NYS to open cannabis dispensary license applications to drug convicts first

 The Office of Cannabis Management announced Thursday it will begin accepting applications for conditional, adult-use retail dispensary licenses in two weeks.

License applications will be available on August 25, first for those who have a marijuana-related conviction that occurred prior to the passage of the Marijuana Regulation and Tax Act. Those who have had a close relative with a marijuana-related conviction in New York State will also be first in line.

Applicants must also have experience owning and operating a “qualifying” business.

Applications will be accepted through September 26. The Office of Cannabis Management has posted a resource page to help those seeking more information.

https://www.rochesterfirst.com/new-york-state/new-york-state-to-open-cannabis-dispensary-license-applications/

Teladoc started at Buy by Davidson

 Target $45

https://finviz.com/quote.ashx?t=TDOC

Co-Diagnostics results impacted by volume declines

 Second Quarter 2022 Financial Results:

• Revenue of $5.0 million, down from $27.4 million during the prior year period, due primarily to lower demand of the Logix Smart™ COVID-19 Test

• Gross profit of $4.1 million, representing 81.8% of consolidated revenue stemming from inefficiencies in lower sales volumes

• Operating loss of $4.1 million compared to operating income of $11.8 million a year ago, due to lower sales volumes and continued investments into research and development

• Net loss of $2.7 million, compared to a net income of $9.8 million in the prior-year second quarter, representing a loss of $0.08 per fully diluted share

• Adjusted EBITDA loss of $2.3 million

• Cash, cash equivalents, and marketable securities of $96.0 million as of June 30, 2022

• Cash flow from operations of $1.7 million for the second quarter ended June 30, 2022

https://finance.yahoo.com/news/co-diagnostics-inc-reports-second-200100214.html

Unity Bio results and update

 Announced Positive Data in Phase 2 BEHOLD Study of UBX1325 in Patients with Diabetic Macular Edema; single injection in subjects led to statistically significant and clinically meaningful improvement in BCVA and CST with favorable safety profile at 12 and 18 weeks -

- Near-Term Milestones include 24-week Data in BEHOLD and 16-week Data in Phase 2 ENVISION Study of UBX1325 in Patients with Wet Age-Related Macular Degeneration by Year-End -

- Tie2/VEGF Bispecific Program Achieved Advanced Candidate Nomination -

- As of June 30, 2022, UNITY had approximately $64.5 million in cash, cash equivalents and marketable securities, providing runway through Q1 2023 -

https://finance.yahoo.com/news/unity-biotechnology-inc-reports-second-110500724.html

Terns Announces $65 Million Oversubscribed Offering

 Terns Pharmaceuticals, Inc. (“Terns” or the “Company”) (Nasdaq: TERN), a clinical-stage biopharmaceutical company developing a portfolio of small-molecule product candidates to address serious diseases, including oncology, obesity and non-alcoholic steatohepatitis (NASH), today announced that it has agreed to sell, by way of an underwritten public offering, 12,250,000 shares of its common stock at a price of $2.42 per share and, to certain investors in lieu of common stock, pre-funded warrants to purchase 14,630,000 shares of common stock at a price of $2.4199 per pre-funded warrant, for expected aggregate gross proceeds of approximately $65.0 million, before deducting underwriting discounts and commissions and other offering expenses. The purchase price per share of each pre-funded warrant represents the per share public offering price for the common stock, minus the $0.0001 per share exercise price of such pre-funded warrant. The offering is expected to close on August 16, 2022, subject to customary closing conditions. All of the securities are being offered by Terns.

The offering was oversubscribed and led by new investors Fairmount and Venrock Healthcare Capital Partners and included participation from existing top-tier healthcare investors.

Cowen and Company, LLC is acting as lead book-running manager for the offering. UBS Securities LLC is also acting as a bookrunner for the offering.

Terns intends to use the net proceeds from the offering, together with existing cash and cash equivalents, as follows: (1) to initiate and complete one or more clinical studies in the United States and/or Europe to assess TERN-701 and advance the product candidate into Phase 2 clinical development in chronic myeloid leukemia; (2) to advance the clinical development of TERN-601 in obesity through the completion of Phase 2-enabling studies and initiate a Phase 2 clinical trial of TERN-601 in obesity; (3) to complete the ongoing Phase 2a DUET trial of TERN-501 as monotherapy and in combination with TERN-101 in NASH patients; and (4) for working capital and general corporate purposes.

https://finance.yahoo.com/news/terns-announces-65-million-oversubscribed-120000528.html

Haleon Says It Hasn't Been Notified About Litigation on Zantac Drug

 Haleon PLC said Friday that it hasn't been notified about potential negative implications of U.S. lawsuits over discontinued heartburn drug Zantac.

The consumer-healthcare business, which was spun out of GSK PLC and is partly owned by Pfizer Inc., said that it isn't a party to any of the Zantac claims and that it never marketed the drug in any form in the U.S.

GSK PLC added that the U.S. Food and Drug Administration and European Medicines Agency have concluded there is no evidence of a causal association between ranitidine therapy and the development of cancer.

"The overwhelming weight of the scientific evidence supports the conclusion that there is no increased cancer risk associated with the use of ranitidine. Suggestions to the contrary are therefore inconsistent with the science, and GSK will vigorously defend itself against all meritless claims alleging otherwise," GSK said.

Shares of Haleon and GSK, as well as Sanofi, which owns rights to over-the-counter Zantac in the U.S, have been falling over the past couple of days after a number of analysts notes that highlighted the potential exposure the companies faced as part of the litigation.

GSK shares have fallen 15% since Tuesday to close at 1400.0 pence on Thursday; Haleon shares have fallen 13% to close at 265.8 pence and Sanofi shares have fallen 11% to close at EUR84.75.

The first trial over Zantac is set to start on Aug. 22.

https://www.marketscreener.com/quote/stock/HALEON-PLC-139248469/news/Haleon-Says-It-Hasn-t-Been-Notified-About-Litigation-on-Zantac-Drug-Update-41290847/

Bayer: Arbitration Tribunal Dismisses BASF Claims

 Shares in Bayer AG rose Friday after a tribunal said the company doesn't have to pay BASF SE damages related to the sale of certain seed businesses as part of efforts to gain antitrust clearance for its 2018 acquisition of Monsanto.

Shares at 1012 GMT were up 48% at EUR53.65.

BASF filed arbitration proceedings in September 2019 at the International Court of Arbitration in Paris based on allegations that Bayer didn't adequately disclose continuing costs of the seed businesses.

For Bayer, 1.7 billion euros ($1.75 billion) plus interest was at stake, according to a person with knowledge of the matter.

Bayer divested parts of its crop science business to BASF--closing in 2018--for a total of EUR7.4 billion to satisfy antitrust authorities as part of its $63 billion takeover of Monsanto.

The sale included most of Bayer's seed business such as canola, cotton and soybeans, it said.

The Leverkusen-based company welcomed news of the dismissal by the arbitration tribunal.

"Bayer provided adequate information on the cost structure of the seeds businesses acquired by BASF in August 2018 and didn't breach any contractual obligations," Bayer said in a statement.

"We are disappointed that the arbitral tribunal did not follow our arguments," a spokesperson for BASF said.

https://www.marketscreener.com/quote/stock/BAYER-AG-436063/news/Bayer-Shares-Climb-After-Arbitration-Tribunal-Dismisses-BASF-Claims-41295308/