Day: January 20, 2022

Chile’s foreign investment promotion agency tallied up US$28 billion in projects, the highest figure recorded over its five-year history.

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SANTIAGO, Chile, Jan. 20, 2022 (GLOBE NEWSWIRE) —  InvestChile, the public agency that promotes foreign investment in the country, wrapped up 2021 with a record US $28 billion in its project portfolio. This is the highest figure to date since the agency was founded five years ago, and represents a 25.1% increase over 2020. The projects managed by the agency, presently at different stages of development, had the highest level of associated employment over the last five-year period – 20,886 potential jobs, 25.1% more than in 2020.

For InvestChile Managing Director Andrés Rodríguez, this result is a clear sign of the confidence that foreign investors have in our country and of InvestChile’s work, raising awareness of the opportunities Chile offers and supporting foreign companies seeking to do business in Chile. “This reflects the dynamism of foreign investment in our country, especially in high-interest sectors such as energy and technology. It also shows how – the pandemic and other circumstances notwithstanding – confidence in our ability to continue growing remains high,” commented Rodríguez.

In terms of specific sectors, Energy once again led the portfolio, with 53 projects valued at close to US $13 billion; followed by the Global Services and Technology sectors, with almost US $6 billion; and Mining and its suppliers, with US $5 billion. Rodríguez explained that Chile has consolidated its position as a place for investing in energy, especially clean energy, and most recently green hydrogen initiatives, because “Chile has the potential to become the leading global producer of this fuel, and foreign companies know it.”

China leads investments

As for the countries that figure most prominently in the project portfolio, China tops the list, with almost US $8 billion; followed by the United States, with projects valued at US $5 billion; and Canada, with US $3 billion. Another noteworthy development is the increase in Brazilian investment projects, which reached US $1.5 billion last year, 187% more than in the previous year, making Brazil the leading Latin American country in the InvestChile portfolio.

From Rodríguez’s perspective, Chinese investment in Chile is catching up after having lagged behind other countries such as the United States, Canada, and Spain, which lead investment in terms of stock. “Chinese companies have found substantial opportunities in Chile, a country they are increasingly coming to understand, with investments in sophisticated sectors. A good example of this is Sinovac setting up facilities in Chile, a process in which InvestChile has played a central role. Certainly, we will continue to see a significant inflow of Chinese investment in the coming years, similar to what we observe with the United States and other large capital exporters,” added Rodríguez.

Press Contact

Francisca Schwerter, fschwerter@investchile.gob.cl

Denisse Vásquez, dvasquez@investchile.gob.cl

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Panel “From Glasgow to Sharm El-Sheikh: Combating Climate Change”

Panel “From Glasgow to Sharm El-Sheikh: Combating Climate Change”

SHARM EL-SHEIKH, Egypt, Jan. 20, 2022 (GLOBE NEWSWIRE) — The Egyptian President Abdel Fatah ElSisi attended the main session titled ‘From Glasgow to Sharm El Sheikh: Combating Climate Change’ during the second-day activities of the World Youth Forum, which was held last week in the resort city of Sharm El Sheikh, under the slogan ‘Back Together’. The session was attended by a host of speakers, topped by Egyptian Prime Minister Mostafa Madbouly, Director of Environment and Sustainable Development at the Egyptian Ministry of Foreign Affairs Mohamed Nasr, Strategic Advisor on Climate Change and Head of the Climate Promise at the UN Development Programme Cassie Flynn, Director of Climate Change and Environment at the C12 Consultants Akeel Hajat, and CEO and Co-Founder of Hawa Dawa Karim Tarraf. 

Also taking part in the session as speakers, via the forum’s interactive platform, were First US Special Presidential Envoy for Climate and former secretary of state John Kerry, the UK government’s COP26 Envoy John Murton, Global Director Child Poverty, Climate and Urban at the Save the Children International Yolande Wright, Executive Director of the UN Environment Program Inger Andersen, the ICRC’s Near and Middle East Regional Director Fabrizio Carboni, and CNN Chief Climate Correspondent Bill Weir.

Speaking at the session, Madbouly reviewed Egypt’s efforts in combating the negative impacts of climate change. He started his speech by praising the fourth edition of the forum, describing it as a platform for discussing critical human issues. The premier went on to say that climate change has undoubtedly become the world’s most critical issue on all levels, and the entire world needs to deal with it decisively and speedily to be able to overcome this challenge in the coming period. He pointed out that this issue should have been dealt with seriously when experts warned of its hazards 15 to 20 years ago. At that time, many considered such warnings as speculative or pessimistic, while the optimists thought that the effects of climate change would not be an issue during their lifetimes.

“During my 10-second speech at the session, more than 10,000 metric tons of greenhouse gases were released into the atmosphere, which are equivalent to the weight of 170,000 people,” the PM said, adding that the excessive carbon dioxide emissions have caused a rise in sea level and an increase in the average temperature of the Earth, in addition to other climatic phenomena. He added that 10 major disasters took place globally in 2021, causing losses of over $70 billion. He affirmed that the issue of climate change threatens the lives of all humans.

The PM noted that there are other issues affecting climate change, such as adaptation and insufficient funding. Therefore, he affirmed the importance of developing a follow-up and evaluation mechanism. Madbouly pointed out that the world incurred $3.6 trillion in losses in recent years as a result of climate change, and that the funds spent on addressing climate change will reach $500 billion annually.

Madbouly warned that nearly 352 million people are expected to suffer from extreme poverty as a result of climate change, and 216 million others will be forced to migrate domestically because of climate change, desertification and other issues that may be exacerbated due to climate change. Therefore, the PM called for implementing the 2015 Paris Agreement, pointing out that UN Secretary-General Antonio Guterres has stressed the importance of applying this agreement as well. However, the premier indicated that the Paris Agreement alone is not enough, so the COP27 conference, to be hosted by Egypt later this year, will be of great importance because it will tackle ways to develop legal frameworks to reduce emissions.

The prime minister went on to say that global disasters took place in 2021, causing losses worth $170 billion. He added that the death toll from high temperature has recently increased to 300,000 deaths annually, and it is expected to increase to 1 million deaths in the near future.

Speaking about efforts taken by Egypt to combat climate change, the prime minister made it clear that Egypt is one of the countries most vulnerable to the negative impacts of climate change, although its responsibility for this issue is very limited. He affirmed that Egypt has the largest resources of new and renewable energy, and it will soon be one of the five largest countries producing renewable energy in the Middle East and Africa.

The PM talked about a project to develop Egypt’s lakes, which had been neglected for hundreds of years, causing their sizes to shrink. He also spoke of a project to revamp Lake Manzala at a cost of $2 billion, as well as the Benban Solar Park, which is one of the best projects globally. The premier reviewed another project to deliver natural gas to all homes across the nation to replace traditional energy.”During the 2022 UN Climate Change Conference, more commonly referred to as COP27, which will be held at the end of this year in Sharm El Sheikh, Egypt will focus on the impact of climate change on the African continent,” the PM pointed out, adding that African countries will make their requests at the conference to keep pace with the latest developments in this field. He indicated that Egypt also aims to develop its research centers, distribute specialized awards for green projects, and support the role of youth in facing climate change. He stressed that all change comes from unconventional ideas, and Egypt encourages young people to develop and implement innovative solutions.

About WYF 

The World Youth Forum (WYF) is an annual event that takes place in the City of Sharm El-Sheikh in South Sinai, under the auspices of President Abdel Fattah AlSisi. Three editions of WYF were launched over the three years 2017, 2018, and 2019. WYF aims to bring together young people from across the world, enabling them to engage in discussions on development issues, and send a message of peace from Egypt to the world. The UN Committee on Social Development has adopted WYF, with its past three editions, as an international platform to discuss youth issues and causes.

For more information about the World Youth Forum, please contact communication@wyfegypt.com

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Additional Highlights Include Launch of New $500 Million Hospitality Lending Platform

New York, Jan. 20, 2022 (GLOBE NEWSWIRE) — Madison Realty Capital, a vertically integrated real estate private equity firm focused on debt and equity investment strategies, today announced the completion of one of the most active years in the firm’s 17-year history.  2021’s notable highlights include:

• Closing a record $6.4 billion in total deal volume in 2021 across 72 transactions. The firm executed deals ranging from $10 million to $485 million in all major U.S. metropolitan markets.  Throughout 2021, Madison originated and acquired loans across asset classes including multifamily, mixed use, retail, office, industrial, land and hotel and invested in transitional and special situation loans as well as provided financing for ground-up development and construction.  In the last two months of 2021 alone, the firm closed 26 new deals representing nearly $2.7 billion.

• Raising $2.08 billion in equity commitments for Madison Realty Capital Debt Fund V LP (“Fund V”), exceeding the fund’s $1.75 billion target. Fund V, the firm’s largest debt fund ever, received significant support from existing investors as approximately 70% of the institutional LPs in Madison’s prior fund re-upped into Fund V.  Additionally, 52% of the capital committed for Fund V came from new limited partners, both domestically and abroad.

• Originating over $1 billion in loan-on-loan financing for twelve alternative lenders as part of its lender financing strategy. The firm provided financing solutions to alternative real estate lenders for projects in California, Florida, Nevada, New Jersey, New York, and Oregon through its income-oriented debt investment vehicle, which targets lighter value-add and core-plus real estate transactions with a greater focus on income generation with rates of approximately 4% to 6%.

• Launching an institutional hospitality lending platform, Madison Newbond, with $500 million of initial lending capacity in partnership with Newbond Holdings.  Madison Newbond offers unique financing programs to new and existing borrowers across the hospitality spectrum from limited-service hotels and developers to ultra-luxury resorts and targets opportunities including transitional lending and ground up developments, as well as first mortgages, mezzanine loans and preferred equity, across major metropolitan markets.

• Attracting and retaining executive talent.  In April 2021, Madison announced seasoned executive Urian Yap joined the firm as Chief Financial Officer from The Blackstone Group, where he led the global loan operations team for Blackstone Real Estate Debt Strategies and the financial reporting team for Blackstone Mortgage Trust Inc.  Madison expanded its team with 12 new professionals, further building-out multiple real estate investment disciplines and capabilities. Additionally, Madison, which first opened its Los Angeles offices in 2018, continued to grow its presence on the west coast with the opening of its new Los Angeles office in Century City.

Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital, said, “Madison Realty Capital further distinguished itself in 2021 by providing single-source, customized financing solutions for borrowers’ unique needs and delivered speed, certainty of execution, and strong underwriting, despite a highly dynamic market environment.  I am proud of what we were able to accomplish, which is a testament to our team as well as the culture and expertise we have developed over the past 17 years. We look forward to continuing to execute on behalf of our borrowers, investors, and communities we serve in 2022 and beyond.”

Noteworthy transactions for the firm in 2021 include:

• Breaking ground for a mixed use residential and public school development in Woodside, Queens in a public-private partnership with the NYC School Construction Authority and Department of Education;
• A $34 million loan-on-loan financing for the redevelopment of a multifamily property in Woodland Hills, Los Angeles;
• A $106 million construction loan to Arch Companies and AB Capstone for the ground-up development of Myrtle Point, a mixed-use residence in New York City;
• A $450 million construction loan to The Rabsky Group for a 1,098-unit mixed-use development in Downtown Brooklyn;
• A $278.5 million construction loan to Reger Holdings, LLC for a portfolio of 734 multifamily apartments, 1,264 multifamily units, and 117 luxury condominium residences across three projects in Austin, Texas;
• A $30 million first mortgage loan to Metropica Development for a luxury condominium tower and ten acre development site in Sunrise, Florida;
• A $79 million loan to Vella Group for a portfolio of five industrial and flexible office properties in Los Angeles, California;
• A $395 million loan for a portfolio of 1,161 units across three multifamily projects in Bayonne, Raritan and Linden, New Jersey as well as a land site at the former Bears Stadium with plans for 4,200 residential units;
• A $110 million loan to Harridge Development, Silverpeak Real Estate Partners, and an affiliate of Cerberus Capital Management for single-family homes in a master-planned housing development in Historic San Pedro, Los Angeles.

About Madison Realty Capital 

Madison Realty Capital is a vertically integrated real estate private equity firm that, as of December 31, 2021, manages approximately $8 billion in total assets on behalf of a global institutional investor base. Since 2004, Madison Realty Capital has completed approximately $20 billion in transactions providing borrowers with flexible and highly customized financing solutions, strong underwriting capabilities, and certainty of execution. Headquartered in New York City, with an office in Los Angeles, the firm has approximately 70 employees across all real estate investment, development, and property management disciplines. Madison Realty Capital has been frequently named to the Commercial Observer’s prestigious “Power 100” list of New York City real estate players and is consistently cited as a top construction lender, among other industry recognitions. To learn more, follow us on LinkedIn and visit www.madisonrealtycapital.com.

Nathaniel Garnick/Grace Cartwright
Gasthalter & Co.
+1 (212) 257 4170
madisonrealty@gasthalter.com

UAB announces the first clinical-grade transplant of gene-edited pig kidneys into brain-dead human

A doppler probe is used to assess blood flow inside the right porcine (pig) kidney after transplantation into the brain-dead recipient.Hands left to right: Katie Stegner, Dr. Babak Orandi, M.D., Ph.D. (holding the probe), Jayme Locke, M.D. (holding the kidney)Photo taken by Jeff Myers, UAB

UAB researchers have achieved several world’s firsts with pig-to-human kidney transplant:

• First peer-reviewed/published study of a genetically modified pig kidney transplanted into the body of a brain-dead human recipient
• First such study on a pig-to-human kidney transplant using genetically modified kidneys with 10 key gene edits that may make the kidneys suitable for direct clinical-grade therapeutic use in humans
• First validation of a UAB-developed test for compatibility before xenotransplant
• First peer-reviewed/published study to establish brain death as a viable preclinical human model

Notably, the study was designed and conducted to meet standards directly comparable to those that would apply to a Phase I clinical trial and mirrored — as much as possible — every step of a conventional transplant between humans. Importantly, this study included removing the human brain-dead recipient’s native kidneys before replacing them with genetically modified pig kidneys.

UAB announces first clinical-grade transplant of gene-edited pig kidneys into brain-dead human

• First peer-reviewed study of its kind published in the scientific literature
• Positive outcomes pave the way to new options to supply critically needed organs
• Media assets: photos, animations, graphics, video interviews, b-roll
• Media availability:
  • Virtual News Conference on Thursday, Jan. 20 at 8:30 a.m. Click here to register.
  • The UAB News Studio is available for live or taped interviews with UAB experts.
• Read this story and more at go.uab.edu/xenotransplant.

BIRMINGHAM, Ala., Jan. 20, 2022 (GLOBE NEWSWIRE) — The University of Alabama at Birmingham Marnix E. Heersink School of Medicine announces today the first peer-reviewed research outlining the successful transplant of genetically modified, clinical-grade pig kidneys into a brain-dead human individual, replacing the recipient’s native kidneys. These positive results demonstrate how xenotransplantation could address the worldwide organ shortage crisis.

In the study published in the American Journal of Transplantation, UAB researchers tested the first human preclinical model for transplanting genetically modified pig kidneys into humans. The study recipient had two genetically modified pig kidneys transplanted in his abdomen after his native kidneys were removed. The organs were procured from a genetically modified pig at a pathogen-free facility.

“Along with our partners, we have made significant investments in xenotransplantation for almost a decade hoping for the kinds of results published today,” said Selwyn Vickers, M.D., dean of the UAB Heersink School of Medicine and CEO of the UAB Health System and UAB/Ascension St. Vincent’s Alliance. “Today’s results are a remarkable achievement for humanity and advance xenotransplant into the clinical realm. With this study, our research teams have also demonstrated that the decedent model has significant potential to propel the xenotransplantation field forward.”

For the first time, the pig kidneys transplanted were taken from pigs that had been genetically modified with 10 key gene edits that may make the kidneys suitable for transplant into humans. This process demonstrates the long-term viability of the procedure and how such a transplant might work in the real world. The transplanted kidneys filtered blood, produced urine and, importantly, were not immediately rejected. The kidneys remained viable until the study was ended, 77 hours after transplant.

“This game-changing moment in the history of medicine represents a paradigm shift and a major milestone in the field of xenotransplantation, which is arguably the best solution to the organ shortage crisis,” said Jayme Locke, M.D., director of the Comprehensive Transplant Institute in UAB’s Department of Surgery and lead surgeon for the study. “We have bridged critical knowledge gaps and obtained the safety and feasibility data necessary to begin a clinical trial in living humans with end-stage kidney failure disease.”

Gene editing in pigs to reduce immune rejection has made organ transplants from pigs to humans possible, which could offer help to thousands of people who face organ failure, disease or injury. The natural lifespan of a pig is 30 years, they are easily bred and can have organs of similar size to humans.

Genetically modified pig kidneys have been extensively tested in non-human primates. In addition to testing in non-human primates, evaluating genetically modified pig kidneys in a human preclinical model research may provide important information about the potential safety and efficacy of kidneys in human transplant recipients, including in clinical trials.

“This human preclinical model is a way to evaluate the safety and feasibility of the pig-to-non-human primate model, without risk to a living human,” Locke added. “Our study demonstrates that major barriers to human xenotransplantation have been surmounted, identifies where new knowledge is needed to optimize xenotransplantation outcomes in humans, and lays the foundation for the establishment of a novel preclinical human model for further study.”

This effort is supported by biotechnology pioneer United Therapeutics Corporation, which awarded a grant to UAB to launch the innovative xenotransplantation program. Revivicor, Inc., a subsidiary of United Therapeutics, provided the genetically modified pig that was the source of the investigational xenotransplant kidneys called UKidney™.

“All of us at Revivicor are in awe of the historic achievements at UAB with our investigational 10-gene xenokidney, or UKidney,” said David Ayares, Ph.D., Chief Scientific Officer of Revivicor and a trailblazing genetic engineer since his early work cloning the world’s first pigs and the first alpha-Gal knockout pigs. “We feel confident that this UKidney may turn out to be a life-saving solution for thousands of people on dialysis, subject to successful completion of our clinical trials and achievement of FDA approval in the next several years.”

About the study
The peer-reviewed research is a study of ambitious scope and great significance, given that more than 800,000 Americans are living with kidney failure. Most never make it to the waiting list, and far too few human organs are available to put a dent in that number. Although dialysis can sustain life for some time, transplantation offers a better quality of life and a longer life for the few individuals who can gain access to transplantation. Each stage of this decedent xenotransplant study approximated the steps that might be taken in a Phase I xenotransplant clinical trial:

• The kidneys were removed from a donor pig housed at a pathogen-free, surgically clean facility. The kidneys were then stored, transported and processed for implantation, just as human kidneys are.
• Before surgery, the brain-dead recipient and donor animal underwent a crossmatch compatibility test to determine whether the genetically modified pig kidney and its intended recipient were a good tissue match. A crossmatch is done for every human-to-human kidney transplant; however, this pig-to-human tissue-match test was developed at UAB and marked the first time a prospective crossmatch has been validated between the two species.
• The pig kidneys were placed in the exact anatomic locations used for human donor kidneys, with the same attachments to the renal artery, renal vein and the ureter that carries urine from the kidney to the bladder.
• The brain-dead recipient received standard immune-suppression therapy used in human-to-human kidney allotransplantation.

The study was conducted to meet the standards directly comparable to those that would apply to a Phase I human clinical trial, mirroring every step of a standard transplant between humans. It included Institutional Review Board and Institutional Animal Care and Use Committee approval, a tissue compatibility confirmation before starting the operations, using the standard procedures of human-to-human transplants to remove, preserve, transport and transplant the kidneys into a human, and giving the standard immunosuppression therapy to the recipient.

Transplant recipient Jim Parsons helps open doors to the future of organ transplantation
This scientific and medical breakthrough would not have been possible without Jim Parsons, the recipient, or his family.

Parsons, 57, was a registered organ donor through Legacy of Hope, Alabama’s organ procurement organization, and he had longed to have his organs help others upon his death; but his organs were not suitable for donation. His family permitted UAB to maintain Parsons on a ventilator to keep his body functioning during the study. His native kidneys were removed, and two genetically modified pig kidneys were transplanted.

“Mr. Parsons and his family allowed us to replicate precisely how we would perform this transplant in a living human. Their powerful contribution will save thousands of lives, and that could begin in the very near future,” Locke said. “Mr. Parsons’ gift honors his legacy and firmly establishes the viability, safety and feasibility of this preclinical model. Because of his gift, we have proposed this to be known as ‘The Parsons Model.’”

Parsons’ ex-wife, Julie O’Hara, and their children, Ally, David and Cole, made the decision (along with Jim’s sisters and mother) to take part in the study after they were approached by Alan Spriggs with Legacy of Hope and Locke.

“Jim was a never-met-a-stranger kind of guy who would talk to anyone and had no enemies — none,” O’Hara said. “Jim would have wanted to save as many people as he could with his death, and if he knew he could potentially save thousands and thousands of people by doing this, he would have had no hesitation. Our dream is that no other person dies waiting for a kidney, and we know that Jim is very proud that his death could potentially bring so much hope to others.”

The critical need for other organ donation options
Kidney disease kills more people each year than breast or prostate cancer, according to the National Institute of Diabetes and Digestive and Kidney Diseases. Although transplantation is the gold standard treatment for end-stage kidney disease, fewer than 25,000 kidney transplants are performed each year in the United States and 240 Americans on dialysis die every day. Many of these deaths could be prevented if an unlimited supply of kidneys were available for transplant.

The wait for a deceased donor kidney can be as long as five years, and in many states, it is closer to 10 years. Almost 5,000 people per year die waiting on a kidney transplant.

About UAB transplant and the xenotransplant team
UAB Medicine is a world leader in organ transplantation and has performed 9,055 kidney transplants from Jan. 1, 1988, to Dec. 31, 2021 — the second-most kidney transplants in the United States during that time. The focus of UAB’s xenotransplantation program is to address the organ shortage by safely transplanting genetically modified pig kidneys into humans with kidney failure. Learn more.

About UAB
Known for its innovative and interdisciplinary approach to education at both the graduate and undergraduate levels, the University of Alabama at Birmingham, a part of the University of Alabama System, is an internationally renowned research university and academic medical center. UAB consistently exceeds $600 million in annual research awards and totaled almost $850 million last year, including one-time COVID-related funding. UAB is Alabama’s largest single employer, with more than 26,000 employees, and was named America’s Best Large Employer by Forbes in 2021. The institution’s annual economic impact on the state exceeds $7 billion each year. The pillars of UAB’s mission include education, research, innovation and economic development, community engagement, and patient care. Learn more at www.uab.edu.

EDITOR’S NOTE: The University of Alabama at Birmingham is one of three doctoral research universities in the University of Alabama System. In your first reference to our institution, please use University of Alabama at Birmingham and UAB on subsequent references.

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Media Contacts:
Tyler Greer, 205-934-2041
Nicolas Kressmann, 732-532-5318

A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/33d4e6ff-7c94-45e9-b4b2-54b02013eabc

A video accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/90656f74-a325-479f-9177-9d9538f11799