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Thursday, December 8, 2022

Third Point Sells Cano Stake as Medical Provider’s Cash Dwindles

 Daniel Loeb’s Third Point sold its remaining stake in Cano Health Inc. amid mounting concerns around the healthcare provider’s liquidity, according to people with knowledge of the situation.

Third Point sold out of Cano through a block trade last week, said the people, who asked not to be identified because the matter is private. The New York-based hedge fund had disclosed a 3.5% position in October, down from 6.4% in March, public filings show.

Meanwhile, some of Cano Health’s biggest creditors are in the early stages of organizing ahead of potential debt discussions, the people said.

Representatives for Third Point and Cano Health declined to comment.

Cano Health, which provides primary care mainly to seniors in Florida, has been burning cash to grow its business and saw weaker performance in spite of higher membership count. Bloomberg reported that the company began weighing a sale, but no deal has materialized so far.

Multiple equity analysts cut their ratings on the company after Cano reported weaker third-quarter results and revised full-year guidance. S&P Global Ratings also downgraded its credit grade on the company to B- last month, citing the company’s weak credit measures that leave it with little room to underperform.

As of the third quarter, Cano had $24 million of cash on hand, down from roughly $163 million at the end of last year. Management said on a recent earnings call that it’s focused on improving the company’s cash flow and profitability.

Citigroup Inc. analyst Jason Cassorla expects Cano to draw on its $120 million revolver to support operations, while external financing needs remain uncertain.

https://finance.yahoo.com/news/third-point-sells-cano-stake-205631024.html

G1: Positive Initial Phase 2 Results in Trial in Early-Stage Triple Negative Breast Cancer

 G1 Therapeutics, Inc. (Nasdaq: GTHX), a commercial-stage oncology company, today provided initial results from a 24 patient Phase 2 mechanism of action (MOA) trial showing favorable alterations in the tumor microenvironment from a single dose of trilaciclib monotherapy as measured by increases in the proportions of CD8+ T cells compared to T regulatory cells (Tregs) in patients with early-stage triple negative breast cancer (TNBC). These initial study results are being presented in a poster session at the annual San Antonio Breast Cancer Symposium (SABCS), December 6 - 10, 2022.

https://finance.yahoo.com/news/initial-results-phase-2-mechanism-230400753.html

Vertex, Entrada to Collaborate on Therapeutics for Myotonic Dystrophy

  Entrada to receive $224 million upfront payment and $26 million equity investment, as well as potential milestone payments and royalties -

- Global collaboration includes ENTR-701, Entrada’s EEV-investigational candidate for the treatment of DM1 -

https://finance.yahoo.com/news/vertex-entrada-therapeutics-establish-collaboration-120000140.html

French health authority advises against use of Valneva's COVID-19 vaccine

 France's Haute Autorite de Sante public health body advised the government not to use Valneva's VLA2001 COVID-19 vaccine as part of its wider vaccination strategy, although two rival products should be included as booster shots.

The snub caused Valneva's shares to fall, with Valneva down by around 1% during the late morning trading session in Paris.

The HAS body recommended Sanofi and GSK's VidPrevtyn Beta and Novavax's Nuvaxovid shots to boost the vaccination of people who can not be given bivalent mRNA vaccines which shall remain the first choice, it said.

"However, the HAS does not include the use of Valneva's VLA2001 vaccine in the current primary vaccination strategy", it added.

Valneva, whose shares have been volatile in recent months, has won regulatory approval in the European Union and some other countries for its first-generation COVID-19 vaccine, but was recently forced to cut its financial guidance and slash jobs in light of low order levels.

"There are no clinical efficacy or immunological data about the current variants. Therefore, it has not been retained for the time being," Elisabeth Bouvet, president of the HAS' vaccination department, told a news conference.

https://sports.yahoo.com/french-health-authority-advises-against-102313771.html

Transgender Activists Attack Feminists Protesting Men In Women's Prisons

 by Brad Jones via The Epoch Times,

Women protesting the possible transfer of convicted killer Dana Rivers—a biological man who identifies as female—to a women’s prison were attacked outside of the Alameda County Superior Courthouse in Oakland, Calif., on Dec. 5.

The women, representing mainly feminist and lesbian groups, said they are opposed to a California law that allows male inmates who self-identify as women to request to be housed in women’s prisons.


One hooded assailant was caught on video, obtained by The Epoch Times, throwing an egg into the group of women and also seen striking one with an umbrella, while another attacker in all black garb with red armbands on a bicycle plowed into the women from the opposite direction.

Women protesting the possible transfer of convicted killer Dana Rivers—a biological man who identifies as female—to a women’s prison were attacked outside of the Alameda County Superior Courthouse in Oakland, Calif., on Dec. 5, 2022. (Courtesy of Women’s Declaration International, U.S.A.)

The women, who wore sashes reading “Woman Adult Human Female,” and carried signs saying “No Men In Women’s Prisons” and “Dana Rivers Is A Man,” were also pelted with pies in the video.

Rivers, born David Warfield, was convicted last month on three counts of first-degree murder and felony arson. He was found guilty in the 2016 slayings of lesbian couple Charlotte Reed and Patricia Wright, and their teenage son, Benny Diambu-Wright, as well as setting their home in Oakland on fire.

According to multiple news reports, Rivers shot Reed multiple times and stabbed and bludgeoned her. He also shot Wright twice and the teen in the heart.

A hearing to determine Rivers’ mental competency at the time of the murders began Dec. 5. If found “insane,” Rivers is expected to be sent to a mental hospital for part of or all of his impending sentence.

Rivers waived his right to a jury for the insanity plea phase of the trial.

If the judge overseeing the trial determines Rivers was sane when he committed the murders, it is unclear if he will be sent to a women’s or men’s prison.

Several sources told The Epoch Times he is currently being held in protective custody in the women’s section of the Santa Rita Jail in Dublin, Calif., in Alameda County.

“We are firmly opposed to housing any men in women’s prisons under any circumstances, including Dana Rivers,” Kara Dansky, president of Women’s Declaration International, told The Epoch Times preceding the protest. “All men are male, regardless of any administration of hormones and/or surgeries, and our view is that women’s prisons ought to be for female inmates only, which is in alignment with the principles of international law.”

Dansky said the women had planned the peaceful protest to demand justice and stand in solidarity with lesbians and incarcerated women.

Women protesting the possible transfer of convicted killer Dana Rivers—a biological man who identifies as female—to a women’s prison are attacked outside of the Alameda County Superior Courthouse in Oakland, Calif., on Dec. 5, 2022. (Courtesy of Women’s Declaration International, U.S.A.)

Women protesting the possible transfer of convicted killer Dana Rivers—a biological man who identifies as female—to a women’s prison are attacked outside of the Alameda County Superior Courthouse in Oakland, Calif., on Dec. 5, 2022. (Courtesy of Women’s Declaration International, U.S.A.)

Women protesting the possible transfer of convicted killer Dana Rivers—a biological man who identifies as female—to a women’s prison are attacked outside of the Alameda County Superior Courthouse in Oakland, Calif., on Dec. 5, 2022. (Courtesy of Women’s Declaration International, U.S.A.)

Women protesting the possible transfer of convicted killer Dana Rivers—a biological man who identifies as female—to a women’s prison were attacked outside of the Alameda County Superior Courthouse in Oakland, Calif., on Dec. 5, 2022. (Courtesy of Women’s Declaration International, U.S.A.)

In 2020, the California State Legislature passed Senate Bill 132, The Transgender Respect, Agency and Dignity Act, authored by State Sen. Scott Wiener (D-San Francisco) and signed into law by Gov. Gavin Newsom.

The law, which was enacted on Jan. 1, 2021, allows prisoners who identify as transgender, non-binary, and intersex “to request to be housed and searched in a manner consistent with their gender identity,” according to the California Department of Corrections and Rehabilitation.

There are currently 1,657 incarcerated people in California prisons who identify as transgender, non-binary and intersex,” according to the corrections and rehabilitation department. The agency additionally reports 342 men requested transfers to women’s jails since the end of November. Of those, 47 have been approved for transfer, 19 were denied, and 31 changed their minds. The remaining requests remain under review.

Women protest the possible transfer of convicted killer Dana Rivers—a biological man who identifies as female—to a women’s prison outside of the Alameda County Superior Courthouse in Oakland, Calif., on Dec. 5, 2022. (Courtesy of Women’s Declaration International, U.S.A.)

“It’s happening in numerous other states. We just rarely hear about it because the media doesn’t like to talk about it,” Dansky said. “We know that the state of Washington also houses male prisoners in the women’s prison on the basis of their so-called female gender identity. We know that it’s happening in New Jersey on the basis of a settlement that was entered into between the state and the ACLU.”

Danksy, who is also the author of “The Abolition of Sex: How the ‘Transgender Agenda Harms Women and Girls,” said her chapter of the organization has more than 5,000 U.S. signatories supporting its declaration, “ to advance women’s sex-based rates in law and throughout society all over the world.”
Lierre Keith, of the Women’s Liberation Front, a group that is suing the state over the issue of biological males in women’s prisons, said female inmates are “living in terror” of violent male prisoners entering women’s facilities.

“Right now, in California, any man can simply declare he is a woman and get transferred to a women’s prison—even if he’s murdered two women, even if he stabbed a woman 28 times in the face,” she said.

Jesika Gonzalez of TERF Collective, a group “working to end the international campaign of female erasure that is transgender ideology,” also spoke at the protest.

“In California … even the most dangerous men are moved to women’s prisons upon request. Dana Rivers is the kind of man that proves the need for single-sex prisons,” Gonzalez said.

https://www.zerohedge.com/political/transgender-activists-attack-feminists-protesting-men-womens-prisons

Musk Could Pledge Tesla Shares To Back Twitter Loans

 Tesla  (TSLA) - Get Free Report shares bumped higher Thursday amid reports that bankers are preparing to ask Elon Musk to pledge more of his stock in the clean-energy carmaker against loans linked to his $44 billion purchase of Twitter.

Bloomberg reported that Musk may need to provide margin loans to a group of bankers lead by Morgan Stanley as a way to replace the existing high-rate paper he arranged to fund the purchase earlier this year, given that debt servicing costs forecast for 2023 are likely to be much higher than the social media platform's projected earnings.

Musk borrowed around $13 billion from the banking group that included a $3 billion chunk of unsecured debt that carries and annual interest rate of 11.75%, Bloomberg reported. The rest of the debt package is comprised of $6.5 billion in term loans and $3 billion in secured bonds.

Musk, who financed part of the $33.5 billion equity commitment required to buy Twitter through his personal stock holdings, sold 19.5 million Tesla shares between November 4 and November 7, at prices ranging between $197.196 and $208.731 per share, across a total of twelve transactions that raised $3.95 billion.

Earlier this summer, Musk sold 7.92 million shares between August 5 and August 9, netting a total of around $6.9 billion, taking advantage of a 47% rally in Tesla shares from late May to August 5, when the first sale was made. He sold another $8.5 billion in April.

Musk told Tesla investors in October that he and his investor group were "obviously overpaying" for the social media group, with overall costs pegged at $46.5 billion.

Tesla shares were marked 0.71% higher in pre-market trading at $175.28 each, a move that would still leave the stock nursing a year-to-date decline of around 50%.

Short interest in Tesla shares remains elevated, as well, with bets around the group pegged at around $12 billion, according to recent data from S3 Partners, a figure that represents around 2.65% of the group's outstanding shares.

https://www.thestreet.com/markets/tesla-stock-report-musk-may-pledge-shares-to-back-twitter-loans

Kite, Daiichi Sankyo Change YESCARTA® CAR T-Cell Therapy Licensing Agreement in Japan

  Daiichi Sankyo to Transfer Yescarta Marketing Authorization in Japan to Gilead Sciences K.K. 

– Kite Cell Therapy Business Unit at Gilead Sciences K.K. Will Manage the Sales and Promotion Activities in Japan After the Marketing Authorization Transfer –

https://finance.yahoo.com/news/kite-daiichi-sankyo-announce-changes-213000059.html