Search This Blog

Saturday, March 20, 2021

Sensor maker Rockley Photonics to go public in $1.2B SPAC deal

 Chipmaker Rockley Photonics has announced plans to go public to raise funds for its wearable sensor platform designed to continuously monitor multiple biomarkers such as blood glucose levels, hydration, blood pressure and body temperature.

Through a deal with publicly traded SC Health Corp., a blank-check special purpose acquisition company, or SPAC, Rockley will reemerge on the New York Stock Exchange under the ticker "RKLY" in a transaction listed with a pro forma enterprise value of $1.2 billion.

Rockley also supplies integrated photonic chips, optical sensors and other hardware across multiple markets, including laser-based systems for autonomous cars and machine vision applications. SC Health, meanwhile, is sponsored by an affiliate of pan-Asia investment firm SIN Capital.

In the medtech field, Rockley aims to develop health, wellness and nutrition sensors for consumer smartwatches and point-of-care diagnostic devices, using silicon chips to absorb light and deliver more data on what’s happening under the skin than typical LED-based sensors.

“Our partnership with SC Health positions us to accelerate our time-to-market for our compelling health and wellness solutions,” said Rockley founder and CEO Andrew Rickman. “We believe that bringing laboratory diagnostics to the wrist will transform patient monitoring, healthcare delivery, and overall consumer health and wellbeing.”

The company said it is currently engaged with four consumer electronics manufacturers and two medtech companies to provide full-stack solutions incorporating sensing hardware, algorithms and data analytics.

“We are healthcare investors, and we very quickly understood the transformational nature of Rockley’s technology and the way it will revolutionize consumers’ ability to track, monitor and better understand their day-to-day health and wellness,” said SC Health CEO A.J. Coloma.

According to the companies, the deal is expected to deliver up to $323 million in proceeds, including up to $173 million in cash from SC Health—plus an additional private investment round, topping $150 million at $10 per share, from backers including Senvest Management, UBS O’Connor and Medtronic. 

Existing Rockley shareholders will roll all of their equity into the future combined company, owning about 75% of the enterprise, with the transaction expected to close before the end of June.

https://www.fiercebiotech.com/medtech/sensor-maker-rockley-photonics-to-go-public-1-2b-spac-deal

Pfizer warns EU to back down on Covid vaccine threats to UK

 Pfizer has warned the European Union to back down from its threat to block vaccines to the UK because the firm “heavily” depends on the country for vital ingredients.

It comes after the EU’s chief, Ursula von der Leyen, said she would halt the export of coronavirus vaccines into Britain.

She criticised AstraZeneca on Wednesday for having “underproduced and underdelivered” to the bloc and said the EU will consider halting vaccine exports to countries with higher coverage rates than its own.

But Pfizer and its partner, BioNTech, have told Brussels that the UK has the power to retaliate by withholding raw and crucial materials needed for its jab, the Telegraph reports.

A senior source close to the vaccine-production process told the newspaper that Pfizer was “heavily dependent” on supplies of lipid ingredients from the UK.

Pfizer factories in the EU have been receiving “fatty molecules” from a chemicals firm based in Yorkshire.

“They [Pfizer/BioNTech] told the commission that if the UK shuts down the lipids then the whole process grinds to a halt in weeks,” the source added.

The EU is struggling to get sufficient supplies of the AstraZeneca jab to accelerate its own vaccination programme - which lags far behind the UK’s.

A Pfizer spokesman said: “We have been clear with all stakeholders that the free movement of goods and supply across borders is absolutely critical to Pfizer and the patients we serve.

“We are working closely with governments around the world, including the UK Government and the European Commission, to ensure the supply of the Pfizer/BioNTech vaccine in accordance with the agreed schedules.”

https://www.standard.co.uk/news/uk/pfizer-eu-covid-vaccine-threats-uk-b925289.html

Trials for preventative COVID-19 treatments for most vulnerable to launch in UK

 Hundreds of thousands of the UK’s most vulnerable people could be set to benefit from innovative treatments that stop them catching COVID-19, as 2 new government-funded clinical trials launch in the UK.

The trials will test the effectiveness of treatments - which have already shown promising early results for treating COVID-19, in preventing the virus and therefore its transmission among care home residents and those with weakened immune systems, such as transplant patients or those on dialysis.

Any treatment proven to be safe and effective will be rapidly made more widely available on the NHS, and will mean people for whom COVID-19 vaccines may be less effective due to their lowered immune systems - such as cancer patients - will have additional protection to prevent infection and serious illness.

Matt Hancock, Health and Social Care Secretary, said:

Since the beginning of the pandemic, we have worked to find the best treatments the world has to offer for COVID-19.

It’s down to this dedication and the renowned expertise of British scientists, supported by taxpayers, that the UK was able to identify and rollout 2 lifesaving treatments for COVID-19 to NHS patients – dexamethasone and tocilizumab.

The government is backing 2 more innovative UK-based clinical trials into effective therapeutics, this time specifically for the most vulnerable groups who need them most.

We have been clear from the outset that it will be a combination of safe and effective vaccines, testing and therapeutics that will bring an end to this pandemic, and we will not rest until every individual in the country is protected against this awful disease.

Professor Chris Whitty, Chief Medical Officer for England and co-lead for the National Institute for Health Research (NIHR), said:

These 2 important NIHR-funded studies will evaluate prophylactic treatments for COVID-19 in care homes and for those with compromised immune systems.

The more proven clinical tools we can use to protect these very vulnerable groups the better, so I encourage as many eligible individuals, care home operators and residents to take part in these studies.

The PROTECT-V trial, run by the University of Cambridge, will look at potential COVID-19 treatments’ effectiveness in reducing the spread of the virus amongst immunocompromised groups. It launched this month and will last at least 12 months.

There are at least 500,000 people who could benefit from these treatments in England alone, and 2,250 are expected to take part in the clinical trial.

The PROTECT-CH trial, run by the University of Nottingham, will also look at treatments for reducing transmission and serious illness from the virus, for care homes, their residents and staff. The trial will begin in May 2021 and last around 2 years.

It aims to recruit more than 400 care homes to take part, covering approximately 12,000 elderly residents, with any approved treatments having the potential to be rolled out to the 420,000 care home residents across the UK.

https://www.gov.uk/government/news/trials-to-find-preventative-covid-19-treatments-for-most-vulnerable-to-launch-in-uk

Military May Revisit Making COVID Vaccines Mandatory After FDA Grants OK

 The Pentagon has not yet decided whether to require service members to get inoculated against COVID-19, once the Food and Drug Administration grants full approval for the vaccines.

But in a briefing with reporters Monday, Pentagon Press Secretary John Kirby indicated full FDA approval could change how the military's leadership looks at this issue.

"Obviously, we're thinking about what happens when they become FDA-approved," Kirby said. "It would change the character of the decision-making process, about whether they could be mandatory or voluntary. But I don't want to get ahead of that process right now."

Despite the popular belief that the Pentagon can inject troops with anything it wants, military leaders are unable to force service members to get the COVID vaccinations at this time because the shots are approved only under an emergency-use authorization. Troops deploying to Iraq and Afghanistan were required to get a series of shots against anthrax, but that inoculation was fully approved by the FDA.

Navy leaders have already openly discussed their desire to make the vaccine mandatory. Last month, Vice Adm. Andrew Lewis, commander of the U.S. Second Fleet, told reporters that the Navy is "probably going to make it mandatory as soon as we can, just like we do with the flu vaccine."

And the Navy has given ships the OK to relax strict coronavirus rules if all crew members get vaccinated, including eliminating weeks of pre-deployment quarantining, enforced social distancing, and restrictions on port calls and other breaks.

Nearly one-third of troops have turned down the vaccine, Pentagon officials told lawmakers last month, which has raised concerns.

Defense Secretary Lloyd Austin addressed some troops' reluctance to get the shots last week while touring a mass vaccination site in Los Angeles. He acknowledged that some Americans -- particularly minority Americans -- are hesitant to receive the vaccine because of past mistreatment by the medical community.

In one particularly notorious case now known as the Tuskegee Experiment, doctors let syphilis go untreated in hundreds of Alabama Black men for decades while they studied the disease's effects. This legacy has, in some cases, left people wary of the medical establishment and new treatments like the COVID vaccine.

"Because of some things that have happened in the past, there's a degree of mistrust, and I think we have to collectively work hard to dispel rumors and to provide facts to people," Austin said. "It's been my experience that when armed with the facts, people will tend to make the right decisions."

Kirby said a lot of factors go into whether someone chooses to get the vaccine, such as whether they have pre-existing conditions that would make vaccination risky.

He said the Pentagon is administering the Moderna and Pfizer-BioNTech two-dose vaccines almost as quickly as it gets them. So far, the military has acquired nearly 1,276,000 doses, and given almost 1,145,000 shots. About 735,000 of the shots were initial doses, and 409,000 were second doses.

"They're not staying on the shelf very long," Kirby said. "We get them, and we put them into arms."

The Pentagon will continue to make COVID vaccines available to troops who are most in need of them, including those getting ready to deploy, he said.

And while getting vaccinated is a personal decision, Kirby said troops need to remember it's also a choice that could affect their teammates' health and unit readiness.

The newly approved Johnson & Johnson vaccine, which requires only one dose and can be kept at a standard refrigeration temperature, will give the Pentagon more flexibility to vaccinate more deployed and deploying troops. Kirby said the military will start receiving shipments of the Johnson & Johnson vaccine in the next week or so.

While the military still doesn't require the vaccine for deploying troops, Kirby said it makes it available to them if they want it.

"Part of our obligation here ... is to provide enough information so they can make the most informed decision," he said. "We certainly hope that people will see that these are safe and effective, and the side effects are minimal, and that their colleagues and teammates are vaccinating themselves."

When asked whether a deploying unit might decide to leave those who decline to be vaccinated behind, Kirby declined to speculate and said that would be the unit commander's decision.

But he said he was not aware of any deploying units where this has been an issue.

The Pentagon later said in an email to reporters that 4,843 active-duty service members are supporting FEMA’s COVID vaccination centers, helping provide anywhere from 250 to 6,000 shots per day depending on the size of the center.

Teams from across the military are already deployed to California, New Jersey, Texas, New York, and the Virgin Islands, and more will soon arrive at sites in Pennsylvania, Florida, Illinois and North Carolina.

https://www.military.com/daily-news/2021/03/01/military-may-revisit-making-covid-19-vaccines-mandatory-after-fda-grants-approval.html

2/3 Of Manhattan White-Collar Workers Will Not Return To Office Full-Time: Survey

  "Working from home" or at least some sort of the "hybrid" work model (a combination of work-at-home and office) could be the "new normal," according to a new study of Manhattan's largest employers. 

Despite COVID-19 vaccine rollouts and virus-related infections, hospitalizations, and deaths declining in recent months, the Partnership for New York City released a survey this week that found 22% of Manhattan's most prominent employers would require workers to return to the office on a full-time basis. 

About 66% of respondents said they would adopt a hybrid work model, where employees will bounce between home and office during the workweek. 9% of respondents said workers would not be required to return to the office.

Respondents estimate just 45% of Manhattan's one-million office workers will return by September. Whatever model employers chose, there is no rush to bring employees back to the office. 

In fact, companies are using virus pandemic as an excuse to downsize their corporate footprint in the borough. The latest report from Colliers showed just that. Office rents in Manhattan are plunging amid the glut of available office space has hit the highest on record going back two decades. 

The hybrid work model or even permanent work-at-home accommodations by employers has allowed tens of thousands of white-collar workers to move out of the metro area for suburban life. 

The virus pandemic has deeply scarred New York City's economy and will have long-lasting effects. Many small and medium-sized firms that rely on office worker consumption continue to see a downward spiral in business. 

A recovery of Manhattan depends on the complete return of office workers back to 2019 levels, something we believe won't happen. 

https://www.zerohedge.com/markets/two-thirds-manhattan-white-collar-workers-will-not-return-full-time-survey-says

Tech firms, health systems eye standards for digital COVID vaccine status verification

 The Vaccination Credential Initiative, a coalition of tech giants and healthcare providers, is developing global standards for mobile apps that verify individuals' COVID-19 vaccine status, The Wall Street Journal reported March 19.

The standards will connect digitally confirmed clinical data with an individual's name and birth date so it can be displayed as a machine-readable QR code, according to the Journal. The codes will be scanned to give people admission into public venues like bars, restaurants, stadiums and offices.

John Halamka, MD, president of Mayo Clinic Platform, is working on the effort and told the Journal the standards will be published and available in April. He said the Health Level Seven International, a body that helps organizations exchange clinical data globally, is reviewing the standards.

The initiative comprises more than 200 members, including Microsoft, Salesforce and Oracle.

https://www.beckershospitalreview.com/digital-transformation/tech-firms-health-systems-developing-standards-for-digital-covid-19-vaccine-status-verification.html

Hospitals ask feds to probe UnitedHealth's $13B acquisition of Change Healthcare

 The American Hospital Association is urging the U.S. Justice Department to investigate UnitedHealth Group's proposed acquisition of Change Healthcare. 

In January, UnitedHealth Group subsidiary Optum announced its intent to purchase Nashville, Tenn.-based data analytics firm Change Healthcare in a deal amounting to $13 billion. 

In a letter sent March 17, the hospital association said that the deal threatens to harm providers and reduce competition for healthcare IT services.

The transaction will result in a loss of market competition for claims clearinghouse, payment accuracy, revenue cycle management and clinical decision support services, the hospital lobby said. Hospitals are also worried that the deal would consolidate much of the country's healthcare data from Change Healthcare, a neutral third party, to a single, powerful owner. 

The hospital association said it is worried that UnitedHealth Group, which owns the largest insurance company in the U.S., will use the healthcare data to deny claims and grow its market power. 

"Post-merger, Optum will have strong financial incentives to use competitive payers' data to inform its reimbursement rates and set its competitive clinical strategy, which will reduce competition among payers and harm hospitals and other providers," the hospital association wrote.

The AHA said that UnitedHealth Group and Change Healthcare are aware the deal presents antitrust concerns because the agreement reveals that it will divest assets that generate hundreds of millions of dollars to obtain approval from the Justice Department. 

"Optum and Change Healthcare share a vision for better health outcomes and experiences for everyone, at lower cost," an Optum spokesperson told Becker's Hospital Review. "With distinct and complementary capabilities, this combination will help health care providers and payers better serve patients by more effectively connecting and simplifying key clinical, administrative and payment processes to the benefit of the health system and the people we serve."

https://www.beckershospitalreview.com/healthcare-information-technology/hospitals-ask-feds-to-investigate-unitedhealth-s-13b-acquisition-of-change-healthcare.html