Latest news with #FranciscoLeon
Technical.ly
03-06-2025
- Business
- Technical.ly
This startup's mission to extend human life sounds like sci-fi, and investors are betting $20M on it
Startup profile: Tolerance Bio Founded by: Francisco Leon Year founded: 2023 Headquarters: Philadelphia, PA Sector: Life sciences Funding and valuation: $20.2 million raised at an undisclosed valuation, according to the company Key ecosystem partners: Columbus Venture Partners, Ben Franklin Technology Partners When Francisco Leon talks about the medical science behind the biotech company he founded in 2023, it sounds like something out of a movie. The company, Tolerance Bio, focuses on preserving the body's immune system by restoring the function of an organ called the thymus. The organ, long believed to be as useful in adults as the appendix (that is, not at all), may actually be the key to slower aging and prolonged life spans. 'Immune tolerance is at the core of almost all medical needs,' Leon told Now, Tolerance Bio is moving toward the first trials of its proprietary stem cell therapy, focusing first on children born without a thymus. The thymus, a small gland located behind the breastbone in the upper chest, controls immune tolerance by creating T-cells, white blood cells that fight infections and cancerous cells, and can also prevent the body from attacking healthy cells. It's a vital organ, but even in a perfectly healthy person, it only functions at 100% for the first two years of life, and then, Leon said, it starts to shrink. By adulthood, the thymus functions at just 10%, which is why the medical community didn't think it was needed in adults. That changed in 2023, when an article published in the New England Journal of Medicine concluded that the surgical removal of the residue of the thymus in adults led to an increase in the five-year mortality rates due to cancer and autoimmunity. Subsequent research in nursing homes, Leon said, found that the better the thymic function, the lower the incidence of cancer, autoimmunity and infection. 'That's why we started the company,' Leon said, 'we are trying to restore thymic function.' From genetic diseases to anti-aging One of the main focuses of Tolerance Bio's research and development is using its cell implantation therapy to cure DiGeorge syndrome, also known as 22q11.2 deletion syndrome, a genetic condition where a baby is born without a thymus, or with one that is underdeveloped. Children with this condition struggle to fight infections and often have heart problems or other serious medical issues. Restoring the thymus has the potential to save babies who, with cases of complete DiGeorge syndrome, have a life expectancy of two to three years without medical intervention. Since the thymus naturally loses functionality as a person ages, Leon and his team also aim to develop treatments for adults, including a drug for healthy people that could potentially delay aging and increase longevity. 'We can regenerate the thymus by implanting cells intramuscularly; it's a new science,' Leon said. It's yet to be proven in humans, but if they can show the principle in human patients, he said, they can potentially apply it to other conditions, including Type 1 diabetes, cancer, organ diseases, other immune deficiencies, and, potentially, Alzheimer's disease. A $20 million seed round Leon, who leads a hybrid team of 10 from Tolerance Bio headquarters at the B+labs incubator at the Cira Centre in Philadelphia, is an immunologist who came to the US from Spain 25 years ago. After starting out working for pharmaceutical companies, including helping to develop drugs in immunology and oncology, he became an entrepreneur, cofounding the drug development companies Celimmune (acquired by Amgen in 2017) and Provention (acquired by Sanofi in 2023). Provention developed the drug Tzield, which can delay the onset of Type 1 diabetes in at-risk patients. 'It was the first drug ever to delay the onset of an autoimmune disease,' Leon said. 'You give it to children that show signs of being about to become diabetic, but still don't need insulin.' By the time Sanofi acquired Provention, Leon was ready to turn his focus to preventing and regenerating the thymus. He started Tolerance Bio, initially as a concept, bringing two members of the Provention team with him and partnering with University of Florida academic Holger Russ as Tolerance Bio's scientific cofounder. Tolerance Bio closed a $20.2 million seed round in December 2024. Led by Columbus Venture Partners, it included Ben Franklin Technology Partners, Criteria Bio Ventures, Sessa Capital, BioAdvance, Pacific 8 Ventures and individual biotechnology investors with an interest in thymus regeneration. 'We now know that thymic evolution is the main limiter of human life — it is the beginning of aging,' Leon said. 'There is a strong correlation between thymic function and longevity in humans and animals.' 'This almost sounds like science fiction' Even the Tolerance Bio team is amazed at the potential. 'This almost sounds like science fiction, in some respects,' said Phil Ball, Tolerance Bio's SVP and head of business development and operations, who previously worked with Leon at Provention. 'The technology that science needed to get to this point is, even for me, who's worked in the industry for so long, is absolutely amazing.' Translating that technology into actual products that reach as many patients as possible is a priority for the team. 'Ultimately, if we don't have approved products, it's been wasted time,' said Ball, who has spent 25 years in the industry, starting in the UK, where he worked for small biotech companies before moving to the US and eventually settling in Chapel Hill, North Carolina. The team's expert on scaling up clinical manufacturing, Poh Yeh-Chuin, is based in Cambridge, Massachusetts. He previously worked for Beam Therapeutics, where he led a cell process development group that developed products currently being manufactured — one, a stem cell program for sickle cell disease, the other a CAR-T therapy program for cancer treatment. Prior to that, he was part of the startup Semma Therapeutics (since acquired by Vertex), helping to develop a Type 1 diabetes treatment using pancreatic stem cells. 'It's very related to the work that we're doing here at Tolerance,' Poh said. 'Especially the cell therapy part, because both the pancreas as well as the thymus are derived from what we call the endoderm lineage.' Simply put, the endocrine system — including the pancreas, the thymus and the thyroid — comes from the same type of embryonic cells, which can be used in the treatment of endocrine disorders. Justin Vogel, Tolerance's chief financial officer and the other former Provention team member, grew up at the Jersey Shore and still lives in New Jersey. While the team is spread out, Vogel frequently comes to work at the Philadelphia office. While much of what they do at Tolerance Bio is focused on complex biotechnology, Vogel also stressed the importance of getting involved with the people and organizations they are trying to help. Members of the team attended the recent 22q at The Zoo event in Philadelphia, part of a global awareness event held at zoos around the world led by the International 22q11.2 Foundation. 'We're a very patient-focused organization,' Vogel said. 'It's so important to hear all the stories and meet the families, and it really resonates with us and gives meaning to what we try to do for these kids.'
Yahoo
03-03-2025
- Business
- Yahoo
CRC signs carbon agreement for National Cement plant near Gorman
A cement plan on Kern's southern border is expected to become California's first to achieve carbon neutrality under an agreement announced Monday between local oil producer California Resources Corp. and its new customer National Cement Co. of California. Plans call for the 60-year-old facility east of Gorman to transition to produce a less carbon-intensive type of cement while increasing the amount of fuel it sources from local ag waste. Byproduct carbon dioxide will then be transported for permanent burial in Kern County. Funded in part by a half billion-dollar federal matching subsidy, the project known as Lebec Net Zero is partly a response to a 2021 state law, Senate Bill 596, requiring all cement used in California be net zero by 2045. The project is expected to create 20 to 25 new jobs when it begins operation as soon as 2031, assuming it wins required approvals. The memo of understanding the companies signed is another achievement for CRC's subsidiary Carbon TerraVault, which continues to lead Kern's and California's push for greater investment in carbon capture and sequestration. The deal announced Monday brings CTV's carbon management total from pending projects to 9 million metric tons per year of CO2. CRC President and CEO Francisco Leon said in a news release the agreement underscores increasing demand for innovative decarbonization solutions in California industry. "Achieving carbon neutrality in the cement industry requires bold action, and this partnership is a critical step in developing the state's first carbon capture, transport, and storage project for this essential sector," he stated. In the same release, National Cement's CEO, Eric Holard, called the project exciting and transformative. "We are making a significant investment because we believe in creating a cleaner future and bringing innovation to domestic manufacturing," he stated. "CTV's leadership in safe and responsible carbon management, combined with our strategic and operational alignment, provides a clear pathway for this project being successful.' CRC confirmed Monday the project must receive a conditional use permit from the county of Kern and undergo an environmental review. One improvement over National Cement's existing configuration is that the new version will create what's called limestone calcined clay cement, which uses less of the carbon-intensive industrial material called clinker. The U.S. Department of Energy says L3C, as the more climate friendly form is called, will also increase the final product's performance and durability. Additionally, the project is seen as being more environmentally sustainable because it will reduce the plant's intake of non-biomass fuels such as tires, carpets and petroleum. It will do that because of the biomass-burning capabilities of new kiln technology planned to be installed at the site. The federal government selected the project for financial support last year along with 32 others in hard-to-decarbonize industries like cement, steel and aluminum production. The Department of Energy called the National Cement project the first carbon capture and sequestration system of its kind in the country.
Associated Press
03-03-2025
- Business
- Associated Press
Carbon TerraVault Provides 2024 Update
Signs Carbon Management MOU 1 with National Cement for California's First Net Zero Cement Facility LONG BEACH, Calif., March 03, 2025 (GLOBE NEWSWIRE) -- Carbon TerraVault Holdings, LLC (CTV), a carbon management subsidiary of California Resources Corporation (NYSE: CRC), provided a 2024 update and announced the signing of a Memorandum of Understanding1 (MOU) to help achieve California's first net zero cement facility in partnership with National Cement Company of California Inc. (National Cement). 'Our team has made significant strides to expand Carbon TerraVault's leadership in carbon management through key regulatory approvals, new carbon management agreements and strategic partnerships to accelerate decarbonization in California,' said Francisco Leon, CRC's President and Chief Executive Officer. 'Receiving California's first Class VI well permits from the EPA advances our mission to provide scalable carbon storage solutions. Additionally, our new memorandum of understanding with National Cement to establish the state's first net zero cement facility underscores our commitment to help hard-to-abate sectors transition to a low-carbon future. With a CCS project pipeline approaching 9 million metric tons per year and new partnerships advancing subsurface energy storage, CTV is a national leader in carbon management. In 2025, we are focused on executing our first CCS project at Elk Hills and driving impactful solutions for industrial decarbonization.' 2024 Highlights Received EPA Class VI well permits for carbon dioxide (CO₂) storage in the CTV I - 26R reservoir and Kern County approval for the CTV I project Expanded CO₂ storage portfolio by 70%, adding 134 million metric tons (MMT) in Class VI permit applications; total CO₂ storage capacity submitted to Environmental Protection Agency (EPA) for review is now 325 MMT Signed 5.4 million metric tons per annum (MMTPA) of CO₂ management agreements1 (CDMA) and MOUs1 with major industrial partners to deliver innovative, reliable, and economically viable energy transition solutions in California Awarded $12 million in funding and selected for an additional $35 million from the U.S. Department of Energy (DOE) to support decarbonization projects across California in partnership with various institutions Developed new partnerships for subsurface energy storage and geothermal power in California Launched CTV I Elk Hills Community Benefits Plan and became the LA Rams' official carbon management partner Successfully integrated Aera's carbon management assets and teams into CTV 2025 Outlook and Highlights Construction of California's first carbon capture and storage (CCS) project at CRC's Elk Hills cryogenic gas plant is planned to commence in the second quarter of 2025 and first CO₂ injection anticipated by year-end Signed MOU1 with National Cement for 'Lebec Net Zero', a first-of-its-kind initiative to produce carbon-neutral cement utilizing CTV's transportation and sequestration solutions for up to 1 MMTPA of CO2 emissions. See Carbon TerraVault and National Cement Sign MOU for California's First Net Zero Cement Facility for additional information CTV's total CO2 emissions from CCS projects under consideration now stands at nearly 9 MMTPA Expected 2025 capital investments of $20 - $35 million with $14 - $18 million for the CCS project at CRC's Elk Hills cryogenic gas plant Fourth Quarter and Full Year 2024 Financial Results Selected Financial Statement Data and non-GAAP measures: 4th Quarter 3rd Quarter Total Year Total Year ($ in millions) 2024 2024 2024 2023 Selected Expenses CMB Expenses $ 20 $ 13 $ 56 $ 37 General and administrative expenses2 $ 5 $ 5 $ 15 $ 12 Capital and Non-GAAP Measures Capital investments $ 6 $ 4 $ 12 $ 5 2025 Guidance The following table provides key first quarter and full year 2025 financial and operating guidance. CRC Guidance ($ in millions) 1Q25E Total Year 2025E Capital $5 - $10 $20 - $35 CMB Expenses $15 - $20 $60 - $90 General and Administrative Expenses $2 - $4 $10 - $15 EPA Class VI Permitting In December 2024, the EPA released final Class VI well permits for the CTV I - 26R reservoir. These are the first Class VI permits issued nationally for injection and storage of CO2 in depleted oil and natural gas fields. The 26R reservoir is part of CTV's joint venture with Brookfield and is one of two depleted oil and natural gas storage sites that comprise the CTV I vault. Total capacity of 26R is estimated to be up to 38 MMT and has an expected injection rate of 1.46 MMTPA. CRC has seven remaining Class VI permit applications under review with the EPA for a total estimated capacity of up to 287 MMT. For additional information regarding CTV's Class VI permits, please visit Carbon TerraVault JV Partnership with Brookfield In February 2025, CRC and Brookfield agreed to defer the timing of the third and final installment of the 26R pore space contribution from Brookfield to the CTV JV3. This installment payment will now be triggered upon the earlier of CTV JV securing storage contracts for 35% of annual CO2 storage capacity at 26R. 1 MOUs and CDMAs are non-binding agreements. The projects and transactions described in an MOU or CDMA are subject to certain conditions precedent, typically including the negotiation of definitive documents, a final investment decision by the parties and receipt of EPA Class VI permits and other regulatory approvals. 2 We realigned our workforce after the Aera Merger and adjusted our carbon management expenses for the third quarter of 2024 to be $5 million, which is an adjustment from the $2 million previously reported. 3 The initial investment by Brookfield in the CTV JV for the 26R reservoir is expected to total up to approximately $188 million and is payable in three installments. To date, CRC has received the first two installment payments amounting to $92 million. The amount of the last milestone payment will be calculated in accordance with the final permit volumes (subject to contractual adjustments) and is estimated to be up to $94 million. About Carbon TerraVault Carbon TerraVault (CTV) is CRC's carbon management business and is developing services to capture, transport and permanently store CO2 for its customers. CTV is engaged in a series of CCS projects that will inject CO2 captured from industrial sources into depleted underground reservoirs and permanently store CO2 deep underground. For more information, visit About Carbon TerraVault Joint Venture Carbon TerraVault Joint Venture (CTV JV) is a carbon management partnership focused on carbon capture and sequestration development formed between Carbon TerraVault I, LLC, a subsidiary of CRC, and Brookfield, to develop both infrastructure and storage assets required for CCS development in California. CRC owns 51% of CTV JV with Brookfield owning the remaining 49% interest. About California Resources Corporation California Resources Corporation (CRC) is an independent energy and carbon management company committed to energy transition. CRC is committed to environmental stewardship while safely providing local, responsibly sourced energy. CRC is also focused on maximizing the value of its land, mineral ownership, and energy expertise for decarbonization by developing CCS and other emissions reducing projects. For more information about CRC, please visit Forward-Looking Statements This document contains statements that CRC believes to be 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than historical facts are forward-looking statements, and include statements regarding CRC's future financial position, business strategy, projected revenues, earnings, costs, capital expenditures and plans and objectives of management for the future. Words such as 'expect,' 'could,' 'may,' 'anticipate,' 'intend,' 'plan,' 'ability,' 'believe,' 'seek,' 'see,' 'will,' 'would,' 'estimate,' 'forecast,' 'target,' 'guidance,' 'outlook,' 'opportunity' or 'strategy' or similar expressions are generally intended to identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Additionally, the information in this report contains forward-looking statements related to the recently announced Aera merger. Although CRC believes the expectations and forecasts reflected in its forward-looking statements are reasonable, they are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond its control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time. Particular uncertainties that could cause CRC's actual results to be materially different than those expressed in its forward-looking statements include: fluctuations in commodity prices, including supply and demand considerations for CRC's products and services, and the impact of such fluctuations on revenues and operating expenses; decisions as to production levels and/or pricing by OPEC or U.S. producers in future periods; government policy, war and political conditions and events, including the military conflicts in Israel, Lebanon, Ukraine and the Middle East; the ability to successfully execute integration efforts in connection with the Aera Merger, and achieve projected synergies and ensure that such synergies are sustainable; regulatory actions and changes that affect the oil and gas industry generally and us in particular, including (1) the availability or timing of, or conditions imposed on, EPA and other governmental permits and approvals necessary for drilling or development activities or its carbon management segment; (2) the management of energy, water, land, greenhouse gases (GHGs) or other emissions, (3) the protection of health, safety and the environment, or (4) the transportation, marketing and sale of its products; the efforts of activists to delay prevent oil and gas activities or the development of CRC's carbon management segment through a variety of tactics, including litigation; the impact of inflation on future expenses and changes generally in the prices of goods and services; changes in business strategy and capital plan; lower-than-expected production or higher-than-expected production decline rates; changes to estimates of reserves and related future cash flows, including changes arising from CRC's inability to develop such reserves in a timely manner, and any inability to replace such reserves; the recoverability of resources and unexpected geologic conditions; general economic conditions and trends, including conditions in the worldwide financial, trade and credit markets; production-sharing contracts' effects on production and operating costs; the lack of available equipment, service or labor price inflation; limitations on transportation or storage capacity and the need to shut-in wells; any failure of risk management; results from operations and competition in the industries in which it operates; CRC's ability to realize the anticipated benefits from prior or future efforts to reduce costs; environmental risks and liability under federal, regional, state, provincial, tribal, local and international environmental laws and regulations (including remedial actions); the creditworthiness and performance of its counterparties, including financial institutions, operating partners, CCS project participants and other parties; reorganization or restructuring of its operations; CRC's ability to claim and utilize tax credits or other incentives in connection with our CCS projects; CRC's ability to realize the benefits contemplated by its energy transition strategies and initiatives, including CCS projects and other renewable energy efforts; CRC's ability to successfully identify, develop and finance carbon capture and storage projects and other renewable energy efforts, including those in connection with the Carbon TerraVault JV, and its ability to convert CDMAs to definitive agreements and enter into other offtake agreements; CRC's ability to maximize the value of its carbon management segment and operate it on a stand alone basis; CRC's ability to successfully develop infrastructure projects and enter into third party contracts on contemplated terms; uncertainty around the accounting of emissions and its ability to successfully gather and verify emissions data and other environmental impacts; changes to CRC's dividend policy and share repurchase program, and its ability to declare future dividends or repurchase shares under its debt agreements; limitations on CRC's financial flexibility due to existing and future debt; insufficient cash flow to fund its capital plan and other planned investments and return capital to shareholders; changes in interest rates; CRC's access to and the terms of credit in commercial banking and capital markets, including its ability to refinance debt or obtain separate financing for its carbon management segment; changes in state, federal or international tax rates, including CRC's ability to utilize its net operating loss carryforwards to reduce its income tax obligations; effects of hedging transactions; the effect of CRC's stock price on costs associated with incentive compensation; inability to enter into desirable transactions, including joint ventures, divestitures of oil and natural gas properties and real estate, and acquisitions, and its ability to achieve any expected synergies; disruptions due to earthquakes, forest fires, floods, extreme weather events or other natural occurrences, accidents, mechanical failures, power outages, transportation or storage constraints, labor difficulties, cybersecurity breaches or attacks or other catastrophic events; pandemics, epidemics, outbreaks, or other public health events, such as the COVID-19 pandemic; and other factors discussed in Part I, Item 1A – Risk Factors. CRC cautions you not to place undue reliance on forward-looking statements contained in this document, which speak only as of the filing date, and CRC undertakes no obligation to update this information. This document may also contain information from third party sources. This data may involve a number of assumptions and limitations, and CRC has not independently verified them and does not warrant the accuracy or completeness of such third-party information. Contacts:
Yahoo
30-01-2025
- Business
- Yahoo
California Resources Corporation Announces $100,000 Donation to Southern California Wildfire Relief and Recovery Efforts
LONG BEACH, Calif., Jan. 30, 2025 (GLOBE NEWSWIRE) -- California Resources Corporation (NYSE: CRC), an independent energy and carbon management company, today announced a total contribution of $100,000 to the California Community Foundation and the Los Angeles Fire Department Foundation to support wildfire relief and provision of recovery services to residents impacted by the recent California wildfires. The funds will be equally distributed between the two organizations. 'Our hearts go out to everyone affected by the devastating wildfires across Southern California,' said Francisco Leon, CRC's President and Chief Executive Officer. 'We are deeply grateful to the firefighters, first responders, and organizations working tirelessly to protect our communities and support relief and recovery efforts.' The California Community Foundation will utilize the donation to assist families and individuals in rebuilding their lives, with a focus on housing, food, and other critical needs. The Los Angeles Fire Department Foundation will allocate the funds toward vital equipment, supplies, and support for the firefighters and first responders who work diligently to protect communities during these emergencies. CRC also launched a company match campaign to support the American Red Cross, which offers critical aid such as food, shelter, emotional care, recovery planning, and financial assistance. About California Resources Corporation California Resources Corporation (CRC) is an independent energy and carbon management company committed to energy transition. CRC is committed to environmental stewardship while safely providing local, responsibly sourced energy. CRC is also focused on maximizing the value of its land, mineral ownership, and energy expertise for decarbonization by developing CCS and other emissions reducing projects. For more information about CRC, please visit About the California Community Foundation Since 1915, the California Community Foundation (CCF) has served Los Angeles County as a public charitable organization dedicated to leading systemic change that strengthens communities. Managing $2.3 billion in assets and overseeing 1,900 charitable foundations, funds, and legacies, CCF's mission is to create lasting impact throughout the region. For more information, visit About the Los Angeles Fire Department Foundation The Los Angeles Fire Department (LAFD) Foundation is the official nonprofit arm of the Los Angeles City Fire Department. The Foundation was established in 2010 to bridge critical funding gaps for essential tools, equipment, and programs. The LAFD Foundation channels donations from private, corporate, and community partners into tangible resources to help firefighters protect the people of Los Angeles. The LAFD Foundation provides vital equipment and funds critical programs to help the LAFD save lives and protect communities. For more information, please visit About the American Red Cross The American Red Cross shelters, feeds and provides comfort to victims of disasters; supplies about 40% of the nation's blood; teaches skills that save lives; distributes international humanitarian aid; and supports veterans, military members and their families. The Red Cross is a nonprofit organization that depends on volunteers and the generosity of the American public to deliver its mission. For more information, please visit Contact: Richard Venn (CRC Media) Joanna Park (CRC Investor Relations) 818-661-3731 This press release was published by a CLEAR® Verified individual.
