Business Digest for June 5
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May revenue collections in Massachusetts plunge
Massachusetts Department of Revenue Commissioner Geoffrey Snyder this week announced that preliminary revenue collections for May totaled $1.738 billion, which is $320 million or 15.6% less than benchmark, and $262 million or 13.1% less than the actual collections in May 2019. For the fiscal year-to-date through May, revenue collections totaled $24.782 billion, $1.726 billion or 6.5% less than the same fiscal year-to-date period in 2019, and $2.253 billion or 8.3% less than the year-to-date benchmark. Earlier this year, the April deadline for some major tax payment categories was extended until July. This will continue to affect tax collections through the remainder of the fiscal year. “Most major categories of revenue were down in May except withholding. Shortfalls in income return payments, sales and use tax, corporate and business taxes, and ‘all other’ taxes were partly offset by surplus in withholding, which was impacted by withholding on unemployment insurance benefits,” said Snyder. “COVID-19 and the associated return filing and payment deadline extensions have significantly affected May revenues, and we will continue to closely monitor revenue collections for the remainder of the fiscal year.”
ReWalk finalizes pacts for two rehab product lines
ReWalk Robotics Ltd., a manufacturer of robotic medical devices for individuals with lower limb disabilities, has finalized and moved to implement two separate agreements to distribute additional product lines in the United States market. Upon commencement of the effective periods of these agreements, the company will be the exclusive distributor of the MediTouch Tutor movement biofeedback systems in the United States, and will also have distribution rights for the MYOLYN MyoCycle Functional Electrical Stimulation cycles to U.S. rehabilitation clinics and personal sales through the U.S. Department of Veterans Affairs hospitals. The company previously discussed these agreements on its Q1 earnings call and is providing more detail at this time as it plans to implement them. The companies are currently preparing to train ReWalk’s field teams on these devices and expect to launch commercial activities in July 2020. ReWalk has headquarters in Marlborough, Israel and Germany. For more information, visit www.rewalk.com.
State reopens agency-managed golf courses
The Department of Conservation and Recreation (DCR) has reopened Ponkapoag Golf Course in Canton and Leo J. Martin Memorial Golf Course in Weston for the public to utilize. Importantly, the facilities will have several new measures in place that will aid users with social distancing and reduce the spread of the COVID-19 virus. At this time, golfing will only be allowed for in-state residents, which will be determined by vehicle license plate. The agency has installed new Pay & Display Machines at both golf facilities, enabling users to make payment outside of the clubhouse. The opportunity to reserve tee times will be done by phone and in advance only. Tee times will be scheduled in 18-minute intervals with season ticket holders able to reserve a time three days in advance and general public users two days in advance. Additionally, DCR has placed signs throughout the facilities to remind users of new rules that have been put in place. For more information, visit https://www.mass.gov/doc/dcr-golf-interim-covid-19-pandemic-operating-guidelines.
Allena announces $15M registered direct offering
Allena Pharmaceuticals Inc., a Newton-based late-stage, biopharmaceutical company dedicated to developing and commercializing first-in-class, oral enzyme therapeutics to treat patients with rare and severe metabolic and kidney disorders, this week announced that it has entered into definitive agreements with several institutional and accredited investors for the purchase and sale of 7,317,074 shares of the company’s common stock, at a purchase price of $2.05 per share, in a registered direct offering priced at-the-market under Nasdaq rules. The closing of the offering is expected to occur on or about June 5, subject to the satisfaction of customary closing conditions. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. The gross proceeds to the company from this offering are expected to be approximately $15 million, before deducting the placement agent’s fees and other offering expenses payable by the company. The company intends to use the net proceeds from this offering for general working capital purposes. For more information, visit www.allenapharma.com.