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Tuesday, August 15, 2023

2 NYC restaurants housed in historic hotel that’s now a migrant shelter closing

 Two New York City eateries owned by restaurateur Danny Meyer will shutter this month as the historic hotel they’re housed in clears out to accommodate asylum seekers.

The Redbury Hotel, a landmark hotel in NoMad, began housing migrants earlier this month as the city flounders trying to house over 57,000 asylum seekers each night.

The Union Square Hospitality Group — run by Meyer — announced Friday that Marta and Maialino (vicino), which are located in the Redbury, will have their last service on August 25, Eater reported.

While a spokesperson initially said that the migrants’ makeshift accommodations would not impact operations at either restaurant, the group issued a statement Friday sharing news of the change.

“We are disappointed to announce that Marta and Maialino (vicino) will be ceasing operations at the Redbury,” the statement read.

“As tenants of the Redbury, our two restaurants, which occupy the lobby floor, have been eagerly anticipating the hotel’s full post-pandemic reopening. Now, as the Redbury partners with the City to house asylum seekers, it’s become clear that the timeline for that reopening has been extended indefinitely.”

The statement continued: “While we admire and respect the Redbury’s decision, the viability of our business relies significantly on hotel-related F&B operations, including event venues and the lobby bar, spaces that are now unavailable for our use.”

“We remain fully supportive of the Redbury’s initiative and will continue advocating for policy change that expedites work permits for asylum seekers.”

Marta
Marta, a pizzeria, opened when the Redbury Hotel was known as the Martha Washington Hotel.
MARTA
Redbury hotel
The Redbury hotel has already begun housing migrants, prompting two restaurants located inside to close later this month.
Getty Images

Maialino, a restaurant and wine bar that previously operated out of the Gramercy Park Hotel, began doing business out of the Redbury last fall as Maialino (vicino).

The second restaurant, Marta, a pizzeria, opened in 2014 when the Redbury was the Martha Washington Hotel. In 2015 the hotel was bought for $158 million and renamed the Redbury.

It was not immediately clear whether the two restaurants would reopen in new locations.

Maialino
Maialino, a restaurant and wine bar, operated out of the Gramercy Park Hotel before moving to the Redbury.
Zandy Mangold
beds
The restaurants’ departures comes as the city struggles to house the influx of migrants seeking asylum in the city.

The unfortunate news for New York City foodies comes as Mayor Eric Adams’ administration struggles to keep up with the flood of migrants who have left the Big Apple at its breaking point.

Adams announced earlier this month that the migrant crunch is expected to cost an overall whopping $12 billion for the next three years.

A state source also told The Post that taxpayers would have to shell out $20 million a month — or $10,000 per asylum-seeker — to house 2,000 migrants on Randall’s Island.

migrants
Migrants recently were forced to sleep outside another Manhattan hotel, which had become full.
Robert Mecea

The recent influx has spilled out into city streets, including in Manhattan, where dozens of migrants were forced to sleep on the sidewalks outside the Roosevelt Hotel in Midtown when the makeshift intake center became full.

Meanwhile, Hochul had promised to add Floyd Bennett Field, a former military airbase in Brooklyn, to the list of state-funded shelters — but White House officials refused to sign off on the plan, issuing her a major blow.

https://nypost.com/2023/08/15/danny-meyer-closing-two-nyc-restaurants-in-hotel-turned-migrant-shelter/

GOP lawmakers rally behind Trump after 4th indictment: ‘Biden has weaponized government’

 GOP lawmakers defended former President Donald Trump after he was indicted by a Georgia grand jury in his efforts to overturn the 2020 election results in the state — accusing Democrats of “weaponizing” the federal government.

Trump, 77, and 18 of his top allies, including his lawyer Rudy Giuliani and his former White House chief of staff Mark Meadows, were charged in a sweeping racketeering case — under a statute normally associated with mobsters.

It is the fourth indictment that Trump is facing, but his Republican allies were quick to come out and support the 45th president.

“Justice should be blind, but [President] Biden has weaponized government against his leading political opponent to interfere in the 2024 election,” House Speaker Kevin McCarthy (R-Calif.) wrote on X, formerly Twitter.

“Now a radical DA in Georgia is following Biden’s lead by attacking President Trump and using it to fundraise her political career. Americans see through this desperate sham,” added McCarthy, the highest-ranking lawmaker to issue a statement.

House GOP Conference Chairwoman Elise Stefanik (R-NY) also lashed out at Trump’s latest indictment in less than five months.

Donald Trump
Trump and 18 of his top allies were charged in a sweeping racketeering case in Georgia.
Getty Images

“This is another rogue Far Left radical District Attorney weaponizing their office to target Joe Biden’s top political opponent President Trump,” Stefanik said in a statement about the “Continued Partisan Witch Hunt.”

“President Trump had every legal right to challenge the results of the election. This radical DA displayed political bias toward President Trump so much that a judge disqualified her from part of this case,” she continued.

“This blatant election interference by the Far Left will not work, President Trump will defeat these bogus charges and win back the White House in 2024.”

House Speaker Kevin McCarthy
House Speaker Kevin McCarthy lashed out at President Biden, accusing him of weaponizing the federal government.
AP

Sen. Ted Cruz (R-Texas) didn’t even wait until the indictment was handed down to come out swinging.

“I’m pissed. I’m pissed at these. Over and over and over again. If there are indictments tonight, it’ll be the fourth indictment of Donald Trump. This is disgraceful,” Cruz told Fox News.

Rep. Nancy Mace (R-SC) said in a statement to Fox News Digital that “this is another sad prosecutor trying to make a career out of indicting Trump. That’s all this is about,” referring to DA Fani Willis.

Rep. Nancy Mace has accused the prosecutor of “trying to make a career” out of indicting Trump.
ZUMAPRESS.com
Ted Cruz
Ted Cruz called Monday’s indictment announcement “disgraceful.”
AP

House Judiciary Chairman Jim Jordan (R-OH) also weighed in, claiming the former commander-in-chief “did nothing wrong!”

“Today’s indictment is just the latest political attack in the Democrats’ WITCH HUNT against President Trump,” he wrote on X.

Louisiana Rep. Clay Higgins said in a statement that “electing Trump for the third time, putting him back in the White House, and saving our country is plan A,” adding: “I advise all Democrats…pray for plan A.”

Elise Stefanik
Elise Stefanik (R-NY) also lashed out at Trump’s latest indictment in less than five months.
Ron Sachs – CNP for NY Post

Hours after the indictment was handed down, Trump took to Truth Social to assail Georgia prosecutors.

“So, the Witch Hunt continues! 19 people Indicated (sic) tonight, including the former President of the United States, me, by an out of control and very corrupt District Attorney who campaigned and raised money on, ‘I will get Trump,’” he wrote.

“And what about those Indictment Documents put out today, long before the Grand Jury even voted, and then quickly withdrawn? Sounds Rigged to me! Why didn’t they Indict 2.5 years ago? Because they wanted to do it right in the middle of my political campaign. Witch Hunt!” he added.

In late March, Trump was charged by Manhattan DA Alvin Bragg with 34 counts of business fraud in connection with so-called hush money payments to porn star Stormy Daniels.

In June and August, special counsel Jack Smith then indicted him twice in just a few weeks — first for stashing classified White House documents at his Mar-a-Lago estate in Florida and then in connection with his bid to remain in power following his defeat by Biden.

https://nypost.com/2023/08/15/gop-lawmakers-rally-behind-trump-after-georgia-indictment/

Amazon Pharmacy launches automatic coupons for $35 insulin

 Amazon.com Inc. (AMZN) said Tuesday that its Amazon Pharmacy unit is introducing automatic coupons on insulin, continuous glucose monitors, and other diabetes care products. The automatically-applied, manufacturer-sponsored coupons will make many insulin brands available to customers for as little as $35 a month, the company said. The discounts will apply to commonly prescribed products from Novo Nordisk (NOVO-B.KO), Eli Lilly & Co. (LLY), Sanofi (SAN.FR) and other manufacturers, Amazon said. Although manufacturer-sponsored coupons often go unused because customers have trouble finding and redeeming them, Amazon said it had developed technology that automatically applies eligible coupons at checkout. Amazon shares fell 0.5% premarket on Tuesday and have gained 67% in the year to date, while the S&P 500 has gained 17%.

https://www.morningstar.com/news/marketwatch/20230815206/amazon-pharmacy-launches-automatic-coupons-for-35-insulin

Over 800,000 student-loan borrowers to start seeing their debt canceled, Biden admin says

 Borrowers eligible for this debt relief have been paying their loans for at least 20 years

Hundreds of thousands of borrowers who have been paying their student loans for more than 20 years are starting to have their remaining balances canceled, the Biden administration announced Monday.

In July, officials said they would cancel $39 billion in student debt for more than 800,000 borrowers who had been paying on their loans for at least 20 or 25 years. On Monday, the government began discharging eligible borrowers' debt. Borrowers who qualify for the relief will receive emails from their servicers and the Department of Education expects all eligible loans to be canceled over the coming weeks, the agency said Monday.

The debt discharges are an effort by the Biden administration to correct for challenges borrowers faced accessing the benefits of income-driven repayment plans over the past several years. Under these plans, borrowers pay their debt as a percentage of their income for 20 or 25 years depending on the plan and then have their remaining loans canceled.

But there was evidence that millions of borrowers who had been paying on their debt for at least 20 years were still paying despite the existence of these plans. Consumer advocates and some regulators pointed to student-loan servicers steering borrowers towards forbearance -- a status that pauses payments, but where interest still accrues and where borrowers don't build credit towards forgiveness -- to explain borrowers' challenges accessing forgiveness under these plans. Advocates and regulators alleged servicers did this because that it was quicker and less costly to put a borrower into forbearance than to take the time to enroll them in income-driven repayment.

Last year, the Biden administration said it would review borrowers' payment history and see whether there were periods they should have been building credit towards debt relief under income-driven repayment, but where that progress wasn't accurately counted. Borrowers who are starting to see their debt canceled this week are those who the Department of Education determined have at least 20 years of qualifying payments.

"When I came into office, hundreds of thousands of borrowers weren't accurately getting credit for student loan payments that should have delivered them forgiveness," President Joe Biden said in a statement Monday. "I was determined to right this wrong."

Earlier this month, the Cato Institute and the Mackinac Center for Public Policy, two conservative think tanks, sued the Biden administration over the plan and asked the court to temporarily block officials from canceling the debt while the case wound its way through the legal system. On Monday, a George W. Bush-appointed federal judge in Michigan dismissed the suit and the request to stop the policy, in part because he said the plaintiffs lacked standing, or the right to sue.

The debt cancellation that's beginning this week for borrowers who have been paying for at least 20 years is different from the mass student loan forgiveness that's grabbed headlines for months. Earlier this summer, the Supreme Court struck down the Biden administration's plan to cancel up to $20,000 for a wide swath of borrowers. That policy would have discharged debt for borrowers regardless of how long they'd been paying on their student loans.

Hours after the court knocked down the plan, Biden said he would take another stab at debt forgiveness. That "plan B" is currently in progress and borrowers likely won't know if it will be successful for at least several months.

"We will continue to pursue an alternative path to deliver student-debt relief to as many borrowers as possible as quickly as possible," Biden said in the statement Monday. "We will use every tool at our disposal to get student loan borrowers the relief they need to reach their dreams."

Officials have been facing pressure from student-loan borrower advocates to move swiftly to cancel borrowers' debt. That's in large part because student-loan payments are scheduled to resume this fall after a more than three-year pause and advocates expect that without some debt relief, the end of the freeze will pose a financial and logistical headache for borrowers.

Interest will begin accruing again on student loans September 1 and borrowers will be expected to pay their first bill some time in October.

https://www.morningstar.com/news/marketwatch/20230815233/more-than-800000-student-loan-borrowers-to-start-seeing-their-debt-canceled-biden-administration-says

Icosavax Q2 updates

 Positive topline interim Phase 1 results for bivalent VLP vaccine candidate IVX-A12 against RSV and hMPV in older adults -

- Positive twelve-month immunogenicity data and initial proof-of-concept for revaccination with IVX-121 against RSV -

- Initiation of Phase 2 Trial of IVX-A12 with topline interim results now expected by end 2023 -

- Closed $67.8 million registered direct offering of common stock; extended cash runway into 2H 2025 -

https://finance.yahoo.com/news/icosavax-reports-second-quarter-2023-200500421.html

Myriad adds risk reduction feature to prostate cancer test

 Myriad Genetics, Inc., (NASDAQ: MYGN) a leader in genetic testing and precision medicine, today announced the integration of Absolute Risk Reduction (ARR) into the Prolaris® Prostate Cancer Prognostic Test to help patients and providers make personalized treatment decisions regarding hormone therapy. Prolaris is the only biomarker test to quantify the benefits of adding androgen deprivation therapy (ADT) to radiation therapy (RT)1.

ADT can be effective at slowing the progression of prostate cancer, but it can also be associated with significant side effects such as bone and muscle loss, weight gain and increased cardiovascular risk. In addition to helping identify those patients who can safely forego ADT, the latest Prolaris enhancement will now provide patients with an individual assessment of how adding ADT to radiation therapy may reduce their risk of metastasis over 10 years.

https://finance.yahoo.com/news/myriad-genetics-advances-prostate-cancer-110500762.html

Legend Bio Q2 updates

  • supplemental Biologics License Application (sBLA) was submitted to the U.S. Food and Drug Administration (FDA) and a Type II Variation Application was submitted to the European Medicines Agency (EMA) by Janssen, seeking approval of CARVYKTI® (ciltacabtagene autoleucel; cilta-cel) for the earlier treatment of patients with relapsed or refractory multiple myeloma

  • The FDA set the Prescription Drug User Fee Act target date for the CARVYKTI® sBLA to April 5, 2024

  • The FDA granted Orphan Drug Designation for LB2102 (DLL-3) (NCT05680922), which is being evaluated for the treatment of small cell lung cancer. The US clinical trial is actively recruiting at two sites1

  • On August 3, 2023, Legend Biotech received a payment in the amount of $15 million for the EMA’s acceptance of the Type II Variation Application for CARVYKTI®, in accordance with Legend Biotech’s license and collaboration agreement with Janssen (Janssen Agreement)

  • On August 4, 2023, Legend Biotech earned a milestone payment of $20 million in connection with the FDA’s acceptance of the sBLA, in accordance with the Janssen Agreement

  • New data from the CARTITUDE-4 study (NCT04181827) of cilta-cel were featured at the 2023 American Society of Clinical Oncology (ASCO) Annual Meeting (Abstract #LBA106) and European Hematology Association (EHA) 2023 Hybrid Congress (Abstract #S100); these data were also published in The New England Journal of Medicine2

  • Long-term data from the cilta-cel CARTITUDE-1 (NCT03548207) and LEGEND-2 (NCT03090659) studies were also presented at ASCO (Abstract #8009Abstract #8010) and EHA (Abstract #S202Abstract #P874)

  • Cash and cash equivalents, deposits and investments of $1.5 billion, as of June 30, 2023, extends Legend Biotech’s cash runway through 2025, strengthened by recently completed financings

  • In April and May 2023, Legend Biotech entered into subscription agreements with certain institutional investors pursuant to which Legend Biotech sold an aggregate of 8,834,742 ordinary shares for aggregate gross proceeds of approximately $235 million

  • In May 2023, Legend Biotech sold 5,468,750 American Depositary Shares (the "ADSs"), each representing two ordinary shares, to certain investors in a registered direct offering at a price of $64.00 per ADS for aggregate gross proceeds of $350 million

  • In May 2023, an institutional investor exercised in full a warrant to purchase 10,000,000 ordinary shares of Legend Biotech at an exercise price of $20.00 per ordinary share for an aggregate exercise price of $200 million

Webcast/Conference Call Details:

Legend Biotech will host its quarterly earnings call and webcast today at 8:00am ET. To access the webcast, please visit this weblink.

A replay of the webcast will be available on Legend Biotech’s website at https://investors.legendbiotech.com/events-and-presentations.

https://finance.yahoo.com/news/legend-biotech-reports-second-quarter-100000475.html