Technology
Mingteng International Corporation Inc. Announces Financial Results for Fiscal Year 2024
Published
12 months agoon
By
WUXI, China, April 30, 2025 /PRNewswire/ — Mingteng International Corporation Inc. (Nasdaq: MTEN) (the “Company” or “Mingteng International”), an automotive mold developer and supplier in China, today announced its financial results for the fiscal year ended December 31, 2024.
Mr. Yingkai Xu, Chairman and Chief Executive Officer of Mingteng International, remarked, “In fiscal year 2024, we made several strategic decisions, including expanding our production capacity and increasing our workforce, to adapt to evolving market dynamics and rising competition. While these initiatives resulted in higher investments and operating expenses, we achieved solid revenue growth of 23.0%, underscoring the effectiveness of our business strategy and the strength of our long-standing relationships with major customers. Notably, our machining services have become a key growth driver due to prioritized resource allocation. This segment grew by an impressive 327.6% during this year, surpassing our mold repair business to become the second-largest revenue contributor, accounting for the 21.2% of total revenue in fiscal year 2024.
As a result of scaling up our operations, our cost of revenues rose at a faster pace. However, we managed to maintain a healthy gross margin above 30%, despite increased costs and relatively stable selling prices. This demonstrates our ability to sustain profitability while building a strong business foundation for the future growth. Overall, we remained committed to our core strengths in technical expertise, service reputation, and product quality, even in the face of external challenges. The past year was a transformative for Mingteng International, marked by significant expansion, we believe these efforts have laid a robust foundation for long-term, sustainable growth. Backed by the dedication of our team and the successful execution of our strategic initiatives, we are confident in our ability to unlock further development opportunities and elevate our business to the next level with enhanced capabilities and infrastructure.”
Fiscal Year 2024 Financial Summary
Total revenue was $10.12 million in fiscal year 2024, an increase of 23.0% from $8.23 million in the fiscal year 2023.
Gross profit was 3.07 million in fiscal year 2024, compared to $3.32 million in fiscal year 2023.
Gross margin was 30.3% in fiscal year 2024, compared to 40.4% in fiscal year 2023.
Net loss was $5.68 million in fiscal year 2024, compared to net income $1.51 million in fiscal year 2023.
Basic and diluted losses per share were $0.97 in fiscal year 2024, compared to basic and diluted earnings per share $0.30 in fiscal year 2023.
Fiscal Year 2024 Financial Results
Revenues
Total revenue was $10.12 million in fiscal year 2024, an increase of 23.0% from $8.23 million in fiscal year 2023. After consideration of the impact of rising exchange rates, total revenue increased by 24.3% or 14.1 million in RMB base currency.
For the Year Ended December 31,
2024
2023
($ millions)
Revenue
Cost of Revenue
Gross Margin
Revenue
Cost of Revenue
Gross Margin
Mold production
6.87
4.86
29.3 %
6.64
4.20
36.7 %
Mold repair
1.10
0.48
56.5 %
1.08
0.43
60.8 %
Machining services
2.14
1.71
20.1 %
0.50
0.27
45.2 %
Total
10.12
7.05
30.3 %
8.23
4.90
40.4 %
Revenue from mold production was $6.87 million in fiscal year 2024, an increase of 3.5% from $6.64 million in fiscal year 2023. Despite the adverse impact of exchange rate fluctuations, mold production volume and revenues still represented a slight increase, this indicates that Wuxi Mingteng Mould Technology Co., Ltd. (“Wuxi Mingteng Mould”) maintains long-term relationships with major customers and continues to open up the mold market in fiscal year 2025.
Revenue from mold repair was $1.10 million in fiscal year 2024, an increase of 1.7% from $1.08 million in fiscal year 2023.
Revenue from machining services was $2.14 million in fiscal year 2024, an increase of 327.6% from $0.50 million in fiscal year 2023. The increase was mainly attributed to the Company continuing investment in improving the production capacity in the second half of year 2023 and the first half of year 2024. Revenues from machining services gradually serve as a main source of revenue for the Company in the year 2024. Currently, Kehua Holding Co., Ltd. and Suzhou Green Control Transmission Technology Co., Ltd. are our major customers in machine services.
Cost of Revenues
Cost of revenues was $7.05 million in fiscal year 2024, an increase of 43.9% from $4.90 million in fiscal year 2023. The cost of revenues mainly comes from raw material costs, manufacturing costs and labor costs. The revenues had not increased significantly, the reasons that costs growth has far exceed the growth of revenues as follows:
First, in order to promote the future development of machining service and expand production capacity, Wuxi Mingteng Mould hired more production labor in fiscal year 2024, which lead to an increase of $821,025 in labor cost in fiscal year 2023.
Second, in order to pursue the future development of the aluminum alloy pressure casting mold business and machining service and expand production capacity, the total investment of production machinery and equipment was $1,131,506 in fiscal year 2024, an increase from $650,982 in fiscal year 2023, resulting in an increase of depreciation expense which allocated to production costs of $59,817. The depreciation expense increased to $412,992 in fiscal year 2024 compared to $353,175 in fiscal year 2023. In addition, due to the expansion of production scale in fiscal year 2024, the indirect manufacturing costs also increased, such as the low-value consumption materials (mainly metal processing tools) increased by $446,490, amount to $972,225 in fiscal year 2024 from $525,735 in fiscal year 2023, and the charges for water and electricity increased by $106,101, amount to $260,541 in fiscal year 2024 from $154,440 in fiscal year 2023.
Last, due to the expansion of sales, the production orders increased, which means the materials assumptions also increased accordingly, the assumption of materials increased by $572,183, amount to $2,092,519 in fiscal year 2024 from $1,520,336 in fiscal year 2023.
Gross Profit and Gross Margin
Gross profit was $3.07 million in fiscal year 2024, a decrease from $3.32 million in fiscal year 2023. Gross margin was 30.3% for fiscal year 2024, compared to 40.4% in fiscal year 2023. Compared to fiscal year 2023, the labor costs and manufacturing expenses increased more significantly than the cost of raw materials in fiscal year 2024, leading to a relative decline in the proportion of raw materials within the total cost structure.
Gross margins for mold production, mold repair and machining services were 29.3%, 56.5%, and 20.1%, respectively, in fiscal year 2024, compared to 36.7%, 60.8%, and 45.2%, respectively, in fiscal year 2023.
Operating Expenses
Operating expenses were $8.18 million in fiscal year 2024, an increase of 417.4% from $1.58 million in fiscal year 2023.
Selling expenses were $150,418 in fiscal year 2024, a decrease of 1.8% from $153,213 in fiscal year 2023.The selling expenses remain stable.
General and administrative expenses were $7,395,559 in fiscal year 2024, an increase of 827.8% from $797,140 in fiscal year 2023, primarily due to a) share based compensation $4,408,200; b) the increase of consulting fee in fiscal year 2024 by $1,023,451 compared to fiscal year 2023, the Company paid large amount of consulting and professional fees for the Initial Public Offering (“IPO”) in April 2024; and c) due to the number of employees increased, the employee welfare expenses increased by $201,854; d) the increase in personal income tax accrued for stock-based payment of $736,473; e) after the successful listing of the Company, three independent directors were hired, resulting in an increase in salaries of $67,500.
Research and development expenses were $634,046 in fiscal year 2024, an increase of 0.5% from $630,752 in fiscal year 2023. Research and development expenses remain stable with a slight increase.
Net Income (Loss)
Net loss was $5.68 million in fiscal year 2024, compared to net income of $1.51 million in fiscal year 2023.
Basic and Diluted Earnings (Losses) per Share
Basic and diluted losses per share were $0.97 in fiscal year 2024, compared to basic and diluted earnings per share of $0.30 in fiscal year 2023.
Financial Condition
As of December 31, 2024, the Company had cash and cash equivalents of $2.08 million, compared to $1.06 million as of December 31, 2023.
Net cash provided by operating activities was $0.29 million in fiscal year 2024, compared to $1.30 million in fiscal year 2023.
Net cash used in investing activities was $3.43 million in fiscal year 2024, compared to $0.76 million in fiscal year 2023.
Net cash provided by financing activities was $4.15 million in fiscal year 2024, compared to net cash used in financing activities of $1.25 million in fiscal year 2023.
About Mingteng International Corporation Inc.
Based in China, Mingteng International Corporation Inc. is an automotive mold developer and supplier that focuses on molds used in auto parts. The Company provides customers with comprehensive and personalized and integrated mold services, covering mold design and development, mold production, assembly, testing, repair and after-sales service. With its production plant located in Wuxi, China, the Company aims to build a systematic solution for automobile mold services and create a personalized and integrated “Turnkey Project” for customers. The Company’s main products are casting molds for turbocharger systems, braking systems, steering and differential system, and other automotive system parts. The Company also produces molds for new energy electric vehicle motor drive systems, battery pack systems, and engineering hydraulic components, which are widely used in automobile, construction machinery and other manufacturing industries. For more information, please visit the Company’s website: https://ir.wxmtmj.cn/.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct. The Company cautions investors that actual results may differ materially from the anticipated results, and encourages investors to read the risk factors contained in the Company’s final prospectus and other reports its files with the SEC before making any investment decisions regarding the Company’s securities. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law.
For investor and media inquiries, please contact:
Mingteng International Corporation Inc.
Investor Relations Department
Email: ir@wxmtmj.cn
Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
MINGTENG INTERNATIONAL CORPORATION INC.
CONSOLIDATED BALANCE SHEETS
As of December 31,
2024
2023
ASSETS
Current Assets
Cash and cash equivalents
$
2,080,715
$
1,056,236
Accounts receivable, net
4,171,809
3,517,632
Other receivables-bank acceptance notes, net
971,044
471,166
Advances to suppliers
122,456
388,110
Other receivables
15,690
12,344
Inventories, net
1,183,572
1,217,045
Contract costs, net
96,656
–
Total current assets
8,641,942
6,662,533
Non-current Assets
Property and equipment, net
3,857,200
3,335,187
Intangible assets
67,710
–
Operating lease right-of-use assets, net
38,133
–
Deferred offering costs
–
715,771
Long-term investments
1,356,618
–
Total non-current assets
5,319,661
4,050,958
Total Assets
$
13,961,603
$
10,713,491
LIABILITIES AND EQUITY
Current Liabilities
Short-term loans
$
1,391,130
$
282,378
Accounts payable
1,276,419
1,053,215
Other payables and other current liabilities
1,829,642
1,041,910
Advance from customers
515,650
401,935
Amounts due to related parties
240,166
240,309
Current portion of lease liabilities
13,006
–
Total current liabilities
5,266,013
3,019,747
Non-current Liabilities
Deferred tax liabilities
221,551
246,893
Non-current portion of lease liabilities
20,408
–
Total non-current liabilities
241,959
246,893
Total liabilities
5,507,972
3,266,640
Commitments and contingencies
Shareholders’ Equity:
Ordinary shares (Par value US$0.00001 per share, 5,000,000,000 shares authorized,
6,839,600 and 5,000,000 shares issued and outstanding as of December 31, 2024
and 2023)
68
50
Additional paid-in capital
7,620,339
897,308
Statutory reserves
465,572
465,572
Retained earnings
787,211
6,466,293
Accumulated other comprehensive loss
(419,559)
(382,372)
Total shareholders’ equity
8,453,631
7,446,851
Total Liabilities and Shareholders’ Equity
$
13,961,603
$
10,713,491
MINGTENG INTERNATIONAL CORPORATION INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
For the Years Ended December 31,
2024
2023
2022
Revenues
$
10,120,257
$
8,225,911
$
8,026,764
Cost of revenues
(7,052,835)
(4,902,078)
(4,113,661)
Gross profit
3,067,422
3,323,833
3,913,103
Operating expenses:
Selling expenses
150,418
153,213
132,542
General and administrative expenses
7,395,559
797,140
926,786
Research and development expenses
634,046
630,752
492,526
Total operating expenses
8,180,023
1,581,105
1,551,854
(Loss) income from operations
(5,112,601)
1,742,728
2,361,249
Other income (expenses):
Government subsidies
651,267
129,138
92,832
Interest income
1,226
4,459
2,171
Interest expense
(36,769)
(59,477)
(53,991)
Other-than-temporary impairment
(1,121,382)
–
–
Other income, net
19,183
34,440
58,311
Total other income (expenses), net
(486,475)
108,560
99,323
(Loss) income before income taxes
(5,599,076)
1,851,288
2,460,572
Provision for income taxes
(80,006)
(344,586)
(327,384)
Net (loss) income
$
(5,679,082)
$
1,506,702
$
2,133,188
Comprehensive income (loss)
Net (loss) income
$
(5,679,082)
$
1,506,702
$
2,133,188
Foreign currency translation loss
(37,187)
(133,740)
(479,845)
Total comprehensive (loss) income
$
(5,716,269)
$
1,372,962
$
1,653,343
(Losses)/earnings per share
– Basic and diluted
$
(0.97)
$
0.30
$
0.43
Weighted average number of ordinary shares outstanding
– Basic and diluted
5,884,590
5,000,000
5,000,000
MINGTENG INTERNATIONAL CORPORATION INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31,
2024
2023
2022
Cash flows from operating activities
Net (loss) income
$
(5,679,082)
$
1,506,702
$
2,133,188
Adjustments to reconcile net (loss) income to net cash provided by
operating activities:
Depreciation of property and equipment
515,982
404,881
272,237
Amortization of intangible assets
6,213
–
–
Amortization of right-of-use assets
1,031
97,095
158,180
Share-based compensation expenses
4,408,200
–
–
Impairment loss on long-term investments
1,121,382
–
–
Provision for impairment of inventory
55,510
5,936
–
Provision for impairment of contract costs
11,827
–
–
(Recovery) provision of credit loss
(6,650)
(5,079)
17,606
Deferred income tax
(21,916)
254,224
(4,304)
Loss on disposal of property and equipment
24,905
648
–
Changes in operating assets and liabilities:
Accounts receivable
(705,865)
(1,129,372)
(489,078)
Other receivables-bank acceptance notes
(511,554)
302,846
(294,440)
Advances to suppliers
196,125
(151,983)
(223,562)
Other receivables
28,631
(35,657)
760,209
Inventories
(39,787)
(180,335)
194,674
Contract costs
(109,388)
–
–
Accounts payable
75,993
348,641
224,538
Advances from customers
120,746
343,470
(34,598)
Other payables
7,696
–
50,474
Payroll payable
134,421
(32,932)
166,388
Taxes payable
662,925
(269,691)
354,593
Amounts due to related parties
3,422
(70,819)
(348,333)
Change in operating lease liabilities
(5,794)
(88,586)
(85,075)
Net cash provided by operating activities
294,973
1,299,989
2,852,697
Cash flows from investing activities
Purchase of property and equipment
(945,918)
(761,792)
(1,439,365)
Purchase of intangible asset
(37,698)
–
–
Proceeds from disposal of property and equipment
28,083
–
6,558
Purchase of long-term investment
(2,478,000)
–
–
Net cash used in investing activities
(3,433,533)
(761,792)
(1,432,807)
Cash flows from financing activities
Proceeds from short-term loans
1,404,163
1,419,094
1,709,764
Shareholder contribution
–
–
148,675
Dividends
–
–
(352,123)
Repayment of short-term loans
(280,833)
(2,483,415)
(966,388)
Proceeds from initial public offering, net
3,293,096
–
–
Payments of deferred offering costs
(264,950)
(172,179)
(144,000)
Principal payments under finance lease obligations
–
(12,488)
(230,372)
Net cash provided by (used in) financing activities
4,151,476
(1,248,988)
165,556
Effect of foreign exchange rate change on cash and cash equivalents
11,563
(26,296)
(99,156)
Net increase (decrease) in cash and cash equivalents
1,024,479
(737,087)
1,486,290
Cash and cash equivalents at the beginning of the year
1,056,236
1,793,323
307,033
Cash and cash equivalents at the end of the year
$
2,080,715
$
1,056,236
$
1,793,323
Supplemental disclosures of cash flow information:
Interest paid
$
36,769
$
59,477
$
101,459
Income taxes paid
$
113,108
$
205,761
$
53,991
Non-cash investing activities:
Right-of-use assets acquired under operating lease
$
39,526
$
–
$
–
Liabilities incurred for purchase of property and equipment
$
208,651
$
21,257
$
–
Liabilities incurred for purchase of intangible assets
$
36,859
$
–
$
–
View original content:https://www.prnewswire.com/news-releases/mingteng-international-corporation-inc-announces-financial-results-for-fiscal-year-2024-302443375.html
SOURCE Mingteng International Corporation Inc.
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Technology
Penn Medicine, Children’s Hospital of Philadelphia team awarded Breakthrough Prize for developing gene therapy for inherited blindness
Published
34 minutes agoon
April 18, 2026By
LOS ANGELES, April 18, 2026 /PRNewswire/ — Their discovery started with a group of blind dogs living at a vet school. Now, the work has been awarded the prestigious Breakthrough Prize at the “Oscars of Science.”
Today, Jean Bennett, MD, PHD, and Albert Maguire, MD, both emeritus professors of Ophthalmology in the Perelman School of Medicine at the University of Pennsylvania, and Katherine High, MD, an emeritus professor of Pediatrics and the founding director of the Raymond G. Perelman Center for Cellular and Molecular Therapeutics at Children’s Hospital of Philadelphia (CHOP), received the Breakthrough Prize in Life Sciences for their work in developing the first FDA-approved gene therapy for an inherited condition, which dramatically improves sight in people with a form of blindness called Leber Congenital Amaurosis (LCA).
Their work blazed a trail for the more than 140 gene therapy trials for retinal conditions, including macular degeneration and diabetic retinopathy, diseases that collectively impact about 30 million people in the US. Eighty more trials are currently underway.
“Even 20 years ago, treating people with gene therapy was seen by some as an impossibility,” said Jonathan Epstein, MD, dean of the Perelman School of Medicine and executive vice president of the University of Pennsylvania for the Health System. “But this group of incredible physician-scientists persisted and created something that is providing sight to people who would have been completely blind as early as kindergarten. Their belief in the power of life-changing science has led to breathtaking results and richly deserved global recognition.”
The Breakthrough Prizes are called the “Oscars of Science” for their high-profile celebration of research and support from celebrities spanning numerous areas of pop culture. Created in 2012 by Sergey Brin, Priscilla Chan and Mark Zuckerberg, Yuri and Julia Milner, and Anne Wojcicki, the prizes are given out in five categories including Life Sciences, Fundamental Physics, and Math, each with an accompanying $3 million award.
This year’s accolade now means that nine Penn-affiliated researchers have received the Breakthrough Prize, tied for the most with Harvard University. The prior Penn Medicine award winners are Carl June, PhD (2024), Drew Weissman, MD, PhD, and Katalin Karikó, PhD (2022), and Virginia M.Y. Lee, PhD (2019). Additionally, Penn faculty members Charles Kane, PhD, and Eugene Mele, PhD, won the prize for Physics in 2019. Mathew Madhavacheril, PhD, an assistant professor of Physics and Astronomy in Penn’s School of Arts & Sciences, also received recognition at this year’s Breakthrough Prize ceremony when he was honored with the New Horizons in Physics award, given to researchers early in their careers.
“Science is rarely a straight path, and those who make the most profound discoveries are resilient and persistent, overcoming obstacles along the way,” said J. Larry Jameson, MD, PhD, president of the University of Pennsylvania. “That is exactly what I see in this year’s awardees, and it has been true of all our remarkable faculty who have been recognized for scientific breakthroughs. Whether they are discovering what lies beneath Alzheimer’s Disease, curing cancer by engineering a patients’ own immune cells, or reversing blindness—they have persisted with imagination and rigor. Their steadfastness has pushed the boundaries of what medicine can achieve.”
“Developing cell and gene therapies has long been a top priority for our organization,” said Madeline Bell, CHOP’s CEO. “This breakthrough is the result of decades of investment and collaboration, and reflects our commitment to translating scientific discoveries into therapies that will transform patients’ lives. It has paved the way for many more cell and gene therapy innovations and has given hope to families around the world.”
“They can see!”
Bennett and Maguire met and married during medical school in the 1980s. It was then that they both became intrigued by the concept of genetic therapy, the practice of replacing a mutated or faulty gene with a functional copy, and started dreaming of treating inherited forms of blindness with the technique, which at that time remained the stuff of science fiction.
It was “like thinking you wanted to go to the moon in 1950,” Maguire said many years later.
Both Bennett and Maguire joined Penn’s Scheie Eye Institute in the 1990s and began working on their ideas with lab mice. They learned that the University of Pennsylvania School of Veterinary Medicine housed a group of blind dogs who had a condition similar to the human disease: Leber congenital amaurosis (LCA). People born with a mutation on the RPE65 gene have poor vision starting at birth and often progress rapidly to complete blindness, usually by their 20s, but sometimes in early childhood.
The pair developed a therapy that used a virus as a transport, carrying a piece of DNA into cells that would then correct the faulty, blindness-causing proteins formed by the bad gene. The idea: Once the proteins were set right, some sight might return. First, they tested the therapy by injecting it into a single eye in each of three dogs.
It wasn’t long until they knew whether it worked. Bennett recalls receiving an excited phone call from a technician at the lab, who exclaimed, “They can see!”
Sure enough, the dogs were twirling around, using their treated eyes to see. Before treatment, the dogs had bumped and tripped through an obstacle course set up to test their sight. After the full treatment, the course was an easy task for the dogs.
A knock on the door
In parallel with Bennett and Maguire’s dreams of gene therapy, High was also working to bring the field forward. Like Bennett and Maguire, she had achieved long-term reversal of a serious genetic disease in a dog model: In her case, for hemophilia, a life-threatening bleeding disorder. High had advanced these studies from success in dogs to initial clinical trials in humans, delivering the donated gene into skeletal muscle and the liver.
The work was promising, but the human immune response to the gene delivery vessel—which was derived from a virus in the same way Bennett and Maguire’s therapy was—prevented sustained benefits from the therapeutic gene. At the same time, companies and investors, discouraged by high profile negative events, began to turn away from gene therapy. Progress stalled.
But with support from CHOP, High founded the Raymond G. Perelman Center for Cellular and Molecular Therapeutics (CCMT) in 2004. She recruited experts in all aspects of clinical gene therapy, including specialized knowledge in the manufacturing and release of gene therapy vectors, which are the particles that deliver a healthy copy of a defective gene to patients.
After vector production was set up at CHOP, High went to Bennett’s office and knocked on the door with a proposition to start a clinical trial in humans. In 2007, Maguire, who was then a surgeon in Pediatric Ophthalmology at CHOP, administered an injection of the experimental therapy at CHOP into a clinical trial participant – a 26-year-old woman—for the first time. Her twin, with the same condition, received the treatment shortly after.
When the team assessed the treatment of the 37 eligible participants from the original clinical trials, 72 percent reported the maximum possible improvement in a test of low-light conditions, which simulates night vision. Amid these, many reported improved peripheral and central vision, too. One patient, who could only detect changes in light, was suddenly able to navigate walking through Philadelphia at night, unaided, and could make out the clock on City Hall. Another patient was able to see a star for the first time in her life just six days after the procedure.
In 2017, the therapy—by then manufactured by Spark Therapeutics, a spinout from CHOP, and called Luxturna—received approval by the U.S. Food and Drug Administration. It became the first FDA approval of a genetic therapy for an inherited disease. Today, hundreds of people around the world have successfully received the treatment.
A celebration of decades of work
Today’s celebration in Los Angeles marks a celebratory milestone in roughly 40 years of work led by Bennett, Maguire, and High that has inspired others in the now vibrant field of gene therapy. In fact, a treatment stemming from High’s original work with hemophilia received FDA approval in 2024.
“We always just did what we thought you were supposed to do if you were a doctor: Find treatments for diseases,” said Maguire. “Both my father and Jean’s worked in science, and it seemed normal to try to push the envelope.”
“I think the only surprise for us was that things worked out so well,” Bennett said. “For every success, there are usually so many failures. That’s just the nature of science. But our team hit on something that has helped so many people and helped progress the field, and we’re really grateful for our part in that.”
High described the journey between the start of her collaboration with Bennett and Maguire in 2005 and the FDA approval in 2017 as “an arduous one.”
“At times, it seemed that the number of obstacles we needed to overcome to reach regulatory approval was never-ending,” High said. “Working without the benefit of the guidelines and precedents we now have today, we sought to solve each day’s problems so that the program would have a tomorrow. It was a bold and uncertain investment of time, effort, and resources. Few were willing to take on the risks, but it ultimately paid off, and it helped build the foundation of modern gene therapy.”
About Penn Medicine:
Penn Medicine is one of the world’s leading academic medical centers, dedicated to the related missions of medical education, biomedical research, excellence in patient care, and community service.
The organization consists of the University of Pennsylvania Health System and Penn’s Raymond and Ruth Perelman School of Medicine, founded in 1765 as the nation’s first medical school.
The Perelman School of Medicine is consistently among the nation’s top recipients of funding from the National Institutes of Health, with more than $588 million awarded in the 2024 fiscal year. Home to a proud history of “firsts,” Penn Medicine teams have pioneered discoveries that have shaped modern medicine, including CAR T cell therapy for cancer and the Nobel Prize-winning mRNA technology used in COVID-19 vaccines.
The University of Pennsylvania Health System cares for patients in facilities and their homes stretching from the Susquehanna River in Pennsylvania to the New Jersey shore. UPHS facilities include the Hospital of the University of Pennsylvania, Penn Presbyterian Medical Center, Chester County Hospital, Doylestown Health, Lancaster General Health, Princeton Health, and Pennsylvania Hospital—the nation’s first hospital, chartered in 1751. Additional facilities and enterprises include Penn Medicine at Home, GSPP Rehabilitation, Lancaster Behavioral Health Hospital, and Princeton House Behavioral Health, among others.
Penn Medicine is a $13.7 billion enterprise powered by more than 50,000 talented faculty and staff.
About Children’s Hospital of Philadelphia:
A non-profit, charitable organization, Children’s Hospital of Philadelphia was founded in 1855 as the nation’s first pediatric hospital. Through its long-standing commitment to providing exceptional patient care, training new generations of pediatric healthcare professionals, and pioneering major research initiatives, the hospital has fostered many discoveries that have benefited children worldwide. Its pediatric research program is among the largest in the country. The institution has a well-established history of providing advanced pediatric care close to home through its CHOP Care Network, which includes more than 50 primary care practices, specialty care and surgical centers, urgent care centers, and community hospital alliances throughout Pennsylvania and New Jersey. CHOP also operates the Middleman Family Pavilion and its dedicated pediatric emergency department in King of Prussia, the Behavioral Health and Crisis Center (including a 24/7 Crisis Response Center) and the Center for Advanced Behavioral Healthcare, a mental health outpatient facility. Its unique family-centered care and public service programs have brought Children’s Hospital of Philadelphia recognition as a leading advocate for children and adolescents. For more information, visit www.chop.edu.
Media Contacts:
CHOP PR Contact:
Ashley Moore
Moorea1@chop.edu
267-426-6071
Penn Medicine PR Contact:
Frank Otto
Frank.Otto@pennmedicine.upenn.edu
267-693-2999
View original content to download multimedia:https://www.prnewswire.com/news-releases/penn-medicine-childrens-hospital-of-philadelphia-team-awarded-breakthrough-prize-for-developing-gene-therapy-for-inherited-blindness-302746319.html
SOURCE Children’s Hospital of Philadelphia
Technology
Haloid Solutions Expands Access to Radio Equipment by Offering Flexible Financing and Leasing Solutions Named HaloidFLEX
Published
4 hours agoon
April 18, 2026By
NEW YORK, April 18, 2026 /PRNewswire/ — As part of Haloid Solutions’ long-term commitment to helping businesses and municipalities acquire critical communications equipment despite budgetary constraints, Haloid now offers specialized financing and leasing programs through its HaloidFLEX program.
Designed to ensure that companies and governments have the equipment they need without costly capital expenditures outlays, HaloidFLEX offers financing for equipment purchased directly from manufacturers or local radio dealers. HaloidFLEX financing offers zero percent and low-interest options as well as predictable monthly payments for qualified buyers. HaloidFLEX clients can even opt to incorporate extended support services and protections into their financing to prepare for accidents, theft, or equipment losses. This gives companies peace of mind with one low monthly payment.
For organizations that don’t want or need to own equipment long-term, the HaloidFLEX leasing program offers similar benefits with potential tax advantages. Companies can lease brand new equipment and upgrade or return it at lease-end as needed. For companies seeking flexible options – or those that are interested in upgrading to the latest technology as it becomes available – leasing makes perfect sense.
One of the added benefits of each program is that HaloidFLEX allows clients to bundle services and protections that would normally be billed separately. Accidental damage, theft, and loss protections can be put in place, so that there’s never a lapse in communication if a radio fails. Extended warranties are also available upon request, so companies can customize their financing and protection to fit their budget and safeguard their equipment simultaneously.
According to a Haloid Solutions spokesperson, “Bundling expenses simply makes sense. It reduces the need for multiple policies and flexes with organizations to ensure critical communication equipment is available when needed while guaranteeing that the company’s investment is protected for the life of the equipment.”
HaloidFLEX financing and leasing programs are available to qualified businesses and municipalities nationwide. To learn more or request a customized quote, visit HaloidSolutions.com.
About Haloid Solutions
Haloid Solutions is the go-to resource for U.S. businesses and municipalities in search of financing and leasing for two-way radios, walkie talkies, communications equipment, accessories, and services. Focused on reliability, affordability, and performance, Haloid strives to equip professionals in all communication-based industries with the resources they need most.
For more information about Haloid Solutions, or details about the HaloidFLEX financing or leasing programs, please visit https://haloidsolutions.com/collections/lmr-radio-financing-and-leasing-and-subscription-low-cost-payment-options-for-2-way-radio-equipment or contact us on our website.
View original content to download multimedia:https://www.prnewswire.com/news-releases/haloid-solutions-expands-access-to-radio-equipment-by-offering-flexible-financing-and-leasing-solutions-named-haloidflex-302746527.html
SOURCE HALOID SOLUTIONS
Technology
CAS Holdings Appoints Patrick McDermott as Chief Executive Officer
Published
5 hours agoon
April 18, 2026By
Leadership Transition Positions CAS Holdings for Continued Growth and Customer-Focused Innovation
FRANKLIN, Mass., April 18, 2026 /PRNewswire/ — CAS Holdings, a leader in industrial automation distribution, engineering, and integration, is pleased to announce that Patrick McDermott has been named Chief Executive Officer.
McDermott previously served as President and Chief Revenue Officer, where he played a key role in driving growth across the organization, strengthening customer relationships, and leading teams with a clear focus on execution and results.
In his new role as CEO, McDermott will lead CAS Holdings into its next phase of growth, building on the company’s strong foundation and continued commitment to delivering value to customers, partners, and employees.
“I’m honored to step into the role of CEO at CAS Holdings,” said McDermott. “Over the past year, I’ve had the opportunity to work alongside an incredible team, support our customers, and help drive the growth of our organization. I’m excited to build on that momentum as we move into our next chapter.”
CAS Holdings, through its divisions including iAutomation and RND Automation, delivers a full spectrum of industrial automation solutions – from product distribution and technical support to custom machine building and system integration. Serving OEM machine builders and end-users, the company brings deep expertise in motion control, robotics, and vision, along with value-added capabilities such as kitting, sub-assembly, panel building, and turnkey automation systems, acting as an extension of its customers’ engineering and production teams.
McDermott’s leadership will focus on advancing CAS Holdings’ strategic initiatives, strengthening its market position, and continuing to deliver innovative automation solutions that support customers across a wide range of industries.
“We have a strong foundation, a talented team, and a clear direction. I’m looking forward to what we’ll accomplish together,” McDermott said. “Our focus remains on supporting our customers with responsive, local expertise, strong supplier partnerships, and the engineering and production capabilities they rely on to keep their operations running and growing.”
About Complete Automation Solutions Holdings
Complete Automation Solutions Holdings (CAS Holdings) is dedicated to empowering industrial automation companies, including those in the packaging industry, to achieve optimal efficiency and success. With a diverse portfolio encompassing industrial distribution, panel building and assembly, system integration, and robotics, CAS Holdings provides comprehensive packaging machines and solutions tailored to meet industry needs. The company prioritizes strong partnerships, expert engineering, and innovative solutions, ensuring sustainable practices and continuous improvement. CAS Holdings envisions a future where its transformative automation solutions redefine industry standards and drive growth. Committed to transparency and collaboration, CAS Holdings aims to be the most trusted partner in the automation sector.
Press Contact:
Erika Jacques
508-838-8012
http://www.iautomation.com/
View original content to download multimedia:https://www.prnewswire.com/news-releases/cas-holdings-appoints-patrick-mcdermott-as-chief-executive-officer-302746520.html
SOURCE CAS Holdings, Inc.
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