Think Equity: Society Pass (Nasdaq: SOPA) – Initiating Coverage on Digital Commerce Platform for Southeast Asia with Upside Potential

Think Equity, LLC (Think Equity) initiates coverage on Society Pass Inc. (Nasdaq: SOPA) (SoPa).

Click Here (on Society Pass website) to view the full Think Equity research report.

Summary Points:

  • ECommerce Holding Company. Society Pass is an acquisition-focused eCommerce holding company operating six interconnected verticals in loyalty, lifestyle, food and beverage, telecoms, digital media, and travel, connecting millions of registered consumers and thousands of registered merchants in Southeast Asia. The company has on-boarded more than 3.3 million registered consumers and over 200K registered merchants and brands. The company generated $520K of sales in 2021, with a revenue forecast of $9.5 million for 2022 and $42.7 million for 2023.
  • Seasoned and Diverse Executive Team. The company is led by a team of seasoned Asia-based executives who have spent a total of over 150 years on the ground in Asia with operating, marketing, technology and financial experience there. Society Pass is the sixth company that Dennis Nguyen, Group Founder, Chairman and CEO, has taken public. Over half the executives and employees are female. The company’s board of directors brings diverse experiences from technology to finance, to legal, to investment banking/private equity. The company has built a sophisticated technology platform in four years and on-boarded over 3.3 million registered consumers and over 200k registered merchants/brands.
  • Integrated Ecosystem. Society Pass acquires companies in targeted verticals, which include lifestyle, food and beverage delivery, travel, digital media, telecommunications, and loyalty. In the lifestyle vertical, the company acquired Leflair in February 2021 and relaunched in the Vietnamese marketplace in September 2021. In food and beverage delivery, the company acquired Pushkart and Handycart in February 2022 and Mangan in July 2022. In July 2022, the company acquired Thoughtful Media, a Thailand-based digital media company. In August 2022, the company acquired NusaTrip, an Indonesia-based leading Southeast Asia OTA. The business model is to acquire companies in targeted verticals and integrate them into the platform.
  • Society Points. A Virtuous Cycle of Revenue Generation and Loyalty Creation in SEA. The company opportunistically acquires attractively valued companies to synergistically generate additional revenue streams, optimize efficiencies for merchants, and more cost-effectively aggregate consumers and merchants through synchronized marketing campaigns. The company’s loyalty platform, Society Points, drives this revenue generation and loyalty creation processes. The company has launched a beta version of the Society Pass app in June 2022 and expects to fully launch the app in 1Q 2023.
  • Strategies for Digital Commerce in Asia/Pacific. Southeast Asia’s digital commerce revenue is expected to reach a 10-year CAGR of 32% by 2025. Business unit leaders, like Society Pass, carefully select their markets. Based on industry estimates, the expected growth of consumer spending on digital commerce for the Southeast Asian region will exceed $88 billion by 2025. This comes from a low penetration of the total retail market. Southeast Asia presents attractive growth opportunities and challenges for SoPa.
  • Growth Strategies. As the company continues to acquire e-commerce platforms and apps in Southeast Asia, it should dramatically increase its revenue base, registered customer base, and registered merchant base. The company beta-launched its Society Pass loyalty platform in the second quarter 2022. The company is constantly upgrading its HR talent, especially identifying and mentoring female executives. It has built a powerful and integrated technology ecosystem targeting Southeast Asia, and operates in three of the world’s most attractive and fast-growing economies. Its senior executives have spent most of their lives in Southeast Asia running companies.
  • Valuation. Think Equity’s 12-month price target is $6, based on 3.9x FY23 sales per share estimate.
  • Solid Financials. As of June 30, 2022, the company had cash and cash equivalents of $28 million. For the six months ended June 30, 2022, the company’s stockholders’ equity was $35 million.

About Society Pass Inc
Founded in 2018 as a digitally-focused loyalty and data marketing ecosystem in the fast-growing markets of Vietnam, Indonesia, Philippines, Singapore and Thailand, which account for more than 80% of the SEA population, and with offices located in Angeles, Bangkok, Hanoi, Ho Chi Minh City, Jakarta, Manila, and Singapore, SoPa is an acquisition-focused e-commerce holding company operating 6 interconnected verticals (loyalty, digital media, travel, telecoms, lifestyle, and F&B), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories throughout SEA.

Society Pass completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021. SOPA shares were added to the Russell 2000 index in December 2021.

SoPa acquires fast growing e-commerce companies and expands its user base across a robust product and service ecosystem. SoPa integrates these complementary businesses through its Society Pass loyalty platform and circulation of its universal loyalty points or Society Points, which has entered beta testing and is expected to launch broadly at the beginning of 2023. Society Pass loyalty program members earn and redeem Society Points and receive personalised promotions based on SoPa’s data capabilities and understanding of consumer shopping behaviour. SoPa has amassed more than 3.3 million registered consumers and over 205,000 registered merchants and brands. It has invested 2+ years building proprietary IT architecture to effectively scale and support its consumers, merchants, and acquisitions.

Society Pass leverages technology to tailor a more personalised experience for customers in the purchase journey and to transform the entire retail value chain in SEA. SoPa operates Thoughtful Media Group, a Thailand-based, a social commerce-focused, premium digital video multi-platform network; NusaTrip, a leading Indonesia-based Online Travel Agency; Gorilla Networks, a Singapore-based, web3-enabled mobile blockchain network operator;, Vietnam’s leading lifestyle e-commerce platform;, a popular grocery delivery company in Philippines;, a leading online restaurant delivery service based in Vietnam; and Mangan, a leading local restaurant delivery service in Philippines. For more information, please check out:

Cautionary Note Concerning Forward-Looking Statements
This press release may include “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate”, “believe”, “estimate”, “expect”, “intend” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus relating to the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Media Contacts:
PRecious Communications

Kashifu Inuwa: Putting NITDA on the Cusp of a Revolution

The National Information Technology Development Agency (NITDA), the Federal Government Agency responsible for the development of the Information Technology sector in Nigeria.

Written by Iklima Musa, Lagos, Nigeria 28/09/2022.

Nothing offers a more reliable picture of a country’s economic performance better than a periodic assessment of sectoral contribution to Gross Domestic Product (GDP). It’s no less so in Nigeria where a report by the National Bureau of Statistics indicates that Nigeria’s Information and Communications sector contributed 18.44 percent to the GDP in the second quarter of 2022. The figure was an improvement from the 15 percent performance recorded in the last quarter of 2021.

Kashifu Inuwa, NITDA Director-General: “Globally, there is a shortage of talents, so, we are creating a mandate to develop a talent strategy because we have a competitive advantage as a country with our vast human and natural resources. Nigeria can seize the opportunity to fill that gap” [Image: NITDA 2022]
A little context will help put the significance of this growth in real perspective. The NBS data shows that the country’s Information and Communications sector’s contribution trumped the figures recorded by sectoral powerhouses such as Oil and Gas, Manufacturing, Real Estate, and Financial and Insurance. The plaudits – or a huge part thereof – for that sterling performance should go to the Ministry of Communications and Digital Economy, its helmsman Professor Isa Ali Ibrahim and the National Information Technology Development Agency (NITDA), and its steerer, Mr. Kashifu Inuwa Abdullahi.

NITDA, as the Federal Government Agency responsible for the development of the Information Technology sector in Nigeria, it is one of the seven agencies under the Ministry of Communications Technology and Digital Economy.

NITDA’s impressive scorecard could be glimpsed also in how quickly it has been able to develop strategies, to help grow the Nigeria information technology ecosystem in a COVID and emerging post-COVID era. Under its dynamic and innovation-driven Director-General, Kashifu Inuwa, so much has been achieved by the Agency in a short span of three years.

The NITDA Director-General, who recently marked three years in office, has gradually realigned and re-positioned the Agency, aiming to grow its capacity to respond adequately to the changing conditions and complexities of a digital economy in a fast-evolving global and local digital market.

Milestones achieved under the leadership of Inuwa have been multi-faceted and stand out as bold testaments of his commitment to innovation. Inuwa’s vision for NITDA in the medium term is encapsulated in a robust and bold policy framework – the Strategic Roadmap and Action Plan (SRAP, 2021 – 2024), which was launched last year.
SRAP is designed to support the even broader, National Digital Economy Policy and Strategy (NDEPS) enunciated by the Ministry of Communications and Digital Economy.

The many achievements recorded so far belie the fact that NITDA has implemented SRAP for just one year, a development that Inuwa recalls with an understandable pride: “The first year of implementing the NITDA Strategic Roadmap and Action Plan (2021 – 2024) has been one of deep learning, overcoming challenges and celebrating amazing breakthroughs. Along the way we got conferred with the prestigious National Productivity Order of Merit (NPOM) award, in recognition of our productivity, hard work and excellence in service delivery.”

In June 2021, the Agency started operating the National Public Key Infrastructure (PKI) with the Key Generation and Handover Ceremony for Root Certification Authority (RCA) for Country Signing Certification Authority (CSCA) and Country Verification Certification Authority (CVCA) of the Federal Republic of Nigeria. The NITDA Director-General remains upbeat about its prospects: “This unprecedented cybersecurity landmark (NDEPS Pillar 6) will not only close loopholes in online activity but significantly reduce system vulnerabilities that are exploitable by threat actors.” That was undoubtedly a milestone achievement for Nigeria’s digital space.

To further close out loopholes in online activity and generate proper accreditation of professionals, the Agency intends to implement seven cybersecurity interventions that are focused on the PKI.

A key component of this creative platform is that, it will coordinate the management of the Country Object Identifier (OID), and upgrade the PKI authentication infrastructure, create a PKI Audit requirement for Microsoft onboarding on operating systems, and integrate PKI with major hardware/software vendors. “We will then construct, furnish, and equip two National Cybersecurity Research Centers,” Inuwa says.

With regard to the expected outcome, Inuwa, reputedly Nigeria’s first Cisco-Certified Internetwork Expert (CCIE) public servant, says: “Digitalisation of Government processes facilitates transparency, efficiency, productivity, participation, inclusiveness, cost savings, and competitive advantage, which ultimately translates to social and economic development for a country like Nigeria.”

He also estimates that the “implementation of Enterprise Content Management (ECM) can save Nigeria N4.5bn annually”. For a government determined to curb corruption and cut costs, this is quite significant. Some of NITDA’s action plans in the area of regulation and framework development, which are already in the works, include fostering Gender Digital Inclusion, enthroning a seamless e-Commerce environment and enhancing government digital services.

“In 2022, we are developing the Framework on Gender Digital Inclusion (GDI), with the aim of codifying learning standards for different categories of IT learners, while addressing the wide gender disparities in digital literacy and skill acquisition,” he said.

He is optimistic that the Guidelines for e-Commerce in Nigeria will provide an enabling framework for e-commerce to thrive and increase online trade’s contribution to Nigeria’s GDP. Just as crucial, he noted, is the planned development of the “Framework and Regulations for Implementing Government Digital Services (GDS) as a Guideline for Federal Public Institutions (FPIs) to deliver digital services and the Framework for Implementation and Compliance with relevant regulations to ensure compliance with all developmental regulatory instruments such as the NDPR, Cloud Computing, outsourcing, among others”.

To some, these goals may seem rather grandiose. But Inuwa possesses a tapestry of experience as an IT professional, having worked, and indeed excelled, in highly challenging environments, among which are the Central Bank of Nigeria and Galaxy Backbone Limited. This imbues him with a capacity to sufficiently address current developments and discern the dynamic trends and markets in the IT sector. His deep knowledge of IT trends reflects in the remarkable way he has steered the Agency to address the likely challenges of tomorrow’s digital environment.

Under Inuwa, NITDA has issued 966 digital tools and supported the development of digital transformation plans in accordance with NDEPS Pillar 5 in 3 states. “These digital tools and expert guide, which are part of our initiative to develop a framework and implementation toolkits for measuring the impact of digital technology deployment in FPIs are already enabling institutions to embark on digital transformation self-assessments,” he said, regarding the feat.

When Inuwa assumed office as NITDA’s Director General in mid-2019, the global Covid-19 pandemic which led to the lockdown of several cities worldwide, including Nigeria, was only a few months away. When it hit the country in February 2020, prompting a government-ordered lockdown in April 2020 which lasted for several months, the Agency initiated and adopted several remote and contactless digital technologies that ensured government machinery kept working throughout the critical period. Inuwa set up a team called Tech4Covid to cushion the effects of Covid-19. This led to the identification of three innovations that helped curb Covid-19 and the establishment of a virtual academy for research and training with over 70 active courses and over 485,000 active students.

In the circumstances, Inuwa’s leadership and managerial skills which had been honed by several high-level trainings in leadership and management at reputable world-class institutions such as Harvard, Sloan Business School, London Business School, IMD Business School, Oxford University, Massachusetts Institute of Technology and Cambridge University, all came into play, ensuring that critical digital services are being delivered to government and that government can continue to perform its various functions effectively. The same expertise has come into play in his relentless efforts, to transform the Agency into a world class IT Agency.

One instance of this transformation is the service delivery. The Director General comments: “In terms of the service contract, we reviewed the existing SERVICOM unit, expanded stakeholder identification, introduced new roles, realigned responsibilities to absorb the changes, created a new identity tagged iServe, and completed a sensitization process with key action points. Today, iServe represents our people first commitment to customer satisfaction through innovation and professionalism as we pursue the digital economy goals.”

Another key part of NITDA’s statutory mandate is massive upskilling and reskilling of Nigerians across all walks of life. NITDA under Inuwa, has trained well over half a million Nigerians in various basic digital skills and literacy, with such diverse backgrounds as junior schoolteachers, traditional rulers, journalists, youth and talent development programme participants, among others.

The Agency has embarked on a journey to train 1 Million Software Developers in the next 18 months, in collaboration with global giants such as Microsoft, Google, and other key ecosystem players. “Globally, there is a shortage of talents, so, we are creating a mandate to develop a talent strategy because we have a competitive advantage as a country with our vast human and natural resources. Nigeria can seize the opportunity to fill that gap”, the NITDA, DG says, with high optimism.

At a higher level, NITDA has awarded over 450 scholarships in IT to deserving Nigerians at the master’s degree level, with 42 Phds, in the past few years.

Inuwa is delighted with the phenomenal growth of the Nigerian Digital Innovation Ecosystem. Recent large acquisitions such as Stripe’s $200 million takeover of Paystack in 2020, the $320 million Main One Ltd take over by US-based Equinix, and Flutterwave’s $3.5 billion valuation have proudly spotlighted the country as a notable digital innovation centre in Africa.

In the first half of this year alone, Nigeria’s Digital technology and innovation startups have raised over one billion dollars in venture capital funding from major Western capital market funds. Notable among them are Sudo Africa, $3.7 million, Casava, $4 million, DrugStoc, $4.4 million, Bamboo, $15 million, Credpal, $15 million, and Reliance Health, $40 million.

NITDA itself, has recently facilitated the support of six digital information technology start start-ups to access grants of $120 thousand each, amounting to $715 thousand. The Agency is actively backing several digital innovation hubs and has set up such hubs around the country, including over 150 start ups which it has supported to attend the GITEX global exhibition, World Creativity Challenge, among others.

Just the beginning of this year, NITDA facilitated the approval of three Federal Executive Council memos through the Ministry of Communications and Digital Economy, in favour of digital startups. These approvals will incentivise and further harness the country’s digital innovation and entrepreneurship ecosystem to create job opportunities for its teeming youth population.

Within three years, Inuwa has equipped 160 digital economy centres around the country to further catalyze skills development and digital innovations.

According to Statista, 35 million Nigerian internet users will be added by 2026, which is another clear indication of increasingly phenomenal growth in internet adoption and usage in Nigeria.

Addressing the recent Ogun State Digital Summit in Abeokuta, on Digital Technologies: Key to Sustainable Development, Inuwa affirms that “Digital Technology innovation is not only booming, but it is also quickly moving towards sustainable solutions, with many of the most promising ideas from businesses worldwide having a clear focus on the environment.”

An innovation powerhouse, Inuwa would yet, undoubtedly, be pushing forward the boundaries of innovative digital technologies in Nigeria and beyond, in the coming years.

Written by Iklima Musa
Lagos, Nigeria 28/09/2022.

Claudin18.2, a shining star in gastric cancer, Transcenta’s TST001 stands at the global forefront

Transcenta Holding Limited (HKG:6628), a clinical stage biopharmaceutical company with fully-integrated capabilities in discovery, research, development and manufacturing of antibody-based therapeutics, announced that interim safety and efficacy data of dose expansion cohort from the phase I/II study of TST001 (Osemitamab), a humanized ADCC-enhanced anti-Claudin18.2 monoclonal antibody, in combination with Capecitabine and Oxaliplatin (CAPOX) as a first line treatment of locally advanced or metastatic gastric or gastroesophageal junction (G/GEJ) cancer was presented in a poster at the European Society for Medical Oncology (ESMO) Congress 2022.

In first line treatment of advanced or metastatic G/GEJ cancer, early interim data of the first 15 patients with measurable disease receiving the combination of TST001 with CAPOX demonstrated a partial response rate of 73.3% and a disease control rate of 100% per RECIST1.1. Based on these encouraging data, the TST001 program is further accelerated and Health Authority consultations are being initiated. A global phase III clinical program of TST001 (Osemitamab) for the first line treatment of locally advanced or metastatic Claudin18.2 positive G/GEJ cancer is currently being planned.

1. Claudin18.2 is expected to be the most shining star target in gastric cancer
The European Society for Medical Oncology (ESMO) Congress 2022 was held in person in Paris and virtually between 9-13 September 2022. Around 2000 abstracts and late-breaking abstracts were presented during the congress days. Transcenta’s poster with the dose expansion cohort interim data from the TST001 in combination with chemotherapy in first line treatment of locally advanced or metastatic G/GEJ cancer patients with Claudin18.2 expression was presented on Sept 12, 2022.

Data shows that as of August 4, 2022, 51 patients were enrolled and dosed including 36 patients treated with TST001 plus CAPOX at 6mg/kg Q3W in the expansion phase. Among the 15 patients with measurable disease and at least one post-treatment tumor assessment, 11 (73.3%) achieved partial response and four (26.7%) achieved stable disease. All 51 enrolled patients were evaluated for safety and tolerability. Treatment-emergent adverse events regardless of causality were mostly grade 1-2. Twelve (23.5%) patients experienced dose delay, five (9.8%) experienced dose reduction and no patient experienced discontinuation due to treatment related adverse events. In this study, TST001 also demonstrated a clear dose proportional pharmacokinetic profile, is consistent with those observed with TST001 monotherapy and in US patients. These data suggest that TST001 combined CAPOX is well tolerated and with promising efficacy in a broad gastric cancer patient population with tumors expressing Claudin18.2, including medium and high expressors. Furthermore, Transcenta has also developed a proprietary IHC assay to select patients with Claudin18.2 expressing tumors for registration enabling studies.

Despite progresses in the treatment of advanced gastric cancer with HER2, VEGF, VEGFR, or PD-1/PD-L1 targeted therapies, outcomes remain poor for 1st line patients with median overall survival of around 14 months. Claudin18.2 expression is observed at various levels in 50%-70% of gastric cancer patients, and at relatively high percentage in a variety of tumors including pancreatic, cholangiocarcinoma, ovarian and lung cancer. It is one of the hottest targets in cancer treatment. A few Claudin18.2 directed targeted drugs have entered the clinical stage, including monoclonal antibodies, bispecific antibodies, CAR-T and antibody-drug couples (ADCs). TST001, a humanized anti-Claudin18.2 monoclonal antibody, with higher target binding affinity and enhanced ADCC activity than other antibodies, has demonstrated very encouraging preliminary signs of activity in 1st L gastric / GEJ cancers with various levels of CLDN18.2 expression, and a manageable safety and tolerability profile.

Since entering into the clinical stage, Transcenta has attracted the attention of many multinational corporations. It established a global clinical collaboration with Bristol-Myers Squibb to evaluate the combination of TST001 with Opdivo(R) (Bristol-Myers Squibb’s anti-PD-1 therapy) for the treatment of patients with unresectable locally advanced or metastatic G/GEJ cancer earlier in March this year. These TST001 data have also generated a lot of excitement from GI cancers investigators who see TST001 as an effective new treatment option to cover the high unmet need of Claudin18.2 medium and high expressors cancers, providing a broader treatment option than other players in the same class. As TST001 data continue to mature, Transcenta progresses TST001 towards phase III trial and has initiated Health authority consultations.

2. Dr. Caroline Germa, former AstraZeneca Oncology’s Vice President, is now Transcenta’s Chief Medical Officer as the Company accelerates its expansion internationally
In August 2022, Transcenta announced the appointment of Dr. Caroline Germa as the Executive Vice President, Global Medicine Development and Chief Medical Officer. Dr. Caroline Germa was formerly Vice President of AstraZeneca Oncology and has extensive oncology development experience. Prior to joining AstraZeneca, she also worked for a number of world-renowned companies including Pfizer and Bristol-Myers Squibb, and led the late-stage clinical development of a number of key oncology assets, in particular the global registration strategy and approval of blockbuster drugs including Ribociclib (CDK4/6 inhibitor – Kisqali) and Neratinib. She has a deep understanding of the industry and, with her pharmaceutical industry contacts and unique ideas on the business development of the Company, international clinical development and regulatory approvals, the Company is confident that Dr Caroline Germa will be able to lead Transcenta to better global expansion and make a significant contribution to enhancing the Company’s shareholder value.

3. TST001 is ranked among the top two most advanced clinical programs for Claudin18.2 worldwide, and the first in China
Zolbetuximab is the first clinical stage anti-claudin18.2 monoclonal antibody. In a phase II, randomized study evaluating Zolbetuximab + epirubicin + oxaliplatin + capecitabine (EOX) for the first-line treatment of CLDN18.2 positive advanced G/GEJ cancer or esophageal adenocarcinoma, zolbetuximab plus EOX chemotherapy showed significant improvements in progression-free survival (PFS) and overall survival (OS) compared to chemotherapy alone in the overall population, padding the Claudin18.2 target’s potential for druggability. TST001 of Transcenta is a second generation anti-Claudin18.2 antibody with a differentiated profile relative to Zolbetuximab. It not only has 10-folds higher affinity binding to Claudin18.2, but also has a reduced fucose profile in the Fc of the humanized antibody. Combining these features, the ADCC activity of TST001 is 30-100 folds higher compared to Zolbetuximab analogue in tumor cells expressing various levels of Claudin18.2, which translated into much more potent in vivo anti-tumor activity, in particular, for those tumors expressing medium or low levels Claudin18.2.

TST001 is being developed in parallel in China and the US and is currently in Phase II clinical studies. It is expected to start the global pivotal trial for TST001 during the Mid-2023. In the meantime, Transcenta will continue to evaluate other combination therapies as well as other indications. As the Company continues to accelerate its clinical development and commercialization, Transcenta will eventually better realize more of its potential with its outstanding platform, increase the shareholder value and develop innovative drugs that will benefit patients worldwide.

American Wave Machines Announces P4erfectSwell(R) Sao Paulo Surf Club in Brazil

After successfully testing and showcasing the new PerfectSwell(R) surf pool at Boa Vista Village, which is now being claimed by the surf industry as “the best wave pool in the world”, AWM announces that they are once again partnering with JHSF to deliver world class surf to their newest project, Sao Paulo Surf Club. Like Boa Vista Village, SPSC will offer the same PerfectSwell high performance waves. Located near the Estaiada Bridge and part of the exclusive Real Park development, it will be the first surf club in the city of Sao Paulo. The development will also include luxury residential towers and 20 thousand square meters of retail. The residences will have access to the surf club and a 25,000 square meter private beach. Sao Paulo Surf Club’s master plan was developed to guarantee the highest level of quality of life in Sao Paulo and will offer exclusive sports focused amenities to its members.

PerfectSwell at Sao Paulo Surf Club scheduled for 2023 opening

“JHSF is constantly pursuing new ways to provide better quality of life to its special clients, and Sao Paulo Surf Club is a world class surf experience at the heart of the city” said Thiago Alonso, CEO of JHSF. “We are very proud to work hand-in-hand again with AWM. Our team is excited to create another lasting and iconic project for the city of Sao Paulo.”

“It has been an honor to work with the excellent people at JHSF in Brazil. We have come to appreciate the Brazilian work ethic and their unsurpassed passion for surfing. Seeing the Brazilian Pupo brothers along with the USA’s Geiselman brothers surf PerfectSwell was extremely gratifying,” said Bruce McFarland, AWM Founder and President. “Our vision for a global network of the best surf locations is materializing with Boa Vista Village and Sao Paulo Surf Club adding key locations to AWM’s expanding network.”

About American Wave Machines
American Wave Machines, the inventor and developer of PerfectSwell(R) and SurfStream(R) wave technology. AWM develops world class surf facility destinations with proven financials and stoked surfers. PerfectSwell(R) and SurfStream(R) are unique in the market and protected by over 50 patents worldwide. Since 2007 over 4,000,000 surf sessions have been enjoyed at American Wave Machines locations around the globe.

About JHSF
JHSF Participacoes SA is a Brazil-based holding company engaged in the real estate industry. The Company is involved, through its subsidiaries, in the development, purchase and sale, as well as lease of residential and commercial properties; the construction and operation of shopping centers; and the provision of administration and contract management services. For more information visit

Contact: Jenna Timinsky – – (858) 755-1497

SOURCE: American Wave Machines, Inc.

Avance Clinical Wins International Health Award for Biotech CRO Services

Avance Clinical, the leading Australian-based biotech CRO with US operations has won the South Australian Premier’s Export Awards – International Health category. The award recognises excellence in clinical services exports.

Avance Clinical CEO Yvonne Lungershausen

The Premier of South Australia Peter Malinauskas, and Minister for Trade and Investment Nick Champion, presented the Premier’s Export Awards to Avance Clinical CEO Yvonne Lungershausen at the awards industry event today. This follows Avance Clinical’s selection as finalist for the Informa Pharma Intelligence Awards 2022 Best Contract Research Organization in APAC. Avance Clinical, which is backed by global private equity firm The Riverside Company, recently acquired a leading CRO in North America to expand services and offer their biotech clients US sites for later phase studies.

CEO Yvonne Lungershausen said Avance Clinical is now the leading Australian-based biotech CRO with US operations. “We are honoured to be selected for the award. We are a major employer with more than 220 staff and we bring significant biotech clinical research business into South Australia and Australia. Clinical research is a high-value export that keeps our medical, research, and biopharma sectors at the forefront of international knowledge and innovation. The majority of our clients are from North America, the EU, and Asia so we really are an internationally-focused organisation. Avance Clinical has a global reputation for agile clinical solutions to support accelerated clinical development for our international biotech clients and we are very proud of our growth and success in recent years.”

The company provides global regulatory standard clinical research services across all phases to the international biopharma industry. Avance Clinical is also accredited as a gene technology CRO under the Office of the Gene Technology Regulator (OGTR) for vaccines and GMO therapies clinical trials.

“We have shown, with our high growth and industry-leading repeat business rates that our focus on gold standard technology paired with solution-orientated clinical experts is the mix our biopharma clients require in this fast-moving, competitive and high-stakes sector,” said Lungershausen.

Avance Clinical has been recognised for the past two consecutive years with the prestigious Frost & Sullivan CRO Best Practices Award.

Find out more:
– Learn about the Australian Advantage here
– Read more about Avance Clinical’s cell and gene therapy capabilities here
– For more information about the benefits of running your next study with Avance Clinical contact us:

About Avance Clinical
Avance Clinical is the largest premium full-service Australian CRO delivering quality clinical trials, with globally accepted data, in Australia and New Zealand for international biotechs. The company’s clients are biotechs in their early phases of drug development that need fast, agile, and adaptive solution-oriented clinical research services.

Frost & Sullivan Awards
Avance Clinical, a Frost & Sullivan Asia-Pacific CRO Market Leadership Award recipient for the past two years, has been providing CRO services in the region for more than 24 years.

Pre-clinical through to Phase 1 and 2
Avance Clinical offers pre-clinical services with their experienced ClinicReady team right through to Phase 1 and 2 clinical services leveraging significant Government incentive rebates of up to 43.5% and rapid start-up regulatory processes. With experience across more than 110 indications, the CRO can deliver world-class results and high-quality internationally accepted data for FDA and EMA review.

Avance Clinical uses state-of-the-art technology and gold standard systems across all functional areas to provide clients with the most effective processes. Medidata, Oracle, IBM Watson and Medrio are just some of the technology partners.

Media Contacts:
Avance Clinical
Chris Thompson

Olympus Launches THUNDERBEAT Energy Device for Open Surgery

Olympus Corporation (Olympus), a global medtech company committed to making people’s lives healthier, safer, and more fulfilling, today announced the release of the THUNDERBEAT(TM) Open Fine Jaw Type X surgical energy devices for open surgery. With a new thermal shield, the THUNDERBEAT Open Fine Jaw Type X surgical energy device is designed to support safer procedures.[i] The device is available commercially in Japan. The commercial launch of the product in Europe, the U.S., and South Korea is expected in October 2022, with continued launches in other countries and regions following.

This device is part of Olympus’ THUNDERBEAT portfolio of hybrid energy devices that deliver both ultrasonic and bipolar energy simultaneously for tissue management, including hemostatic cutting and dissection, in laparoscopic surgery and open surgery. The THUNDERBEAT hybrid devices eliminate the need for multiple instruments during the surgery, contributing to efficiency in the operating room and reduced operation time.[ii]

“This latest addition to our differentiated THUNDERBEAT line of products continues to deliver on Olympus’ commitment to offering hospitals a full portfolio of Advanced Energy devices providing best-in-class functionality for numerous procedures and specialties in minimally invasive and open surgery,” said Phil Roy, Global Vice President and General Manager of the Surgical Devices Business Unit.

The THUNDERBEAT(TM) Open Fine Jaw Type X device is designed for open surgical procedures that require delicate and fine tissue dissection, such as in thyroidectomy or radical neck dissection. The new thermal shield improves the thermal profile on the grasping surface, which reduces the risk of unintended heat damage to nearby tissue, nerves and other structures.[i] The jaw design maintains a finely curved tip for precise dissection and enhanced visibility during use.[i]

  •  New Thermal Shield Supports Safer Procedures
    The newly developed thermal shield at the distal tip slows heat transfer from the probe to the exterior surface of the jaw and reduces the risk of unintended heat damage to surrounding tissue and vessels.[i]
  • Fine Shape of Distal Tip Supports Precise Procedures
    The slim shape of the distal tip supports precise tissue management capabilities including fine dissection and firm grasping force, cutting and sealing to the tip of the device, and blunt dissection.[i]
  • Simultaneous Output of Two Energies Enables a Variety of Operations with One Device
    Delivering simultaneous bipolar and ultrasonic energy enables fast, hemostatic cutting, easy dissection, and reliable vessel sealing and division. A separate advanced bipolar[i] function enables vessel sealing and spot coagulation without cutting, when desired.

The THUNDERBEAT(TM) Open Fine Jaw Type X device is a single use hybrid ultrasonic and bipolar electrosurgical instrument intended for use in open surgery. This device should not be used for tubal sterilization or tubal coagulation for sterilization procedures. Use with caution in patients with electronic implants, such as a cardiac pacemaker, or nerve simulators, to avoid possible hazard to patients due to interference. Before use, thoroughly review the product manual and use the equipment as instructed.

The THUNDERBEAT Open Fine Jaw Type X device is manufactured by Olympus Medical Systems Corporation.

About Olympus
Olympus is passionate about creating customer-driven solutions for the medical, life sciences, and industrial equipment industries. For more than 100 years, Olympus has focused on making people’s lives healthier, safer and more fulfilling by helping to detect, prevent, and treat disease; furthering scientific research; and ensuring public safety. In its Therapeutic Solutions business, Olympus uses innovative capabilities in medical technology, therapeutic intervention, and precision manufacturing to help healthcare professionals deliver diagnostic, therapeutic, and minimally invasive procedures to improve clinical outcomes, reduce overall costs, and enhance the quality of life for patients. Starting with its early contributions to the development of the polypectomy snare, Olympus’ Therapeutic Solutions portfolio has grown to include a wide range of medical devices to help prevent, detect, and treat disease. For more information, visit and follow our global Twitter account: @Olympus_Corp.

[i] Data on file with Olympus as of May 11, 2020
[ii] Data on file with Olympus as of June 26, 2015