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Wednesday, April 15, 2020

Y-mAbs in-licenses novel antibody technology for use in cancer

Y-mAbs Therapeutics (YMAB -3.4%) inks an agreement with Memorial Sloan Kettering Cancer Center (MSK) and Massachusetts Institute of Technology securing exclusive global rights to develop and commercialize antibody constructs based on the SADA-BiDE (2-step Self-Assembly and DisAssembly-Bispecific DOTA-Engaging antibody system) Pre-targeted Radioimmunotherapy Platform developed at MSK.
The SADA technology uses a targeted payload delivery method whereby antibody constructs assemble in large molecules called tetramers that bind to tumor cells. A second infusion of a radioactive payload binds to the constructs to radiate the tumor.
Financial terms are not disclosed.
https://seekingalpha.com/news/3560895-y-mabs-in-licenses-novel-antibody-technology-for-use-in-cancer

Abbott launches third COVID-19 test

Demonstrating why it has a dominant position in clinical diagnostics, Abbott (NYSE:ABT) has launched its third COVID-19 test, this time a blood test that detects IgG antibodies to SARS-CoV-2 that is performed on automated instruments.
It expects to ship 1M tests this week and 4M in April. It expects to supply enough product to screen as many as 20M samples by June.
Its lab-based molecular test and its rapid point-of-care test, both detecting the virus itself, are already in use.
https://seekingalpha.com/news/3560863-abbott-launches-third-covidminus-19-test

Hospital operators getting crushed – Tenet lays off 10% of staff

“Virtually all regular operations have come to a halt … Causing major cash flow concerns that the threaten the viability of hospitals,” said the American Hospital Association earlier this month. Indeed.
Tenet (NYSE:THC) operates 65 hospitals and 500 other healthcare facilities,, including ambulatory surgery centers. Those furloughed include administrative and corporate office staff, as well as healthcare workers involved in elective procedures.
“While we are concerned for the COVID-19 patients we are caring for across our system, we are equally concerned for our other patients who must now wait to receive medically necessary procedures,” says CEO Ron Rittenmeyer in a letter to employees.
Shares are down 3% premarket.
In other chilling news, Quest Diagnostics earlier this week laid off about 9% of its workforce, noting a sharp drop in testing despite having performed nearly 1M tests for coronavirus.
Related players: Community Health (NYSE:CYH), HCA Health (NYSE:HCA), Universal Health (NYSE:UHS).
https://seekingalpha.com/news/3560854-hospital-operators-getting-crushed-tenet-lays-off-10-of-staff

Gilead slips on suspension of second remdesivir study in China

Gilead Sciences (NASDAQ:GILD) slips 3% premarket on modest volume on reports that the second study of remdesivir in China, the one in mild-to-moderately ill COVID-19 patients, has been suspended.
The trial in severely ill patients was terminated earlier due to low enrollment.
Update: The second study was also suspended for low enrollment. RBC’s Brian Abrahams believes that preliminary results were probably inconclusive since a relatively high number of patients (n=237) had been enrolled, adding that the probability that remdesivir shows substantial efficacy in COVID-19 is a coin toss.
https://seekingalpha.com/news/3560849-gilead-slips-on-suspension-of-second-remdesivir-study-in-china

Germany to extend coronavirus lockdown until May 3 with some easing

Germany will consider relaxing restrictions next week on shops introduced last month to slow the spread of the coronavirus but extend limits on movement until May 3, several participants in talks between regional and central government said on Wednesday.
Chancellor Angela Merkel is to hold talks with state premiers of Germany’s 16 states from 2 p.m. (1200 GMT) to agree whether and how to loosen some of the restrictions given some improvement in the situation.
Among the issues under discussion are when schools, shops and factories may re-open, the option of making people wear protective face masks in public and the merits of a mobile phone app to help trace new cases.
Merkel’s cabinet has already decided to extend border controls to Austria, Switzerland, France, Luxembourg and Denmark by 20 days to early May, an Interior Ministry spokesman said.
With several EU countries now trying different ways to ease their restrictions, the European Commission is urging member states to coordinate their efforts, warning that failure to do so could result in new spikes in cases.
Infectious disease experts say that four weeks of keeping schools, factories and shops shut has brought progress but warn that the epidemic is not yet contained and there is a long way to go before normal life resumes in Europe’s biggest economy.
Companies and politicians are also worried about the economic impact of a long shutdown although the government has tried to cushion the blow with a range of measures, including a 750-billion-euro ($822.23 billion) stimulus package.
The Economy Ministry said Germany entered a recession in March and the slowdown is likely to continue until the middle of the year.
“Collapsing global demand, interruption of supply chains, changes in consumer behaviour and uncertainty among investors are having massive impact on Germany,” it said.
It said even if social distancing measures were eased, economic activity would continue to be very subdued and would only pick up gradually.
Some 725,000 companies in Germany had applied for short-time work by April 13, the Labour Office said on Wednesday, a roughly 12% rise from the previous week, said the Labour Office.

Short-time work is a form of state aid that allows employers to switch employees to shorter working hours during an economic downturn to keep them on the payroll. It has been widely used by industry, including Germany’s car sector.
Germany’s confirmed coronavirus cases have risen by 2,486 to 127,584, said the Robert Koch Institute (RKI) for infectious diseases earlier, with a reported death toll of 3,254 people.
https://www.reuters.com/article/us-health-coronavirus-germany/germany-to-extend-coronavirus-lockdown-until-may-3-with-some-easing-sources-idUSKCN21X0X6

Spain’s daily death toll slips to 523, coronavirus testing ramping up

The daily number of deaths from the coronavirus in Spain fell slightly on Wednesday to 523 from 567 the previous day, the health ministry said, as the country was ramping up testing that could allow it to further ease tough restrictions.
With the total number of fatalities at 18,579, Spain remains one of the world’s worst-affected countries, with only the United States and Italy recording higher death tolls. But there is growing evidence the government is managing to flatten the curve on deaths and infections.
The official tally of cases rose to 177,633 on Wednesday from 172,541 the day before, the ministry said.
Prime Minister Pedro Sanchez said efforts were under way to ramp up testing, to get a tighter grip on the spread of the disease and build a strategy for emerging from a lockdown that has kept most Spaniards confined to their homes since mid-March.
The loosening of restrictions began this week as some non-essential businesses were allowed to resume work.
“A group of institutions is making efforts to increase the number of tests. The number of tests made in Spain is rising,” Sanchez told a near-empty parliament.

“Spain is already one of the countries making the most daily tests. More than 20,000, and we are increasing the number.”
For lockdown restrictions to be lifted, officials say testing has to be widened to find carriers who may have mild or no symptoms.
The government said last week it would carry out mass rapid antibody tests, with 60,000 randomly chosen people to be tested over three weeks to gauge the spread of the virus. Governments have touted such tests as a way to determine if people have developed immunity through exposure to the coronavirus.
https://www.reuters.com/article/us-health-coronavirus-spain/spains-daily-death-toll-slips-to-523-coronavirus-testing-ramping-up-idUSKCN21X15J

NYC posts sharp spike in coronavirus deaths after untested victims added

New York City, the hardest hit U.S. city in the coronavirus pandemic, revised its official COVID-19 death toll sharply higher to more than 10,000 on Tuesday, to include victims presumed to have perished from the lung disease but never tested.
The new cumulative figure for “confirmed and probable COVID-19 deaths” released by the New York City Health Department marked a staggering increase of over 3,700 deaths formally attributed to the highly contagious illness since March 11.
The 60 percent spike in reported deaths underscored the enormous losses endured in the nation’s most populous city, where the sounds of wailing sirens have echoed almost non-stop through largely empty streets for weeks.
The city’s revised count, 10,367 in all, raised the number of coronavirus deaths nationwide to more than 28,300 – New York accounting for the biggest share of deaths.
With only a tiny fraction of the U.S. population tested for coronavirus, the number of known infections climbed to more than 600,000 as of Tuesday, according to a running Reuters tally.
U.S. public health authorities have generally only attributed deaths to COVID-19, the respiratory disease caused by the novel coronavirus, when patients tested positive for the virus.
New York City’s Health Department said it will now also count any fatality deemed a “probable” coronavirus death, defined as a victim whose “death certificate lists as a cause of death ‘COVID-19’ or an equivalent.”
March 11 was used as the starting point because that was the date of the first confirmed coronavirus death, the city said.
“Behind every death is a friend, a family member, a loved on,” said Health Commissioner Dr. Oxiris Barbot. “We are focused on ensuring that every New Yorker who died because of COVID-19 gets counted.”
The new approach in New York City could pave the way for similar policies elsewhere across the country, possibly leading to a surge in reported U.S. coronavirus mortality.
Even before Tuesday’s revision in New York City, the number of new U.S. deaths on Tuesday had reached at least 2,228, the highest toll yet in a single 24-hour period.

‘NOT A COMFORTABLE PLACE’

Louisiana, another coronavirus hot spot, and California also reported record daily spikes in deaths on Tuesday, despite tentative signs across the country in recent days the outbreak was beginning to ebb.
New York Governor Andrew Cuomo, whose state’s healthcare network was strained to breaking point by a wave of COVID-19 hospitalizations, had said on Monday it appeared “the worst is over.”
Health officials have cautioned that death figures are a lagging indicator of the outbreak, coming after the most severely ill patients fall sick, and do not mean stay-at-home restrictions are failing to curb transmissions.
New York state and some other hard-hit areas continue to report sharp decreases in hospitalizations and numbers of patients on ventilators, although front-line healthcare workers and resources remained under extraordinary stress.
“The plateau is not a very comfortable place to live,” David Reich, president of New York’s Mount Sinai Hospital, said in a telephone interview. “So I don’t think people should be celebrating prematurely.”
That cautious note was also sounded by President Donald Trump’s top infectious disease adviser, Dr. Anthony Fauci, who said Trump’s May 1 target for restarting the economy was “overly optimistic”.

Fauci, echoing many governors, said in an Associated Press interview that health officials must first be able to test for the virus quickly, isolate new cases and track down new infections.
At his daily White House briefing later in the day, Trump said he was close to completing a plan for ending America’s coronavirus shutdown, which has thrown millions out of work, and may forge ahead with restarting the battered U.S. economy in some parts of the country even before May 1.
The president took renewed aim at the World Health Organization at the briefing, saying he has instructed his administration to halt U.S. funding to the Geneva-based institution over its handling of the pandemic.

MUTINY ON THE BOUNTY

Trump, a Republican who before the outbreak touted a vibrant economy as a pillar of his Nov. 3 re-election bid, earlier lashed out at Democratic state governors, after Cuomo said he would refuse any presidential order to reopen the economy too soon.
“Tell the Democrat Governors that ‘Mutiny On The Bounty’ was one of my all time favorite movies,” Trump wrote on Twitter on Tuesday, referring to a classic film about an 18th-century rebellion against the commanding officer of a British naval vessel.
But Trump toned down his remarks at the White House briefing saying he would “authorize” governors – despite doubts from some experts that the presidency has such powers – to implement plans in their states at the appropriate time.
Cuomo, a Democrat, and governors of six other northeastern states have announced they are coordinating on a regional plan to gradually lift restrictions. The governors of California, Oregon and Washington formed a similar West Coast regional pact.
California Governor Gavin Newsom and Oregon Governor Kate Brown, both Democrats, on Tuesday offered frameworks for eventually restarting public life and business in their states.
Some Republicans, including the governors of Ohio, Maryland and New Hampshire, also said states have the right to decide when and how to reopen.
https://www.reuters.com/article/us-health-coronavirus-usa/new-york-city-posts-sharp-spike-in-coronavirus-deaths-after-untested-victims-added-idUSKCN21W20G