible for delivering content to hundreds of millions of viewers in Europe,” said Adel Al-Saleh, CEO of SES. “Ever since the launch of ASTRA 1A in 1988, our satellites have played a pivotal role in reliably delivering high-quality content to viewers. We are well-positioned to continue supporting our broadcast customers for many years to come with ASTRA 1P.”

To find out more about ASTRA 1P, visit our newsroom.

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SES has a bold vision to deliver amazing experiences everywhere on earth by distributing the highest quality video content and providing seamless data connectivity services around the world. As a leader in global content connectivity solutions, SES owns and operates the world’s only geosynchronous orbit and medium earth orbit (GEO-MEO) constellation of satellites with the unique combination of global coverage and high performance. By leveraging its vast and intelligent, cloud-enabled network, SES delivers high-quality connectivity solutions anywhere on land, at sea or in the air, and is a trusted partner to the world’s leading telecommunications companies, mobile network operators, governments, connectivity and cloud service providers, broadcasters, video platform operators and content owners. SES’s video network carries over 6,400 channels, reaching 363 million households, delivering managed media services for both linear and non-linear content. The company is headquartered in Luxembourg and listed on Paris and Luxembourg stock exchanges (Ticker: SESG). Further information is available at:


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QpiAI Closes $6.5 Mill Pre-Series A Funding Led by Yournest and SIDBI Venture Capital to Enable Intelligence Modelling and Intelligence Compute Using Quantum Computers BANGALORE, India - Friday, 21. June 2024 AETOSWire Print

 BANGALORE, India - Friday, 21. June 2024 AETOSWire 

QpiAI closed first ever external investment with the pre-series A funding of $6.5 million led by Yournest and SVCL.

WFC, an angel group; Ramesh Radhakrishnan, a successful serial entrepreneur and venture capitalist; Ramaswamy Prabhakar, a Technologist and angel investor from Silicon Valley; Quick Heal Security founders Kailash Katkar and Sanjay Katkar and their family office; Lakshmeenarayanan, Former Chairman and CEO of Cognizant; Bhupinder Singh, former CPO of Bentley; Pratap Reddy, Silicon Valley serial entrepreneur and angel investor: Sahasra capital; and other angels also participated in the round.

With this funding, QpiAI will be implementing full stack 25 qubit Quantum computers that are scalable from 25 to 1000 physical superconducting qubits with the same infrastructure.

QpiAI will be aiming to increase revenues from software licensing of 7 software platforms: QpiAI-pro, QpiAI-explorer, QpiAI-opt, QpiAI-pharma, QpiAI-ML QpiAI-logistics and QpiAI-matter, which are based on Quantum computing and Generative AI technologies.

QpiAI is a revenue generating, enterprise focused technology startup and counts Fortune 500 companies globally as its customers in pharma, materials, chemical, cosmetics, automotive, financials and manufacturing.

Debraj Banerjee from SIDBI ventures will be joining the board of QpiAI as nominee of SIDBI venture capital.

Ramesh Radhakrishnan, the first external investor in QpiAI, joined the board as a nominee director of Qpi Technology, holding company of QpiAI


(BUSINESS WIRE) -- QpiAI, a leader in quantum computing and generative AI, announced its maiden external funding of $6.5 million to build Quantum computing and Generative AI products and platforms.

Dr Nagendra Nagaraja CEO and Founder of QpiAI quoted, “The pre-series A round of QpiAI will be remembered as a landmark funding round in Indian Deeptech. This round should allow us to lay a foundation of intelligence modelling and intelligence compute via Quantum computers and Generative AI. This funding will enable us to achieve breakthrough innovation in vertical integration of Generative AI and Quantum computing in enterprise and industrial applications. We will also be demonstrating 25 Qubit Quantum computers in our Bangalore HQ by Q4 CY2024/ Q1 CY 2025. With integration of HPC built out of our lab infra and integration all our 7 Quantum and Generative AI platforms we will have prototype of Quantum-HPC QpiAI datacenter, this can be scaled further to offer QCaaS (Quantum Compute as a Service). There is also good traction with our current customers to provide Quantum-HPC solutions with our software and compute infra. A very advanced Compute infra with Quantum capability that we will be deploying with this funding will allow us to innovate in Generative AI and Quantum software. QpiAI Quantum and AI stack, including hardware and software, will have tremendous impact on pharma, non-energy transition materials, chemicals, manufacturing, logistics and finance.”

Dr Nagendra further added, “There is also tremendous traction in the B2G segment with QpiAI thought leadership in Quantum and AI that has helped shape technology and infrastructure roadmaps. QpiAI is a Global company with its HQ in Bangalore, India and subsidiaries in US and Finland. As we work with Global enterprises and Governments including the US, Europe, Japan, the Middle East and Southeast Asia, we will be expanding our presence in these regions to create value to our customers and partners.”

Dr Manjunath R.V., Vice President for Quantum computers QpiAI, further added, “Building Scalable Quantum computers that can solve real world problems and bolster our industry verticals is a very key technology development. At QpiAI, we are very excited to have our own Quantum computers to further build Quantum and AI data centers. Our team is really happy to have multiple QPUs in our dilution refrigerator to make sure we achieve high quality quantum compute infrastructure. We can’t wait to see the next steps in our roadmap to advance Quantum computers scaling 25 qubits to 1000 qubits.”

Sachin Kumar, Lakshya Priyadarshi and Aswanth Krishnan, who leads software products and solutions on Generative AI and Quantum software, suggested, “In the last 4 years, we were able to commercialize our software platforms and achieve traction across large bluechip enterprise customers. With this funding and with all our 7 software products ready to scale, we envision scaling our software platforms globally. We anticipate a great time ahead for us. There is lot of customer interest to see QpiAI Quantum and AI software platform working on QpiAI Quantum-AI HPC datacenters to implement their next gen applications in pharma, materials, fintech, automotive and manufacturing.”

Sunil Goyal MD, Yournest who led the funding round, further added, "By investing in QpiAI, we're helping to propel India to the leading edge of quantum computing. This technology has the potential to revolutionize fields like materials science, drug discovery, automotive, and manufacturing. QpiAI's innovative approach makes them a key player in unlocking this potential, and we're thrilled to join Dr. Nagendra and the QpiAI team on this exciting journey."

Debraj Banerjee, President at SIDBI Venture capital and Board of Director of QpiAI who led the funding round from SIDBI ventures, further added, “SVCL is very excited to be part of this very important deeptech journey of national importance. Quantum computers will change the world when we commercialize it. The technology is of immense importance for national security and advance computation. Having a home-grown Quantum computer will be very important for our national institutes to further our progress in computation technologies. We are eagerly looking forward to a working 25 qubit machine from QpiAI by Q4 of CY24 /Q1 CY25.”

Ramesh Radhakrishnan, a very successful serial entrepreneur, a veteran VC and Board of Director at QpiAI, further added, “Quantum computers and AI are the future for all applied technologies in many different market segments including pharma, transport, cybersecurity, and financial among others. Integrating Application software with Quantum System software and hardware to make AI and Quantum computing work together is a fundamental innovation whose significance is going to be enormous. With centers in the US and Finland, QpiAI is well positioned to scale Quantum and AI technologies and address markets globally. I am very excited to be a part of this wonderful journey.”

About QpiAI

QpiAI ( is a world leader in AI and Quantum computing. QpiAI is integrating Quantum computing and AI vertically to offer solutions to areas like manufacturing, industrial, transportation, finance, pharma and materials. It has various software platforms and products including QpiAI-pro, QpiAI-explorer, QpiAI-logistics, QpiAIopt, QpiAIML, QpiAI-pharma and QpiAI-Matter. With its innovation in commercial grade Quantum computing technology, QpiAI is providing impactful advances to generative AI and various industry verticals.


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QPS Announces New Global Clinical Research Operations Leadership

 (BUSINESS WIRE) -- QPS, a leading global contract research organization (CRO), is pleased to announce new clinical research operations leadership. This new clinical leadership will further align the existing global medical affairs, regulatory affairs, data services, and clinical operations units with the existing successful QPS Phase I clinics. The enhanced global capabilities will help QPS satisfy the need for agility, flexibility, and speed in the quickly evolving global drug development community.

“This addition of Mr. Derek Grimes to the QPS Global Leadership Team will enhance our ability to collaborate across business units to offer comprehensive custom-built clinical development programs to better address a future dominated by Biologics and Advanced Therapy programs and a demand for accelerated clinical trials,” said Benjamin Chien, Chairman, President and CEO of QPS.

Mr. Derek Grimes, QPS Executive Vice President and Global Head of Clinical Research is a distinguished executive with 26 years of leadership experience in healthcare and clinical research across both academic and private institutions. He has played a pivotal role in developing complex healthcare and clinical research organizations and has been the operational lead on several hundred clinical research programs for academic and industry-based organizations. Grimes’ extensive experience and contributions to the field have made him a respected leader in clinical research and healthcare management. Most recently, Grimes served as the Senior Vice President of Clinical Operations at Frontage Laboratories, where he led the operations for the Clinical Services Division.

“I am excited to join the team and look forward to getting started. There is huge potential in the QPS full-service global CRO offering and enhanced alignment of leadership across the units will benefit our clients tremendously,” says Grimes.

In 2022, QPS announced a full transformation to a globally structured organization leading to seamless delivery of preclinical, bioanalytical, and clinical trial services around the world. At the same time, the organization formalized its medical affairs and regulatory affairs departments and onboarded new senior leaders for those teams. This enhanced structure has benefited our global customers, as our teams now more closely collaborate across all global regions. The addition of Grimes to this organization will further solidify QPS’ ability to serve Biotech and Pharmaceutical clients around the world.


QPS is a global, full-service, GLP/GCP-compliant contract research organization (CRO) delivering the highest grade of discovery, bioanalysis, preclinical and clinical drug development services. Since 1995, QPS has grown from a small bioanalysis shop into a full-service CRO with 1,100+ employees in the US, Europe, and Asia. Today, QPS offers expanded pharmaceutical contract R&D services with special expertise in pharmacology, DMPK, toxicology, bioanalysis, translational medicine, clinical trials, and clinical research services. An award-winning leader focused on bioanalysis and clinical trials, QPS is known for proven quality standards, technical expertise, a flexible approach to research, client satisfaction, and turnkey laboratories and facilities. Through continual enhancements in capacities and resources, QPS stands tall in its commitment to delivering superior quality, skilled performance and trusted service to its valued customers. For more information, visit or email


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Kolmar BNH Sharpens Global Competitiveness with Dual Functionality of HemoHIM

 SEOUL, South Korea - Friday, 21. June 2024

(BUSINESS WIRE) -- Kolmar BNH (KOSDAQ: 200130), a leading Original Development Manufacturing (ODM) company for health functional foods, strengthens its market position by acquiring certification for the additional functionality of HemoHIM, a renowned Korean health supplement.

The company secured approval from the Ministry of Food and Drug Safety for the fatigue-improving function of the HemoHIM extract complex of angelica gigas, etc., derived from angelica gigas and other components in 2023. This achievement was made six years after the launch of its HemoHIM Sustainable Technology Development Project. As a result, HemoHIM came to the market as a dual-functional health product designed to boost immune function and reduce fatigue.

HemoHIM, developed by Kolmar BNH in 2006, is the nation’s first individually-approved immune-boosting health supplement, formulated using indigenous natural ingredients like angelica gigas, cnidium officinale, and paeonia japonica. Distributed by Atomy, it's now a global success, exported to over 20 countries and generating over KRW 2 trillion in sales with exports exceeding $200 million. It has remained Korea's top-selling immune booster for over a decade.

Kolmar BNH validated the fatigue improvement function of HemoHIM through extensive clinical (human trials) and non-clinical trials (cell tests). In trials involving adults aged 30 to 59 experiencing fatigue, significant enhancements were observed in fatigue measures, including the Fatigue Severity Scale (FSS) and Multidimensional Fatigue Inventory (MFI), following consumption of the HemoHIM extract complex of angelica gigas, etc. These findings were published in Phytomedicine Plus, an international journal dedicated to natural medicine, with patents registered in Korea and Russia.

Continuing its commitment to innovation following the launch of HemoHIM, Kolmar BNH allocates over 2% of its annual sales to R&D. This investment aims to enhance product functionality and fortify competitive advantage.

HemoHIM G, targeting the global market, is one of the results of such dedication to R&D. Launched in Taiwan last month, HemoHIM G is a new product for export that has made meticulous adjustments to its raw materials and ingredient proportions to comply with international food regulations. Its key ingredients such as Angelica sinensis, Ligusticum chuanxiong, and Paeonia lactiflora went through rigorous sourcing procedures and stringent quality control. The taste and aroma profiles were tailored to suit the preferences of global consumers. Furthermore, its safety has been certified in the prestigious academic journal “Toxicological Research”, accredited at the SCIE level.

Kolmar BNH official said, "Through relentless research and development efforts, Kolmar BNH has enhanced the competitiveness of HemoHIM. We are dedicated to promoting K-health functional food globally through ongoing innovations in HemoHIM."


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Kolmar BNH

Jang Woo Lee

Mary Kay Inc. Presents New Findings on Skin Care Advances and the Use of Computational Tools in Identifying Skin Sensitivity

 DALLAS - Friday, 21. June 2024

(BUSINESS WIRE) -- Mary Kay Inc., a global leader in skin care innovation, recently revealed the results of two breakthrough research studies: first, an antioxidant treatment that can diminish the visible effects of pollution and aging on human skin; and second, a focus on the applications of computational tools to accurately predict the safety and potential reactions of human skin to various cosmetic ingredients. These findings were shared by Mary Kay scientists at the 2024 Society of Investigative Dermatology (SID) meeting in Dallas, Texas. The company was a silver-level sponsor of the event.

“Mary Kay scientists are at the forefront of skin care research, and we’re pleased to share our latest findings with the broader scientific community,” said Dr. Lucy Gildea, Chief Innovation Officer, Product & Science at Mary Kay. The ongoing partnership with the Society of Investigative Dermatology underscores Mary Kay’s dedication to advancing skincare science. By maintaining collaborative efforts, the company remains steadfast in its commitment to making significant breakthroughs in the field of dermatology, ultimately providing consumers with safer and more effective skincare solutions.

“Mary Kay's enduring commitment to research and development aligns perfectly with our goals at the Society for Investigative Dermatology," said Dr. Rebecca Minnillo, Chief Program, Communications and Development Officer at SID. "Our sustained partnership enables us to explore new frontiers in dermatological science, bringing us closer to breakthroughs that can transform skin care and treatment options.”

Mary Kay's research into the effects of air pollution on skin, conducted through multiple academic collaborations since 2016, revealed that an antioxidant blend of resveratrol, niacinamide, and oligopeptide-1 protects natural skin surface lipids from oxidative damage caused by particulate matter (PM) and UV radiation, both alone and combined. Additionally, this blend has been found to prevent free radical formation induced by blue light, demonstrating its potential in mitigating the detrimental effects of multiple environmental stressors on the skin.

Furthermore, Mary Kay is leveraging computational toxicology tools to enhance ingredient safety assessment of cosmetic and personal care ingredients. This innovative approach involves the use of advanced computational methods to predict the safety and potential toxicity of ingredients at an early stage, significantly reducing the need for extensive laboratory testing. Virtual screening allows for the early screening of compounds, ensuring only safe ingredients proceed in the development process. This method not only saves time and resources but also aligns with ethical and regulatory standards. By integrating these advanced tools, Mary Kay underscores its commitment to leveraging cutting-edge technology for product development, ensuring the highest standards of safety and efficacy for its consumers.

Mary Kay’s Dr. Gildea also hosted a compelling panel at SID, titled "Insights into the Effects of Pollution on Skin Health: Recent Discoveries & Emerging Perspectives,” comprising experts from varied fields of dermatology and molecular biology. Panelists included Dr. Thomas Haarmann-Stemmann, Group Leader at the Leibniz Research Institute for Environmental Medicine, who discussed the link between increased ambient temperature and skin aging. Dr. Elma Baron, Associate Professor of Dermatology at Case Western Reserve University, emphasized the significance of topical antioxidants in mitigating oxidative stress and improving skin health. Dr. Hong Sun, Assistant Professor at NYU Grossman School of Medicine, delved into molecular changes in skin cells exposed to environmental stressors, demonstrating the efficacy of antioxidant treatments in reversing gene expression changes associated with skin damage induced by UV and pollution exposure.

The sponsorship and findings presented at the 2024 SID meeting represent the latest efforts by Mary Kay to reinforce the brand’s long-standing commitment to advancing research and development in skin health and beauty. With over 1,600 patents for products, technologies, and packaging designs in its global portfolio, Mary Kay continues to lead the way in skincare innovation.

About Mary Kay

Then. Now. Always. One of the original glass ceiling breakers, Mary Kay Ash founded her dream beauty brand in Texas in 1963 with one goal: to enrich women’s lives. That dream has blossomed into a global company with millions of independent sales force members in more than 35 countries. For 60 years, the Mary Kay opportunity has empowered women to define their own futures through education, mentorship, advocacy, and innovation. Mary Kay is dedicated to investing in the science behind beauty and manufacturing cutting-edge skincare, color cosmetics, nutritional supplements, and fragrances. Mary Kay believes in preserving our planet for future generations, protecting women impacted by cancer and domestic abuse, and encouraging youth to follow their dreams. Learn more at, find us on Facebook, Instagram, and LinkedIn, or follow us on Twitter.


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C3i Center Inc is First CDMO in Canada to Receive Approval for a Drug Establishment License to Commercially Produce Cell Therapy Drug Products


Company awarded commercial Drug Establishment License (DEL) for Canada following successful inspection of C3i’s contract development and manufacturing organization (CDMO) facility.

(BUSINESS WIRE)--C3i Center Inc (C3i) announced it has received regulatory approval, in the form of a Drug Establishment License (DEL), to commercially produce cell therapies, making C3i the first CDMO in Canada to achieve this milestone.

The approval follows an inspection by the cell and gene therapy experts from Health Canada. The DEL approval recognizes C3i as having industry-leading expertise, regulatory know-how, and strong quality standards.

“The C3i team worked hard to meet the requirements of a DEL and are proud that we received approval from Health Canada to commercially manufacture cell therapies.” – Louisa Petropoulos, CEO of C3i. “We are excited to be the first CDMO in Canada to reach this milestone, and there is more to come. Our goal is to manufacture cell and gene therapies for the global market. We expect to have the European Medicines Agency (EMA) conduct their inspection later this fall.”

C3i supports its clients in process development, scale-up and manufacturing for phase 1 to phase 3 clinical trials, as well as commercial cell and gene-modified cell therapies. C3i continues to expand its capabilities to include the production of viral vectors, exosomes, and other autologous and allogeneic cellular therapies.

About C3i Center Inc

C3i is a full-service, in-house CDMO with a vision to make life-saving cell and gene therapies available to everyone who needs them. C3i provides services to biotechnology companies, academic research groups, and pharmaceutical companies, supporting the advancement and commercialization of innovative technologies. C3i’s dedicated team is focused on providing clients with tailored services to meet their specific needs, expediting their innovative pipeline from development to commercial. C3i prides itself on delivering on-time, cost-efficient quality results. In-house services include phase-appropriate quality control testing, biomarker discovery, immune monitoring and diagnostic testing with College of American Pathologists (CAP)-accredited laboratories.

To learn more about who we are, visit and for business inquiries, please contact our VP of Business Development, Sandra Donaldson, at


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MSCI Announces Results of the MSCI 2024 Market Classification Review

 (BUSINESS WIRE) -- MSCI Inc. (NYSE: MSCI), a leading provider of critical decision support tools and services for the global investment community, today announced the results of the MSCI 2024 Market Classification Review.

Select highlights of this year’s review includes MSCI:

Launching a consultation on the potential reclassification of Bulgaria from Standalone to Frontier Market status

Continuing to monitor the implementation of measures aimed at improving the accessibility of the Korean equity market for international investors, but also noting that the recent short selling ban introduces market accessibility restrictions

Noting recent improvement in the liquidity of the Egyptian foreign exchange market while warning on the potential implications of deteriorations reoccurring

Continuing to monitor the market accessibility of the Bangladesh equity market

Highlighting the evolution of clearing and settlement cycles across global markets

“In the face of market volatility, regulators in certain markets around the world have proactively advocated for elevated market accessibility standards. While we are seeing various developments and measures announced and implemented, it’s crucial that any actions toward enhancing market accessibility align with investor expectations and that no new restrictions impede any forward momentum,” said Dr. Dimitris Melas, Global Head of Index Research and Product Development and Chairman of the MSCI Index Policy Committee. “We will continue to evaluate how new and evolving reforms impact global institutional investors’ market accessibility and assess their effectiveness throughout the next market review cycle.”

More information related to the MSCI 2024 Market Classification Review, including the results of the 2024 MSCI Global Market Accessibility Review, can be viewed at

Consultation on potential reclassification of Bulgaria to Frontier Market status

MSCI announced today the launch of a consultation on a proposal for potential reclassification of Bulgaria from Standalone Market status to Frontier Market status in one step, coinciding with the May 2026 Index Review.

As part of MSCI’s August 2016 Index Review, Bulgaria was reclassified from Frontier Market status to Standalone Market status after a continuous decline in the size and liquidity of the Bulgarian equity market. At the August 2023 Index Review, MSCI implemented changes to the index construction and maintenance methodology for the MSCI Frontier Markets Indexes. These changes resulted in Bulgaria now having enough companies meeting Size and Liquidity requirements for Frontier Markets.

MSCI welcomes feedback from market participants on this reclassification proposal until April 15, 2025 and will announce its decision as part of the MSCI 2025 Market Classification Review.

Korea’s Market Accessibility

From 2008 to 2014, MSCI consulted with global market participants on the potential reclassification of Korea from Emerging Market status to Developed Market status. During this period and the time that followed, market participants highlighted key accessibility concerns including the limited convertibility of the Korean Won in the offshore currency market; the rigidity of the ID system that makes in-kind transfers and off-exchange transactions onerous; and the lack of investment instruments availability due to the restrictions on the use of exchange data for the creation of financial products.

MSCI recognizes and welcomes the recently proposed measures aimed at improving the accessibility of the Korean equity market.

Foreign exchange market: In February 2023, improvements to the Korean foreign exchange (FX) market’s structure were announced by the Ministry of Economy and Finance (MOEF). Starting from January 2024, Registered Foreign Institutions (RFIs) are now able to participate in the onshore interbank FX market and engage in direct FX transactions with banks. The pilot operation to extend trading hours has also been initiated, with full implementation set for the latter half of this year. Additional time is required to assess the implementation of these measures and the extent to which these infrastructure improvements align the Korean FX market with global standards.

Legal Entity Identifiers: Advancements to the capital market were announced by the Financial Services Commission (FSC) in January 2023. By the end of that year, following appropriate regulatory modifications and the development of relevant IT infrastructure, corporations began using Legal Entity Identifiers (LEI) instead of the Investor Registration Certificate (IRC) system. The requirements for reporting investment details of each final investor associated with an omnibus account holder were relaxed, and the scope of OTC transactions for ex-post reporting was broadened. However, market participants have expressed concerns about the complexity of the requirements needed to obtain an entirely validated LEI, which is creating further obstacles rather than simplifying market access for foreign investors. MSCI will continue to closely monitor the implementation of these reforms.

Mandatory disclosures: As part of the improvement measures announced by the FSC, the first phase of the mandatory English disclosures (phased in by asset size and foreign ownership percentage) started this year. In addition, updates to dividend distribution procedures, announced by FSC and MOEF last year, were implemented in 2024. Nonetheless, only a minority of companies have embraced these measures.

It is important to note that the aforementioned reforms do not address the issues arising from the limitations imposed by the local stock exchange on the use of exchange data for financial product creation. Additionally, in November 2023, authorities enacted a full ban on short selling, introducing additional accessibility constraints.

In response to COVID-19, Korea implemented a ban on short selling on March 16, 2020. By May 2021, this prohibition was temporarily revoked for securities listed in the KOSPI 200 and KOSDAQ 150 Indexes. However, in November 2023, a full ban on short selling was reimposed. While this ban is expected to be temporary, sudden changes in market rules are not desirable.

As a reminder, potential reclassifications require that all issues have been addressed, reforms have been fully implemented, and market participants have had ample time to thoroughly evaluate the effectiveness of the changes.

Improvement in the liquidity of the Egyptian Foreign Exchange Markets

Due to low FX liquidity and the re-emergence of the FX queue, foreign investors encountered repatriation challenges in the Egyptian equity market in 2023. In May 2023, MSCI applied a special treatment for Egypt in the MSCI equity indexes. This special treatment deferred index review changes and the implementation of corporate events aiming to address index replication concerns by potentially reducing the number of changes in related indexes. MSCI also highlighted the deterioration of Egypt’s market accessibility as part of the 2023 Market Classification Review and warned that a consultation on a reclassification proposal may be launched if the market’s accessibility worsened further. In March 2024, the Central Bank of Egypt enhanced currency availability by allowing the Egyptian pound to depreciate and committing to shift to a more flexible exchange rate system. With the clearing of the FX backlog, which had been outstanding for international institutional investors since early 2023, repatriation challenges were eased. Given this material improvement in the market’s accessibility, MSCI removed the special treatment for Egypt effective June 3, 2024.

“Significant frictions in the capital repatriation process negatively impacting index replicability are considered an uncharacteristic feature within Emerging Markets,” remarked Jean-Maurice Ladure, Global Head of Index Management Research and member of the MSCI Index Policy Committee. “If Egypt were to re-encounter similar FX liquidity constraints in the near future, MSCI could consider launching an off-cycle consultation on a reclassification proposal for Egypt from Emerging Market status to Frontier or Standalone Market status.”

MSCI welcomes the aforementioned positive developments and will continue to closely monitor the onshore USD liquidity levels and the capacity of foreign investors to repatriate their capital without delays from the Egyptian market.

Market Accessibility issues in Bangladesh

In July 2022, the Bangladesh Securities and Exchange Commission (BSEC) reinstituted floor prices for all listed securities. Since then, the BSEC has gradually lifted these restrictions, yet six listed securities still retain floor prices. In addition, market participants have recently reported delays in capital repatriation due to low liquidity in the onshore FX market.

As a result of these market accessibility issues, MSCI will continue to apply the special treatment introduced in February 2023. This special treatment defers index review changes and the implementation of corporate events aiming to reduce the number of potential changes in the MSCI Bangladesh Indexes and mitigate concerns on index replicability.

MSCI continues to welcome feedback on the accessibility of the Bangladesh market and may consult with market participants in case of further developments.

Evolution in Settlement Cycles of Global Equities

The path towards shorter cycles in equity clearing and settlement mechanisms has continued. In May 2024, USA, Canada, Mexico, Argentina, and Jamaica transitioned from T+2 settlement cycles to T+1, while other markets, including the European Union, the United Kingdom, Switzerland, and Australia, are evaluating the possibility of reducing their settlement cycles to T+1 and are in a consultation/review phase.

In response to these developments, MSCI sought feedback from global market participants from December 21, 2023 to March 15, 2024 on the potential impact of these changes in their investment processes. Market participants agreed that while operational adjustments are necessary due to these changes, amendments from index providers are not required. Furthermore, there is an expectation among market participants that the trend towards shorter settlement cycles will continue, ultimately establishing T+1 as the new standard. Feedback received also reemphasized that shorter settlement cycles must not introduce further operational challenges and risk, such as pre-funding requirements. Simultaneously, it was underscored that a lack of alignment in equity settlement cycles across global markets is undesirable.

MSCI continues to closely monitor these developments.


About MSCI

MSCI is a leading provider of critical decision support tools and services for the global investment community. With over 50 years of expertise in research, data and technology, we power better investment decisions by enabling clients to understand and analyze key drivers of risk and return and confidently build more effective portfolios. We create industry-leading research-enhanced solutions that clients use to gain insight into and improve transparency across the investment process. To learn more, please visit

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Thursday, June 20, 2024

Independent Survey of Nearly 3,000 Global CFOs and CIOs Reveals Growing Demand for Results and ROI from IT Investments and Decisions

 LAS VEGAS - Thursday, 20. June 2024 AETOSWire Print 

To solve for rising IT costs, IT and finance leaders collaborate to scrutinize technology spend and ensure budgetary and business goals are met


(BUSINESS WIRE)--Rimini Street, Inc. (Nasdaq: RMNI), a global provider of end-to-end enterprise software support, products and services, the leading third-party support provider for Oracle and SAP software, and a Salesforce and AWS partner, today announced the findings of the Censuswide survey, “C-suite Imperatives: Evolving IT and Enterprise Investments.” The Rimini Street-sponsored research was conducted among nearly 3,000 CFOs and CIOs around the globe, examining the relationship between the key business leaders, and the drivers behind their technology investments and decisions.

The analysis of the data revealed that as IT costs and spend continue to rise, CFOs are increasing their influence over IT. Budgetary considerations and demand for results require CIOs to deliver strong ROI from selected technology investments. CIOs that work in close partnership with their CFO counterpart can help drive profitable results for the business by prioritizing projects that support the company’s financial and growth goals.

Key Finding #1: The CFO and CIO partnership continues to strengthen

86% of CFOs and CIOs say their relationship has strengthened.

CFOs are taking a more prominent role in the decision-making of IT investments. The data shows 72% of CFO survey respondents say they take the lead in setting technology budget levels, and nearly 41% of CIO respondents state that their CFO counterparts make the underlying technology decisions.

The deepening collaboration and shared accountability between the two groups can lead to greater profitability for the business, with 49% of CFO respondents sharing that they believe the positive CFO/CIO relationship was the reason for improved business outcomes.

“Working closely with the CFO in strategic alignment and in the early stages of planning helps technology teams make smart decisions that are in line with both the corporate vision and budgetary goals for the business,” said Rimini Street CIO, Gertrude Van Horn. “It’s the partnership that drives favorable outcomes for the company, and we lean heavily into this relationship to ensure we are identifying ways to achieve greater profitability while freeing funds for innovation.”

Key Finding #2: CIOs are focused on solving for rising IT costs

CIOs are tackling rising IT costs with investments in emerging tech (44%) and by outsourcing application support (36%).

CIOs are investing heavily in AI to address rising IT costs. A combined 87% of CIOs agree that historical data is the secret sauce to maximizing the value of their AI projects for ERP, but a staggering 94% state that their data needs substantial or moderate clean-up in order to succeed with AI.

Another area of budgetary focus for CIOs is to improve cost predictability. By outsourcing IT services, which can help solve for the loss of IT talent and staff, CIOs report the benefits include support of application customizations (33%), broader service and support solutions (33%), better quality of service and support (32%) and faster resolutions (30%). And 26% say they were able to lower costs.

Key Finding #3: Not all technology initiatives are delivering value for the business

ERP upgrades or migrations (23%) delivered the least amount of value for CFOs.

While security (28%), emerging technologies such as AI, business intelligence and data analytics (27%), and customer-facing SaaS technologies (27%) rounded out the top three spots for technology investments considered highest in value for the business, ERP upgrades or migrations failed to show the same level of enthusiasm from the CFOs surveyed.

Only 20% of surveyed CFOs state that they are happy with the results of their technology investments. They often experience a negative impact, such as increased ongoing costs, limited future flexibility, or organizational/business disruption. Because of this, CIOs must consider both the short- and long-term impact of their technology strategy.

“Thousands of clients of Rimini Street who have taken the lead in maximizing the value of their substantial ERP investments also benefit from the flexibility and freedom to innovate with best-fit solutions for their needs, on their own timeline,” said Rimini Street CFO, Michael Perica. “It’s not just about the $8B we’ve saved our clients to date, we’ve helped them reallocate their people, time and money towards strategic initiatives and innovations that accelerate growth profitability for the business.”

Access the full, comprehensive report, “C-suite Imperatives: Evolving IT and Enterprise Investments,” here.

About Rimini Street, Inc.

Rimini Street, Inc. (Nasdaq: RMNI), a Russell 2000® Company, is a global provider of end-to-end enterprise software support, products and services, the leading third-party support provider for Oracle and SAP software and a Salesforce and AWS partner. The Company has operations globally and offers a comprehensive family of unified solutions to run, manage, support, customize, configure, connect, protect, monitor, and optimize enterprise application, database, and technology software, and enables clients to achieve better business outcomes, significantly reduce costs and reallocate resources for innovation. To date, over 5,500 Fortune 500, Fortune Global 100, midmarket, public sector, and other organizations from a broad range of industries have relied on Rimini Street as their trusted enterprise software solutions provider. To learn more, please visit, and connect with Rimini Street on Twitter, Instagram, Facebook and LinkedIn. (IR-RMNI)

Forward-Looking Statements

Certain statements included in this communication are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “anticipate,” “believe,” “continue,” “could,” “currently,” “estimate,” “expect,” “future,” “intend,” “may,” “might,” “outlook,” “plan,” “possible,” “potential,” “predict,” “project,” “seem,” “seek,” “should,” “will,” “would” or other similar words, phrases or expressions. These forward-looking statements include, but are not limited to, statements regarding our expectations of future events, future opportunities, global expansion and other growth initiatives and our investments in such initiatives. These statements are based on various assumptions and on the current expectations of management and are not predictions of actual performance, nor are these statements of historical facts. These statements are subject to a number of risks and uncertainties regarding Rimini Street’s business, and actual results may differ materially. These risks and uncertainties include, but are not limited to, adverse developments in and costs associated with defending pending litigation or any new litigation, including the disposition of pending motions to appeal and any new claims; additional expenses to be incurred in order to comply with injunctions against certain of our business practices and the impact on future period revenue and costs; changes in the business environment in which Rimini Street operates, including the impact of any recessionary economic trends and changes in foreign exchange rates, as well as general financial, economic, regulatory and political conditions affecting the industry in which we operate and the industries in which our clients operate; the evolution of the enterprise software management and support landscape and our ability to attract and retain clients and further penetrate our client base; significant competition in the software support services industry; customer adoption of our expanded portfolio of products and services and products and services we expect to introduce; our ability to sustain or achieve revenue growth or profitability, manage our cost of revenue and accurately forecast revenue; estimates of our total addressable market and expectations of client savings relative to use of other providers; variability of timing in our sales cycle; risks relating to retention rates, including our ability to accurately predict retention rates; the loss of one or more members of our management team; our ability to attract and retain additional qualified personnel, including sales personnel, and retain key personnel; challenges of managing growth profitably; our need and ability to raise additional equity or debt financing on favorable terms and our ability to generate cash flows from operations to help fund increased investment in our growth; risks associated with global operations; our ability to prevent unauthorized access to our information technology systems and other cybersecurity threats, protect the confidential information of our employees and clients and comply with privacy regulations; our ability to maintain an effective system of internal control over financial reporting; our ability to maintain, protect and enhance our brand and intellectual property; changes in laws and regulations, including changes in tax laws or unfavorable outcomes of tax positions we take, or a failure by us to establish adequate tax reserves; the impact of environmental, social and governance (ESG) matters; our credit facility’s ongoing debt service obligations and financial and operational covenants on our business and related interest rate risk, including uncertainty from the transition to SOFR or other interest rate benchmarks; the sufficiency of our cash and cash equivalents to meet our liquidity requirements; the amount and timing of repurchases, if any, under our stock repurchase program and our ability to enhance stockholder value through such program; uncertainty as to the long-term value of Rimini Street’s equity securities; catastrophic events that disrupt our business or that of our clients; and those discussed under the heading “Risk Factors” in Rimini Street’s Quarterly Report on Form 10-Q filed on May 2, 2024, and as updated from time to time by Rimini Street’s future Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings by Rimini Street with the Securities and Exchange Commission. In addition, forward-looking statements provide Rimini Street’s expectations, plans or forecasts of future events and views as of the date of this communication. Rimini Street anticipates that subsequent events and developments will cause Rimini Street’s assessments to change. However, while Rimini Street may elect to update these forward-looking statements at some point in the future, Rimini Street specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing Rimini Street’s assessments as of any date subsequent to the date of this communication.

© 2024 Rimini Street, Inc. All rights reserved. “Rimini Street” is a registered trademark of Rimini Street, Inc. in the United States and other countries, and Rimini Street, the Rimini Street logo, and combinations thereof, and other marks marked by TM are trademarks of Rimini Street, Inc. All other trademarks remain the property of their respective owners, and unless otherwise specified, Rimini Street claims no affiliation, endorsement, or association with any such trademark holder or other companies referenced herein.


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Janet Ravin

VP, Global Communications

Rimini Street, Inc.

+1 702 285-3532

PLIDCO® Awarded Best in Supplier Performance in the Americas Recognition at OTC

 (BUSINESS WIRE)--The Pipe Line Development Company (PLIDCO®), the leader in pipeline leak repair and maintenance fittings, announced today it received the Aramco Americas 2024 Best in Supplier Performance award at the Offshore Technology Conference (OTC) in Houston.

Presented earlier this month to PLIDCO®’s President, Kimberly A. Smith, the award recognizes PLIDCO®’s superior customer service, high-caliber production, dependable, high-quality products and a demonstrated ability to ensure on-time delivery.

“I’d like to thank everyone at Aramco Americas for this recognition,” stated Smith. “At PLIDCO®, we work every day to earn our customer’s trust. Our ability to provide consistently high-quality service to our customers would not be possible without our dedicated, hardworking team, who, for the last 75 years, have come to work every day with the goal of manufacturing the products that make pipelines around the world safer.”

Aramco Americas is a U.S.-based subsidiary of Aramco, a world leader in integrated energy and chemicals.


For 75 years, PLIDCO® has been the trusted source for pipeline fittings and maintenance products used around the globe. PLIDCO®’s proven products allow customers to avoid or minimize costly shutdowns while keeping employees and the environment safe. PLIDCO is the number-one source for safe, reliable pipeline leak repair and maintenance products, with a vast portfolio of hundreds of thousands of fittings that are sold and installed around the world. Its products are backed by the industry’s only five-year limited warranty and an ISO 9001 certified quality program. To learn more, visit



Erin Reese,

Correction and replacement: Spot by NetApp Achieves FinOps Foundation's Certified Platform Certification


SAN JOSE, Calif. - 

Cost Intelligence and Billing Engine are now generally available from Spot by NetApp, expanding the company’s integrated, holistic portfolio of FinOps solutions


(BUSINESS WIRE)-- NetApp® (NASDAQ: NTAP), the intelligent data infrastructure company, today announced that Spot by NetApp has achieved the FinOps Certified Platform certification from the FinOps Foundation, validating the platform's ability to provide the depth and breadth of capabilities organizations need to practice sound cloud financial management. Also, Spot by NetApp has expanded its certified platform with the general availability of its Cost Intelligence and Billing Engine solutions.

As organizations move increasing amounts of their workloads to the cloud, especially to fuel the development of AI applications, balancing the competing needs of infrastructure and financial efficiency becomes more difficult. Overprovisioning cloud resources results in wasted expenses, but under-provisioning can slow business operations and stifle innovation. The traditional approach of standalone FinOps tools, with their focus on cost cutting, fall short of meeting these evolved requirements to deliver cost-effective yet high-performance cloud infrastructure.

Spot by NetApp closes this technology gap by delivering a holistic, integrated portfolio of FinOps solutions that supports an organization’s intelligent data infrastructure. With its breadth of capabilities, organizations can unify cloud cost and infrastructure optimization, deliver analytics to maximize the efficiency and impact of every dollar spent in the cloud, and drive digital business growth. Becoming a FinOps Certified Platform helps Spot by NetApp enable its customers to successfully adopt cloud best practices aligned with the FinOps standards.

“According to the FinOps Framework, implementing a productive FinOps strategy requires effective collaboration between teams. Effective collaboration requires full access to both financial and cloud operations data,” said Mike Fuller, CTO of the FinOps Foundation. “A thoughtful and comprehensive approach to FinOps helps organizations maximize the business value of the cloud so they can more easily achieve their business goals. We recognize Spot by NetApp as a FinOps Certified Platform due to its ability to deliver software that helps organizations successfully adopt FinOps practices.”

To support this comprehensive approach to FinOps, Spot by NetApp has integrated the cloud cost management capabilities of Cloudcheckr into its portfolio with the introduction of two new product modules:

Cost Intelligence: This product delivers panoramic visibility with actionable insights on cloud costs, resources, and usage across multi-cloud environments through interactive dashboards and drill down reports. To support the cost optimization process, Cost Intelligence provides best practice checks that immediately flag problems and help users optimize spend, effectively utilize resources, reduce waste, and address misconfigurations.

Billing Engine: This product provides comprehensive billing reporting with intelligent cost allocation capabilities including chargeback and showback. With this product, businesses can better track and manage cloud spend across different groups to drive accountability.

FinOps teams will benefit from a single source of truth for financial and cloud operations data. The release of Cost Intelligence and Billing Engine improves the effectiveness of all solutions in the Spot by NetApp portfolio. For example, organizations will be able to use Spot Ocean and Elastigroup’s machine learning and AI analytics together with Cost Intelligence’s advanced cost analysis to deliver the most accurate optimization recommendations. Teams can further simplify their FinOps practices by automatically applying those recommendations to their infrastructure.

“The expansion of our integrated FinOps offering and becoming a FinOps Certified Platform is a true validation of Spot by NetApp's vision and approach to leveraging data and technology to help customers get the most from their cloud investments,” said Haiyan Song, Executive Vice President of Cloud Operations at NetApp. “Our comprehensive and integrated portfolio spans financial management and continuous cloud infrastructure optimization. We continue to innovate and evolve our cutting-edge AI powered solutions, harnessing the intelligence from the vast workloads and infrastructure under management by Spot by NetApp to provide critical insights in FinOps management and enable autoscaling and continuous optimization. Expanding our FinOps offerings with Cost Intelligence and Billing Engine is another step forward in our ongoing mission to support our customers and unlock more value from the cloud.”

To learn more about the Spot by NetApp solution for FinOps, visit the Spot by NetApp booth #G3 at the FinOps X conference running from June 19-22 at The Marriott Marquis, San Diego

Additional Resources

Helping Companies Go Beyond Savings with Spot by NetApp for FinOps

Cost Intelligence: Reduce costs through actionable insights on your cloud environment, all in one place

Billing Engine: Streamline invoicing with a flexible, customizable billing engine

About NetApp

NetApp is the intelligent data infrastructure company, combining unified data storage, integrated data services, and CloudOps solutions to turn a world of disruption into opportunity for every customer. NetApp creates silo-free infrastructure, harnessing observability and AI to enable the industry’s best data management. As the only enterprise-grade storage service natively embedded in the world’s biggest clouds, our data storage delivers seamless flexibility. In addition, our data services create a data advantage through superior cyber resilience, governance, and application agility. Our CloudOps solutions provide continuous optimization of performance and efficiency through observability and AI. No matter the data type, workload, or environment, with NetApp you can transform your data infrastructure to realize your business possibilities. Learn more at or follow us on X, LinkedIn, Facebook, and Instagram.

NETAPP, the NETAPP logo, and the marks listed at are trademarks of NetApp, Inc. Other company and product names may be trademarks of their respective owners.

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Media Contact:

Kenya Hayes


Investor Contact:

Kris Newton