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LLY’s PR on the Donanemab adcomm:
https://www.prnewswire.com/news-releases/us-food-and-drug-administration-to-convene-advisory-committee-meeting-to-discuss-the-trailblazer-alz-2-study-of-donanemab-302083661.html
Factoids—VKTX lost ~$2B in market cap today, more than 3x as much as VKTX’s 2-day market-cap loss on 6/26/23-6/27/23, when LLY released phase-2 Retatrutide data—even though the Jun 2026 selloff was a much larger proportion (27% vs today's 19%) of the share price.
Steel prices have always been volatile, but ~45% of CLF's sales are subject to fixed-price contracts that are renegotiated annually.
EOLS slides re dermal-filler update:
https://s29.q4cdn.com/603291515/files/doc_financials/2023/q4/Q4-2023-Earnings-Supplemental-Slides.pdf
EOLS reiterates 4Q23 results and 2024 guidance pre-announced on 1/16/24:
https://investors.evolus.com/press-releases-and-news/news-details/2024/Evolus-Reports-Record-Fourth-Quarter-and-Full-Year-2023-Financial-Results-Reaffirms-2024-Guidance/default.aspx
4Q23 Jeuveau sales were $61.0M, +22% QoQ and +40% YoY.
4Q23 GAAP loss was ($11.7M) or ($0.21)/sh.
Cash at 12/31/23 was $62.8M.
2024 revenue guidance remains $255-265M, +26-31% relative to 2023.
Links to NVO’s Investor Day slide sets can be found at:
https://novo.evenzu.com/stream/cmd2024
ULTI.OL—(-93%)—reports phase-2 failure of UV1 cancer vaccine as addend to Opdivo/Yervoy in first-line unresectable melanoma:
https://clinicaltrials.gov/study/NCT04382664
https://finance.yahoo.com/news/ultimovacs-announces-topline-results-initium-060000859.html
CLF independent director bought $40K of stock on the open market yesterday:
https://www.sec.gov/Archives/edgar/data/764065/000076406524000060/xslF345X05/wk-form4_1709817256.xml
This is a different director from the one who bought $500K of stock in February (#msg-173752365).
CLF independent director bought $40K of stock on the open market yesterday:
https://www.sec.gov/Archives/edgar/data/764065/000076406524000060/xslF345X05/wk-form4_1709817256.xml
This is a different director from the one who bought $500K of stock in February (#msg-173752365).
I doubt that’s the impetus for PFE’s unusual price action this week.
LEXX has a curious sequence of announcements vis-à-vis GLP-1. In Nov 2023, LEXX issued a PR with some scant data on pairing LEXX’s drug-delivery technology with NVO’s Rybelsus:
https://ir.lexariabioscience.com/news-events/press-releases/detail/229/lexarias-technology-improves-the-oral-performance-of-the
How is this info bearish for GM? TIA
For some reason I was able to access the article directly from magma.com, but not by clicking on the link in your post.
XOM seeks arbitration wrt HES Guyana stake:
https://finance.yahoo.com/news/1-exxon-signals-potential-counter-180644595.html
XOM seeks arbitration wrt HES Guyana stake:
https://finance.yahoo.com/news/1-exxon-signals-potential-counter-180644595.html
Inasmuch as NVO’s enterprise value exceeds the GDP of Denmark, it’s amusing that the first agenda item includes ESG.
Foley’s $210K purchase via the underwritten offering is a salve to shareholders for failing to anticipate that the buyers of the third Athyrium tranche would play hardball and put the squeeze on RVNC (#msg-173979843).
This was Foley’s first bona fide mistake in capital management, and his overall track record in this facet of the job remains commendable, IMO.
Re: Third-tranche buyers
In all likelihood, RVNC lined up buyers for the non-Athyrium portion of the third $150M tranche some time ago; however, a problem arose when the buyers decided to play hardball and insisted on better credit terms.
RVNC’s hurried equity raise provides a material step-up in credit quality for bondholders and thereby satisfies the above demand. RVNC should now be good to go for the final $150M drawdown on or before 3/31/24.
ABBV/Allergan has (purportedly) been working on a long-acting botulinum toxin for at least 15 years.
More on the rationale for RVNC’s equity offering, based on today’s Cowen webcast:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=173977322
Re: Rationale for the equity offering
“Noise in the marketplace [regarding RVNC's debt]…” — the language Foley just used on today's Cowen webcast — is tantamount to, “…RVNC was getting feedback that its debt load and debt leverage were deemed too high to withstand another...[debt] drawdown” — the language in my post that you replied to. So, we can now put this debate to rest, IMO.
The Athyrium debt covenants may have been a factor in the timing and the hurried execution of the offering, but I wouldn’t expect Foley (or any other biotech CEO) to acknowledge this publicly.
Empros Pharma—(private)—oral agent—>8% mean_weight_loss_in_24w_phase-2b_ trial_of_330_patients:
https://www.linkedin.com/posts/empros-pharma_empros-pharma-releases-topline-data-on-weight-activity-7170768008418582528-RckP
The oral agent is a fixed-dose combination of two approved generic drugs: the lipase inhibitor, orlistat; and the glucosidase/amylase inhibitor, acarbose.
AKRO seeking $345M* in underwritten offering:
https://www.globenewswire.com/news-release/2024/03/04/2839994/0/en/Akero-Therapeutics-Announces-Proposed-Public-Offering-of-Common-Stock.html
*Assuming exercise of underwriter’s option.
Please see #msg-173971845.
Re: Rationale for equity raise
RVNC—What makes the most sense (IMO) is that RVNC was essentially forced to do today's offering in order to qualify for the $150M third tranche from Athyrium. Moreover, RVNC may have been close to violating one or more of the Athyrium covenants had they not raised equity capital very soon. The consequences of RVNC’s breaching any of the Athyrium covenants would be disastrous insofar as Athyrium would then have the contractual right to demand repayment of the entire loan immediately.
You’re correct—The third/final Athyrium tranche is $150M (not $100M). From RVNC’s 8/8/23 PR (https://investors.revance.com/files/doc_news/2023/08/Revance-Reports-Second-Quarter-2023-Financial-Results-Provides-Corporate-Update.pdf ):
Correction—The third/final Athyrium tranche is $150M (not $100M). From RVNC’s 8/8/23 PR (https://investors.revance.com/files/doc_news/2023/08/Revance-Reports-Second-Quarter-2023-Financial-Results-Provides-Corporate-Update.pdf ):
CLF upsized the 2032 debt offering to $825M—the amount needed to redeem all of the the outstanding 2026 notes via a tender offer as described in CLF's press release earlier today:
https://finance.yahoo.com/news/cleveland-cliffs-announces-upsizing-pricing-202400355.html
The 2032 notes pay interest at 7.00%.
BTTR +24% from mentioning GLP-1 for dogs/cats:
https://www.globenewswire.com/news-release/2024/03/04/2839924/0/en/Better-Choice-to-Explore-Non-Equity-Related-Capital-Solutions-to-Fund-the-R-D-of-its-Domestic-Animal-Targeted-GLP1-Supplement.html
Yes, migraine is a large market, but RVNC has enough other things to focus on right now. Further complicating RVNC's pursuit of migraine is that ABBV has a patent on the migraine injection sites that RVNC would have to circumvent.
Based on today's dataset, AKRO is seeking to resuscitate the failed phase-2 trial in cirrhotic NASH:
https://www.fiercebiotech.com/biotech/akero-bruised-earlier-failure-soars-liver-scarring-improves-longer-mash-trial
Why is IOVA trading flat on this news?
RVNC is not going to spend money on a migraine trial anytime soon (if ever).
CLF seeking debt swap—selling $750M of 2032 notes and redeeming $829M of 2026 notes via tender offer:
https://finance.yahoo.com/news/cleveland-cliffs-announces-tender-offer-131600513.html
https://finance.yahoo.com/news/cleveland-cliffs-announces-proposed-offering-131300960.html