Turnstone Biologics Corp. Announces Pricing of Upsized Initial Public Offering

SAN DIEGO, July 20, 2023 (GLOBE NEWSWIRE) — Turnstone Biologics Corp. (“Turnstone” or the “Company”) (Nasdaq: TSBX), a clinical-stage biotechnology company developing new medicines to treat and cure solid tumors by pioneering a differentiated approach to tumor-infiltrating lymphocyte (TIL) therapy, today announced the pricing of its upsized initial public offering of 6,666,667 shares of common stock at a price to the public of $12.00 per share. All shares of common stock are being offered by Turnstone. The gross proceeds to Turnstone from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Turnstone, are expected to be $80.0 million. In addition, Turnstone has granted the underwriters a 30-day option to purchase up to an additional 1,000,000 shares of common stock at the initial public offering price, less underwriting discounts and commissions.

The shares are expected to begin trading on the Nasdaq Global Select Market on July 21, 2023 under the symbol “TSBX”. The offering is expected to close on July 25, 2023, subject to the satisfaction or waiver of customary closing conditions.

BofA Securities, Leerink Partners and Piper Sandler & Co. are acting as joint book-running managers for the offering.

Registration statements relating to the securities being offered and sold in this offering have been filed with the U.S. Securities and Exchange Commission (SEC) and became effective on July 20, 2023. Copies of the registration statements can be accessed through the SEC’s website at www.sec.gov. This offering is being made only by means of a prospectus forming part of the registration statements relating to these securities. When available, a copy of the final prospectus relating to this offering may be obtained from: BofA Securities, Attn: Prospectus Department, NC1-004-03-43, 201 North Tryon, Charlotte, NC 28255, Mail Code NC1-022-02-25, dg.prospectus_requests@bofa.com; Leerink Partners, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, or by telephone at (800) 808-7525, ext. 6105, or by email at syndicate@leerink.com; or Piper Sandler & Co., 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, Attn: Prospectus Department, by telephone at (800) 747-3924, or by e-mail at prospectus@psc.com.

This press release shall not constitute an offer to sell, or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About Turnstone

Turnstone Biologics is a clinical-stage biotechnology company developing new medicines to treat and cure solid tumors by pioneering a differentiated approach to TIL therapy. Turnstone’s innovative TIL therapy is based upon the identification, selection, and expansion of the most potent tumor-reactive T cells, known as Selected TILs, and is designed to overcome the limitations of first-generation bulk TILs that have demonstrated objective responses only in limited tumor types. Turnstone’s most advanced program, TIDAL-01, is currently being evaluated in two Phase 1 studies in patients with melanoma, breast cancer, and colorectal cancer, and the Company is also actively advancing its preclinical pipeline programs including TIDAL-02, its next Selected TIL program, and its TIDAL-01 and viral immunotherapy combination program.

Contact:
Turnstone Biologics Corp.
Ahmed Aneizi
Investor Relations
ahmed.aneizi@turnstonebio.com
+1 (347) 897-5988

GlobeNewswire Distribution ID 8878457

Five years on, compensation yet to arrive for Lao dam collapse survivors

It’s been five years since the collapse of a saddle dam on a tributary of the Mekong River in southern Laos caused the country’s worst flooding disaster in decades, but survivors say they have yet to be fully compensated.

On the night of July 23, 2018, water flowed over the collapsed dam at the Xe Pian-Xe Namnoy hydropower project in Champassak province, inundating 19 villages and killing 71 people downstream in Attapeu province. Some 14,400 residents were displaced by the floodwaters, forcing them to take shelter in hastily erected huts in temporary relocation villages.

Since the disaster, the government has pushed ahead with building more dams as part of its plan to make Laos the “Battery of Southeast Asia” by selling the generated electricity to neighboring countries. The Ministry of Energy and Mines has said it will build 100 of the dams by 2030 and signed memorandums of understanding for 250 other hydroelectric projects.

While authorities move on with new development, survivors told Radio Free Asia they are still struggling to pick up the pieces of their former lives, half a decade later.

“We haven’t received our final round of compensation from the government,” said a villager from Sanamxay district who, like others interviewed for this report, spoke on condition of anonymity, citing fear of reprisal.

“It almost seems as if they are waiting for us to die before they give it to us. One thing’s for sure – we always have to pay our electricity bills on time, but they haven’t compensated us.”

Another survivor of the collapse said that in the five years since the disaster, international NGOs have provided assistance with food, education, and health care.

“But help from the government and the dam developers has either come too late or not at all,” he said.

Survivors acknowledge that while their situation has improved slightly over the past five years, they are still struggling daily to earn enough money for basic necessities such as rice.

Still ‘making adjustments’

RFA spoke with an official from Sanamxay who said that the government and PNPC have built some infrastructure in resettled villages including roads, access to electricity and running water, and schools.

The official, who declined to be named because he was not authorized to speak to the media, said that in 2021, Attapeu province allocated 1,545 hectares (3,820 acres) of land to 852 families from four villages.

But he acknowledged that the government’s sixth and final round of compensation – which is supposed to account for the value of villagers’ assets that were washed away in the flooding, including jewelry, vehicles, and other personal property – has yet to be delivered.

“[The central government] is making adjustments to the amount that will be delivered, but they’ve delayed it many times already,” said the official, who declined to be named because he was not authorized to speak to the media.

Survivors received 835,000 kip (US$55) from the dam operator as compensation for each relative who died in the disaster. The PNPC also provided a monthly stipend for living expenses of 250,000 kip (US$17) per survivor initially, but now only orphans receive the stipend, which will run out when they reach 18 years old.

A PNPC official claimed that the company has already provided compensation to affected villagers of more than 835 billion kip (US$47.7 million). Speaking on condition of anonymity, he vowed that all resettlement projects would be completed by 2025 and that survivors could expect “better lives than before.”

Meanwhile, those who received land in 2021 told RFA that it is located on hillsides and lacks access to water for irrigation, making it unsuitable to grow rice and other crops.

UN experts have called on the Lao government to rectify the situation, calling it “shameful” that in the years since the collapse, many survivors continue to live in unsanitary temporary shelters, without access to basic services, while awaiting the compensation promised to them.

They have also expressed concerns that survivors and human rights defenders may face retaliation for bringing attention to their issues, which happened in 2019, and that at least two other dams in the area show similar signs of impending failure as the PNOC did, prior to its collapse.

Unhappy with resettlement

For those survivors who have received homes in resettlement villages, many told RFA they are unhappy with their situation.

The homes are in various stages of completion and often lack sitting rooms or plots for gardening, and are located far from their farms in their former villages, making it difficult to tend to their crops and livestock, they said.

“Some villagers choose to live at their old farms and let their sons and daughters occupy the resettlement homes,” said one survivor.

“The local health clinic is not finished yet, so when people get sick they have to travel to a hospital in town,” he added.

The conditions for those who are still living in what they expected would be temporary shelters are significantly worse. They must endure oppressive heat, as well as a lack of clean water and sanitation – all while struggling to earn a living.

As months have become years, with no end to their situation in sight, many have chosen to leave and try to start anew on their own, despite the enormous costs of building new homes.

One survivor who said he was unsurprised that residents of the resettle villages have started to leave, rather than waiting for government assistance that may never come, calling life in the resettlement villages “unbearable.”

Source: Radio Free Asia

Stocks rise on narrow PH deficit, peso weakens

Investors’ confidence improved on Friday’s trading as reflected in the local bourse, while Philippine peso depreciated against a United States dollar. The benchmark Philippine Stock Exchange index (PSEi) closed with a 34.06 points increase to 6,647.56 level. All shares also increased by 14.99 points to 3,530.90, with all counters finishing in the green, except for Industrial. ‘The narrow balance of payments (BOP) deficit in June further contributed to the positive sentiment. Although the country’s BOP position remained in deficit in June, it showed improvement compared to the previous year,’ Philstocks Financial Inc. research associate Claire Alviar said. The Bangko Sentral ng Pilipinas reported Thursday that the country’s BOP position is at USD606-million deficit as of end-June 2023, lower compared to USD1.574 billion deficit in the same period last year. ‘Foreigners also helped (in) lifting the index, recording a net inflow of PHP374.04 million,’ Alviar added. Total shares traded on Friday also reached over 776 million amounting to PHP8.75 billion -the highest value of transactions this week. Ninety-six listed firms reported increments, 77 firms incurred losses on shares, and 49 counters were left unchanged. ‘Among index members, Semirara Mining and Power Corp. was at the top, gaining 3.57 percent while Manila Electric Company was at the bottom, losing 1.77 percent,’ Alviar said. Meanwhile, the peso weakened to 54.76 to a dollar from 54.52 on Thursday. The local currency started the day at 54.68 from previous trading’s opening at 54.55. The peso and dollar exchange rate ranged from a low of 54.56 to a high of 54.76, posting an average level of 54.67 to a dollar. Volume of trade further increased to USD1.17 billion on this week’s last trading day from USD1.14 billion the previous day

Source: Philippines News Agency

Bacolod City enhances security features of business permits

The city government here has enhanced the security features of permits issued by the Business Permits and Licensing Office (BPLO) to curb cases of counterfeiting, many of which have been recently discovered. As of Friday, reports received by the City Mayor’s Office showed at least 90 fake business permits have been found during the renewal process. Mayor Alfredo Abelardo Benitez said these were discovered because of the online tracking system put in place by the city government and with the active participation of Bacolodnons, who reported the fake documents. ‘Since we placed QR (quick response) codes on vital documents, it is easier to validate whether the issued documents are authentic or not. We encourage the people to also double check,’ he added. He said the City Treasurer’s Office has also found counterfeit official receipts and assessment papers. ‘I have directed an investigation on all of this,’ the mayor said, adding some former job order personnel have been initially identified as among those involved. During his State of the City Address earlier this month, Benitez said before his administration took over, the business permits issued by the city lacked security features, making them prone to forgery. ‘That is why we placed a QR code on the business permits and other official documents that we issue,’ he added. The mayor said the authenticity of the business permit could easily be validated by the BPLO by scanning the QR code. ‘You can also check if it is valid or authentic, just scan the QR code,’ he added. Benitez said that before, it took a long time to apply for or renew a business permit, prompting some applicants to deal with fixers supposedly for faster issuance of the permit. ‘What they didn’t know was that they were given fake documents. Please don’t believe the fixers. There’s no need for a shortcut because we have made the process easier and faster,’ the mayor said.

Source: Philippines News Agency

MIF secures P50-B funding from Landbank

The Land Bank of the Philippines’ Board approved on Friday the PHP50-billion investment in the Maharlika Investment Fund (MIF), Finance Secretary Benjamin Diokno said. “It is reasonable to expect that the Maharlika Investment Fund will be up and running before the end of 2023,” Diokno said in his weekly press briefing. On July 18, President Ferdinand R. Marcos Jr. signed into law Republic Act No. 11954, otherwise known as the Maharlika Investment Fund (MIF) Act of 2023, establishing the Philippines’ first sovereign wealth fund aimed at boosting the country’s economic growth. The Maharlika Investment Corporation (MIC) will be created to serve as the investment body responsible for the overall governance and management of the Fund and is expected to be fully operational by end-2024. It will identify financially and commercially viable infrastructure projects to invest in and will formulate investment strategies covering emerging megatrends such as environment, social and governance (ESG), digitalization, and healthcare. The initial capitalization of the MIC will come from the investible funds of the Land Bank of the Philippines and the Development Bank of the Philippines (DBP), as well as the contributions of the national government, which includes dividend remittances of the Bangko Sentral ng Pilipinas, the national government’s share of Philippine Amusement and Gaming Corporation’s (PAGCOR) and other government-owned gaming operators/regulators income, and privatization proceeds and transfer of assets, and other sources, such as royalties and special assessments. Diokno said National Treasurer Rosalia de Leon is currently in consultation with Landbank and DBP and has started the preparation of the implementing rules and regulations (IRR) of the Maharlika Investment Fund Act. He said Section 54 of the Act allows the Treasurer 90 days from the effectivity of the Act to promulgate the IRR. “We do not intend to use up the 90 days. We expect the promulgation of the IRR to be done before the end of August,” he added. Diokno said they are currently in the process of looking for people who will be part of the MIC, adding that appointees will likely be made by September. The MIC will be governed by a Board of Directors with nine members chaired by the Secretary of Finance. Other members include the chief executive officer (CEO) of the MIC, the president and CEO of the Landbank, the president and CEO of the DBP, two regular directors; and three independent directors from the private sector. Within the MIC is an advisory body composed of the Secretary of the Department of Budget and Management (DBM), Secretary of the National Economic and Development Authority (NEDA), and the Bureau of the Treasury (BTr) that will assist the Board of Directors in the formulation of the general policies related to investment and risk management.

Source: Philippines News Agency

UN chief ‘strongly’ condemns Russia’s attacks on Ukrainian ports

UN Secretary-General Antonio Guterres “strongly” condemned Russia’s attacks against port facilities in Odesa and other Ukrainian Black Sea ports, his spokesman said on Thursday. “The attacks contradict the Russian Federation’s commitments under the Memorandum of Understanding with the United Nations, which states that ‘the Russian Federation will facilitate the unimpeded export of food, sunflower oil and fertilizers from Ukrainian controlled Black Sea ports’,” Stephane Dujarric said in a statement. Guterres also recalled that the destruction of civilian infrastructure may constitute a violation of international humanitarian law. “These attacks are also having an impact well beyond Ukraine. We are already seeing the negative effect on global wheat and corn prices which hurts everyone, but especially vulnerable people in the global south,” the statement read. “For his part, the Secretary-General will not relent in his efforts to ensure that Ukrainian and Russian food and fertilizer are available on international markets as part of his ongoing efforts to fight global hunger and ensure stable food prices for consumers everywhere,” it added. Critical infrastructure in various regions of Ukraine were hit by Russian missile strikes earlier on Wednesday, most notably in the Odesa region, where 10 people sought medical help due to the strikes, according to local authorities.

Source: Philippines News Agency