Barnes Group Inc. - B STOCK NEWS

BioArctic's partner, Eisai, announced that the FDA has accepted its supplemental Biologics License Application (sBLA) for LEQEMBI (lecanemab-irmb) for traditional approval, prioritizing the review. This follows its accelerated approval on January 6, 2023. The sBLA is based on the Phase 3 Clarity AD trial, which met its primary endpoint and key secondary endpoints. Eisai has a Prescription Drug User Fee Act (PDUFA) action date set for July 6, 2023. BioArctic is preparing for commercialization of LEQEMBI in the Nordics, having no development costs and receiving milestone payments and royalties on global sales.

BioArctic AB announced the recruitment of Anders Martin-Löf as the new CFO, effective June 1, 2023. Martin-Löf, who has over 20 years of experience in the Life Science sector, previously held roles at companies like Oncopeptides and A3P Biomedical. The current CFO, Jan Mattsson, will transition to a new role as VP Finance after Martin-Löf's arrival. Gunilla Osswald, the CEO, expressed confidence in Martin-Löf's capabilities to aid in the company's development during this exciting phase, particularly in treatments for neurodegenerative diseases. This change comes as BioArctic continues its partnership with Eisai on Alzheimer's therapies.

BioArctic AB announced that its partner Eisai's Biologics License Application (BLA) for lecanemab (LEQEMBI™) has been granted Priority Review by the National Medical Products Administration (NMPA) in China. This designation, aimed at expediting the approval process for clinically significant drugs, follows Eisai's submission of data, including results from the Phase 2b trial and the Phase III Clarity AD study on Alzheimer's disease. Lecanemab targets amyloid beta aggregates to potentially slow disease progression. BioArctic has no development costs for lecanemab and is entitled to milestone payments and royalties on global sales.

Barnes Group (NYSE: B) reported Q4 2022 sales of $313 million, a 1% increase year-over-year, with organic sales up 5%. Operating margin was 7.7%, and GAAP EPS was $0.30, down from $0.55 a year ago. For the full year 2022, sales reached $1,262 million, slightly up from 2021, with adjusted EPS of $1.98, a 2% increase. The 2023 outlook suggests organic sales growth of 6% to 8% and adjusted EPS between $2.10 and $2.30. The effective tax rate rose to 64.7%, largely due to non-tax-deductible charges. Management emphasizes core business execution to unlock enterprise value.

The Board of Directors of Barnes Group Inc. (NYSE: B) has declared a quarterly cash dividend of $0.16 per share, payable on March 10, 2023, to shareholders of record as of February 23, 2023.

Barnes has consistently paid dividends since 1934, underscoring its commitment to returning value to shareholders. The company specializes in advanced manufacturing and engineering solutions across various industries, enhancing sustainability and automation.

Barnes Group Inc. (NYSE: B) has appointed Neal J. Keating to its Board of Directors, effective February 9, 2023. Keating, who brings extensive experience as a former President and CEO of Kaman Corporation, will also serve on the Corporate Governance Committee. His leadership in the aerospace industry aligns with Barnes Aerospace's growth strategy, which is expected to enhance shareholder value. Chairman Thomas O. Barnes expressed confidence in Keating's contributions to the company’s success.

Zordix AB (publ) announced the launch of Maximum Entertainment, a global entertainment company focusing on developing owned intellectual property alongside external partnerships. The company is acquiring Romanian game studio FUN Labs to enhance its development capabilities. With over 100 games planned, including 15 own IPs, the portfolio targets various gaming genres. A recently secured $30 million credit facility supports this strategic realignment. Upcoming game releases include Maximum Football (free-to-play), Smalland: Survive the Wilds (March 29), and Bramble: The Mountain King (April 27). The goal is to generate 30% of revenue from owned IP by 2025.

On January 30, 2023, BioArctic AB announced that its partner, Eisai, received Priority Review designation from the Japanese Ministry of Health for the marketing application of lecanemab (LEQEMBI™), an antibody for Alzheimer's disease (AD). The application, submitted on January 16, 2023, is based on results from the Phase 3 Clarity AD study, which demonstrated a significant reduction in clinical decline in early AD. Lecanemab has also received accelerated FDA approval in the U.S. for AD treatment. BioArctic is entitled to payments and royalties from lecanemab's sales, having no development costs associated with the drug.