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Saturday, June 12, 2021

Moderna COVID-19 vaccine plant in France gets approval

 The European Medicines Agency (EMA) on Friday approved a new manufacturing site in France for the production of Moderna Inc's COVID-19 vaccine.

The site at Monts will be operated by Recipharm and produce the finished product, the EMA's committee for human medicines (CHMP) said. 

Earlier this month, the CHMP approved two new sites in the United States to produce both active substance and the finished product for Moderna's vaccine.

It expects these moves to allow production of an additional one million to two million vials of ready-to-use vaccine for the European Union market every month.

Moderna already has a deal with Thermo Fisher Scientific's commercial manufacturing site in Greenville, North Carolina that will support production of "hundreds of millions" of doses.

https://finance.yahoo.com/news/1-moderna-covid-19-vaccine-124105537.html

EU does not expect J&J will meet end of June vaccine target

 The European Union does not expect Johnson & Johnson will be able to deliver 55 million COVID-19 vaccine doses it had committed to shipping to the bloc by the end of June, an EU official said on Friday.

The EU had previously said that it was confident the U.S. pharmaceutical giant could meet its commitments. The position has changed after the European drugs regulator earlier on Friday said J&J doses sent to Europe from a factory in the United States would not be used out of precaution after a case of contamination.

https://news.yahoo.com/eu-does-not-expect-j-151310830.html

Italy Halts AstraZeneca Vaccine for Under-60s

 The Italian government said on Friday it was restricting the use of the AstraZeneca COVID-19 vaccine to people over the age of 60, after a teenager who had received the shot died from a rare form of blood clotting.

Camilla Canepa died on Thursday aged 18 after being given the vaccine on May 25, triggering a media and political outcry over the Anglo-Swedish company's shot being used for adults of all ages despite previously-raised medical concerns.

"AstraZeneca will only be used for people over 60," the country's special COVID commissioner Francesco Figliuolo told reporters.

People under the age of 60 who have received a first dose of AstraZeneca should be given a different vaccine for the second dose, the government's chief medical adviser Franco Locatelli said at the same news conference.

"The risk-benefit assessment has changed," Locatelli said, without mentioning the death of Canepa, who suffered from a low platelet count, brain haemorrhage and abdominal blood clots.

AstraZeneca was not immediately available to comment.

Like many European countries, Italy briefly halted AstraZeneca inoculations in March over concerns of rare blood clotting problems, mainly in young people.

It resumed them the following month with the recommendation the product be "preferably" used for people over the age of 60, after the European drug regulator said the benefits of the jab outweighed the risks.

Several other European countries have also stopped giving the AstraZeneca COVID-19 vaccine to people below a certain age, usually ranging from 50 to 65.

However, as Mario Draghi's government sought to ramp up its vaccination drive, some Italian regions launched "open days" where the AstraZeneca shot was administered to people of any age from 18 upwards.

These included young women who are the group considered most at risk of the extremely rare blood clotting disorders.

The inoculation events, often held during evenings and weekends, were partly aimed at preventing AstraZeneca doses going to waste amid widespread reports of older people spurning the product and cancelling their vaccination appointments.

Around 46% of people in Italy have received at least one vaccine dose, while 23% are fully inoculated, figures broadly in line with most other EU countries.

https://www.usnews.com/news/world/articles/2021-06-11/italy-halts-astrazeneca-vaccine-for-under-60s-after-teenager-dies

U.S. FDA Faces Mounting Criticism Over Alzheimer's Drug Approval

 In approving the first new Alzheimer's drug in nearly 20 years, the U.S. Food and Drug Administration is taking its biggest risk yet with a strategy that allows new therapies onto the market without strong evidence that they work, regulatory and scientific experts say

The Biogen Inc drug, Aduhelm, was authorized based on evidence that it can reduce brain plaques, a likely contributor to Alzheimer's, rather than proof that it slows progression of the lethal mind-wasting disease.

The FDA has granted so-called "accelerated approval" in more than 250 instances since 1992, mainly for rare diseases or small patient populations that have had no effective treatments available to them. In these cases, the agency requires that drugmakers conduct additional clinical trials to prove their therapy works, or face withdrawal from the market.

Aduhelm, however, is in a different league in terms of the number of potential patients and cost to the healthcare system.

In addition, the FDA approval ignored the recommendation of its outside advisors, who said Biogen did not provide enough evidence of clinical benefit. Three of the advisory panel's members have resigned in protest since the FDA decision was announced on Monday.

"This decision has shaken the foundations of the scientific process and methods," said Dr. Jason Karlawish, co-director of the Penn Memory Center in Philadelphia. Karlawish ran one of the trial sites for the Biogen drug.

He said the FDA made its decision "by fiat," and had not asked its advisors to consider whether the drug's ability to remove a type of brain plaques known as beta amyloid would improve outcomes for patients.

"It's a disturbing set of events, scientifically, clinically, politically," Karlawish said.

Biogen has said that some 1.5 million Americans with early-stage Alzheimer's will be eligible for the drug, priced at an average of $56,000 per year, with the federal Medicare insurance program for seniors likely on the hook for most of the cost.

The FDA approval allows Biogen to sell its product over several years - with forecasts for potential annual sales reaching as high $10 billion to $50 billion - until the company completes a required follow-up study.

"No amount of unmet need can take the place of sufficient evidence," said Johns Hopkins public health professor Dr. Caleb Alexander, a member of the FDA advisory panel.

The number of Americans living with Alzheimer's is expected to more than double to around 13 million by 2050, according to the Alzheimer's Association.

Biogen research chief Alfred Sandrock said the FDA had painstakingly analyzed its clinical trial data over two years before reaching a conclusion.

"I believe they came to the right decision on behalf of the American public," Sandrock said in an interview.

A VIEW FROM THE FDA

The FDA has defended its decision by saying that Biogen presented clear evidence that Aduhelm, known chemically as aducanumab, removed beta amyloid from the brains of people with Alzheimer’s.

Amyloid has long been a target of experimental therapies for the disease. However, none of the earlier drugs have shown that reductions in amyloid resulted in significant benefits for patients by slowing deteriorating cognition or ability to function.

Dr. Peter Stein, director of the FDA's Office of New Drugs, told Reuters that Aduhelm showed the clearest correlation so far between a reduction in beta amyloid and a delay in cognitive decline among patients, suggesting it was a good predictor of clinical benefit.

FDA officials said other Alzheimer's drug developers cannot assume their therapies will be considered under the same framework. Eli Lilly and Co and Roche Holding AG are among drugmakers also working on amyloid-targeting medicines.

"We can't say right now whether this will be a path for other Alzheimer's drugs, or drugs for other neurodegenerative diseases," Dr. Patrizia Cavazzoni, director of the FDA's Center for Drug Evaluation and Research, told Reuters.

Critics are less convinced that amyloid removal is an adequate proxy to predict benefit.

"We need to rethink the use of these regulations as interpreted and used by FDA," said Karlawish.

Nearly half of all drugs receiving accelerated approval ultimately got full approval, after a median of around three years, according to a report by the Institute for Clinical and Economic Review (ICER), a drug cost watchdog.

Exceptions include Lilly's Lartruvo for sarcoma, which was withdrawn, while the FDA revoked its authorization for Roche's Avastin to treat breast cancer, although it is still used for other cancers.

More than 100 drugs with accelerated approvals have been on the market a median of just under two years, according to ICER. The report noted that many of the confirmatory trials are slow to complete, and the results often ambiguous.

"The agency has gotten comfortable with the accelerated approval pathway," said attorney Jim Shehan, head of FDA regulatory practice at law firm Lowenstein Sandler.

Biogen has said a confirmatory Aduhelm trial could take nine years to complete. The FDA described that estimate as “conservative” and said it would support “efforts to complete this trial in the shortest possible timeline.”

Despite Aduhelm's high price, patient advocates hailed the FDA decision, saying it will revive research in the field, including the kinds of drug combinations that have improved treatment of complex diseases like cancer and HIV.

"This approval will spark additional investment by other companies in disease-modifying treatments and therapies," advocacy group UsAgainstAlzheimer's said in a statement.

https://www.usnews.com/news/top-news/articles/2021-06-11/analysis-us-fda-faces-mounting-criticism-over-alzheimers-drug-approval

Canada to Discard 300,000 Doses of J&J Covid-19 Vaccine

 Canada said late Friday it would discard 300,000 doses of Johnson & Johnson's Covid-19 vaccine it received in April, saying health authorities were unable to determine whether the shipment met safety standards.

Canada halted distribution of the doses after learning the doses included a substance produced at a Emergent BioSolutions Inc. plant in Baltimore -- a factory beset by contamination problems. In April, Canada's health department said the J&J doses would undergo a safety assessment before they were released for use.

In a Friday evening statement, Canada said the health regulator was unable to issue a decision on the doses, without elaborating. Further, it said it would no longer accept Covid-19 vaccine doses made at Emergent's Baltimore factory, nor would it accept vaccine doses with ingredients produced at the plant.

"To ensure the safety of any future vaccine supply from this facility, Health Canada is planning an onsite inspection, expected to take place this summer," the statement said. A government representative did not immediately respond to further questions.

A spokesperson at Emergent wasn't immediately available for comment about Canada's statement.

Earlier Friday, Gaithersburg, Md.-based Emergent said the Food and Drug Administration determined that two batches of J&J's vaccine made at the Baltimore plant were suitable for use. The FDA also said that it wasn't yet ready to designate the plant as an authorized manufacturing facility, and "continues to work through issues there" with J&J and Emergent.

https://www.marketscreener.com/quote/stock/JOHNSON-JOHNSON-4832/news/Canada-to-Discard-300-000-Doses-of-J-J-Covid-19-Vaccine-35586687/

Bitcoin law is only latest head-turner by El Salvador's 'millennial' president

The young president of small Central American nation El Salvador leapt to worldwide fame this week after his country became the first in the world to adopt bitcoin as legal tender, but Nayib Bukele is no stranger to controversy.

Cryptocurrency fans across the globe celebrated when his bill was swiftly approved by lawmakers on Wednesday, and when the 39-year-old leader followed up with a plan to mine energy from volcanoes to power the massive data centers needed to mint the digital currency.

The move did not escape scrutiny. The International Monetary Fund quickly flagged economic and legal risks to the unprecedented use of bitcoin in the small economy.

From firing officials via Twitter to entering Congress with heavily armed soldiers, Bukele has tended to ruffle establishment feathers since he became president in 2019.

He swept congressional and local elections in February and enjoys an approval rating of over 90% despite the economy shrinking by 8% last year. His alliance won a historic supermajority, crushing the two parties that had dominated Salvadoran politics for 30 years.

Just weeks before adopting bitcoin brought him a new international spotlight, Bukele fell out with the Biden administration after the new Congress summarily removed the attorney general and top judges from office.

He says all his actions are constitutional and backed by popular mandate.

The top prosecutor had been investigating government officials. Bukele also closed an anticorruption office he himself had opened.

Bukele, who calls himself the "coolest president in the world," recently launched an international surf competition in the country wearing a backwards baseball cap and flanked by a military officer.

His achievements include reducing murder rates in a country that has long grappled with deadly gang violence.

Despite his youth, Bukele is no political neophyte.

When he worked in his father's advertising agency early in his career, his client was the Farabundo Marti National Liberation Front (FMLN), the leftist party then in power.

He joined the party and in 2012 became mayor of Nuevo Cuscatlan, a coffee-growing town near San Salvador. Far from the media spotlight and with few resources, he publicized his work on social media. His reputation for good management helped him garner the support to win office as mayor of the capital in 2015.

In San Salvador, he gained prominence for his social and cultural focus and for donating his salary to scholarships. But two years after taking office, the FMLN expelled him, saying he had sowed division, violated party statutes and attacked a trustee with an apple during a council session.

He has denied the accusations.

DECISIVE

Bukele joined forces with the right-wing Gran Alianza por la Unidad Nacional (GANA) in his campaign for the presidency, which was driven by social media. He has founded a party called New Ideas.

The youngest president in the Americas took office promising to end corruption. He was himself investigated by the Attorney General's office for money laundering, fraud and tax evasion during his terms as mayor. He has denied the allegations.

The rise of his siblings and cousins to public posts or behind-the-scenes advisory roles has also led to complaints of nepotism, which he has denied.

The international community did not pay much attention until the president arrived in Congress early last year to request approval of a $109 million loan to fight crime - accompanied by soldiers in full battle uniform.

"If I were a dictator or someone who does not respect democracy, I would have taken control of the entire government tonight," Bukele told Spanish newspaper El Pais.

During the coronavirus pandemic, Bukele enacted a series of health and economic measures to alleviate the crisis, but ignored Supreme Court rulings against his lockdown measures and has faced rights complaints.

"He uses the press and social media to threaten, intimidate and persecute people who could be adversaries," said Jose Miguel Vivanco, Americas director for Human Rights Watch.

Still, Salvadorans fed up with decades of corruption and ineffectiveness have admired Bukele's confident, decisive style including a penchant for using Twitter to give orders to ministers.

"Nayib does an excellent job, we have never had someone who cared about people's well-being," said taxi driver Eduardo Samayoa, 36. 

https://www.marketscreener.com/news/latest/Bitcoin-law-is-only-latest-head-turner-by-El-Salvador-s-millennial-president--35586633/

Retail investor base doubles in Europe as U.S. "meme" stock mania spreads - Euronext

 

The number of retail investors in Europe has doubled since the start of last year as stay-at-home rules and high savings rates during the pandemic triggered a surge in stock investing by non-professionals, according to data from Euronext.

The trend is still less prevalent in Europe than in the United States, where retail investor participation in stock markets soared last summer before hitting extreme levels in January.

So-called meme stocks like U.S. video-retailer Gamestop Corp and AMC Entertainment Holdings saw record inflows fuelled by retail investors sharing investment strategies on social media.

Trading in Europe is more fragmented given the number of different stock exchanges in the region.

Still, the share of total trading carried out by retail investors jumped to nearly 7% by mid-2020 from 2% in 2019, before settling at around 5% currently, Euronext said.

By comparison, Jefferies analyst Daniel Fannon estimated in January that retail can represent up to 32% of total U.S. equity volume.

Meanwhile, the number of retail investors has doubled over the past 18 months on Euronext, the exchange's CEO Stephane Boujnah told Reuters.

Following its purchase of Borsa Italiana last year, Euronext controls a quarter of the equity trading flow in Europe with exchanges in Paris, Amsterdam, Lisbon and Dublin, according to analysts.

Boujnah said market abuse regulations in Europe are much stricter than in the U.S., making it difficult for retail investors to combine forces and defeat the short selling strategy of some funds, a key driver of the "U.S. meme stock phenomenon".

Retail investors have also flocked to easy-to-use share trading platforms such as etoro, which signed up 3.1 million new registered users in the first quarter of 2021, compared to 5.2 million through all of 2020.

In the U.S., the trend accelerated after large brokers like Schwab and Fidelity dropped their trading commissions, following startups like Robinhood and Social Finance Inc.

A market structure analyst at a European brokerage said Euronext's success in tapping retail interest was partly due to the exchange having a dedicated retail program, when in most European countries retail orders are sent to the local exchange.

"It is a bit of a mishmash and in my view, the European retail trading landscape is ripe for change," he said on condition of anonymity as he is not authorised to talk to the media.

https://www.marketscreener.com/quote/stock/EURONEXT-N-V-16725768/news/Retail-investor-base-doubles-in-Europe-as-U-S-meme-stock-mania-spreads-Euronext-35579728/