|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||42.69 - 43.20|
|52 Week Range||33.14 - 46.00|
|Beta (5Y Monthly)||0.33|
|PE Ratio (TTM)||27.98|
|Forward Dividend & Yield||1.14 (2.62%)|
|Ex-Dividend Date||Mar 19, 2020|
|1y Target Est||49.10|
The current head of global pharma technical operations at Roche (OTC: RHHBY) is jumping ship to take the lead role at Lonza (OTC: LZAGY). Pierre-Alain Ruffieux will become the new chief executive officer of the contract development and manufacturing organization on Nov. 1. Ruffieux has the extensive biopharmaceutical experience that Lonza's board of directors was looking for.
Lilly (LLY) begins phase I study on a potential COVID-19 antibody therapy. FDA grants label expansion approvals to several drugs.
Since February, investors have been flocking to several biotechnology and medical companies, such as Co-Diagnostics (NASDAQ:CODX), that have been working on coronavirus-related cures or diagnostic tests. Year-to-date (YTD) CODX stock is up an eye-popping 1,722%. In January it was a penny stock, now it's hovering at almost $17.Source: Shutterstock In late January, Co-Diagnostics announced that it was working on the development of a diagnostic test for testing COVID-19. The in vitro test is called Logix Smart. Since then, there have been several news announcements from management. As a result, CODX stock has defied gravity.Now investors are wondering if CODX stock can make new highs in the rest of the year. Therefore today, I'll take a closer look at what investors may expect from the shares. If you are currently an investor with paper profits, you may want to realize at least some of the gains. Here's why.InvestorPlace - Stock Market News, Stock Advice & Trading Tips CODX Stock and the Diagnostics TestAs the pandemic started affecting millions of people worldwide, investors realized that the global demand for coronavirus diagnostic kits could spike in 2020 and beyond.According to the U.S. Department of Health and Human Services, "Diagnostic Testing is used to confirm or support a clinical diagnosis of viral infection in symptomatic individuals and inform treatment and implement preventive measures to contain further spread." * 7 Hotel Stocks to Buy Before Vacationing Restarts On March 17, Co-Diagnostics said that it would be benefitting from the recent FDA policy change to allow rapid domestic expansion of its COVID-19 test. It further confirmed that it was shipping the test kits to countries all over the world. Following the press release, it went from around $9 to $13 in a matter of hours.When it released 2019 year-end financial results in late March, investors noticed upbeat comments and the announcement of various strategic partnerships. April and May also saw more updates which contributed to the ebb and flow in the price of CODX stock. On May 14, it released Q1 results and reported a quarterly revenue of $1.5 million. It also recorded COVID-19 test and equipment sales of over $18 million YTD through mid-second quarter.Prior to the release of the quarterly statement, CODX stock hit an all-time high of $29.72. Since then, profit-taking has kicked in and it is now about $17. What to Expect NowEffective testing for a disease like the coronavirus is a crucial part of winning the battle against the disease. According to recent research, "the epidemic curve presented was likely affected by limited testing, particularly in the early phases of the outbreak." In other words, diagnostic testing is a crucial step in winning the battle against the coronavirus.Therefore, Co-Diagnostics as well as its peers have to ensure that their tests are scientifically as valid as possible. Validity "is the extent to which a test measures what it is supposed to measure; in other words, it is the accuracy of the test. Validity is measured by sensitivity and specificity."InvestorPlace's Larry Ramer has recently written in detail about the accuracy of Co-Diagnostics' in-vitro test. He concluded that the Logic Smart test may not be as accurate as others manufactured by competitors.Sensitivity is the ability of a test to correctly classify a person as ′diseased.′ On the other hand, a test′s specificity is its ability to correctly classify an individual as "disease-free." According to recent research, the Logix Smart test does not score very high on accuracy.By comparison, the test developed by Roche (OTCMKTS:RHHBY), for example, scores rather high. Needless to say, a pharma major such as Roche will likely be in a stronger position to develop such an important test in a short period of time than other firms like Co-Diagnostics.Finally, in the recent "Report to Congress: COVID-19 Strategic Testing Plan" presented by the Department of Health and Human Services, the name of Co-Diagnostics does not appear. Could this an important sign that the government may be bypassing the Logix Smart test? If yes, could it because the U.S. government is not convinced about the validity of the test? Investor Takeaway on CODX StockCountries around the world need access to rapid diagnostic testing. However, in the end only the best tests will likely survive this race to develop such an important test.Between February and mid-May, the optimism around the test developed by Co-Diagnostocs pushed CODX stock to new highs almost every week. Seasoned investors may even call this exuberance a potential bubble.Yet as I write this, the jury may be out as to whether the Co-Diagnostocs' test may be one of the best. If there are any further news headlines that cast doubt on the validity of the test offered by Co-Diagnostics, then CODX stock will likely come under further pressure.Until there is further scientific evidence, I would not commit any new capital to CODX stock. I'd at least wait to see full metrics and scientific evidence that may be announced in the upcoming Q2 earnings result expected in August.Tezcan Gecgil has worked in investment management for over two decades in the U.S. and U.K. In addition to formal higher education in the field, she has also completed all 3 levels of the Chartered Market Technician (CMT) examination. Her passion is for options trading based on technical analysis of fundamentally strong companies. She especially enjoys setting up weekly covered calls for income generation. As of this writing, Tezcan Gecgil did not hold a position in any of the aforementioned securities. More From InvestorPlace * Why Everyone Is Investing in 5G All WRONG * Top Stock Picker Reveals His Next 1,000% Winner * The 1 Stock All Retirees Must Own * Look What America's Richest Family Is Investing in Now The post It May Be Time to Take Profits in Co-Diagnostics Stock appeared first on InvestorPlace.
Lonza Group on Friday named a veteran Roche manager to become its new chief executive, as the Swiss contract drug manufacturer seeks to end a year of turmoil at the top and accelerates work to produce a possible COVID-19 vaccine. Pierre-Alain Ruffieux, currently head of global pharma technical operations at drugmaker Roche, will join on Nov. 1, Lonza said in a statement. Before that, Ruffieux spent 12 years at Novartis, and the 50-year-old has more than 20 years of experience in the biopharmaceuticals industry.
(Bloomberg) -- New Jersey’s nonessential businesses will reopen on June 15 and New York Mayor Bill de Blasio said he hoped to begin outdoor dining in July, further signs that the regional economy is slowly emerging from a three-month lockdown.The U.S. is developing a test to check for both seasonal influenza and Covid-19, which could help authorities determine whether there is a second wave of coronavirus later this year.China will ease its ban on foreign airlines starting Monday after the Trump administration threatened curbs on Chinese carriers.Key Developments:Virus Tracker: Cases pass 6.5 million; deaths exceed 388,000NYC stores can reopen on Monday. Many of the biggest won’tCDC chief says U.S. remains underprepared for pandemicsRoche gets emergency approval for test for severe casesU.K. minister’s virus test sets Up tracing challenge for JohnsonMerkel stimulus seals German shift from frugality to largessSubscribe to a daily update on the virus from Bloomberg’s Prognosis team here. Click VRUS on the terminal for news and data on the coronavirus. For a look back at this week’s top stories from QuickTake, click here.Portugal Economy to Shrink 6.9% (4:50 p.m. NY)Portuguese Prime Minister Antonio Costa forecast the economy will shrink 6.9% this year after the coronavirus outbreak forced confinement measures and shut some businesses.The government plans to help companies with more financing and incentives, Costa said in Lisbon. It will also increase some benefit payments, with unemployment expected to rise to 9.6% by the end of the year.The prime minister said that anti-virus measures that remain in place in the Lisbon region may be lifted on June 15. The government last week delayed the planned reopening of malls in Lisbon after recording new clusters of the virus outbreak near the city.Peru to Reopen More Industries (4:45 p.m. NY)Peru authorized more parts of the economy to reopen even as virus deaths approached 5,000 and hospitals in Lima begin running low of oxygen for patients.Industries from road building to beer making and printing were cleared to restart along with inter-provincial transport services, according to a decree on Thursday. President Martin Vizcarra said the move would see 80% of the economy reopened, up from 55%.The country has become a virus hot spot, with the most cases in Latin America after Brazil and total deaths approaching 5,000.U.S. Cases Rise 1.1% (4 p.m. NY)Coronavirus cases in the U.S. increased 1.1% as compared with the same time Wednesday, to 1.86 million, according to data collected by Johns Hopkins University and Bloomberg News. That was in line with the average increase over the past seven days. Deaths rose 0.9% to 107,685.New York cases rose 0.3% to 375,133, compared with the average of 0.4% over the past seven days, according to the state’s health department.Florida reported 60,183 cases, up 2.4% from a day earlier, compared with an average increase of 1.6% in the previous seven days. Deaths reached 2,607, an increase of 1.4%.California cases rose 1.8% to 119,807 while deaths rose 1.4% to 4,422, according to the state’s website.Study on Risks Tied to Malaria Drug Retracted (3:30 p.m. NY)A study that said a malaria drug backed by U.S. President Donald Trump raised the risk of heart side effects and death has been retracted by the authors.The study published two weeks ago in the prestigious Lancet U.K. medical journal had raised questions about the accuracy of the underlying data, said researchers said in retraction note published Thursday.While Surgisphere Corp., the company behind the data on hydroxychloroquine and chloroquine, had signaled it would cooperate with an independent review, it reneged, citing confidentiality agreements, the study’s authors wrote. “As such, our reviewers were not able to conduct an independent and private peer review,” the authors said.NBA Sets to Resume Play July 31 (2:45 p.m NY)Professional basketball is on track to restart its season July 31 at Walt Disney World in Orlando, Florida, more than four months after halting play. In a 29-1 vote, the National Basketball Association’s owners approved a plan to have 22 of the league’s 30 teams start play at at the theme-park complex, according to the New York Times.The NBA, which suspended games on March 11, is seen as a bellwether for much of the sports world. The National Basketball Players Association will meet Friday to ratify the plan.N.J. Sets Retail Reopening June 15 (2:20 p.m. NY)New Jersey’s nonessential retail businesses can open starting June 15, Governor Phil Murphy said, with stores limited to 50% capacity and customers required to wear face coverings.“Social distancing must remain our routine,” Murphy said. “We will take a big step forward in our restart and our recovery.”The coronavirus has put more than one in nine state residents out of work since mid-March. New Jersey’s death toll rose by 92 to 11,970 while the number of virus cases increased 603 to 162,530.Nevada Reopens Casinos (2:145 p.m. NY)Casinos in Nevada reopened Thursday following a nearly three-month shutdown due to the coronavirus, and some properties let guests in right after midnight.Videos posted online showed more than 100 people tumbling into the D Las Vegas casino downtown. Go-go dancers wearing masks could also be seen amid fairly busy tables. Caesars Entertainment Corp. welcomed guests into Caesars Palace for a ribbon cutting.The Nevada Gaming Control Board said resorts should operate at no more than 50% of capacity on their gambling floors.U.S. Acts to Clean Up Jumbled Data (1:30 p.m. NY)The U.S. Department of Health and Human Services introduced new guidance to provide a better picture of Covid-19 testing efforts, particularly in terms of race, gender and ZIP code.The quality of government data has been faulted for months, particularly as evidence emerges that minority communities have been affected the most by the virus. The new guidance standardizes reporting of test data to the Centers for Disease Control and Prevention, including on fields such as gender and type of test performed. Laboratories must comply by Aug. 1.Brett Giroir, a top HHS official who oversees testing efforts, said that “most of these fields are not reported at all by hospital labs and rarely by large commercial labs,” which have performed the bulk of thet U.S. testing.CDC Says Face Coverings Remain Key (12:50 p.m. NY)Masks and face coverings remain an important tool to stop spread of the coronavirus, the director of the Centers for Disease Control and Prevention told Congress, adding that he’s worried that some Americans appear to be ignoring the advice.“We continue to see this as a critical public health tool,” CDC Director Robert Redfield said in Washington Thursday. Responding to questions about large public gathers of unmasked people, he said that, “obviously we’re very concerned that our public health message isn’t resonating.”Redfield said the agency would continue to try and push the message that people should wear marks: “We’re going to continue to try to figure out how to get more and more people to embrace it.”Italy Has Fewest Cases Since February (12:47 p.m. NY)Italy registered 177 new Covid-19 cases, down from 321 on Wednesday and the fewest since Feb. 26. Total cases climbed to 234,013. Deaths were 88 up from 71 on Wednesday for a total of 33,689.Nine regions reported no daily cases, while Lombardy added 84 infections.N.Y. Expands Test Criteria After Protests (11:45 a.m. NY)New York Governor Andrew Cuomo, noting people demonstrating over the death of George Floyd may have become infected, said the state’s testing criteria has been expanded to cover the protesters.“If you went to a protest, get a test,” Cuomo said. “Act as if you may have been exposed.”Cuomo said the state had 52 new deaths in the past day, up slightly from Wednesday, but the said the overall decline “is still in a positive direction.” Cases rose 0.3% in the past 24 hours, below the 0.4% seven-day average.Florida Cases Jump Most Since May 21 (11:40 a.m. NY)Florida reported 60,183 Covid-19 cases, up 2.4% from a day earlier, compared with an average increase of 1.6% in the previous seven days. It was the biggest increase since the May 21 report and the second straight day with an increase above 2%. Deaths reached 2,607, an increase of 1.4%,Governor Ron DeSantis has blamed “data dumps” for momentary upticks in the numbers. Indeed, the data showed 38,220 test results received Wednesday, the third-highest level in the past two weeks, in which the daily range is 11,303 to 41,561. Among those results, the positivity rate was 5.3%, in line with the 4%-8% range in the past two weeks.The state started its phased reopening on May 4.NYC Targets July for Outdoor Dining (11:30 a.m. NY)New York Mayor Bill de Blasio is targeting a July reopening of outdoor dining. The mayor, preparing for the June 8 start of the first phase of reopening, said he anticipates reaching the second phase in July. Restaurants are a key part of the city’s economy, de Blasio said at a press briefing.AstraZeneca Signs Vaccine Deals (11:15 a.m. NY)AstraZeneca agreed on a $750 million deal with the Coalition for Epidemic Preparedness Innovations and Gavi the Vaccine Alliance to support making and distributing 300 million doses of a Covid-19 vaccine, with delivery starting by the end of the year.The drugmaker also announced a licensing agreement with the Serum Institute of India to supply 1 billion doses for low- and middle-income countries, with 400 million before the end of 2020.Astra said it has now global supply capacity to exceed 2 billion doses of Oxford University’s Covid-19 vaccine.CDC Developing Dual Flu-Coronavirus Test (10:27 a.m. NY)The U.S. Centers for Disease Control and Prevention is developing a test that can check for seasonal influenza and Covid-19 infections at the same time, the agency’s director said in testimony to Congress.Symptoms of the two illnesses are similar, and when seasonal influenza season arrives later this year it will be important for public-health authorities and health workers to be able to differentiate between the two viruses. Such a test would help determine whether Covid-19 infections are experiencing a second wave, or if patients are showing up with normal seasonal flu.CDC Director Robert Redfield announced the plan in prepared testimony to Congress ahead of a hearing on the agency’s budget later Thursday in Washington.Top German Banking Regulator Warns on Defaults (9:37 a.m. NY)Banks need to brace for a second wave of loan defaults next year, Germany’s top financial regulator said on Thursday, adding that the continent’s lenders will see the bulk of the challenges posed by Covid in the next two quarters. The longer-term effects of the crisis will be drawn out and could lead to another peak in 2021, Bafin President Felix Hufeld said at a virtual event hosted by Bloomberg.(An earlier version corrected the spelling of Danske Bank and the scope of increase in Iran cases.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
On Thursday, the FDA granted Roche ‘emergency use’ clearance for a coronavirus test which helps to identify patients who are at high risk of dangerous immune responses. Yahoo Finance’s Anjalee Khemlani joins The Final Round to break down the latest news about the coronavirus.
Here's a roundup of top developments in the biotech space over the last 24 hours:Scaling The Peak (Biotech Stocks Hitting 52-week Highs June 3) * Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) * BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) * Black Diamond Therapeutics Inc (NASDAQ: BDTX) * Fortress Biotech (NASDAQ: FBIO) * Imara Inc (NASDAQ: IMRA) * Inari Medical Inc (NASDAQ: NARI) * Intellia Therapeutics Inc (NASDAQ: NTLA) * Kala Pharmaceuticals Inc (NASDAQ: KALA) * Keros Therapeutics Inc (NASDAQ: KROS) * ORIC Pharmaceuticals Inc (NASDAQ: ORIC) * Phathom Pharmaceuticals Inc (NASDAQ: PHAT) * Pliant Therapeutics Inc (NASDAQ: PLRX) (went public Wednesday) * Protara Therapeutics Inc (NASDAQ: TARA) * Qiagen NV (NYSE: QGEN) * Turning Point Therapeutics Inc (NASDAQ: TPTX) * United Therapeutics Corporation (NASDAQ: UTHR)Down In The Dumps (Biotech Stocks Hitting 52-week Lows June 3) * Cellectar Biosciences Inc (NASDAQ: CLRB) (priced a $20-million common stock offering) * Cumberland Pharmaceuticals, Inc. (NASDAQ: CPIX) * Genfit SA (NASDAQ: GNFT)Stocks In Focus Kezar Reports Positive Early Stage Results For KZR-616 In Systemic Lupus Erythematosus Kezar Life Sciences, Inc. (NASDAQ: KZR) announced updated results from the Phase 1b portion of the Phase 1b/2 MISSION study, which is evaluating the safety and tolerability of KZR-616 in patients with systemic lupus erythematosus with and without nephritis, showing overall improvements across seven measures of disease activity.Two of two patients with lupus nephritis experienced a greater than 50% reduction in proteinuria, a biomarker of disease severity, according to the company. A positive safety and tolerability profile was observed with step-up dosing of KZR-616, Kezar said. The stock jumped 48.32% to $6.63 in premarket trading Thursday.AcelRx Ends Bid For Tetraphase Following a bidding war for Tetraphase Pharmaceuticals Inc (NASDAQ: TTPH) that saw the contenders sweetening their offers a few times, AcelRx Pharmaceuticals Inc (NASDAQ: ACRX), one of the contenders, said it does not intend to revise further its offer and that the offer is likely to be terminated by Tetraphase.This leaves the path clear for a takeover of Tetraphase by Melinta.AcelRx is eligible to receive a break-up fee of $1.8 million.AcelRx shares were up 1.55% at $1.31 at the time of publication during Thursday's premarket session, while Tetraphase shares were down 1.34% at $2.21. See also: The Week Ahead In Biotech: ASCO, Menlo And Merck FDA Decisions, IPOs In The Spotlight ObSeva Announces Positive Pilot Study Results From Linzagolix In Adenomyosis Obseva SA (NASDAQ: OBSV) announced the publication in the journal Fertility and Sterility of a case report from a pilot study assessing the use of linzagolix for the treatment of uterine adenomyosis. The study showed the patient treated with linzagolix saw alleviation of symptoms such as cessation of bleeding, improvement in pelvic pain, resolution of anemia and shrinkage of uterus at week 12.The symptoms continued to improve with the subsequent 12 weeks of treatment, and the effect lingered at eight weeks following the treatment.Pending confirmation of the results in additional patients, ObsEva said it may pursue additional studies to support supplemental labeling for the treatment of adenomyosis in reproductive-age women.The stock was down 5.66% at $5 premarket. Roche Obtains FDA Emergency Use Authorization For Test To Identify High-Risk Coronavirus Patients Roche Holdings AG Basel ADR Common Stock (OTC: RHHBY) said the FDA has issued an Emergency Use Authorization for the Elecsys IL-6 test, which measures levels of the biomarker interleukin 6 and can be used to help identify patients with confirmed COVID-19 disease who could be at high risk of intubation with mechanical ventilation. AstraZeneca Announces Oncology Partnership With Accent For Up To $1.2B AstraZeneca plc (NYSE: AZN) announced a collaboration with Accent Therapeutics to discover, develop and commercialize transformative therapeutics targeting RNA-modifying proteins for the treatment of cancer.The agreement provides for AstraZeneca paying Accent a $55 million upfront and up to about $1.1 billion in total milestones, plus tiered royalties.In premarket trading, Thursday, AstraZeneca shares were gaining 0.36% to $55.20. Tiziana Gets NIH Grant For Studying Nasal Anti-CD3 Therapy For Alzheimer's Disease TIZIANA LF SCIE/S ADR (NASDAQ: TLSA) said the chairman of its Scientific Advisory Board, Dr. Howard Weiner, has received a competitive research grant from the NIH to investigate nasal anti-CD3 for the treatment of Alzheimer's disease.The company said it has licensed the anti-CD3 mAbs from Brigham and Women's Hospital, Harvard Medical School, Boston, and that it has completed two Phase 1 trials. It also said it expects to initiate two Phase 2 trials shortly for nasally and orally administered Foralumab for the treatment of progressive multiple sclerosis and Crohn's disease, respectively. The stock was adding 4.89% to $6.87 in premarket trading Thursday.EULAR Presentations Gilead Sciences, Inc. (NASDAQ: GILD) and GALAPAGOS NV/S ADR (NASDAQ: GLPG) announced at the at the European League Against Rheumatism, EULAR, E-Congress, Week 52 results from the Phase 3 FINCH 1 and FINCH 3 studies of filgotinib in adults with moderately to severely active rheumatoid arthritis, which demonstrated sustained efficacy and a consistent safety profile with up to 52 weeks of filgotinib treatment across RA patient populations.Novartis AG (NYSE: NVS) announced full 52-week results from the Phase 3 PREVENT trial, which reinforced the substantial and sustained benefits of Cosentyx across the axial spondyloarthritis spectrum."The study found patients treated with Cosentyx 150 mg showed significant and sustained improvements in signs and symptoms of non-radiographic axial spondyloarthritis (nr-axSpA) at 52 weeks," the company said.Novartis shares were rising 0.62% to $86.23 in premarket trading Thursday.Offerings Twist Bioscience Corp (NASDAQ: TWST) said it has priced its underwritten public offering of 3.03 million shares of its common stock at $33 per share for gross proceeds of $100 million. The company expects the offering to close on or about June 8.The stock was down 5.07% at $35.19 premarket. Aileron Therapeutics Inc (NASDAQ: ALRN) said it has commenced an underwritten public offering of shares of its common stock. All the shares earmarked for the offering are sold by the company.The stock was down 13.74% at $1.13 premarket. On The Radar PDUFA Dates The FDA is set to rule on Merck & Co., Inc. (NYSE: MRK) sNDA for its triple combo antibiotic Recarbrio.Related Link: Attention Biotech Investors: Mark Your Calendar For June PDUFA Dates See more from Benzinga * Revisiting The Coronavirus Vaccine Race: Updates On The 10 Candidates In Clinics * The Daily Biotech Pulse: Regulatory Delay For Novartis' Multiple Sclerosis Drug, FSD Gets Nod For COVID-19 Study * The Daily Biotech Pulse: FDA Nod For Roche's Combo Therapy In Liver Cancer, Allena Rips Higher, Pfizer To Invest Up To 0M In Biotechs(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Roche (SIX: RO, ROG; OTCQX: RHHBY) announced today that the U.S. Food and Drug Administration (FDA) has issued an Emergency Use Authorisation (EUA) for the Elecsys® IL-6 test. This test measures levels of the biomarker interleukin 6 (IL-6) and can be used to help identify patients with confirmed COVID-19 disease who could be at high risk of intubation with mechanical ventilation.
FDA approves Roche's (RHHBY) sBLA seeking approval of the Tecentriq-Avastin combo to treat HCC patients who have not received prior systemic therapy.
COVID-19 coronavirus made us realize that health should always be our top priority. Here are some companies working to make the world a better place after the pandemic. AbbVie Inc - Botox To The Rescue With unappreciated potential, the stock of this big drugmaker has stellar fundamentals. AbbVie Inc's (NYSE: ABBV) acquisition of Allergan brought the company over 120 additional products that generated more than $16 billion in revenues last year.There were a few bumps along the way, but AbbVie now has Botox, and sales are growing in cosmetics and therapeutics.J&J - Active On All Fronts Although Johnson & Johnson (NYSE: JNJ)'s share price is nearly where it was at the start of the year, there are many reasons why this stock is an 'evergreen' favorite. To start, it is the largest healthcare company in the world with tremendous resources.In March, it committed more than $1 billion to develop a COVID-19 vaccine. It is also setting up a manufacturing capacity to produce the vaccine even before clinical trials take place by September. The vaccine could be available for emergency use authorization by 2021 if all goes well, but its scientists are exploring the potential for existing drugs to treat COVID-19.One of the main reasons that this stock has been a favorite among investors is its diversification across the healthcare sector with three business segments. The company's pharmaceutical segment is its biggest growth driver but the other two segments, consumer health, and medical devices are also multibillion-dollar businesses.Merck - Entering The COVID-19 Arena Merck & Co Inc (NYSE: MRK) announced 3 deals to find new medicines and vaccines to help combat the coronavirus. What is also positive is that Merck grew its EBIT by 29% in the last year, and that should make it easier to pay down debt.Roche - Combining Drugs To Fight COVID-19 Roche Holding AG (OTC: RHHBY) announced it plans to test whether mixing the anti-inflammation drug Actemra, with anti-viral treatment remdesivir, might give better results in treating severe cases of COVID-19 pneumonia than remdesivir alone.Roche is hoping that by combining the two in a global study of 450 hospitalized patients worldwide, it will be able to offer doctors a one-two punch against the enemy that took 360,000 lives as it quickly contaminated 5.8 million people.Everyone is fighting for the same goal - and the world is cheering for them to reach the finish line as soon as possible!This article is not a press release and is contributed by Ivana Popovic who is a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure. Ivana Popovic does not hold any position in the mentioned companies. Press Releases - If you are looking for full Press release distribution contact: firstname.lastname@example.org Contributors - IAM Newswire accepts pitches. If you're interested in becoming an IAM journalist contact: email@example.com Questions about this release can be sent to firstname.lastname@example.orgPhoto by Chokniti Khongchum from Pexels.See more from Benzinga * 4 Blue Chips That Lived Up To Their Title During the Pandemic * How Social Media Stocks Fared During The Pandemic * HP and Dell At Least Managed to Top Estimates(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Here's a roundup of top developments in the biotech space over the last 24 hours:Scaling The Peaks (Biotech Stocks Hitting 52-week Highs June 1) * Adaptimmune Therapeutics PLC - ADR (NASDAQ: ADAP) * Aileron Therapeutics Inc (NASDAQ: ALRN) (announced positive interim results for its Phase 1b/2 study of ALRN-6924 as an agent to protect patients against chemotherapy-induced toxicity) * argenx SE - ADR (NASDAQ: ARGX) * Bio-Rad Laboratories, Inc. Class A Common Stock (NYSE: BIO) * Cerus Corporation (NASDAQ: CERS) * Dynavax Technologies Corporation (NASDAQ: DVAX) (reacted to reports of partner Sinovac expressing confidence in its coronavirus vaccine) * Emergent Biosolutions Inc (NYSE: EBS) (announced $628-million dollar BARDA funding for rapid development of COVID-19 vaccine candidates) * Imara Inc (NASDAQ: IMRA) * Immunovant Inc (NASDAQ: IMVT) * Inari Medical Inc (NASDAQ: NARI) * Kala Pharmaceuticals Inc (NASDAQ: KALA) * MEI Pharma Inc (NASDAQ: MEIP) * Novo Nordisk A/S (NYSE: NVO) * Protara Therapeutics Inc (NASDAQ: TARA) * TFF Pharmaceuticals Inc (NASDAQ: TFFP) * Turning Point Therapeutics Inc (NASDAQ: TPTX) * Vermillion, Inc. (NASDAQ: VRML) * Y-mAbs Therapeutics, Inc (NASDAQ: YMAB)Down In The Dumps (Biotech Stocks Hitting 52-week Lows June 1) * Ocugen Inc (NASDAQ: OCGN) (announced discontinuation of Phase 3 trial of OCU300 for ocular Graft vs. Host Disease)Stocks In Focus Roche's Cancer Therapy Combo Approved For Treatment-Naive Liver Cancer Roche Holdings AG Basel ADR Common Stock (OTC: RHHBY) said the FDA approved its Tecentriq in combination with Avastin for the treatment of people with unresectable or metastatic hepatocellular carcinoma who have not received prior systemic therapy.Allena's Momentum Carries Through Ahead of Conference Presentation Allena Pharmaceuticals Inc (NASDAQ: ALNA) shares were surging ahead of the company's presentation at the Jefferies Virtual Healthcare Conference. The shares were higher in Monday's regular session, reacting to an initiation by H.C. Wainwright with a Buy rating and $10 price target.Analyst Edward White said the biopharma is an "undervalued enzyme therapeutic company."Following a 31.55% jump to $2.21 in Monday's regular session, Allena shares were rallying by 35.29% to $2.99 in Tuesday's premarket session. Esperion Shares Slip As Shareholder Lawsuit Accorded Class Action Status Esperion Therapeutics Inc (NASDAQ: ESPR) shares came under pressure after a federal district court accorded class action status to a lawsuit filed on behalf of investors, alleging the company issued misleading statements about its non-statin cholesterol-lowering drug Nexletol in a bid to artificially inflate the stock price.The stock fell after it was evident the drug did not have a clear path to regulatory approval, the lawsuit alleged.The stock slid 3.07% to $40.77 in after-hours trading.Related Link: The Week Ahead In Biotech: ASCO, Menlo And Merck FDA Decisions, IPOs In The Spotlight Pfizer To Invest Up To $500M Across Portfolio Of Clinical-Stage Biotechs Pfizer Inc. (NYSE: PFE) announced the establishment of the Pfizer Breakthrough Growth Initiative, through which the company said it will invest up to $500 million in biotechnology companies to help provide funding and access to its scientific expertise to ensure continuity of the biotechnology companies' most promising clinical development programs.Myovant Gains On NDA Submission For Drug Combo to Treat Menstrual Bleeding Sumitovant Biopharma said its affiliate Myovant Sciences Ltd (NYSE: MYOV) has submitted an NDA for the once-daily relugolix combo tablet, comprising relugolix 40 mg, estradiol 1 mg and norethindrone acetate 0.5 mg, for the treatment of women with heavy menstrual bleeding associated with uterine fibroids.The stock was trading 0.95% higher at $17.09 in the premarket session.Sanofi Announces European Nod For Multiple Myeloma Drug Sanofi SA (NASDAQ: SNY) said the European Commission has approved its Sarclisa in combination with pomalidomide and dexamethasone for the treatment of adult patients with relapsed and refractory multiple myeloma who have received at least two prior therapies including lenalidomide and a proteasome inhibitor and have demonstrated disease progression on the last therapy.Aytu Retires $15M In Debt Aytu Bioscience Inc (NASDAQ: AYTU) said it has retired $15 million debt assumed in connection with its previously announced acquisition of Cerecor Inc's (NASDAQ: CERC) Commercial Portfolio.Bidding War For Tetraphase Heats Up Tetraphase Pharmaceuticals Inc (NASDAQ: TTPH) said a revised offer from Melinta received in response to another revised offer from another suitor, AcelRx Pharmaceuticals Inc (NASDAQ: ACRX), has been deemed a superior offer by its board.Melinta and AcelRx have been engaged in a bidding war to lap up Tetraphase, with both companies sweetening their respective bids a few times.The revised AcelRx offer received May 27 called for exchanging each unit of Tetraphase stock for $0.5872 in cash and 0.7409 AcelRx shares, representing $1.70 in upfront per share value, and one CVR, entitling the holders to receive potential payments of up to $16 million in cash upon the achievement of certain future Xerava net sales milestones starting in 2021.Melinta's most recent bid offered $39 million in cash,plus an additional $16 million in cash potentially payable under CVR to be issued in the proposed acquisition.In premarket trading Tuesday, Tetraphase gained 6.9% to $2.48, while AcelRx shares were surging higher by 6.3% to $1.35.Offerings OraSure Technologies, Inc. (NASDAQ: OSUR) said it has commenced an underwritten public offering of 8 million shares of its common stock.The stock slipped 4.32% to $13.51 in after-hours trading.Adaptimmune priced its underwritten public offering of 20.5 million shares of its ADSs at $11 each for gross proceeds of $225.5 million. The company expects the offering to close on or about June 4.Kaleido Biosciences Inc (NASDAQ: KLDO) priced its underwritten public offering of 4.75 million shares of its common stock at $7.50 per share. The company expects to raise gross proceeds of $35.6 million from the offering. All the shares are being offered by the company. The offering is expected to close June 4.The stock was trading 2.87% higher at $8.24 in the premarket session. Allogene Therapeutics Inc (NASDAQ: ALLO) priced its underwritten public offering of 11.702 million shares at $47 per share for gross proceeds of $550 million.The offering is expected to close on or about June 4.The stock fell 0.57% to $48.66 in after-hours trading.Guardant Health Inc (NASDAQ: GH) announced the commencement of a proposed underwritten public offering of 10 million shares of its common stock, of which 3 million shares are being offered by Guardant Health and 7 million by SoftBank Investment.The stock was up 0.1% at $48.99 premarket. G1 Therapeutics Inc (NASDAQ: GTHX) said it has entered into a debt financing agreement with Hercules Capital, Inc. (NYSE: HTGC) for up to $100 million. The company plans to use the proceeds to fund commercialization and further development of trilaciclib, its first-in-class investigational therapy designed to improve outcomes for people with cancer treated with chemotherapy.Intellia Therapeutics Inc (NASDAQ: NTLA) said it has commenced an underwritten public offering of $75 million of shares of its common stock. All of the shares in the proposed offering are to be sold by Intellia.Intellia shares were trading 0.91% higher at $20.73 premarket Tuesday.Related Link: Attention Biotech Investors: Mark Your Calendar For June PDUFA Dates See more from Benzinga * Pfizer Analyst Takes Stock Of Negative Breast Cancer Data, Pharma Giant's 2025 Goals(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Roche (SIX: RO, ROG; OTCQX: RHHBY) today announced that the US Food and Drug Administration (FDA) has approved Tecentriq® (atezolizumab) in combination with Avastin® (bevacizumab) for the treatment of people with unresectable or metastatic hepatocellular carcinoma (HCC) who have not received prior systemic therapy. “We’re excited that today’s approval of Tecentriq in combination with Avastin for unresectable or metastatic hepatocellular carcinoma brings a cancer immunotherapy option to people with this aggressive form of liver cancer,” said Levi Garraway, M.D., Ph.D., Chief Medical Officer and Head of Global Product Development.
They're both leaders in COVID-19 diagnostics testing and a whole lot more. But one stock appears to be the better pick right now.
Roche (RHHBY) commences a phase III study on Actemra with Gilead's remdesivir in hospitalized patients with severe COVID-19 pneumonia.
Genentech, a member of the Roche Group (SIX: RO, ROG; OTCQX: RHHBY), today announced that the U.S. Food and Drug Administration (FDA) has approved Tecentriq® (atezolizumab) in combination with Avastin® (bevacizumab) for the treatment of people with unresectable or metastatic hepatocellular carcinoma (HCC) who have not received prior systemic therapy.
·Rozlytrek has shown durable responses across multiple tumour types, including cancer that has spread to the brain, and could become Roche’s first tumour-agnostic therapy.
ALEX study is the first global phase III study to show a clinically meaningful benefit in overall survival at five years (62.5% with Alecensa), compared with crizotinib.
(Bloomberg) -- Texas sports leagues can have some fans attend games even as new coronavirus cases in the state climbed at amost twice the weekly average. Overall U.S. infections increased 1.2%.New York gave store owners the power to keep out customers for not wearing a mask. Securities regulators are scrutinizing public companies that got U.S. stimulus aid.The U.S. Veterans Administration is using less of a drug touted by President Donald Trump for Covid-19. Roche’s immune suppressor Actemra will be paired with Gilead’s antiviral remdesivir in a late-stage trial.Key Developments:Virus Tracker: Cases top 5.7 million; deaths over 358,000Why New York suffered when other cities were sparedIndia’s deaths exceed China’s as global hot spots shiftVaccine makers may need to infect subjects to get resultsLatin America now accounts for 40% of daily virus deathsHow can I get it? The evidence on transmission: QuickTakeSubscribe to a daily update on the virus from Bloomberg’s Prognosis team here. Click VRUS on the terminal for news and data on the coronavirus. For a look back at this week’s top stories from QuickTake, click here.San Francisco to Reopen Retail, Sports (5:10 p.m. NY)San Francisco, one of the first U.S. cities to close, is taking steps to reopen businesses, while stay-home orders remain in effect. Starting June 15, restrictions will be loosened on outdoor dining, indoor retail and certain outdoor activities like summer camps, Mayor London Breed said. Professional sports can resume, but without spectators.The city will open child care and outdoor museums June 1. In the next phase, scheduled for July 13, hair salons will open and indoor dining and real estate open houses will be permitted.Breed said a stay-at-home order remains in place indefinitely, and encouraged office workers to continue to telecommute. “This plan is being implemented, but we are still asking people to stay at home if at all possible,” she said.Texas Cases Jump; Fans Return to Stadiums (4:25 p.m. NY)Texas Governor Greg Abbott will let professional sports leagues play games in stadiums and outdoor arenas with fans, limited to 25% of capacity. Indoor sports events remain closed to spectators. New cases rose faster than the weekly average.Leagues must submit a health and safety plan for screening and regular testing of employees, players and contractors, according to a statement on the state’s website. Six feet (1.8 meters) of distance should be maintained in settings including locker rooms, break rooms, workout or practice facilities, and showers.Texas cases climbed 3.2%, almost twice the seven-day average, to 59,766, according to state health department data. New-case detections outpaced the 2.9% increase in testing and, in terms of raw numbers, the case count increased at the steepest daily rate since the pandemic began.Fatalities rose 2.5% to 1,601. Abbott has been dispatching so-called surge response teams to Amarillo and other hot spots to deal with outbreaks centered in facilities such as meatpacking plants.U.S. Cases Rise 1.2% (4 p.m. NY)Coronavirus cases in the U.S. increased 1.2% as compared to the same time Wednesday, to 1.71 million, according to data collected by Johns Hopkins University and Bloomberg News. That’s in line with Wednesday’s rate and the average of 1.3% over the past seven days. Deaths rose 1.4% to 101,129.New York had more than 366,000 cases and 23,600 fatalities as of May 27, according to Governor Andrew Cuomo. Hospitalizations are declining, and daily fatalities were below 100 for a fourth day, after peaking at more than 700 in April.Florida reported 53,285 cases, up 1.2% from a day earlier, below the average increase of 1.5% in the previous seven days, according to the state’s health department. Deaths reached 2,364, an increase of 1.9%.California cases rose 2.7% to 101,697 while deaths rose 2.3% to 3,973, according to the state’s website.Boston Marathon Canceled (3 p.m. NY)The Boston Marathon was canceled by the Boston Athletic Association, which in a tweet said a virtual event will be staged in September. All participants who signed up for the April 20 race will be offered a refund and can participate in a virtual event Sept. 7–14. Participants in the virtual race will run the marathon distance 26.2 miles and upload data to a fitness app.Mayor Marty Walsh, in a tweet, said the organizers “with our input and support” determined a one-day race isn’t feasible. “This kind of event would not be responsible or realistic on September 14 or any time this year,” he said.Chicago Lets Workers Return (2:55 p.m. NY)More than 130,000 Chicago workers will be permitted to return to work on Wednesday as the city begins to reopen its economy, Mayor Lori Lightfoot said Thursday. Industries permitted to open June 3, with specific safety guidelines in place, include office-based jobs, real-estate services, personal services such as salons and barber hops, and child-care centers.Italian Soccer to Restart June 20 (2:41 p.m. NY)Italy’s top soccer league will restart on June 20 after the national lockdown closed arenas, Sports Minister Vincenzo Spadafora said, according to newspaper La Repubblica. The decision was announced after Spadafora met with Prime Minister Giuseppe Conte and soccer officials, Repubblica said on its website.Premier League to Resumes in Mid-June (1:50 p.m. NY)The English Premier League set a provisional restart date of June 17, although Chief Executive Richard Masters said safety requirements must be met before soccer matches resume. The league has 92 outstanding matches for the season.The league will restart with Aston Villa facing Sheffield United at home with Manchester City playing against Arsenal. Matches will take place without fans. The BBC will broadcast games for free for the first time once matches resume, the network said separately.Egypt has Most Cases in One Day (1:30 p.m. NY)Egypt reported 1,127 new cases, the most for one day in the Arab world’s most populous nation, and 29 new deaths, the Health Ministry said.France Paves Way to Reopen (12:55 p.m. NY)France will lift domestic travel restrictions and let most bars, restaurants and museums reopen starting Tuesday following weeks of stringent controls to contain the epidemic. Officials said confinement measures were more effective than expected in combating the disease’s spread. “Freedom will finally become the rule again, and prohibition the exception,” Prime Minister Edouard Philippe said Thursday, following a cabinet meeting.In areas including Paris and the surrounding region, lifting curbs will be slower. Bars and restaurants will be able to open only outdoor spaces, and sports centers will not open until the next phase starting June 22.SEC Opens Inquiry on Stimulus (12:30 p.m. NY)The Securities and Exchange Commission has started an inquiry into companies that received U.S. stimulus funds, scrutinizing whether representations made in loan applications were consistent with disclosures in securities filings, according to three people familiar with the matter.The SEC’s enforcement division has sent letters to some companies that got funding from the Small Business Administration’s Paycheck Protection Program, asking for information about how the funds were being used and for copies of loan applications, these people said.One person said investigators may be focusing on companies whose dire condition qualified them for paycheck loans but whose financial disclosures prior to the outbreak didn’t reflect such vulnerability.VA Trims Use of Trump-Touted Drug (12:20 p.m. NY)The U.S. Department of Veterans Affairs is reducing its use of hydroxychloroquine to treat Covid-19 patients, Secretary Robert Wilkie told a House Appropriations Committee panel on Thursday. The VA’s use of the drug peaked at the same time it did in the rest of the nation after President Donald Trump touted its use in March despite a lack of clinical evidence that it works.“We started ratcheting it down when we went more to remdesivir and we went to the convalescent plasma,” Wilkie said. “Last week we only used it three times.”Some analyses have found hydroxychloroquine associated with more deaths in Covid-19 patients given the drug’s heart risks compared with patients who didn’t use the treatment. Wilkie said he relied on the intent of a so-called Right to Try law pushed by Trump and passed by Congress in 2018 meant to increase access to experimental drugs.“This Congress was very clear in saying that if people of sound mind ask to be given experimental treatments because that may be the last thing that separates them from life and death then we do that,” he said. “The other option is to do nothing.”Italy’s Death Lowest in 4 Days (12:15 p.m. NY)Italy reported 593 new cases on Thursday, a slight rise from from 584 a day earlier. New deaths were 70, the fewest in four days, down from 117 on Wednesday. The country’s death toll is 33,142.The government will weigh regional data at the end of the week before further relaxing containment measures with free movement within the country from June 3.Cuomo Expands Mask Order (12:03 p.m. NY)New York Governor Andrew Cuomo will sign an executive order that lets owners of private businesses deny entry to anyone who doesn’t wear a mask or face covering. “We’re giving the store owner the right to say, ‘If you’re not wearing a mask, you can’t come it,” Cuomo said at a Brooklyn news conference.Later in his briefing, Cuomo defended the new order, saying individuals “don’t have a right to expose the store owner to the virus” or the right “to expose other patrons in the store to the virus.”New cases rose 0.5%, up from the 0.4% one-week average.Florida Cases Rise Below Average (11:50 a.m.)Florida reported 53,285 Covid-19 cases on Thursday, up 1.2% from a day earlier, compared with an average increase of 1.5% in the previous seven days. Deaths among Florida residents reached 2,364, an increase of 1.9%.Moscow Revises Death Count Higher (11:10 a.m. NY)Moscow’s health department said deaths linked to Covid-19 in April more than doubled after the count was broadened to include direct as well as related cases. While 636 deaths are blamed on the pandemic, an additional 756 people died of other causes while testing positive, according to a statement. Using the new methodology, the Russian capital’s virus death rate rose to 2.8% from 1.4%, it said.The city said it’s following the World Health Organization’s recommendations from mid-April to record fatalities “where the disease caused, or is assumed to have caused, or contributed to death.” Moscow had 1,753 more deaths in April than the three-year average, an increase of 17%, the department said.Trump Acknowledges ‘Very Sad Milestone’ (9:37 a.m. NY)President Donald Trump on Thursday publicly acknowledged the death toll of the U.S. outbreak had reached 100,000.Port Authority to Seek Fed Aid (9:35 a.m. NY)The Port Authority of New York and New Jersey will seek a short-term loan from a Federal Reserve relief program aimed at buying bonds from local and state governments under stress from the pandemic. The agency faces a $3 billion loss over two years tied to a 97% drop in airport traffic, a 95% decline in PATH train ridership and a 40% cut in bridge and tunnel traffic, according to a statement issued after the board approved making the request.White House Scraps Eco Forecast (9:30 a.m. NY)The White House won’t issue a formal economic forecast that would show Covid-19’s impact, according to two people familiar with the matter. One said the administration lacks the data to meet the deadline for the forecast, and the other said the unprecedented nature of the pandemic makes a forecast impossible.The outlook is usually in the “mid-session review,” issued in July or August, as a follow up to the budget released in February.Poland Surprises With Third Rate Cut (9:07 a.m. NY)Poland unexpectedly lowered borrowing costs for the third time in three months to stem the economic damage from the pandemic. The National Bank of Poland reduced its benchmark interest rate to a record low of 0.1% from 0.5% on Thursday, following cuts of one percentage point in March and April. All 24 economists surveyed by Bloomberg predicted no change.Iceland’s Airport Testing Plan Hits Snag (9:03 a.m. NY)Iceland’s plans to test every passenger arriving at its international airport for Covid-19 has hit a snag, after it emerged that the island doesn’t have enough testing facilities. Opening up the country to foreign travelers is a crucial step to lift the economy, which is forecast to contract 9% this year.U.S. Jobless Rolls Shrink for First Time in Pandemic (9:01 a.m. NY)U.S. states’ jobless rolls shrank for the first time during the pandemic in a sign people are starting to return to work, even as millions more Americans filed for unemployment benefits.Continuing claims, which tally Americans’ ongoing benefits in state programs, fell to 21.1 million for the week ended May 16, Labor Department figures showed Thursday. Initial jobless claims for regular state programs totaled 2.12 million in the week ended May 23, to bring the 2 1/2-month total above 40 million.Separate data showed that U.S. orders for durable goods sank sharply for a second month in April as the pandemic wreaked havoc on the manufacturing industry.Johnson to Set Out Results of U.K. Virus Response Review (8:51 a.m. NY)“The Prime Minister will be able to set out later what we have concluded as a result of that review and to talk in some more detail about the recovery plan and what the next steps are likely to be,” Boris Johnson’s official spokesman, James Slack, said on a call with reporters Thursday.Johnson will speak at a 5 p.m. press conference with Chief Medical Officer Chris Whitty and Chief Scientific Adviser Patrick Vallance. The prime minister’s office also dismissed a police finding that Dominic Cummings, Johnson’s top aide, may have broken lockdown rules, insisting the matter is now closed.Separately, the U.K.’s coronavirus tracing program was hit by technical problems on the day of its launch, with some health-care workers unable to log on to the system. The so-called Test and Trace service is a key part of Johnson’s plan to help the British economy return to normality.AstraZeneca Joins With Oxford Biomedica to Produce Shot (8:33 a.m. NY)AstraZeneca Plc joined forces with Oxford Biomedica Plc to help produce one of the world’s fastest-moving potential vaccines against Covid-19. Oxford Biomedica will produce multiple batches of the vaccine this year and give AstraZeneca access to its Oxbox manufacturing center, according to a statement Thursday. AstraZeneca has been working with the University of Oxford on the inoculation.Third of Russians Believe Threat Is Overblown: Poll (8:26 a.m. NY)Nearly a third of Russians believe that the threat from the coronavirus crisis has been massively overblown, according to an opinion poll published on Thursday. The survey of 7,600 people from across Russia was conducted on May 21-26 by the Higher School of Economics in Moscow.Harrods Set to Reopen (7 a.m. NY)Luxury British retailer Harrods is set to reopen its flagship London store in June, with “significant” social distancing measures in place, and unveiled plans to open an outlet shop to sell stock left over from the season.The company plans to use footfall monitoring technology to limit capacity at its main Knightsbridge store and ensure social distancing can be maintained. Specific doors will be designated for entering and exiting the store, which was closed in March as the coronavirus outbreak started to spread in Britain.The new concept store, based in West London’s Westfield mall, has been designed to allow more space for customers, the company said. “In the new world in which we find ourselves, the economy needs businesses willing to look at its business model and current operations and think differently to enable growth, while protecting its customers and employees,” Managing Director Michael Ward said. “Harrods Outlet allows us to enable better social distancing across a larger footprint.”WHO Warns Against Austerity (6:37 a.m. NY)The World Health Organization warned against austerity in health spending as Europe’s economies reel from the effects of lockdowns to rein in the coronavirus. “We must learn from the mistakes of the past,” when public spending on health fell in the wake of the euro crisis, Hans Kluge, WHO regional director for Europe, said in a briefing.Cuts in public spending on health shift costs to households who may already be facing financial insecurity, the WHO’s European office warned. Kluge called for solidarity among European governments. “If there’s something we have learned so far it’s that one country, even if it’s doing a great job, is not standing alone. We are safe only when everyone is safe.”‘Safer’ for BOE to Err With Too Much Easing (6:22 a.m. NY)It’s safer for the Bank of England to ease too much rather than too little as it responds to the coronavirus pandemic, according to policy maker Michael Saunders. The U.K. is at risk of a relatively slow recovery from the crisis, which could prove especially damaging, Saunders said on a webinar Thursday. Failing to add more stimulus now could see the economy slip into a “lowflation trap.”“The costs of policy error are, to an extent, asymmetric at present,” he said. “It is safer to err on the side of easing somewhat too much, and then if necessary tighten as capacity pressures eventually build, rather than ease too little and find the economy gets stuck in a low-inflation rut.” The pound slid after the comments and money markets moved to price in a 10 basis-point interest-rate cut for May 2021. That would take the key rate to zero.Synthetic Bio Pioneer Ginkgo Raises $70 Million (6 a.m. NY)Ginkgo Bioworks Inc. has raised $70 million in an effort to build out DNA-based Covid-19 testing on a massive scale. The firm is best known for its efforts to design, modify and manufacture organisms to make industrial processes cheaper and more efficient — for example, it’s working to help program bacteria for treatments as living medicines. Now, Gingko is looking to repurpose the DNA-sequencing and automation infrastructure it developed to read and modify living cells to help address the nation’s shortfall of diagnostic testing.The U.S. has vastly scaled up its testing and is now processing somewhere between 300,000 and 450,000 each day, according to The COVID Tracking Project, a volunteer initiative to compile virus data. But those numbers still fall far short of the tens of millions that some experts have suggested are needed daily to reopen the economy safely and return to a new normal.DNA sequencing, Gingko is betting, might allow those efforts to scale up far more rapidly and cheaply to help achieve that end. The company is worth about $4.2 billion, based on a September effort that raised $290 million. The latest round includes investors such as DNA-sequencing giant Illumina Inc.Google Launches ‘Scam Spotter’ (6 a.m. NY)Alphabet Inc.’s Google has created “Scam Spotter” in partnership with Cybercrime Support Network, an organization that supports victims of online crimes. The website is intended to simplify and organize expert advice about coronavirus-related scams. Scammers have taken advantage of “fear and uncertainty,” around the virus, leading to approximately $40 million in fraud losses, Google said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
U.S. cases for coronavirus reached more that 1.69 million, with at least 100,442 deaths from the virus. Dr. Amesh A. Adalja from Johns Hopkins’ Center for Health Security joins The Final Round to discuss the latest about the coronavirus, reopening the United States and the vaccine race.
The U.S. death toll from the coronavirus that causes COVID-19 rose above 101,000 on Thursday, one day after it exceeded the 100,000 level, a grim marker for the nation with the highest number of cases and deaths in the world.
Roche and Gilead Sciences are kicking off a late-stage trial of a two-drug combination they hope will prove effective in treating Covid-19.