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BlackRock Acquires Stake In Cardio Diagnostics

Cardio Diagnostics Holdings, Inc

By Jeremy Golden, Benzinga BlackRock (NYSE: BLK) has acquired a minor stake in Cardio Diagnostics (NASDAQ: CDIO), an artificial intelligence-powered precision cardiovascular medicine company. In BlackRock’s 13G filing on Feb. 2, they disclosed ownership representing 5.2% of Cardio Diagnostics. Fintel reports that the average one-year price target for Cardio Diagnostics is $6.12, and forecasts range from a low of $4.04 to a high of $8.40. Cardio Diagnostics had Weighted-Average Shares Outstanding (Diluted) of 11.90 million for the most recently reported fiscal quarter, ending Sept. 30, 2023. Cardio Diagnostics’ stock has an ownership structure of institutional, retail and individual investors. About 1.84% of the company’s stock is owned by institutional investors, while 18.58% is owned by insiders. About 79.58% is owned by public companies and individual investors. Prelude Capital Management, Geode Capital Management and Vanguard Group are the biggest institutional shareholders, with 121,000, 75,483 and 64,022 shares, respectively. About Cardio Diagnostics Cardio Diagnostics was formed to develop and commercialize clinical tests that leverage artificial intelligence-driven technology to combat cardiovascular disease. The company is behind PrecisionCHD, the first integrated genetic-epigenetic test for the detection of coronary heart disease (CHD), the most common type of heart disease and the cause of most heart attacks. With the introduction of PrecisionCHD, clinicians are armed with a powerful, scalable and non-invasive alternative that comes in the form of a blood-based test that uses artificial intelligence (AI), along with personalized genetic and epigenetic information, to sensitively detect the presence of CHD. Cardio Diagnostics has also developed Epi+Gen CHD, a powerful test that predicts the three-year risk for a CHD event, mainly a heart attack. Powered by AI-driven integrated genetics and epigenetics, the tool enables more effective decision-making and earlier interventions. Cardio Diagnostics is an artificial intelligence-powered precision cardiovascular medicine company that makes cardiovascular disease prevention, detection, and management more accessible, personalized, and precise. The Company was formed to further develop and commercialize clinical tests by leveraging a proprietary Artificial Intelligence (AI)-driven Integrated Genetic-Epigenetic Engine (“Core Technology”) for cardiovascular disease to become one of the leading medical technology companies for improving prevention, detection, and treatment of cardiovascular disease. For more information, please visit www.cardiodiagnosticsinc.com. Certain statements and information included in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. When used in this press release, the words or phrases “will”, "will likely result," "expected to," "will continue," "anticipated," "estimate," "projected," "intend," “goal,” or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks, known and unknown, and uncertainties, many of which are beyond the control of the Company. Such uncertainties and risks include but are not limited to, our ability to successfully execute our growth strategy, changes in laws or regulations, economic conditions, dependence on management, dilution to stockholders, lack of capital, the effects of rapid growth upon the Company and the ability of management to effectively respond to the growth and demand for products and services of the Company, newly developing technologies, the Company’s ability to compete, regulatory matters, protection of technology, the effects of competition and the ability of the Company to obtain future financing. An extensive list of factors that can affect future results are discussed in the Current Report on Form 10-K for the period ended December 31, 2022 and Form 10-Q for the period ended March 31, 2023, under the heading “Risk Factors” in Part I, Item IA thereof, and other documents filed from time to time with the Securities and Exchange Commission. Such factors could materially adversely affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed within this press release. This post contains sponsored content. This content is for informational purposes only and is not intended to be investing advice. Contact Details Gene Mannheimer - Investor Relations +1 855-226-9991 investors@cardiodiagnosticsinc.com Company Website https://cardiodiagnosticsinc.com/

February 09, 2024 08:30 AM Eastern Standard Time

Theralase Technologies shares update on Phase II Bladder Cancer study

Theralase Technologies Inc

Theralase Technologies CEO Roger DuMoulin-White joined Steve Darling from Proactive to share details of an update on the company's Phase II Non-Muscle Invasive Bladder Cancer clinical study. DuMoulin-White shared the significant findings from the study, revealing that it has provided the primary study treatment to 63 patients. The interim clinical data from Study II shows promising results, with a Complete Response (CR) rate of 54% at 6 months, 38% at 12 months, and 37% at 15 months. These CR rates surpass the guidelines set by the International Bladder Cancer Group (IBCG). Additionally, at the 90 Day Assessment Visit, 56% of Evaluable Patients achieved a CR, and 63% achieved a Total Response (CR + IR). At 450 days, 37% achieved a CR, and 41% achieved a TR. The interim clinical data for patients who received the optimized Study II Treatment is even more encouraging. At the 90 Day Assessment Visit, 62% of Evaluable Patients achieved a CR, and 68% achieved a Total Response (CR + IR). At 450 days, 39% achieved a CR, and 44% achieved a TR. These positive results demonstrate the potential of Theralase Technologies' treatment approach in addressing Non-Muscle Invasive Bladder Cancer. The company continues to advance its research and clinical studies, bringing hope to patients and the medical community alike. Contact Details Proactive Canada Proactive Canada +1 604-688-8158 action@proactiveinvestors.com

February 08, 2024 09:34 AM Eastern Standard Time

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First-Ever Risk Retention Group for the Cannabis Industry Launches with CLIC RRG

IMA Financial

Cornerstone Risk Solutions, a subsidiary of IMA Financial Group, today announced the launch of CLIC Risk Retention Group Inc. (CLIC RRG), the first and only risk retention group designed specifically for the unique needs of the burgeoning cannabis industry. The member-owned insurance solution is now available to cannabis-related businesses (CRBs) nationwide. “We are very proud to announce the launch of CLIC Risk Retention Group. We are the first and only insurer in the cannabis space that is owned exclusively by its policyholders,” said Chris Payne, founder of CLIC RRG. “This allows us to offer risk management and profit-sharing opportunities that are unavailable anywhere else in the industry.” The product represents a significant step toward comprehensive insurance solutions tailored to the needs of CRBs across the United States. CLIC members gain access to general liability and product liability coverage from anywhere in the nation, which until now has been out of reach in this high-risk, heavily legislated sector. Tris Felix, Managing Director of Cornerstone Risk Solutions, highlighted the product’s significance: “A member-owned insurance solution is a game-changer for CRB owners whose growth has been historically limited by lack of liability coverage. CLIC RRG owners can build — and benefit from — products that meet the industry’s unique needs, leveling the playing field in a competitive and evolving industry.” As the cannabis industry continues to grow, Cornerstone and CLIC RRG are committed to assessing market responses and potentially introducing additional cannabis industry-specific insurance solutions. “Historically, CLIC RRG coverage lines have been profitable for carriers, yet restricted the policyholders,” said IMA Vice President and Cannabis National Practice Leader Michael Hennessey. “By coming together in a risk retention group, cannabis businesses set their own direction and claim their due benefit.” About Cornerstone Risk Solutions and IMA Financial Group Cornerstone Risk Solutions, a subsidiary of IMA Financial Group, specializes in providing innovative insurance and risk management solutions. IMA Financial Group, a North American insurance brokerage firm, is renowned for its commitment to protecting assets and making a difference in the lives of its clients, associates and communities. About CLIC Risk Retention Group Inc. (CLIC RRG) CLIC Risk Retention Group Inc. (CLIC RRG) is a private insurance company owned by and operated solely for the benefit of participants in the legalized cannabis industry. The company serves businesses and individuals involved in the sale, manufacture, cultivation, transportation and testing of legalized cannabis-based products. The company’s operations are controlled by policyholders who are licensees in the cannabis industry. Contact Details CLIC Risk Retention Group Inc. Chris Payne +1 858-260-9000 chris@clicrrg.com IMA Financial Group Sean Hanft +1 203-313-3205 Sean.hanft@imacorp.com Center Reach Communications Alexandra Campbell alexandra@centerreachcommunication.com Company Website https://cornerstonerisksolutions.com/

February 08, 2024 09:00 AM Eastern Standard Time

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Roberts & Ryan Inc., America's first Service-Disabled Veteran-Owned (SDVO) broker-dealer, is pleased to welcome Mark DeVito as its Senior Director of Equity Trading.

Roberts & Ryan, Inc.

Mr. DeVito joins Roberts & Ryan as a seasoned business veteran, whose 35-year career has included leadership roles in investment banking, corporate finance, capital market transactions, alternative investments, and corporate boards. Prior to joining Roberts & Ryan, Mr. DeVito was Managing Director of the Global Investment Banking Group at Bank of America Securities, where he developed key client relationships and originated investment banking transactions. Before Bank of America Securities, Mr. DeVito was Managing Partner at JCS Partners LLC. Prior to that, he was Managing Director of Global Energy and Power Investment Banking at Merrill Lynch. Additionally, while at Merrill Lynch, he was the Global Head of their Alternative Investments Group and Managing Director of their Debt Capital Markets Group. Prior to that, he was Senior Vice President of Investment Banking and Capital Markets at Lehman Brothers and Assistant Vice President at Shearson Lehman Hutton. Mr. DeVito served as a member of the Board of Directors of Nextremity Solutions, the Board of Trustees of Rumson Country Day School and the Executive Board of Family and Children’s Services. When asked to share his thoughts on Roberts & Ryan's latest appointment, Chief Executive Officer Ed D'Alessandro remarked, “I am very excited to welcome Mark to our team. His extensive experience and distinguished investment banking career will be a tremendous asset to Roberts & Ryan. Mark is committed to our social mission of supporting Veterans and their families, and his investment banking experience will be instrumental in helping us grow. We are truly fortunate to have someone of Mark’s caliber join our team to help us get to the next level.” Mr. DeVito is a graduate of Fordham University’s Gabelli School of Business, where he received an MBA in Finance, and a graduate of Seton Hall University, where he received a BA in Finance. About Roberts and Ryan, Inc. Roberts & Ryan, Inc. is a Service-Disabled Veteran Owned (SDVO) broker-dealer with execution capabilities in the capital markets, equities, and fixed-income trading. The firm was founded in 1987 by a United States Marine Corps Vietnam combat veteran and Purple Heart recipient. With over $1.8 million in committed donations, Roberts & Ryan is active in donating to charitable foundations that make significant positive impacts in the lives of Veterans and their families, primarily focusing on general wellness, mental health, and career transition. To learn more about Roberts & Ryan, please visit www.roberts-ryan.com. Contact Details Michael C. Del Priore +1 646-859-4061 mdelpriore@roberts-ryan.com Company Website https://www.roberts-ryan.com

February 08, 2024 09:00 AM Eastern Standard Time

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Longeveron (NASDAQ: LGVN) Making Inroads With Lomecel-B™ – Biotech’s Investigational Alzheimer’s Treatment Shows Positive Trial Results

Benzinga

By Meg Flippin, Benzinga Longeveron Inc. (NASDAQ: LGVN), a clinical-stage biotech company aiming to slow the effects of life-threatening and chronic aging-related conditions using cellular therapies, is making inroads with Lomecel-B™, its investigational treatment for hypoplastic left heart syndrome (HLHS), Alzheimer’s disease and aging-related frailty. On October 5th, the Miami-based biotech announced that Lomecel-B™ met its primary safety endpoint and showed a lack of deterioration in cognitive or atrophy signals in approximately 50 patients aged 60 to 85 years old with mild Alzheimer’s disease, marking a major milestone for the company. The successful trial paves the way for more clinical studies of this potentially game-changing treatment. “We believe these results provide important validation of both the safety and therapeutic potential of Lomecel-B™ in the treatment of Alzheimer’s disease and provide a robust foundation for additional clinical trials in this and other indications,” Wa’el Hashad, CEO of Longeveron, said announcing the trial results. In late December, the company released additional new clinical and biomarker results from the trial that reinforced the earlier top-line findings. Additional analysis of cognitive function and daily living data showed favorable results with Lomecel-B™ over placebo. The drug was shown to slow and in some cases improve certain measurements of cognitive function (MoCA, MMSE). Funding Development In addition to reporting promising results for Lomecel-B™, in October 2023, Longeveron secured $4 million in gross proceeds before expenses from a round of equity financing. In late December, Longeveron closed a previously announced registered direct offering of 1.35 million shares priced at $1.62 per share, raising an additional $2.36 million in gross proceeds. Longeveron plans to use the net proceeds to fund the ongoing clinical and regulatory development of Lomecel-B™ and for capital expenditures, working capital, and general corporate purposes. The company reported that as of the end of the third quarter, it has enough existing cash and short-term investments to cover expenses and capital requirements into the first quarter of 2024. Investor Aspirations And Stock Trend Some investors are hopeful that Lomecel-B™ could possibly play a role in the future in treating Alzheimer’s disease, which affects about 6.7 million people 65 and older in the U.S. In 2023 alone, Alzheimer’s and other dementias will cost the U.S. $345 billion, according to the Alzheimer’s Association. By 2050, total payments for healthcare, long-term care and hospice for those with dementia are projected to reach nearly $1 trillion. Lomecel-B™ appears to target inflammation, and it is believed that inflammation plays a role in the onset and progression of Alzheimer’s disease. Researchers made this discovery after several studies showed that people who took anti-inflammatory drugs like Enbrel and Humira were as much as 50% less likely to develop Alzheimer's disease later in life. These discoveries have in part helped to spur a new class of investigational drugs that aim to treat and cure Alzheimer’s disease by targeting inflammation. Lomecel-B™ is made from medical signaling cells (MSCs) derived from the bone marrow of healthy adult donors. It is believed that these cells travel to sites of damage or inflammation in the body and promote cellular regeneration and repair. More Potential Catalysts On The Horizon? Lomecel-B™ as a potential treatment for Alzheimer’s isn’t the only possible catalyst on the horizon for Longeveron, and investors may want to watch for more to come. The therapeutic treatment is also in stage 2 trials to treat Hypoplastic Left Heart Syndrome (HLHS) and Aging-related frailty. HLHS is a rare pediatric congenital heart defect that affects about 1,000 babies in the U.S. annually. The left side of the heart fails to develop in patients with HLHS – leading to short-term mortality, delayed development and long-term organ failure. Lomecel-B™ is administered directly into the cardiac tissue of the right ventricle for HLHS patients. The goal is to improve cardiac function through the regenerative, pro-vascular and anti-inflammatory effects of MSCs. Results from a phase 1 ELPIS 1 trial showed 100% survival in Lomecel-B™-treated children at up to five years of age. Historically, children with HLHS have about 20% mortality by five years. The results were encouraging enough for Lomecel-B™ to be given the Rare Pediatric Disease Designation (RPD), Orphan Drug Designation (ODD) and Fast Track Designation from the FDA. A phase 2 trial in HLHS of 38 patients is currently underway. In August, the trial surpassed the 50% enrollment threshold. The company is also in a phase 2 trial of Lomecel-B™ to treat aging-related frailty, which is characterized by mobility disability, weakness, fatigue, weight loss, slowness and low activity. Its current phase 2 trial will include 45 patients in Japan, where nearly a third of the population is over 65. “With our Phase 2 ELPIS II trial in HLHS moving toward anticipated completion in 2024, and our Phase 2 program in Aging-related frailty progressing in Japan as well, we look forward to meaningful milestones in the near term and to fully realizing the therapeutic potential of Lomecel-B™,” said Hashad. Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders. This post contains sponsored content. This content is for informational purposes only and not intended to be investing advice. Contact Details Benzinga +1 877-440-9464 info@benzinga.com Company Website http://www.benzinga.com

February 08, 2024 08:45 AM Eastern Standard Time

Cannara Biotech Q1 Results: Revenue, Net Income And Market Share Up, Quarter Also Marks Company’s First Export Sale

Benzinga

By Meg Flippin, Benzinga With the demand for high-quality, affordably priced cannabis growing in Canada, Cannara Biotech Inc.'s (OTCMKTS: LOVFF) investments seem to be paying off. The vertically integrated producer of premium-grade cannabis and derivative product offerings has used investment dollars to produce quality cannabis products and increase the number of growing zones. That has resulted in Montreal-based Cannara Biotech reporting record-setting revenue for its first quarter and forecast even more growth to come in 2024. For the first quarter ending November 30, 2023, Cannara posted net revenue of $19.5 million, an 89% year-over-year increase and net income of $2.1 million, up significantly from $2,954 in the year-ago first quarter. Meanwhile, gross profit before fair value adjustments of $7.9 million was up 98% from the year-ago first quarter and earnings before interest, taxes, depreciation and amortization (EBITDA) of $5.2 million marked a 206% increase. “Our first quarter results are continued solid proof of Cannara's strong financial health and strategic approach to business operations,” Nicholas Sosiak, CFO of Cannara said when reporting quarterly results. ”We have seen impressive sales increases and a steady rise in adjusted EBITDA, net income and cash flow from operations, which sets a strong base for the rest of the year.” Quality Cannabis At An Affordable Price Since launching in 2017, Cannara Biotech has been focused on growing quality cannabis products and bringing them to the masses at an affordable price. The company operates two huge facilities spanning over 1,650,000 square feet in Quebec, where it churns out quality cannabis products en masse using its access to low-priced utilities in the province and lean operational structure to keep costs down. It then passes on those savings to its legions of customers. During the first quarter, the company produced from nine growing zones out of its Valleyfield Facility with a 10th growing zone added in January. All told, the company has increased its total production to about 33,500 kg of cannabis per year. That should be welcome news to its investors given sales of cannabis products in Canada are projected to grow at a CAGR of 13.4% between 2021 and 2030. Underscoring that demand, Cannara said it sold 1.34 million units across its three flagship brands during the first quarter, up 99% from the 675,000 units sold in the same period a year ago. Quarter-over-quarter units sold were up 11%. The variety of its product line is also increasing, which could drive sales further in 2024. During the quarter it increased its total national product portfolio of cannabis products by 60% to 155 SKUs from 97. It is innovating in new categories including infused pre-rolls, milled flower and budget-friendly vapes. Market Share Gains Along with an increase in sales during the quarter were market share gains, a key metric given it’s difficult to stand out in the market thanks to climates that make it hard to grow the product, regulatory hurdles and high start-up costs. In Quebec, Canada’s largest market for cannabis, Cannara is the fourth-largest licensed producer, controlling about 8.7% of the market as of the first quarter. In Ontario, it ranks as the ninth top producer and in Alberta, its market share has increased to 2.3% from 1.2% share in the year-earlier first quarter. In British Columbia, it's making inroads, with market share of just under 1%. The company is still at the beginning of its growth, with only 35% of its production capacity activated, and operates in only five main markets in Canada, resulting in many strategies in Cannara’s toolkit to potentially increase its revenues and market share quarter over quarter. Another milestone for Cannara during the first quarter: it completed its first intentional export sale of cannabis product to Israel. Not only does that showcase its ability to be an exporter, it highlights an additional potential revenue stream for the company. A Bright Future Ahead? Looking out to the remainder of 2024, the company plans to increase production capabilities and sales incentives, roll out new products including new formats, release new strains, increase market penetration and continue to post positive Adjusted EBITDA. It’s confident all of that should position it for solid results this year and beyond. "The first quarter of 2024 has been another significant period for Cannara, with record breaking net revenues of $19.5 million, an 89% increase from the comparative quarter in 2023, and an incredible net income surge,” Zohar Krivorot, President and Chief Executive Officer, said of the first quarter results. “As we build on this momentum in 2024, our roadmap is clear, continued execution with excellence, cost efficiencies and product innovation. This strategic expansion is not just about quantity, it is about deepening our market penetration by enriching our customers’ experience with high-quality products that stand out in the market. With a keen eye on evolving market trends and consumer preferences, we are committed to growing our market presence and product portfolio in a purposeful manner." Featured photo courtesy of Cannara Biotech. Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders. This post contains sponsored content. This content is for informational purposes only and not intended to be investing advice. Contact Details Benzinga +1 877-440-9464 info@benzinga.com Company Website http://www.benzinga.com

February 08, 2024 08:30 AM Eastern Standard Time

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Redx Pharma lands biggest deal to date with sale of KRAS inhibitor programme to Jazz Pharma

Redx Pharma PLC

Redx Pharma PLC CEO Lisa Anson joins Proactive's Stephen Gunnion with details of a landmark partnership with Jazz Pharmaceuticals, marking its largest deal to date. Anson explained the agreement involves the sale of Redx's KRAS programme, a key preclinical discovery initiative targeting genetic mutations driving various cancers. The $10 million upfront deal could potentially be followed by a further $870 million in milestone payments, signifying a major step forward for Redx in cancer research. The KRAS programme focuses on combating hard-to-treat cancers, such as colorectal, lung, and pancreatic cancers, by targeting specific genetic mutations. The partnership aligns with RedX's strategy to balance in-house program development with collaborations that accelerate patient access to new treatments. Anson emphasised the significance of partnerships in advancing their clinical-stage biotech research and development efforts. The deal not only provides immediate financing but also ensures Redx maintains a vested interest in the program's success through potential milestones and mid-single digit royalties on future sales. Looking ahead, RedX anticipates a busy 2024 with several key milestones, including advancing its fibrosis and oncology programs, further demonstrating its commitment to addressing unmet medical needs. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com

February 08, 2024 06:47 AM Eastern Standard Time

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Futura Medical marks pivotal year with first meaningful revenue from Eroxon sales

Futura Medical PLC

Futura Medical PLC CEO James Barder tells Proactive's Stephen Gunnion that 2023 was a pivotal year for the company as it rolled out its innovative sexual health product, Eroxon, designed to treat erectile dysfunction. The over-the-counter availability of Eroxon distinguishes it as a groundbreaking product globally, facilitating easier access for consumers without a prescription. Barder noted the company reported significant achievements in 2023, including revenue of £3.1 million and a strategic expansion into the US market, bolstered by FDA approval and a partnership with leading OTC distributor Halen. This expansion is underscored by successful launches in the UK and Belgium, capturing around a 20% market share. Barder highlighted Futura's virtual organizational model and risk-mitigated marketing strategy through partnerships focusing on advertising and promotional spend. Looking ahead, Futura anticipates further global expansion with more than ten country launches expected by April, surpassing initial forecasts. Additionally, the company's vigilant stance against counterfeit products underscores its commitment to safeguarding brand integrity and consumer trust. With new broker and investor relations appointments, Futura aims to enhance shareholder value and visibility. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com

February 08, 2024 06:31 AM Eastern Standard Time

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Poolbeg Pharma's new VP of Clinical Operations Laura Maher aims to help progress development assets

Poolbeg Pharma PLC

Poolbeg Pharma PLC's newly appointed Vice President of Clinical Operations Laura Maher joined Proactive's Stephen Gunnion to discuss her role at the company. Maher detailed her responsibilities at Poolbeg, emphasising her leadership in developing and managing clinical programs. She highlighted the importance of collaborations, both internally and with external service providers, to ensure the acquisition of quality data. Maher's significant achievements at Amryt include her pivotal role in the development and approval of Filsuvez, a treatment for Epidermolysis Bullosa (EB). She oversaw the largest-ever EB trial, leading to EMA approval in June 2022, marking it as the world’s first approved treatment for EB. Despite initial FDA rejection, her perseverance led to eventual FDA approval in December 2023. Her extensive background in clinical research and operations, beginning with a research master's degree and experience in various roles across academia and small pharmaceutical companies, informs her approach at Poolbeg. Maher expressed her enthusiasm for working in a dynamic environment like Poolbeg, particularly excited about their cancer immunotherapy and cytokine release syndrome projects. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com

February 08, 2024 06:27 AM Eastern Standard Time

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