AMBCrypto CEO Jeevan Thomas on NFTs: Revolutionizing Digital Ownership 12-27-2024 10:00 PM CET | Business, Economy, Finances, Banking & Insurance Press release from: ABNewswire The image symbolizes the transformative power of NFTs across digital art, gaming, and real estate, portraying the technological shift in ownership. NFTs are not just a trend; they represent a transformative shift in digital ownership, asserts Jeevan Thomas, CEO of AMBCrypto. From empowering artists with direct monetization to redefining industries like gaming and real estate, NFTs are unlocking unprecedented opportunities. In this article, Jeevan explores how NFTs are poised to revolutionize asset ownership and reshape the future. A Paradigm Shift in Ownership Imagine owning a piece of digital art, a virtual real estate plot, or an exclusive in-game item, all secured and authenticated through blockchain technology. This is the transformative promise of Non-Fungible Tokens (NFTs), which are redefining digital ownership across various industries. Jeevan Thomas [ https://www.linkedin.com/in/jeeevaan/ ], CEO of AMBCrypto [ https://ambcrypto.com/ ], a leading digital news publisher, emphasizes that NFTs are not just a fleeting trend but a fundamental shift in how we perceive and manage digital assets. What Are NFTs? NFTs are unique digital tokens that represent ownership of specific items or content on the blockchain. Unlike cryptocurrencies such as Bitcoin or Ethereum, which are fungible and can be exchanged on a one-to-one basis, NFTs are indivisible and unique. This makes them ideal for certifying ownership of digital assets like art, music, and virtual real estate. This uniqueness is at the heart of how NFTs are revolutionizing digital ownership. NFTs Empowering the Art World In the art world, NFTs have empowered artists to monetize their digital creations directly, eliminating the need for intermediaries. This direct-to-consumer model ensures that artists receive fair compensation for their work and retain control over their creations. Additionally, NFTs can be programmed with smart contracts to provide royalties to artists upon secondary sales, ensuring ongoing revenue as their work appreciates in value. Redefining the Music Industry The music industry is also experiencing a paradigm shift due to NFTs. Musicians can tokenize their work, offering fans exclusive ownership of songs, albums, or concert experiences. This not only creates new revenue streams but also fosters a deeper connection between artists and their audiences. Smart contracts embedded within NFTs ensure that artists receive a predetermined percentage of royalties upon secondary sales, providing transparency and fairness in revenue distribution. Transforming Gaming Experiences In gaming, NFTs are redefining player engagement by allowing true ownership of in-game assets. Players can purchase, sell, and trade items like skins, weapons, or virtual land across different platforms, creating real-world value from virtual experiences. This interoperability enhances the gaming experience and opens up new economic opportunities within virtual environments. Virtual Real Estate: A New Frontier Virtual real estate is another frontier being transformed by NFTs. Digital platforms like Decentraland allow users to purchase, develop, and monetize virtual land parcels. These virtual properties can be used for various purposes, including hosting events, creating virtual stores, or building digital art galleries, all secured through NFT ownership. Challenges and Concerns Environmental Impact Despite the excitement surrounding NFTs, challenges remain. Environmental concerns have been raised due to the energy-intensive nature of blockchain transactions, particularly on platforms like Ethereum. However, efforts are underway to develop more sustainable blockchain solutions to mitigate these impacts. Legal and Regulatory Issues Legal considerations also pose challenges, as the regulatory landscape for NFTs is still evolving. Issues such as copyright ownership, transfer of rights, and the legal status of NFTs in various jurisdictions are areas of ongoing debate and development. Clear legal frameworks are necessary to protect creators and consumers in the NFT ecosystem. Expanding Applications of NFTs Real Estate Tokenization Jeevan Thomas highlights that the potential applications of NFTs extend beyond art and entertainment. They can be utilized in sectors like real estate, where property deeds can be tokenized, providing a secure and transparent method for transferring ownership. This could streamline real estate transactions, reduce fraud, and increase accessibility to property investments. Identity and Credential Verification NFTs can also play a significant role in verifying identities and credentials. Academic degrees, professional certifications, and other credentials can be securely tokenized, preventing fraud and ensuring authenticity. This application could revolutionize how individuals and institutions manage and share verifiable information. The Future of Digital Ownership Jeevan Thomas believes that NFTs are not merely a technological innovation but a cultural and economic shift. They are democratizing access to ownership, enabling creators to gain fair value for their work, and providing consumers with a secure and transparent way to own digital assets. As the technology matures and regulatory frameworks solidify, the NFT ecosystem is poised to expand into new industries, offering unprecedented opportunities for creators, businesses, and consumers alike. NFTs are not just about owning digital assets-they are about redefining what ownership means in the digital age. Media Contact Company Name: AMBCrypto Contact Person: Sujeev Thomas Email:Send Email [ https://www.abnewswire.com/email_contact_us.php?pr=ambcrypto-ceo-jeevan-thomas-on-nfts-revolutionizing-digital-ownership ] Country: India Website: https://ambcrypto.com/ This release was published on openPR.CRANFORD, N.J. , Dec. 27, 2024 /PRNewswire/ -- Citius Oncology, Inc. ("Citius Oncology" or the "Company") (Nasdaq: CTOR), a specialty biopharmaceutical company focused on the development and commercialization of novel targeted oncology therapies, today reported business and financial results for the fiscal full year ended September 30, 2024 . Fiscal Full Year 2024 Business Highlights and Subsequent Developments Achieved U.S. Food and Drug Administration (FDA) approval of LYMPHIRTM (denileukin diftitox-cxdl), an immunotherapy for the treatment of adults with relapsed or refractory cutaneous T-cell lymphoma (CTCL); Began trading on the Nasdaq exchange under the ticker symbol CTOR on August 13, 2024 , following completion of the merger of Citius Pharma's oncology subsidiary with TenX Keane to form Citius Oncology, Inc., a standalone publicly traded company; Advanced manufacturing, marketing and sales activities in preparation for commercial launch of LYMPHIR in the first half of 2025; key activities included: Manufactured initial inventory for launch and finalized supply chain agreements, Initiated recruitment of targeted field force with contract sales organization, Launched a marketing awareness campaign and engaged with all leading CTCL prescribers, Applied for a unique J-code within the Healthcare Common Procedure Coding System (HCPCS) to facilitate accurate reimbursement, Secured inclusion of LYMPHIR in the National Comprehensive Cancer Network (NCCN) guidelines, critical to clinical decision-making in oncology and hematology, influencing treatment practices and payor reimbursement in the U.S., and Initiated development of the patient support center to help patients access LYMPHIR expeditiously; Supported two investigator-initiated trials to explore LYMPHIR's potential as an immuno-oncology combination therapy being conducted at the University of Pittsburgh Medical Center and the University of Minnesota ; and, Shared interim trial results with the clinical community at the Society for Immunotherapy of Cancer Conference (SITC) of University of Pittsburgh Medical Center's Phase I trial of LYMPHIR with checkpoint inhibitor pembrolizumab. The combination of these two immunomodulatory agents showed clinical benefit in relapsed or refractory gynecological neoplasms, resulting in: 27% objective response rate and 33% clinical benefit rate with median progression free survival of 57 weeks (range: 30-96 weeks), and A manageable safety profile whereby the regimen was well-tolerated with reversible treatment emergent adverse events and no definitive immune-related adverse events greater than or equal to grade 3 documented. Financial Highlights R&D expenses were $4.9 million for the full year ended September 30, 2024 , compared to $4.2 million for the full year ended September 30, 2023 ; G&A expenses were $8.1 million for the full year ended September 30, 2024 , compared to $5.9 million for the full year ended September 30, 2023 ; Stock-based compensation expense was $7.5 million for the full year ended September 30, 2024 , compared to $2.0 million for the full year ended September 30, 2023 ; and, Net loss was $21.1 million , or ($0.31) per share for the full year ended September 30, 2024 compared to a net loss of $12.7 million , or ($0.19) per share for the full year ended September 30, 2023 . "Reflecting on 2024, Citius Oncology has achieved pivotal milestones that underscore our commitment to advancing cancer therapeutics," stated Leonard Mazur , Chairman and CEO of Citius Oncology. "The FDA's approval of LYMPHIR for the treatment of cutaneous T-cell lymphoma marks a significant advancement in providing new options for patients battling this challenging disease. It is the only targeted systemic therapy approved for CTCL patients since 2018 and the only therapy with a mechanism of action that targets the IL-2 receptor. Additionally, the successful merger forming Citius Oncology, now trading on Nasdaq under the ticker CTOR, strengthens our position in the oncology sector. We expect it to facilitate greater access to capital to fund LYMPHIR's launch and the Company's future growth. With a Phase I investigator-initiated clinical trial combining LYMPHIR with pembrolizumab demonstrating promising preliminary results, indicating potential for enhanced treatment efficacy in recurrent solid tumors, and preliminary results expected from a second investigator trial with CAR-T therapies in 2025, we remain excited about the potential of LYMPHIR as a combination immunotherapy." "These accomplishments reflect the dedication of our team and the trust of our investors. As we look ahead, we remain steadfast in our mission to develop innovative therapies that improve the lives of cancer patients worldwide," added Mazur. FULL YEAR 2024 FINANCIAL RESULTS: Research and Development (R&D) Expenses R&D expenses were $4.9 million for the full year ended September 30, 2024 , compared to $4.2 million for the full year ended September 30, 2023 . The increase reflects development activities completed for the resubmission of the Biologics License Application of LYMPHIR in January 2024 , which were associated with the complete response letter remediation. General and Administrative (G&A) Expenses G&A expenses were $8.1 million for the full year ended September 30, 2024 , compared to $5.9 million for the full year ended September 30, 2023 . The increase was primarily due to costs associated with pre-commercial and commercial launch activities of LYMPHIR including market research, marketing, distribution and drug product reimbursement from health plans and payers. Stock-based Compensation Expense For the full year ended September 30, 2024 , stock-based compensation expense was $7.5 million as compared to $2.0 million for the prior year. The primary reason for the $5.5 million increase was due to the amounts being realized over 12 months in the year ended September 30, 2024 , as compared to three months post-plan adoption in the year ended September 30, 2023 . Net loss Net loss was $21.1 million , or ($0.31) per share for the year ended September 30, 2024 , compared to a net loss of $12.7 million , or ($0.19) per share for the year ended September 30, 2023 . The $8.5 million increase in net loss was primarily due to the increase in our operating expenses. About Citius Oncology, Inc. Citius Oncology specialty is a biopharmaceutical company focused on developing and commercializing novel targeted oncology therapies. In August 2024 , its primary asset, LYMPHIR, was approved by the FDA for the treatment of adults with relapsed or refractory CTCL who had had at least one prior systemic therapy. Management estimates the initial market for LYMPHIR currently exceeds $400 million , is growing, and is underserved by existing therapies. Robust intellectual property protections that span orphan drug designation, complex technology, trade secrets and pending patents for immuno-oncology use as a combination therapy with checkpoint inhibitors would further support Citius Oncology's competitive positioning. Citius Oncology is a publicly traded subsidiary of Citius Pharmaceuticals. For more information, please visit www.citiusonc.com Forward-Looking Statements This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are made based on our expectations and beliefs concerning future events impacting Citius Oncology. You can identify these statements by the fact that they use words such as "will," "anticipate," "estimate," "expect," "plan," "should," and "may" and other words and terms of similar meaning or use of future dates. Forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from those currently anticipated, and, unless noted otherwise, that apply to Citius Oncology are: our ability to raise additional money to fund our operations for at least the next 12 months as a going concern; our ability to commercialize LYMPHIR and any of our other product candidates that may be approved by the FDA; the estimated markets for our product candidates and the acceptance thereof by any market; the ability of our product candidates to impact the quality of life of our target patient populations; our dependence on third-party suppliers; our ability to procure cGMP commercial-scale supply; risks related to research using our assets but conducted by third parties; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; uncertainties relating to preclinical and clinical testing; market and other conditions; risks related to our growth strategy; patent and intellectual property matters; our ability to identify, acquire, close and integrate product candidates and companies successfully and on a timely basis; government regulation; competition; as well as other risks described in our Securities and Exchange Commission ("SEC") filings. These risks have been and may be further impacted by any future public health risks. Accordingly, these forward-looking statements do not constitute guarantees of future performance, and you are cautioned not to place undue reliance on these forward-looking statements. Risks regarding our business are described in detail in our SEC filings which are available on the SEC's website at www.sec.gov , including in Citius Oncology's Annual Report on Form 10-K for the year ended September 30, 2024 , filed with the SEC on December 27, 2024 , as updated by our subsequent filings with the SEC. These forward-looking statements speak only as of the date hereof, and we expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law. Investor Contact: Ilanit Allen ir@citiuspharma.com 908-967-6677 x113 Media Contact: STiR-communications Greg Salsburg Greg@STiR-communications.com -- Financial Tables Follow – CITIUS ONCOLOGY, INC. CONSOLIDATED BALANCE SHEETS SEPTEMBER 30, 2024 AND 2023 2024 2023 Current Assets: Cash and cash equivalents $ 112 $ — Inventory 8,268,766 — Prepaid expenses 2,700,000 7,734,895 Total Current Assets 10,968,878 7,734,895 Other Assets: In-process research and development 73,400,000 40,000,000 Total Other Assets 73,400,000 40,000,000 Total Assets $ 84,368,878 $ 47,734,895 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 3,711,622 $ 1,289,045 License payable 28,400,000 — Accrued expenses — 259,071 Due to related party 588,806 19,499,119 Total Current Liabilities 32,700,429 21,047,235 Deferred tax liability 1,728,000 1,152,000 Note payable to related party 3,800,111 — Total Liabilities 38,228,540 22,199,235 Stockholders' Equity: Preferred stock - $0.0001 par value; 10,000,000 shares authorized: no shares issued and outstanding — — Common stock - $0.0001 par value; 100,000,000; 71,552,402 and 67,500,000 shares issued and outstanding at September 30, 2024 and 2023, respectively 7,155 6,750 Additional paid-in capital 85,411,771 43,658,750 Accumulated deficit (39,278,587) (18,129,840) Total Stockholders' Equity 46,140,339 25,535,660 Total Liabilities and Stockholders' Equity $ 84,368,878 $ 47,734,895 CITIUS ONCOLOGY, INC. CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE YEARS ENDED SEPTEMBER 30, 2024 AND 2023 2024 2023 Revenues $ — $ — Operating Expenses: Research and development 4,925,001 4,240,451 General and administrative 8,148,929 5,915,290 Stock-based compensation – general and administrative 7,498,817 1,965,500 Total Operating Expenses 20,572,747 12,121,241 Loss before Income Taxes (20,572,747) (12,121,241) Income tax expense 576,000 576,000 Net Loss $ (21,148,747) $ (12,697,241) Net Loss Per Share – Basic and Diluted $ (0.31) $ (0.19) Weighted Average Common Shares Outstanding – Basic and Diluted 68,053,607 67,500,000 CITIUS ONCOLOGY, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED SEPTEMBER 30, 2024 AND 2023 2024 2023 Cash Flows From Operating Activities: Net loss $ (21,148,747) $ (12,697,241) Adjustments to reconcile net loss to net cash provided by operating activities: Stock-based compensation expense 7,498,817 1,965,500 Deferred income tax expense 576,000 576,000 Changes in operating assets and liabilities: Inventory (2,133,871) - Prepaid expenses (1,100,000) (5,044,713) Accounts payable 2,422,577 1,196,734 Accrued expenses (259,071) (801,754) Due to related party 14,270,648 14,805,474 Net Cash Provided By Operating Activities 126,353 - Cash Flows From Investing Activities: License payment (5,000,000) - Net Cash Used In Investing Activities (5,000,000) - Cash Flows From Financing Activities: Cash contributed by parent 3,827,944 - Merger, net (2,754,296) - Proceeds from issuance of note payable to related party 3,800,111 - Net Cash Provided By Financing Activities 4,873,759 - Net Change in Cash and Cash Equivalents 112 - Cash and Cash Equivalents – Beginning of Year - - Cash and Cash Equivalents – End of Year $ 112 $ - Supplemental Disclosures of Cash Flow Information and Non-cash Activities: IPR&D Milestones included in License Payable $ 28,400,000 $
CALGARY — The Calgary Stampeders re-signed veteran kicker Rene Paredes on Wednesday while also restructuring quarterback Vernon Adams Jr.'s deal. Calgary signed Paredes to a two-year contract extension. The Canadian was scheduled to become a free agent in February. The Stampeders acquired Adams last month from the B.C. Lions. The club and player agreed to terms on a restructured contract for the 2025 and 2026 seasons. "The restructured contract will give us more salary-cap flexibility to sign free agents and retain our own players who will be eligible for free agency in February,” Dave Dickenson, Calgary's head coach and general manager, said in a statement. “Vernon remains under contract for the next two seasons and we’re excited to have him in Calgary.” Adams, an eight-year CFL veteran, posted a 6-3 record last season with B.C., completing 197-of-302 passes (65.2 per cent) for 2,929 yards with 16 touchdowns and nine interceptions. He recorded six 300-yard passing games while also rushing for 213 yards and three TDs in 40 attempts. He completed 20-of-33 passes for 317 yards with two TDs and three interceptions in B.C.'s 28-19 West Division semifinal loss to the Saskatchewan Roughriders. Paredes, a six-time all-star, has played 13 seasons with Calgary — ranking him fourth all-time in franchise history in terms of longevity — and his 229 regular-season games place him second in the Stampeders record books. He made 41 of his 44 field-goal attempts (93.2-per-cent success rate) over 18 games in 2024. Paredes has played 248 career regular-season and post-season games for the Stampeders since signing as a free agent in 2011. His 2,286 career regular-season points place him eighth on the CFL’s all-time list and he was part of Grey Cup-winning teams in 2014 and 2018. “I’m very excited to be back with the organization,” Paredes said in a release. “My family and I love the city and it’s a blessing to have spent my entire career as a Stampeder. The last two seasons have been a challenge for us as a team but I’m looking forward to doing everything I can to help turn things around.” This report by The Canadian Press was first published Dec. 11, 2024. The Canadian PressTrump asks Supreme Court to delay TikTok ban so he can weigh in after he takes officeWestern Digital's SVP Gene Zamiska sells $24,240 in stock
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