On November 9, 2022 Sysmex reported that Summary of Consolidated Financial Results [ IFRS ] for the First Six Months of the Fiscal Year Ending March 31, 202 (Press release, Sysmex, NOV 9, 2022, View Source [SID1234623647])

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1. Results for the First Six Months of the Fiscal Year Ending March 31, 2023

(1) Operating results
(2) Financial condition

2. Dividend

3. Financial Forecast for the Year Ending March 31, 2023

4. Other Information
(1) Changes in significant consolidated subsidiaries (which resulted in changes in scope of consolidation): Yes Excluded: One company (Sysmex International Reagents Co., Ltd.)
(2) Changes in accounting policies and accounting estimates 1) Changes in accounting policies required by IFRS: No 2) Other changes in accounting policies:

No 3) Changes in accounting estimates:

No (3) Number of outstanding stock (common stock) 1) Number of outstanding stock at the end of each fiscal period (including treasury stock): 209,675,082 shares as of Sep. 30, 2022; 209,657,362 shares as of Mar. 31, 2022 2) Number of treasury stock at the end of each fiscal period: 447,308 shares as of Sep. 30, 2022; 447,255 shares as of Mar. 31, 2022 3) Average number of outstanding stock for each period (cumulative): 209,218,108 shares for the six months ended Sep. 30, 2022 209,014,581 shares for the six months ended Sep. 30, 2021

On November 9, 2022 Sysmex Corporation reported that actual financial results during the six months ended September 30, 2022, differed in some respects from the forecast announced on May 12, 2022 (Press release, Sysmex, NOV 9, 2022, View Source [SID1234623646]). In addition, Sysmex has revised its financial forecast for the full fiscal year ending March 31, 2023. These differences are described below.

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1. Differences between Actual and Forecast of Consolidated Financial Results for the Six Months Ended September 30, 2022 (April 1, 2022 to September 30, 2022)

2. Revised Consolidated Financial Forecast for the Fiscal Year Ending March 31, 2023 (April 1, 2022 to March 31, 2023)

3. Reasons for the Differences and Revision

Consolidated net sales outpaced our previous forecast in the first six months of the fiscal year ending March 31, 2023. Although there was an influence of lockdowns and other factors in the China region, sales in the Americas, EMEA and Asia Pacific regions were solid, due to, but not limited to, foreign exchange rates that reflected greater-than-expected yen depreciation. On the profit front, despite the efforts to curtail SG&A expenses, operating profit, profit before tax and profit attributable to owners of the parent were lower than initially forecast because of the cost of sales which was higher than expected, due to increased raw materials prices and shipping costs by global inflation.

The results for the previous fiscal year, which are shown for reference, reflect the retroactive application of changes in the accounting treatment of cloud computing contracts made in the previous fiscal year. As for our forecast for the fiscal year ending March 31, 2023, although there are uncertainties such as geopolitical risks and risk of resurgence of COVID-19, we expect that sales will remain robust and greater-than-expected yen depreciation will continue.

For these reasons, we have revised upward our net sales forecast. Also we have revised upward our forecasts for operating profit, profit before tax and profit attributable to owners of the parent, as we continue to curtail cost of sales and SG&A expenses while the influence of global inflation is expected to remain.

We have revised our foreign exchange assumptions used for calculating financial forecasts from the third quarter onward from our initial assumptions of USD1.00 = JPY120, EUR1.00 = JPY130 and CNY1.00 = JPY18 to USD1.00 = JPY145, EUR1.00 = JPY142 and CNY1.00 = JPY20.

On November 9, 2022 Kureha Corporation reported that FY2022 Interim Report (Press release, Kureha Corporation, NOV 9, 2022, View Source [SID1234623645])

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FY2022 Overview Revenue and profit growth continues, absorbing impact of inflation and higher expenses ✓ Delivered half-year operating profit of ¥16.7bn, a 47% increase from a year ago, 29% above most recent forecast ✓ Full-year operating profit expected to reach ¥27.0bn (up 34% YoY; up 23% vs. initial forecast) 1Q-2Q FY22 business conditions

• Increased costs for coal (used at the Iwaki Factory) and basic chemicals (naphtha, benzene, VC monomers, etc.)
• Rising Inflation around the world, rapidly depreciating Japanese yen
• Continued market expansion for electric vehicles, partially offset by semiconductor shortages
• Strong agrochemicals demand propelled by increased farming activities and higher crop prices
• Limited impact of China’s lockdowns on our local PVDF manufacturing operations AM: Sales increased across all product groups, including advanced plastics, carbon products and other resin products; higher profit primarily driven by PVDF SC: Sales expansion for agrochemicals and industrial chemicals; higher profit led primarily by agrochemicals SP: Slower home products sales partially offset by the expansion of packaging materials CO: Fewer private construction projects; public construction remained on par with prior year OO: Fewer industrial waste treatment volumes, including low-level PCB wastesI.

FY2022 Half-Year (2Q) Results (April 1, 2022 through September 30, 2022)
Revenue increased with sales expansion of advanced plastics, particularly PVDF used as a binder material for lithium-ion batteries, and higher agrochemicals volumes resulting from front-loaded shipments
• Higher operating profit led by advanced plastics and agrochemicals
• Better-than-expected performances in advanced plastics, agrochemicals and home products

On November 9, 2022 Kuraray reported that Consolidated Earnings Report for the Third Quarter of the Fiscal Year Ending
December 31, 2022 (Press release, Kuraray, NOV 9, 2022, https://pdf.irpocket.com/C3405/aG1f/Ivrn/rOhn.pdf [SID1234623644])

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1. Consolidated Financial Results for the Third Quarter of the Fiscal Year Ending December 31, 2022 (January 1, 2022 to September 30, 2022)
(1) Consolidated Operating Results (Percentage changes displayed for net sales, operating income, ordinary income and net income attributable to owners of the parent are comparisons with the corresponding period of the previous fiscal year.)
(2) Consolidated Financial Position

2. Dividends

3. Forecasts of Consolidated Financial Results for the Fiscal Year Ending December 31, 2022 (January 1, 2022 to December 31, 2022) (Percentage changes displayed for net sales, operating income, ordinary income and net income attributable to owners of the parent are comparisons with the previous fiscal year.)

1. Qualitative Information regarding Business Results
(1) Overview of Consolidated Business Results In the third quarter of fiscal 2022 (January 1, 2022–September 30, 2022), the world economy continued to gradually recover as restrictions on economic activities were eased. However, the recent trend toward economic deceleration grew stronger due in part to a rise in interest rates in various countries amid rapid inflation and the prolonged Russia-Ukraine crisis, causing the future outlook to become even murkier. Amid these circumstances, consolidated operating results for the third quarter of fiscal 2022 are as follows: net sales were ¥553,150 million (¥459,159 million in the same period of the previous fiscal year); operating income was ¥70,846 million (¥54,318 million in the same period of the previous fiscal year); ordinary income was ¥70,078 million (¥51,001 million in the same period of the previous fiscal year); and net income attributable to owners of the parent was ¥47,174 million (¥28,602 million in the same period of the previous fiscal year). Furthermore, in the third quarter, we recorded an extraordinary loss of ¥5,429 million as costs related to the suspension of operations due mainly to the suspension of some production facilities at a U.S. subsidiary.

On January 1, 2022, the Company revised its organizational structure and changed the segment classification of the aqua business from "Others" to "Functional Materials." In addition, the method of allocating eliminations of profits from some internal transactions among segments and the corporate has been changed. Figures used in comparisons and analyses of the third quarter reflect these changes.

Furthermore, from January 1, 2022, we have adopted the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29; March 31, 2020). In line with the transition provisions set out in the revision to paragraph 84, the new accounting principle was not retroactively applied to the consolidated third quarter of the previous fiscal year. Net sales for the Trading segment and elimination & corporate for the third quarter of fiscal 2022 have significantly changed compared to the third quarter of fiscal 2021, mainly due to changes in accounting methods for revenues attributable to agent transactions in the Trading segment as a result of the adoption of the Accounting Standard for Revenue Recognition and other factors. Because of these changes, revenues from such transactions, which have previously been recorded on the basis of total transactional value, are now recorded on a net basis. Due to this change, net sales in the Trading segment was ¥63,010 million lower compared with the original method. To realize its long-term vision, Kuraray Vision 2026, the Group launched a medium-term management plan, "PASSION 2026," from January 1, 2022.

In line with "PASSION 2026," we set three challenges to tackle:
1) Sustainability as an opportunity,
2) Innovations starting from networking, and
3) Transformation of people and organizations. Through these initiatives, we aim to establish an upgraded business portfolio and, in fiscal 2026, the centennial of Kuraray’s founding, achieve net sales of ¥750.0 billion and operating income of ¥100.0 billion.

Results by Business Segment Vinyl Acetate Sales in this segment were ¥285,641 million (¥224,861 million in the same period of the previous fiscal year), and segment income was ¥58,987 million (¥43,775 million in the same period of the previous fiscal year).

(1) The sales volume of PVOH resin decreased due to the suspension of some production facilities at a U.S. subsidiary because of malfunctions and logistics disruptions. On the other hand, we continued revising prices amid soaring raw material and fuel prices. Shipments of optical-use poval film declined significantly in the July–September 2022 period due to the impact of LCD panel inventory adjustments. In addition, to meet needs for larger TV panel sizes, we decided to make a capital investment at the Kurashiki Plant (slated to begin operating in mid 2024), announcing this intention on May 9, 2022. As for Advanced Interlayer Solutions, the sales of PVB film for use in construction applications held steady. Sales of water-soluble PVOH film were firm for use in unit dose laundry detergent packets.

(2) As for EVAL ethylene vinyl alcohol copolymer (EVOH resin), the sales volume increased as steady performance for use in food packaging 4 applications offset a decrease for use in automotive applications. We also revised prices.

On November 9, 2022 Avstera Therapeutics Corp., a biotechnology company based in the Philadelphia area, reported the completion of its seed round to advance its lead cancer programs geared towards targeting solid tumors (Press release, Avstera Therapeutics, NOV 9, 2022, View Source [SID1234623598]). The company intends to use proceeds to enable its lead highly specific HDAC6i for IND filing targeting locally advanced and metastatic solid tumors by the end of next year.

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"Tumor associated macrophages (TAMs) account for up to 50% or more of the cell mass of solid neoplasms. Our lead programs are geared towards new understanding that macrophage differentiation is a critical piece in maintaining overall anti-tumoral responses and stabilizing the tumor microenvironment." added Karthik Musunuri, CEO & Co-Founder at Avstera Therapeutics. Avstera’s lead HDAC6i has been shown to significantly reduce tumor growth in preclinical in-vivo models, improve overall survival, and acts as an immunomodulator in polarizing macrophages to the anti-tumoral M1 phenotype within the TME while inducing other mechanisms including downregulation of PD-L1 expression. The company also aims to leverage this approach in advancing its novel autologous macrophage cell therapy program for solid tumors; where T-cell based approaches have faced significant challenges.

Avstera Therapeutics has collaborations with leading investigators from Georgetown University and the University of Pennsylvania. The company currently has three preclinical stage therapies, including a highly selective HDAC6i, an autologous ex-vivo HDAC6i activated macrophage-based cell therapy, and a mRNA TEM1 cancer vaccine. The research behind the HDAC6i technology stems from Alejandro Villagra’s lab at Georgetown; through licenses made with the George Washington University. Avstera is also excited to be engaged with the University of Pennsylvania via cancer researcher Andrea Facciabene; through a joint development collaboration on a next generation mRNA cancer vaccine.

"Current anticancer macrophage-based cell therapies have shown modest results in preclinical and clinical studies. Recent findings have shown that macrophages quickly switch their phenotype toward a protumoral phenotype after reaching tumors. Our technology aims to harness the power of HDAC6 inhibitors with the capacity to prevent the protumoral phenotype switching of macrophages and improve macrophage-based anticancer immune therapies." added Alejandro Villagra, PhD, who also serves on Avstera’s Scientific Advisory Board.