The U.S. unemployment rate unexpectedly fell in May and layoffs
abated, the Labor Department said on Friday in a report that showed the
latest signs the economic downturn caused by the COVID-19 pandemic was
bottoming.
The Labor Department’s closely watched monthly employment report
showed the jobless rate dropped to 13.3% last month from 14.7% in April.
Nonfarm payrolls rose by 2.509 million jobs after a record plunge of
20.687 million in April.
Economists polled by Reuters had forecast the jobless rate jumping to
19.8% in May from 14.7% in April. Nonfarm payrolls for May had been
expected to fall by 8 million jobs.
The jobs market improved considerably in the second half of May as
businesses reopened after shuttering in mid-March to slow the spread of
COVID-19. Consumer confidence, manufacturing and services industries are
also stabilizing, though at low levels, signs the worst was over.
https://www.marketscreener.com/news/U-S-unemployment-rate-unexpectedly-falls-in-May–30725987/
Friday, June 5, 2020
Novavax scores defense funding for COVID-19 vaccine
While Novavax (NASDAQ:NVAX) missed out on the Trump administration’s Warp Speed initiative, the biotech is getting $60M to fund the manufacturing of its experimental COVID-19 vaccine from the U.S. Defense Department.
The deal includes the delivery of 10M doses of its vaccine – NVX-CoV2373 – to the DoD this year.
https://seekingalpha.com/news/3580671-novavax-scores-defense-funding-for-covidminus-19-vaccine
Applied Molecular prices IPO at $14
Applied Molecular Transport (AMTI) has priced its IPO of 11M common shares at $14.00/share, for expected gross proceeds of $154M.
Underwriters’ over-allotment is an additional 1.65M shares.
Trading kicks off today.
Closing date is June 9.
https://seekingalpha.com/news/3580677-applied-molecular-prices-ipo-14Abiomed on go with study of new heart pump
The FDA has signed off on the first in-human study of Abiomed’s (NASDAQ:ABMD) 9 French Impella ECP heart pump in high-risk percutaneous coronary intervention (PCI) patients.
The company says the device, designed for short-term mechanical circulatory support, is the world’s smallest heart pump.
https://seekingalpha.com/news/3580717-abiomed-on-go-study-of-new-heart-pumpMacroGenics’ margetuximab an Orphan Drug in U.S. for gastric cancer
The FDA has granted Orphan Drug Designation to MacroGenics’ (NASDAQ:MGNX)
margetuximab, an investigational, Fc-engineered monoclonal antibody
targeting HER2 for the treatment of gastric and gastroesophageal
junction cancer.
Among the benefits of Orphan Drug status in the
U.S. is a seven-year period of market exclusivity for the indication, if
approved.
https://seekingalpha.com/news/3580728-macrogenics-margetuximab-orphan-drug-in-u-s-for-gastric-cancer
AbbVie to develop antibody therapy for COVID-19
AbbVie (NYSE:ABBV), Harbour BioMed (HBM), Utrecht University (UU) and Erasmus Medical Center (EMC) have entered into a collaboration to develop a novel antibody therapeutic to prevent and treat COVID-19.
The focus will be on advancing the fully human,
neutralizing antibody 47D11 discovered by UU, EMC and HBM. This antibody
targets the conserved domain of the spike protein of SARS-CoV-2.
Under the terms of the collaboration, AbbVie will
support through the preclinical activities and preparations for
later-stage preclinical and clinical development work.
AbbVie will receive an option for the exclusive worldwide rights to license the antibody therapy.
https://seekingalpha.com/news/3580690-abbvie-to-develop-antibody-therapy-for-covidminus-19Thursday, June 4, 2020
Top world docs head-to-head over claims coronavirus ‘no longer exists clinically’
- Dr Alberto Zangrillo, the head of intensive care at the San Raffaele hospital in Milan in Lombardy (the epicenter of Italy’s coronavirus outbreak), caused a stir on Sunday by telling Italian media that a study by his colleague had shown that the virus was losing its potency.
- Zangrillo, who is well-known for being the personal doctor of Italy’s former President Silvio Berlusconi.
- WHO said the coronavirus is still a “killer virus”
A very public dispute has broken out between some of Italy’s, and the
world’s, most high-profile doctors after one expert claimed the
coronavirus “no longer exists clinically.”
Dr. Alberto Zangrillo, the head of intensive care at the San Raffaele hospital in Milan in Lombardy (the epicenter of Italy’s coronavirus outbreak), caused a stir on Sunday by telling Italian media that a study by his colleague had shown that the virus was losing its potency.
Zangrillo, who is well-known for being the personal doctor of Italy’s
former Prime Minister Silvio Berlusconi, said the study showed the
virus was weakening and that, “in reality, from the clinical point of
view, the virus no longer exists.”
“The swabs that were performed over the last 10 days showed a viral load in quantitative terms that was absolutely infinitesimal compared to the ones carried out on patients a month or two ago,” he told RAI television Sunday, citing a study from Massimo Clementi, director of the Microbiology and Virology Laboratory at the San Raffaele hospital, that is reportedly due to be published shortly.
Dr. Alberto Zangrillo, the head of intensive care at the San Raffaele hospital in Milan in Lombardy (the epicenter of Italy’s coronavirus outbreak), caused a stir on Sunday by telling Italian media that a study by his colleague had shown that the virus was losing its potency.
“The swabs that were performed over the last 10 days showed a viral load in quantitative terms that was absolutely infinitesimal compared to the ones carried out on patients a month or two ago,” he told RAI television Sunday, citing a study from Massimo Clementi, director of the Microbiology and Virology Laboratory at the San Raffaele hospital, that is reportedly due to be published shortly.
The comments prompted a swift rebuke from Franco Locatelli, the head
of Italy’s top health advisory body, the supreme health council.
“I can only express great surprise and absolute bewilderment for the statements made by Professor Zangrillo. Just look at the number of new cases confirmed every day to have evidence of the persistent circulation of the virus in Italy,” Italian news agency ANSA reported Monday.
The controversy over the comments comes at a delicate time for Italy, where Europe’s coronavirus outbreak was first detected back in February. Lockdown measures are being lifted throughout the country with much of public life reopened. On Wednesday, inter-regional travel will be allowed to resume. To date, Italy has reported 233,197 confirmed cases of the virus and 33,475 deaths. Globally, the virus has infected more than 6.2 million people and at least 375,000 people have died, according to Johns Hopkins University.
“I can only express great surprise and absolute bewilderment for the statements made by Professor Zangrillo. Just look at the number of new cases confirmed every day to have evidence of the persistent circulation of the virus in Italy,” Italian news agency ANSA reported Monday.
The controversy over the comments comes at a delicate time for Italy, where Europe’s coronavirus outbreak was first detected back in February. Lockdown measures are being lifted throughout the country with much of public life reopened. On Wednesday, inter-regional travel will be allowed to resume. To date, Italy has reported 233,197 confirmed cases of the virus and 33,475 deaths. Globally, the virus has infected more than 6.2 million people and at least 375,000 people have died, according to Johns Hopkins University.
The government waded in to the argument on Monday, with one official
stating that Zangrillo’s comments were dangerous at a time when caution
is crucial.
“Pending scientific evidence to support the thesis that the virus has disappeared … I would invite those who say they are sure of it not to confuse Italians,” Sandra Zampa, an undersecretary at the health ministry, said in a statement, Reuters reported.
“When we are about to open travel between regions and return to a life as normal as possible … we must invite the Italians to be extremely careful,” she said.
“Pending scientific evidence to support the thesis that the virus has disappeared … I would invite those who say they are sure of it not to confuse Italians,” Sandra Zampa, an undersecretary at the health ministry, said in a statement, Reuters reported.
“When we are about to open travel between regions and return to a life as normal as possible … we must invite the Italians to be extremely careful,” she said.
Experts vs. experts
The World Health Organization also warned Monday that the virus had not suddenly become less lethal. “This is still a killer virus,” Michael Ryan, executive director of the WHO’s health emergencies program, told a virtual press briefing on Monday.“We need to be exceptionally careful not to create a sense that, all of a sudden, the virus, by its own volition, has now decided to be less pathogenic. That is not the case at all.” Ryan said the WHO would need to look at the findings in more detail and said the results, and severity of illness, could be determined by an individual’s level of exposure to the virus.
“It may not be the case that the virus is becoming less potent, it may be the case that we are, as a community and as a globe, are successfully reducing the number, intensity and frequency of exposure to that virus, which then on the face of it, then looks weaker.”
Zangrillo is not the only doctor to believe that the virus is weakening, however.
Matteo Bassetti, the director of the infectious diseases clinic of the San Martino hospital in Genoa also said Monday that the virus is no longer the same, based on his experience. The virus “may now be different: the firepower it had two months ago is not the same firepower it has today,” he said, ANSA reported.
“Currently the new coronavirus is circulating less, that is, the viral load in circulation among the population has diminished and this is the effect of both the lockdown and the measures still in place such as use of the masks and distancing.”
https://www.cnbc.com/2020/06/02/claim-coronavirus-no-longer-exists-provokes-controversy.html
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