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VOL. 46 | NO. 11 | Friday, March 18, 2022

Cryoport authorizes repurchase plan

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Cryoport, Inc., a temperature-controlled supply chain solution company for the life sciences industry headquartered in Nashville, has announced its board of directors has unanimously authorized a repurchase program, under which Cryoport may repurchase up to $100 million of its outstanding common stock and/or convertible senior notes.

The repurchase program will expire Dec. 31, 2025, and may be extended, suspended, modified or discontinued at any time. The company does not expect to incur debt to fund the repurchase program.

Jerrell Shelton, Cryoport CEO, says, “The authorization of the repurchase program reflects our constant focus on shareholder return and effective capital allocation. The authorization of this repurchase program demonstrates the Board’s confidence in our business model and outlook, our financial performance, and our commitment to delivering value to our stakeholders. We plan to opportunistically repurchase shares of our common stock and convertible senior notes, while maintaining ample liquidity to support our growth organically and through potential acquisitions.”

Ascension Saint Thomas joins Nashville Yards

Ascension Saint Thomas has entered into a strategic agreement with Southwest Value Partners and AEG, joint venture partners and co-developers of the Nashville Yards entertainment district and music venue, to become a Founding Partner of the 18-acre Nashville Yards.

Ascension will also have the exclusive naming rights for the project’s open plaza and green space, to be known as Ascension Saint Thomas Landing. As part of the multi-year agreement, brokered by AEG Global Partnerships, Ascension Saint Thomas will serve as the development’s official health care partner.

As a Founding Partner, a premium and category exclusive designation, Ascension Saint Thomas will be prominently featured at Nashville Yards with custom brand integration across the development. This will include year-round exposure within the development’s signage network and messaging within Nashville Yards’ mobile app and digital channels.

The agreement will also expand the health system’s footprint into downtown Nashville with a forthcoming on-site clinic within the development’s retail footprint. Ascension Saint Thomas and Nashville Yards will work collaboratively on new initiatives that promote positive health outcomes, encourage overall healthy living, and increase access to quality health care to meet the needs of the rapidly growing community.

Ascension Saint Thomas Landing is a major cornerstone of the partnership and will provide the leading health system with a significant opportunity to introduce millions of people to various health and wellness events.

Hecho Tequila Soda, Predators partner

Hecho Tequila Soda, a premium 100% Tequila RTD has entered into a partnership agreement with the Nashville Predators and Bridgestone Arena.

The deal will prove to be extremely beneficial for Hecho Tequila Soda as it continues to build the brand in one of the top destination cities in the U.S.

The partnership also hits home for Hecho CEO and founder Zack Lister, who partnered with Predators forward Matt Duchene, a two-time NHL All-Star and Canadian Olympic hockey gold medalist who joined the company as an investor two years ago.

“Matt has been an unbelievable supporter of the brand and we are excited that we will now have the Hecho brand on display at one of the most prominent sports and entertainment venues in the world,” Lister says. “Teaming up with the Nashville Predators and Bridgestone Arena is the perfect fit to highlight our brand.”

Nashville No. 4 on best of South list

Southern Living has announced the winners of its sixth annual South’s Best Awards, recognizing Nashville and Gatlinburg.

This year’s survey results reveal the best Southern cities, small towns, family getaways, resorts, state parks, scenic drives, barbecue joints, bakeries, breweries and cities on the rise.

This year’s awards also recognize the individuals and leaders of Mayfield, Kentucky, as “Southerners of the Year.” The story salutes their efforts to help their community rebuild after a tornado devastated their home late last year.

Nashville was named No. 2 in the South’s Best Cities Overall behind Charleston, South Carolina.

Gatlinburg was named the South’s best mountain town.

Hattie’s Hot Chicken in Nashville was listed a a local favorite, and Nashville’s Peg Leg Porker was named the state’s best barbecue.

Results appear in the April issue.

Revance resubmits license for drug

Nashvillle’s Revance Therapeutics, Inc., has resubmitted its Biologics License Application to the U.S. Food and Drug Administration for DaxibotulinumtoxinA for injection for the treatment of moderate to severe glabellar (frown) lines in response to a request issued by the FDA in October.

Revance is a biotechnology company focused on innovative aesthetic and therapeutic offerings.

The resubmission follows the company’s Type A meeting in December 2021 and the subsequent completion of the production of three consecutive drug substance lots and one drug product lot as part of the qualification of a new working cell bank, which was required by the FDA to address the outstanding observations related to the WCB and the drug substance manufacturing process.

Revance is also evaluating DaxibotulinumtoxinA for Injection in adult upper limb spasticity.

Sentral SoBro open for leasing

Sentral SoBro, Nashville’s newest flexible-living community within the Sentral brand, is now available to lease.

The nearly 300-unit community is the latest in Sentral’s growing network of urban residential properties, offering spacious accommodations, premium amenities, adaptable workspaces and Sentral-curated local cultural experiences and events in 12 stories and 226,427 square feet.

In 2021, 45% of full-time U.S. employees worked from home either all or part of the time, a recent Gallup study reports. Sentral’s platform allows residents and guests to customize their living experience to match their evolving lifestyle, offering any length of stay, including a night, month, quarter or for multiple years.

Sentral SoBro is the company’s 11th community. Others are in Atlanta, Austin, Chicago, Denver, Los Angeles, Miami, Nashville and Seattle.

Montecito buys California property

Nashville’s Montecito Medical, an owner of medical office properties throughout the U.S., has completed the acquisition of a medical office building in Redding, California, that is home to the Shasta Orthopaedics.

The property, which offers approximately 41,200 rentable square feet of space, is fully leased.

“This acquisition not only involves a prime real estate asset but also enables us to form a long-term relationship with an outstanding provider group that dominates the regional market in a key specialty,” says Brian Brown, senior vice president of acquisitions at Montecito Medical.

Physicians at the property provide an array of orthopedic services including advanced diagnostics, surgery, imaging, physical medicine, sports medicine and rehabilitation. The complex includes a bone clinic that screens patients for risk factors related to osteoporosis, along with a physical therapy center that also offers occupational therapy and sports performance and personal training services.

Nashville joins Living Cities expansion

Living Cities announced an expansion of its Closing the Gaps Network, its signature initiative with city governments to eliminate racial disparities in income and wealth.

Nashville is part of the network along with 20 other U.S. cities that have made a commitment to transform government policies, practices, and operations to create economic activity that benefits all residents of their cities. Memphis is also a member.

The Closing the Gaps Network is supported by Living Cities’ members, which are some of the world’s largest foundations and financial institutions. The Citi Foundation and the Wells Fargo Foundation are founding supporters of the Network.

Closing the Gaps Network participants share a vision for what a racially equitable, just, and prosperous society can look like. They have previously worked on initiatives focused on closing racial income and wealth gaps such as inclusive procurement, guaranteed income payments and sales taxes that support inclusive economic development. As members of the Network, they have access to cross-city learning opportunities as well as technical assistance providers, facilitators, resources, and connections to other networks of practitioners working to create equitable impact.

In this next phase, members of the Network will design equitable strategies to support the closing of income and wealth gaps in their cities. This will include establishing interventions that support the increase of homeownership rates among people of color, as well as entrepreneurship rates.

VUMC makes supply chain Best 50

Vanderbilt University Medical Center has been recognized as of the Best 50 supply chains by Global Healthcare Exchange.

The annual list takes note of the highest performing health care provider organizations in North America.

Honored for their work in improving operational performance while driving down costs through supply chain automation, the Best 50 honorees stand out among North America’s premier hospitals for setting the standard for supply chain excellence.

“These leaders know that to achieve operational efficiency, cost-effectiveness and improve patient care, it’s critical to fortify the supply chain through automation,” says Bruce Johnson, president and CEO, GHX. “And this has never been more important.

“Organizations such as the Best 50 are leading health care toward a more value-driven future. In the face of continuing personnel shortages, they realize more efficient supply chain operations can help relieve over-burdened staff while combating financial and operational pressures.”

Selected among more than 4,100 hospitals connected to the GHX digital trading network in the U.S. and Canada, the Best 50 winners scored highest in critical areas including maximizing automation, increasing Exchange utilization and trading partner connections during the 2021 calendar year.

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