Connect with us

Government

Two Biotechs Duke it Out in Court Over COVID-19 Therapeutic

NRx Pharmaceuticals filed a counter lawsuit against Relief Therapeutics, the company it initially partnered with to develop the experimental COVID-19 treatment aviptadil, which was submitted to the U.S. Food and Drug Administration for Emergency Use…

Published

on

Two Biotechs Duke it Out in Court Over COVID-19 Therapeutic

NRx Pharmaceuticals has filed a counter lawsuit against Relief Therapeutics, the company it had initially partnered with to develop experimental COVID-19 treatment, aviptadil, which has been submitted to the U.S. Food and Drug Administration for Emergency Use Authorization. NRx is seeking $185 million in damages.

Pennsylvania-based NRx Pharmaceuticals’ counterclaim suggests that Switzerland’s Relief has breached the collaboration agreement established in 2020 regarding the development of the COVID-19 drug.

The company claimed that Relief has shirked its financial duties under terms of the collaboration and failed to adequately fund its share of the clinical program. Touting the potential benefits of inhaled aviptadil, NRx said it is determined to see the drug through to EUA.

Also, the company’s lawsuit calls into question claims over the rights to aviptadil. In its announcement issued late Wednesday, NRx outlined what it called “a past pattern of collusion by Raghuram Selvaraju (chairman of the board of directors at Relief) and members of Relief’s management and associates” regarding criminal activity that led to one arrest.

Source: BioSpace

“Relief callously breached its contract obligations by failing to fund the research and clinical trials as obligated. Relief has continued to mislead the public and shareholders by claiming… ownership over NRx’s expanded access programs, participation in the NIH clinical trials, and development of commercial-scale manufacturing and distribution programs undertaken solely by NRx that Relief refused to fund and in which Relief did not participate,” the company said.

The bad blood between the two companies dates back to last year regarding statements made in a Registration Statement filed by NRx in September. In that statement, NRx said Relief had not paid the company some of the funds owed to it for the collaboration. In its own announcement in September, Relief Therapeutics said the amount that NRx claimed was owed to them “has grown exponentially when compared to the amounts stated in NRx’s earlier public filings.” Relief claimed that it (at the time of the announcement) has met all financial obligations under the collaboration agreement. The company added that it had not received invoices regarding the “inflated” financial claims.

The companies had planned to enter mediation in December, but that was delayed until February.

Earlier this week, ahead of the public announcement of the NRx counterclaim, Relief stated that it will respond to the filings at a future time “in an appropriate filing with the court” and that it is confident in its own claims against NRx.

NRx said it notified Relief Therapeutics that the collaboration agreement is no longer in effect in its Wednesday announcement. The company has advised Relief to stop referring to NRx as its collaboration partner in public communications, such as those issued this week at the H.C Wainwright BioConnect Virtual Healthcare Conference and in filings with the U.S. Securities and Exchange Commission.

Jonathan Javitt, chairman and chief executive officer of NRx, noted that with the filing of the counterclaim against Relief Therapeutics, the company aims to return to its focus on developing life-saving therapeutics.

“We have just submitted data to the FDA documenting that patients treated with Zyesami (Aviptadil) after failing to recover on remdesivir have a 3-fold increased odds of recovery from the ICU, compared to those treated with placebo and a 4-fold increased odds of surviving to day 60,” Javitt said in a statement. “Just last weekend, we were involved in airlifting our medication under the Federal Right to Try Act to the bedside of a patient in Washington, D.C. who is turning the corner as we speak.”

Javitt added that in Texas, 17 of 19 COVID-19 patients treated with the medication under the Right to Try program have recovered and have since returned to their families.

 

BioSpace source:

https://www.biospace.com/article/nrx-and-relief-therapeutics-tie-up-in-court-over-development-of-covid-19-therapeutic

 

Read More

Continue Reading

Commodities

Saudi Arabia Signals Backing For Russia In OPEC+

Saudi Arabia Signals Backing For Russia In OPEC+

Authored by Tom Ozimek via The Epoch Times,

Saudi Arabia has signaled its support for Russia as…

Published

on

Saudi Arabia Signals Backing For Russia In OPEC+

Authored by Tom Ozimek via The Epoch Times,

Saudi Arabia has signaled its support for Russia as a continued member of the OPEC+ oil cartel, which comes amid ongoing Western pressure to sanction and isolate Moscow over the Ukraine invasion.

Saudi energy minister Prince Abdulaziz bin Salman told the Financial Times in an interview published on May 22 that he sees Russia as an integral part of the OPEC+ group of oil producers, adding that politics should be kept out of the alliance.

He said Saudi Arabia hopes “to work an agreement with OPEC+ … which includes Russia,” referring to a new crude production deal. Oil pumping quotas under the current OPEC+ agreement struck in 2020 are set to expire in several months.

While the United States banned oil imports from Russia in March, member states of the European Union remain divided on phasing out Russian crude imports.

OPEC and its allies are unwinding record output cuts put in place during the worst of the pandemic in 2020, although they have rebuffed Western pressure to raise output at a faster pace as energy consumers grapple with the highest oil prices in years.

Oil prices surged above $130 per barrel in March over concerns of disrupted supplies from Russia, although they have since eased.

Brent crude futures rose by 22 cents to $112.77 a barrel by midafternoon on May 23, while the U.S. benchmark West Texas Intermediate crude fell 49 cents to $109.79.

High crude prices have translated into pain at the pump for drivers. The average price of regular-grade gasoline in the United States spiked 33 cents over the past two weeks to $4.71 per gallon, according to the Lundberg Survey, while JPMorgan analysts expect prices to climb above $6 a gallon by the end of the summer.

In his interview with the Financial Times, Prince Abdulaziz blamed soaring gasoline prices on taxes and a lack of global refining capacity.

The U.S. Energy Information Administration (EIA) said that the Russia–Ukraine conflict has injected greater volatility into oil markets.

“Sanctions on Russia and other independent corporate actions contributed to falling oil production in Russia and continue to create significant market uncertainties about the potential for further oil supply disruptions,” EIA said in the outlook, noting that Russia sanctions came against a backdrop of persistent upward oil price pressures and low oil inventories.

Global oil inventory levels in April in developed countries stood at 2.63 billion barrels, up marginally from February, when they fell to their lowest level since April 2014, EIA said.

“Because oil inventories are currently low, we expect downward oil price pressures will be limited and market conditions will exist for significant price volatility,” EIA noted.

The agency predicts Brent will average $103 per barrel in the second half of 2022, before falling to $97 per barrel in 2023.

In its most recent monthly report, OPEC cut its forecast for growth in world oil demand in 2022, citing the impact of the Ukraine war, surging inflation, and pandemic curbs in China.

Tyler Durden Tue, 05/24/2022 - 05:00

Read More

Continue Reading

International

Pandas wants to give Latin American businesses buying power in Asia

Pandas connects Latin America’s small businesses directly with Asian manufacturers to reduce logistical problems and high fees often imposed by importers…

Published

on

Access to global supply chains can be difficult for small businesses in Latin America, but companies like Meru, which raised funding in March to source and import goods between Mexico and China, and now more recently Pandas, are tapping into overseas relationships and technology to make this easier.

In Pandas’ case, the company is doing something similar to Meru, but starting in Colombia, connecting small businesses directly with Asian manufacturers, so that they can reduce the high fees often imposed by half a dozen importers and intermediaries as well as logistical problems that all businesses are facing right now where inventory is now taking many more months to arrive than during pre-pandemic times.

Co-founders Rio Xin and Marcos Esterli started Pandas just three months ago to provide Asian-origin inventory to micro-businesses in Latin America. Their collective background includes careers at McKinsey and Treinta for Esterli, and McKinsey, with more than seven years spent in China, for Xin, where he told TechCrunch he developed a strong network in the region.

“The main issue that we’ve seen is people who don’t understand the Chinese language or how Chinese manufacturers work and then you add in the logistical problems,” Xin added. “We are able to bridge the breach, while at the same time having our team in China to overcome all these logistics problems.”

Pandas B2B marketplace. Image Credits: Pandas

Here’s how it works: Businesses order products via the Pandas marketplace, touting lower pricing, in which the business can make purchases in a few clicks. Pandas takes it from there, offering one-day-delivery and customer support.

Esterli explained that people in Latin America have been using smartphones for their personal finances and other tasks, but that has not translated as quickly to the business side.

“A lot of customers told us Alibaba was something they wanted to use, but that it was very complicated to figure out,” he added. “We wanted to build an easy solution that was super intuitive because business owners don’t have that time to spend.”

Initially providing basic electronics products — think headphones, accessories and cables — and with a new round of funding, $5.8 million pre-seed, Pandas will move into categories like textiles and home accessories. The company touts the pre-seed investment as “the largest pre-seed financial in Spanish-speaking LatAm to date.”

Third Kind Venture Capital led the round and was joined by Acequia Capital, Picus Capital, Tekton Ventures, Partech, Liquid2 Ventures, Clocktower Technology Ventures, Gaingels and a host of individual investors, including Tul’s Juan Carlos Narvaez, Jose Jair Bonilla from Chiper, Treinta’s Man Hei and Lluís Cañadell, Pablo Viguera from Belvo, Nowports’ Alfonso de los Rios, Sujay Tyle from Merama and Ironhack’s Gonzalo Manrique.

So far in its young journey, the company is growing 100% month over month and has amassed a supplier network of about 300 out of 5,000 in China, Xin said.

In addition to moving into those new inventory categories, the new capital will enable Pandas to scale its operations, technology and product development and make new hires.

Xin expects to be in most of the main markets across Latin America in the next three years. In the meantime, new features coming down the pipeline in the next 12 months include a suite of fintech and analytics tools like financing.

Read More

Continue Reading

Government

Monkeypox cases are rising. Should we be worried?

The World Health Organization has said the current outbreak of monkeypox is the largest ever recorded outside sub-Saharan
The post Monkeypox cases are…

Published

on

The World Health Organization has said the current outbreak of monkeypox is the largest ever recorded outside sub-Saharan Africa, with cases rising above the 100-mark a few days ago and the UK top of the table with 56 as of yesterday.

Top of the list of concerns is how the virus – which does not spread easily between humans and requires skin-to-skin contact – is spreading so quickly in so many countries in Europe, the Americas and Australia where the disease is not endemic.

There is speculation that monkeypox may be being spread between sexual partners, even though it is not normally considered a sexually-transmitted infection. Thankfully, there have been no deaths reported so far, although the WHO notes monkeypox has a fatality rate of between 3% and 6%.

While health authorities are on alert, the WHO said it thinks the outbreak can be contained and that the overall risk to the population remains low. It also stressed there is no evidence that a viral mutation is responsible for the unusual pattern of infections.

Monkeypox is considered less likely to mutate quickly because it is a DNA virus rather than an RNA virus like influenza or COVID-19.

Several countries including Belgium and the UK are already advising a three-week quarantine period for anyone who contracts the virus and their close contacts.

The increasing case numbers in the current monkeypox outbreak are certainly concerning,” commented Dr Charlotte Hammer, an expert in emerging infectious diseases based at the University of Cambridge in the UK.

“It is very unusual to see community transmission in Europe – previous monkeypox cases have been in returning travellers with limited ongoing spread. However, based on the number of cases that were already discovered across Europe and the UK in the previous days, it is not unexpected that additional cases are now being and will be found, especially with the contact tracing that is now happening.”

Vaccines and drugs are available

Meanwhile, attention is now being turned to other measures to control the outbreak, including the use of vaccines against smallpox – a related virus – in a ‘ring vaccination’ approach designed to control the spread among contacts.

Vaccines used during the smallpox eradication programme can provide around 85% protection against monkeypox, according to the WHO, which notes that one newer vaccine – Bavarian Nordic’s Jyneos – has been approved by the FDA for prevention against both viruses.

There’s also a licensed antiviral drug for monkeypox. SIGA Technologies’ oral drug Tpoxx (tecovirimat) is approved for smallpox, monkeypox and cowpox in Europe, and in the US and Canada for smallpox, although it can be used off-label for the other disease. The US FDA also approved a new intravenous form of the drug last week.

The WHO says there is no need for widespread vaccination, as other control measures like isolation of patients should be enough to curb the spread and in any case supplies of vaccines are limited.

Monkeypox causes symptoms similar to but milder than smallpox, typically beginning with fever, headache, muscle aches and exhaustion. It is transmitted to people from various wild animals, such as rodents and primates, and is usually a self-limited disease with symptoms lasting from two to four weeks.

In 2003, the US experienced an outbreak of monkeypox, which was the first time human monkeypox was reported outside of Africa. The Centers for Disease Control and Prevention (CDC) is making some Jyneos vaccine reserves available for close contact inoculations, including healthcare workers tending to patients.

The UK Health Security Agency (UKHSA) said yesterday it had identified 36 additional cases of monkeypox in England, and that vaccination of high-risk contacts of cases is already underway.

“A notable proportion of recent cases in the UK and Europe have been found in gay and bisexual men so we are particularly encouraging these men to be alert to the symptoms,” said the agency’s chief medical advisor Dr Susan Hopkins.

“Because the virus spreads through close contact, we are urging everyone to be aware of any unusual rashes or lesions and to contact a sexual health service if they have any symptoms.”

The post Monkeypox cases are rising. Should we be worried? appeared first on .

Read More

Continue Reading

Trending