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Monday, March 9, 2020

NY AG orders Bakker to stop ads for ‘Silver Solution’ as Covad-19 therapy

As New York Gov. Andrew Cuomo declares a state of emergency amid a spike in coronavirus cases, the state’s attorney general, Letitia James, is going after a Chrisitan televangelist for “false advertising.”
A guest of The Jim Bakker Show on Feb. 12, Sherrill Sellman, was asked if the “Silver Solution,” sold for $125 on his website, would be effective against the coronavirus.
“Let’s say it hasn’t been tested on this strain of the coronavirus,” Sellman, a naturopathic doctor, is quoted as saying, “but it’s been tested on other trains of the coronavirus and has been able to eliminate it within 12 hours.”

Lisa Landau sent a “cease and desist” letter to Bakker, who has previously served jail time for federal fraud and conspiracy charges in the 90s, on March 3 giving him 10 business days to comply or possibly face a fine of $5,000 per violation.
“Your show’s segment may mislead consumers as to the effectiveness of the Silver Solution product in protecting against the current outbreak,” Landau wrote.

The World Health Organization said there is no known FDA approved medicine or vaccine able to prevent or treat COVID-19 at this time.
“As we experience more cases of coronavirus, it is imperative that New Yorkers remain calm, but stay vigilant,” the attorney general said in a statement.
“In addition to being mindful about our health, we must also beware of unscrupulous actors who attempt to take advantage of this fear and anxiety to scam or deceive consumers. I encourage anyone who believes they are the victim of a scam or predatory action to contact my office and file a complaint,” she added.

Bakker served five years of a 45-year sentence for stealing millions from his ministry, The Praise the Lord Club.  He was also accused of raping Jessica Hahn, a church’s secretary, in the 1980s. Bakker testified that he had been set up, arguing that sex with Hahn was consensual.
https://www.foxnews.com/us/new-york-televangelist-jim-bakker-silver-solution-coronavirus

Citron warns on COVID-19 play Inovio

As if informed investors need any additional words of warning on high-risk companies caught up in the coronavirus frenzy, Citron Research tweeted this morning about the dubious claims made by Inovio Pharmaceuticals (INO +10.6%), up eight-fold since early October 2019, that it designed a COVID-19 vaccine in three hours after receiving the genetic sequence of the SARS-CoV-2 virus. Citron regards its claim as “ludicrous” and “dangerous,” adding that the SEC should suspend trading in the company’s shares.
Unsurprisingly, Citron believes the stock will promptly return to the $2-range after the market’s animal spirits subside.
Informed investors also know that Inovio is not alone here.
https://seekingalpha.com/news/3549774-citron-warns-on-covidminus-19-play-inovio-pharmaceuticals

Mylan, Biocon: FDA Accepts BLA for Proposed Avastin Biosimilar

Mylan N.V. and Biocon Ltd. on Monday said the U.S. Food and Drug Administration accepted Mylan’s biologics license application for MYL-1402O, a proposed biosimilar to Genentech’s cancer drug Avastin, in several forms of cancer.
The companies said the agency set a target action date of Dec. 27 for the application.
U.K.-based Mylan and India’s Biocon, which are exclusive partners on a broad portfolio of biosimilar and insulin products, said MYL-1402O, if approved, would be the third biosimilar from the partnered portfolio for cancer patients in the U.S.
Biosimilar products are the generic equivalents of biologic drugs, which are created from living cells.
The companies said the application seeks approval of MYL-1402O for first-line and second-line treatment of patients with metastatic colorectal cancer in combination with fluorouracil-based chemotherapy; first-line use for patients with non-squamous non-small cell lung cancer; recurrent glioblastoma; metastatic renal cell carcinoma in combination with interferon alfa; and persistent, recurrent or metastatic cervical cancer.
Genentech is a unit of Roche Holding AG.
https://www.marketscreener.com/MYLAN-N-V-21077045/news/Mylan-Biocon-FDA-Accepts-BLA-for-Proposed-Avastin-Biosimilar-30130372/

AbbVie: Can’t Confirm Reports About Efficacy Of Drug In Treating Coronavirus

AbbVie Inc. said it can’t confirm reports about the efficacy of one of its therapies in treating people with the coronavirus.
Media reports in China have said that an AbbVie drug designed for HIV patients is effective in treating Covid-19, the disease that the coronavirus cases, AbbVie said Monday.
“AbbVie does not have access to Chinese clinical information and therefore cannot confirm its accuracy,” the company said.
The drug, marketed as Kaletra or Aluvia, contains two protease inhibitors, lopinavir and ritonavir, according to the company.
AbbVie said it had supplied Kaletra or Aluvia as an experimental option to treat people with the coronavirus to multiple countries and has seen higher demand for the drug. The Chinese government was among the recipients of Aluvia.
“While helping respond to the Covid-19 crisis is a high priority, the company is committed to protecting the supply of Kaletra/Aluvia for HIV patients,” AbbVie said.
Share of North Chicago, Ill.-based AbbVie fell 6.2% premarket.

https://www.marketscreener.com/ABBVIE-INC-12136589/news/AbbVie-Says-It-Can-t-Confirm-Reports-About-Efficacy-Of-Drug-In-Treating-Coronavirus-30130937/

Opko Health ‘obvious’ coronavirus pump – Hindenburg

In a tweet, Hindenburg Research calls OPKO Health (OPK +1.7%) an “obvious” coronavirus pump citing the stock fraud troubles of Chairman & CEO Philip Frost.
Last week, shares rallied after the company announced that subsidiary BioReference Laboratories will launch a COVID-19 testing service this week (all major reference labs are doing the same which will favor LabCorp and Quest due to their large footprints).
Shares were down over 11% intraday before recovering.
https://seekingalpha.com/news/3549809-opko-health-obvious-coronavirus-pump-hindenburg

ViiV Healthcare re-ups with UNC-Chapel Hill

ViiV Healthcare has renewed its research agreement, aimed at finding a cure for HIV infection, with the University of North Carolina – Chapel Hill to the tune of $20M over five years. The parties have been working together since 2015.
Under the terms of the extended contract, the companies will continue to collaborate at the HIV Cure Center located on the university’s campus and will continue their joint ownership of Qura Therapeutics, created in 2015, to manage the intellectual property, commercialization, manufacturing and governance needs of the partnership.
ViiV Healthcare is the HIV-focused joint venture between GlaxoSmithKline (GSK -2.4%), Pfizer (PFE -3.1%) and Shionogi (OTCPK:SGIOY -3.5%).
https://seekingalpha.com/news/3549783-viiv-healthcare-re-ups-unc-chapel-hill

Vertex backs 2020 forecast

Vertex Pharmaceuticals (VRTX -4.3%) says the COVID-19 outbreak has not negatively impacted its supply chain or 2020 outlook, adding that has safety stock to account for potential disruptions and has secured second-source suppliers in a range of geographies.
2020 guidance issued on January 30: Product sales: $5.1B – 5.3B.
https://seekingalpha.com/news/3549787-vertex-backs-2020-forecast