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Monday, January 15, 2024

Apple offers iPhone 15 at rare discount in China as competition intensifies

 Apple is offering rare discounts on its iPhones in China, cutting retail prices by as much as 500 yuan ($70) amid growing competitive pressure in the world's biggest smartphone market.

The U.S. tech giant cut prices of some iPhones by 5%, its Chinese website showed on Monday. The time-limited promotion, branded as a Lunar New Year event, will last from Jan. 18 through Jan. 21 in a lead-up to the holiday in mid-February.

Sales of Apple's latest iPhone 15 series of handsets have been far worse than previous models in China.

Home-grown rivals such as Huawei Technologies and Xiaomi have been offering competitive models, while sources have said some companies and government departments have been limiting staffers' use of Apple devices - mirroring U.S. government restrictions of Chinese apps on security grounds.

Chinese iPhone sales dropped 30% in the first week of 2024 versus the same period a year earlier, Jefferies analysts said in a client note, having fallen 3% for all of 2023. Analysts expect the competitive landscape to get tougher this year.

Apple has not cut prices for its latest iPhones in years. The cuts come after it surprised the market by not raising prices for the iPhone 15 series at its September launch.

Online shopping platforms including Pinduoduo have been slashing prices of the iPhone 15 and iPhone 15 Pro by as much as 16% since the beginning of the year.

https://www.marketscreener.com/quote/stock/APPLE-INC-4849/news/Apple-offers-iPhone-15-at-rare-discount-in-China-as-competition-intensifies-45738373/

Milei to Meet Georgieva in Davos After Winning Key IMF Support

 

President Javier Milei will have a chance to discuss next steps in Argentina’s relationship with the International Monetary Fund during a meeting with Managing Director Kristalina Georgieva in Davos.

The Argentine leader, who has unveiled a drastic austerity program upon taking office on Dec. 10, will meet Georgieva this week at the World Economic Forum that takes place at the Alpine Swiss town, presidential spokesman Manuel Adorni told reporters on Monday.

https://www.bloomberg.com/news/articles/2024-01-15/milei-to-meet-georgieva-in-davos-after-winning-key-imf-support

'Gates at Davos: I am concerned about the state of healthcare funding'

 Microsoft (MSFT) co-founder and Bill & Melinda Gates Foundation co-chair Bill Gates is concerned about declining spending on healthcare by governments and companies around the world.

"I'm a little worried," Gates said Monday in an exclusive Yahoo Finance Live interview at the World Economic Forum in Davos, Switzerland. "The world's dealing with a lot of challenges right now, and the fact that we still have 5 million children dying before the age of five — it isn't as visual, it's not like a plane crashing or a bomb hitting a building — and yet, these deaths one by one add up to that 5 million."

Don't count the Gates Foundation among the group of healthcare spending cutters.

Quite the contrary: The Gates Foundation revealed its largest annual budget to date today, to the tune of $8.6 billion for 2024. The budget marks a 4% increase over last year and is a $2 billion improvement from 2021 spending.

The foundation added that it remains committed to increasing its annual spending to $9 billion by 2026.

A major focus for the foundation, it says, has been "reducing inequities in health by funding the development of new tools and strategies to reduce the burden of infectious diseases and the leading causes of child mortality in low-income countries."

Based on its research, the Gates Foundation says the world has cut child deaths from more than 9.3 million a year in 2000 to 4.6 million a year in 2022.

Meanwhile, deaths from malaria and HIV were cut in half during the past two decades. Wild polio, which had been paralyzing 350,000 children a year, has been reduced to only 12 cases in two countries, says the Gates Foundation.

However, Gates added, "The last few years with the pandemic, our progress [on healthcare] has plateaued."

https://finance.yahoo.com/news/microsoft-co-founder-bill-gates-i-am-concerned-about-the-state-of-healthcare-funding-145541738.html

Bayer unit takes heart failure gene therapy into phase 2

 Bayer’s AskBio gene therapy unit has started recruiting patients into a phase 2 trial of its AB-1002 candidate for congestive heart failure (CHF), buoyed by encouraging data from a first-in-human study.

The new GenePHIT study is enrolling patients with non-ischaemic cardiomyopathy and New York Heart Association (NYHA) class III heart failure who have been medically stable for at least 4 weeks.

People with this stage of CHF will have a marked reduction in their ability to carry out exercise and will be comfortable only at rest. Up to 150 patients will be randomised in the study to receive either a single intracoronary infusion of the gene therapy, given at two dose levels, or a matched placebo.

AB-1002 delivers a gene coding for a therapeutic protein, called inhibitor-1 or I-1, which blocks the activity of protein phosphatase 1 (PP1), thought to play a role in the development of heart failure.

The primary analysis of the study will take place at 52 weeks, looking at cardiovascular death and hospitalisation rates, as well as patients’ exercise capacity, heart function, and blood oxygen levels. The subjects will also be followed up for at least three years to investigate the longer-term safety and efficacy of the gene therapy.

The start of the phase 2 trial comes after AskBio reported the first clinical data for AB-1002 (also known as NAN-101) at the American Heart Association (AHA) annual congress in November, which showed preliminary signs of efficacy, with no serious adverse events linked to the treatment.

Patients who had completed 12 months of follow-up had “clinically meaningful” improvements in left ventricular ejection fraction (LVEF), a measure of heart performance, according to the investigators.

That was accompanied by improvements in other measures, like the NYHA Functional Class (NYHA FC), Minnesota Living with Heart Failure Questionnaire (MLHFQ), cardiopulmonary exercise test (VO2 max), and 6-minute walk test (6MWT).

Approximately 26 million people worldwide are living with CHF, which occurs when the heart cannot pump blood efficiently enough to meet the body’s needs, including providing sufficient oxygen to the organs.

Bayer launched its cell and gene therapy business in 2020, shortly before it acquired AskBio for $4 billion, and is developing several candidates for disorders including Pompe disease, Parkinson’s disease, Huntington’s disease, multiple system atrophy, and limb-girdle muscular dystrophy (LGMD).

Earlier this month, it reported the first data from a clinical trial of its AB-1005 candidate for Parkinson’s, showing it was well-tolerated in a group of 11 patients 18 months after the therapy was neurosurgically delivered into the brain. Patients will be followed for up to five years for safety and efficacy in alleviating motor and non-motor symptoms of the disease.

https://pharmaphorum.com/news/bayer-unit-takes-heart-failure-gene-therapy-phase-2

Santhera debuts Duchenne drug Agamree in Germany

 Santhera’s new treatment for Duchenne muscular dystrophy Agamree has been launched in its first market, Germany, following its EU approval last month.

The Swiss biotech said Agamree (vamorolone) is the only approved medication in the EU that has been cleared to treat all patients from four years of age with the muscle-wasting disease, and the first DMD treatment approved across the US, EU, and the UK, where it was given a green light last week.

In trials, the drug has been shown to slow down muscle degeneration and prolong the ability of DMD patients to walk, without causing the growth stunting and immune suppression associated with the use of corticosteroid drugs – the current standard of care in children and adolescent patients with DMD. It binds to the same receptor as steroids, but avoids a downstream pathway associated with toxicity.

“This significant milestone represents Santhera’s commitment to fill the unmet need in DMD and provide a safe and effective treatment for DMD patients,” said Dario Eklund, Santhera’s chief executive (pictured above).

The first launch of Agamree also marks a turnaround in fortunes for Santhera, whose future was in doubt in 2020 after its earlier DMD candidate idebenone failed a pivotal trials programme and was abandoned.

It moved quickly to buy rights to vamorolone in a three-way deal with fellow Swiss firm Idorsia (formerly Actelion) and US biotech ReveraGen BioPharma, saying at the time that it expected vamorolone to have peak sales potential of around $500 million a year.

Eklund said the German launch represents a “leap forward” as Santhera enters the commercial stage with its first product. He added that the company is continuing to work towards a “staged commercial roll-out in the large European markets, alongside ongoing discussions with distribution partners for other regions.”

In the US, Agamree was approved last October for DMD patients aged two years and over and is scheduled to be launched in the first quarter of this year by Catalyst Pharmaceuticals.

Catalyst licensed US, Canadian, and Mexican rights to the drug last year in a deal worth up to $231 million, including $90 million upfront, as well as an option on some European markets and Japan.

Santhera chose to forego its own revenue stream from the drug in North America in return for a cash injection to reduce its debt and future sales-based milestones and royalties. In Europe, it intends to focus its efforts on six key markets – Germany, France, Italy, Spain, the Benelux countries, and the UK – and seek commercial partners elsewhere, with Catalyst having right of first negotiation.

The US company is viewed as a good partner for the product as it already sells epilepsy therapy Fycompa (perampanel) and Firdapse (amifampridine) for muscular disease Lambert-Eaton myasthenic syndrome (LEMS).

Meanwhile, Santhera is also continuing to develop vamorolone for smaller indications, including Becker muscular dystrophy and other rare paediatric diseases, as an alternative to steroids.

https://pharmaphorum.com/news/santhera-debuts-dmd-drug-agamree-germany

Ship Hit by Missile as US Warns Red Sea Route Remains Too Risky

  • Vessel struck by a missile in the Gulf of Aden on Monday
  • Western navies already warned about safety of navigation

The US is telling shippers to stay away from the Red Sea after coalition forces bombed Yemen, according to a top trade group, as a missile hit a vessel on the crucial trade route.

The safety warning to shipping, posted on Linkedin by the world’s international shipping association Bimco, cited advice from the US Naval Forces Central Command. It warned the current instability could last “still some time.” The maritime industry had already been warned on Friday to stay away, but some guidance suggested a pause of only three days.

https://www.bloomberg.com/news/articles/2024-01-15/us-advises-bab-el-mandeb-still-too-risky-for-ships-trade-group

Boeing to add further quality inspections for 737 Max

 Boeing will add further quality inspections for the 737 MAX after an accident earlier this month where a fuselage panel was blown off an airplane, the head of its commercial airplanes division said Monday.

The planemaker will also deploy a team to supplier Spirit AeroSystems - which makes and installs the plug door involved in the incident - to check and approve Spirit's work on the plugs before fuselages are sent to Boeing's production facilities in Washington state, Stan Deal, president of Boeing Commercial Airplanes, said in a letter to Boeing employees.

In addition to the door plug inspections, Boeing teams will conduct checks at 50 other points in Spirit's production process, Deal said.

TickerSecurityLastChangeChange %
BATHE BOEING CO.217.70-4.96-2.23%
SPRSPIRIT AEROSYSTEMS27.20-0.40-1.45%

Meanwhile, both Boeing and Spirit will open their 737 production facilities to airline customers for carriers to provide their own inspections.

Alaska Airlines Boeing 737 Max 9

The fuselage plug area of Alaska Airlines Flight 1282 Boeing 737-9 Max is seen during its investigation by the National Transportation Safety Board in Portland, Oregon, on Jan. 7, 2024. (NTSB/Handout via Reuters / Reuters Photos)

Boeing will also hold sessions for employees on quality management, and bring in an outside party to conduct an independent assessment of its production process, Deal said.

"Everything we do must conform to the requirements in our QMS (quality management system)," Deal wrote. "Anything less is unacceptable. It is through this standard that we must operate to provide our customers and their passengers complete confidence in Boeing airplanes."

https://www.foxbusiness.com/markets/boeing-to-add-further-quality-inspections-737-max