By Wes Goodman, Bloomberg Markets Live reporter and strategist
The US two-year breakeven rate is showing an eye-popping increase and will put upward pressure on yields.
Friday, March 1, 2024
Trudeau Govt. Virologists Who Transferred Ebola To Wuhan Had "Clandestine Relationship" With Chinese
A cache of documents from Canada's top intelligence services reveals that Trudeau government virologists had a "clandestine relationship" with Chinese agents, the Counter Signal reports.
Xiangguo Qiu and her husband, Keding Cheng - two scientists at the National Microbiology Laboratory in Winnipeg, Canada were stripped of their security clearances and fired over questions about their loyalty to Canada, as well as the potential for coercion or exploitation by a foreign entity, according to more than 600 pages of documents made public Wednesday.
Highlights (via CTVNews.ca):
- Qiu and Cheng were escorted out of Winnipeg's National Microbiology Laboratory in July 2019 and subsequently fired in January 2021.
- The pair transferred deadly Ebola and Henipah viruses to China's Wuhan Institute of Virology in March 2019.
- The Canadian Security Intelligence Service assessed that Qiu repeatedly lied about the extent of her work with institutions of the Chinese government and refused to admit involvement in various Chinese programs, even when evidence was presented to her.
- [D]espite being given every opportunity in her interviews to describe her association with Chinese entities, "Ms. Qiu continued to make blanket denials, feign ignorance or tell outright lies."
- A November 2020 Public Health Agency of Canada report on Qiu says investigators "weighed the adverse information and are in agreement with the CSIS assessment."
- A Public Health Agency report on Cheng's activities says he allowed restricted visitors to work in laboratories unescorted and on at least two occasions did not prevent the unauthorized removal of laboratory materials.
- Cheng was not forthcoming about his activities and collaborations with people from government agencies "of another country, namely members of the People's Republic of China."
But wait, it goes much deeper than that... As The Counter Signal reports (subscribe here to support):
Alongside selling deadly pathogens to Chinese authorities at the Wuhan Institute of Virology for just $75, Qui was also found to have hidden a Chinese bank account from CSIS.
“Further to our security assessment […], the Service assesses that Ms. Qiu developed deep, cooperative relationships with a variety of People’s Republic of China (PRC) institutions and has intentionally transferred scientific knowledge and materials to China in order to benefit the PRC Government, and herself, without regard for the implications to her employer or to Canada’s interests.”
“It is clear that Ms. Qiu […] made efforts to conceal her projects with PRC institutions. The Service further assesses that because of her extensive knowledge of the harmful effects of dangerous pathogens on human health, Ms. Qiu should have been aware of the possibility that her efforts to engage clandestinely with the PRC in these research areas could harm Canadian interests or international security.”
“Ms. Qiu repeatedly lied in her security screening interviews about the extent of her work with institutions of the PRC Government and refused to admit to any involvement in various PRC programs, even when documents [REDACTED] were put before her.”
“The Service also assesses that Ms. Qiu was reckless in her dealings with various PRC entities, particularly in her lack of respect for proper scientific protocols regarding the transfer of pathogens and in working with institutions whose goals have potentially lethal military applications that are manifestly not in the interests of Canada or its citizens.”
Qiu was shown to have given China agents direct access to Canada’s National Microbiology Laboratory, a Biosafety Level 4 facility which houses Canada’s most secret and secure pathogenic diseases. These pathogens can be used in weaponry.
“Ms. Qiu also gave access to the [National Microbiology Laboratory] to at least two employees of a PRC institution whose work is not aligned with Canadian interests,” they stated.
Secretly working for Wuhan Lab
CSIS also found that Qui was actively working with the Chinese Wuhan Virology Lab on a project that CSIS redacted and called “Project 1.” This project started January 1, 2019, just three months before she sent a shipment of materials to the Wuhan lab, and the project involved the study of mRNA vaccines.
Project 2 was cited by CSIS as being a “cross-species infection” program that could have been used for Gain-of-Function research into bat viruses.
Exponential Fitness outlook in line after blowout quarter
Shares of boutique fitness studio franchisor Xponential Fitness (NYSE:XPOF) jumped 26.6% in the morning session after the company reported fourth-quarter results that blew past analysts' revenue estimates, driven by better-than-expected equipment and merchandise sales to its franchisees. On the other hand, its operating margin and EPS fell short of Wall Street's projections as it produced less high-margin franchise revenue than expected. Looking ahead, its full-year 2024 revenue guidance was in line with estimates, while its EBITDA outlook of $138 million fell short. Overall, this was a decent quarter for Xponential Fitness.
Xponential Fitness's shares are quite volatile and over the last year have had 34 moves greater than 5%. But moves this big are very rare even for Xponential Fitness and that is indicating to us that this news had a significant impact on the market's perception of the business.
Xponential Fitness is up 5.1% since the beginning of the year, but at $13.31 per share it is still trading 59.8% below its 52-week high of $33.08 from April 2023. Investors who bought $1,000 worth of Xponential Fitness's shares at the IPO in July 2021 would now be looking at an investment worth $1,085.
https://finance.yahoo.com/news/xponential-fitness-xpof-shares-skyrocket-164036193.html
Bill Seeks to Clarify Implanted Ear Devices as Prosthetics, Not Hearing Aids, Eligible for Medicare Coverage
Envoy Medical’s FDA Approved Esteem® Fully Implanted Active Middle Ear Hearing Device May Now Have an Opportunity to be a Coverable Benefit
https://www.globenewswire.com/news-release/2024/02/07/2825252/0/en/Newly-Introduced-Bipartisan-Bill-Seeks-to-Clarify-Fully-Implanted-Active-Middle-Ear-Hearing-Devices-as-Prosthetics-Not-Hearing-Aids-Making-Them-Eligible-for-Medicare-Coverage.html
Super Ozempic? New weight-loss drug burns fat 5 times quicker than that or Wegovy: study
It’s worth the weight.
A new injectable helps patients burn fat five times faster than Ozempic and Wegovy, according to the stunning results of a new clinical trial.
The drug — currently known as VK2735 — was developed by California biotech company Viking Therapeutics, whose share price surged 80% after the trial results were announced Tuesday.
While the injectable still has to go through another clinical trial before becoming eligible for FDA approval, there’s already buzz that it could revolutionize the weight loss industry and leave other injectables in the dust.
In the clinical trial, participants who were injected with a high dose of VK2735 once per week for 13 weeks lost an average of 32 pounds, or 14.7% of their body weight.
By comparison, it took patients injecting Ozempic and Wegovy 68 weeks — or five times as long — to see similar results.
“Our plan is to proceed aggressively with further clinical development,” Viking CEO Brian Lian excitedly declared, saying the drug showed “promising efficacy.”
During the phase two trial for VK2735, scientists recruited 174 overweight or obese adults with at least one underlying co-morbidity, such as Type 2 diabetes.
One hundred-forty injected VK2735 once per week for 13 weeks, while the remaining 34 were administered a placebo.
Those who injected the placebo lost just 1.7% of their body weight on average.
Meanwhile, participants on a 10 milligram dose of VK2735 reported an average body weight loss of 12.9%, while participants on the highest dosage (15 mg) saw 14.7% of their weight drop off.
Like Ozempic and Wegovy, VK2735 mimics glucagon-like peptide 1 (GLP-1), the hormone that makes people feel fuller for longer.
However, the injectable additionally mimics glucose-dependent insulinotropic polypeptide (GIP), which slows the movement of food through the gut. That could be responsible for increasing its efficacy.
Some participants taking VK2735 did report common side effects, such as vomiting and nausea, although not at levels that would make the drug prohibitive for sale.
Viking Therapeutics is now taking the drug to a phase three trial, where it will be tested on a larger sample size.
CVS and Walgreens will start selling abortion pills
Pharmacy retail giants Walgreens and CVS said Friday that they will begin selling mifepristone, a key abortion medication, a move that could expand abortion access at a moment when many states have moved to restrict it.
Marty Maloney, a spokesperson for Walgreens, said the retailer has completed the Food and Drug Administration (FDA) approval process to dispense mifepristone. CVS said in a statement that the pharmacy has received certification to dispense mifepristone and plans to start filling prescriptions in states where it is legal to do so.
Mifepristone pill is the first of two medications used in medication abortion. The second, Misoprostol, is taken immediately or up to 48 hours later.
“We’re working with manufacturers and suppliers to secure the medication and are not yet dispensing it in any of our pharmacies,” said Amy Thibault, a CVS spokesperson. “We’ll begin filling prescriptions for the medication in Massachusetts and Rhode Island in the weeks ahead and will expand to additional states, where allowed by law, on a rolling basis.
The phased rollout by the pharmacy giants will start as early as next week, The New York Times reports. The pills will only be available with a prescription.
https://qz.com/cvs-walgreens-mifepristone-abortion-pills-1851300828
Pfizer Focuses on Four Main Cancer Types, Eyes Eight Blockbusters by 2030
Fresh off of its $43 billion acquisition of antibody-drug conjugate company Seagen, Pfizer at an investor event on Thursday laid out its oncology business plans, which include refining its development focus to a handful of cancer types and boosting its biologics portfolio.
Pfizer will zero in on four main cancer types. These include breast cancer, with its four main hormonal subtypes, and genitourinary cancers covering prostate and urothelial cancers. The pharma will also channel its resources into thoracic cancers, which include lung and head-and-neck malignancies, as well as hemato-oncology targeting multiple myeloma, Hodgkin’s disease and other lymphomas.
With its expanded capabilities from the Seagen acquisition completed in late 2023, Pfizer announced during Thursday’s Oncology Innovation Day that it will also diversify its array of treatment modalities.
While the company previously focused on developing small molecule drugs for cancer—such as its best-selling oncology assets Ibrance (palbociclib) and Xtandi (enzalutamide)—Pfizer will now build up its biologics business, specifically antibody-drug conjugates (ADC) and bispecific antibodies.
Through its new strategy, Pfizer anticipates biologic therapies to comprise approximately 65% of its oncology business by 2030, representing more than tenfold growth from its current 6% mix. The company is also expecting to have at least eight potential blockbuster cancer assets by the end of the decade.
“We have a clear strategy focused on three core scientific modalities and four main types of cancer,” newly appointed Chief Oncology Officer Chris Boshoff said in a statement, adding that this strategic positioning—combined with several “significant catalysts” starting in 2025—will help Pfizer’s oncology franchise be a “critical driver of potential long-term sustainable sales and profit growth” for the company.
Among the catalysts are seven crucial Phase III readouts, including one for the investigational estrogen receptor degrader vepdegestrant which is being developed for the second-line treatment of ER+ metastatic breast cancer, and the experimental monoclonal antibody sasanlimab which is being studied in non-muscle invasive bladder cancer.
Pfizer is also advancing its ADC Elrexfio (elranatamab-bcmm) into earlier lines of treatment. Elrexfio is currently indicated for relapsed or refractory multiple myeloma patients who had undergone at least four prior lines of therapy.
Pfizer’s investor event comes as the company is trying to win some investor confidence back following its disappointing fiscal performance in the last quarter of 2023. Pfizer’s fourth-quarter earnings took a 42% hit, driven mainly by the sharp decline in demand for its COVID-19 products Comirnaty and Paxlovid.
The pharma is expecting its 2024 revenues to remain flat or rise by at most $3 million.
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