my finance tale https://myfintale.com/ myfintale.com Thu, 21 Dec 2023 15:59:09 +0000 en-US hourly 1 WHO Prequalifies Second Malaria Vaccine https://myfintale.com/business/who-prequalifies-second-malaria-vaccine/ Thu, 21 Dec 2023 15:59:09 +0000 https://myfintale.com/?p=135170 The World Health Organization has added a second malaria vaccine to its list of prequalified vaccines, marking a significant milestone in the prevention of the [...]

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The World Health Organization has added a second malaria vaccine to its list of prequalified vaccines, marking a significant milestone in the prevention of the disease.

In October, WHO recommended the use of R21/Matrix-M malaria vaccine for the prevention of malaria in children following the advice of the WHO Strategic Advisory Group of Experts (SAGE) on Immunization and the Malaria Policy Advisory Group.

The prequalification paves the way for larger access to vaccines as a key tool to prevent malaria in children. It is a prerequisite for vaccine procurement by UNICEF and funding support for deployment by Gavi, the Vaccine Alliance.

The R21 vaccine is the second malaria vaccine prequalified by WHO, following the RTS,S/AS01 vaccine which obtained prequalification status in July 2022.

Both vaccines are shown to be safe and effective in clinical trials, for preventing malaria in children. WHO said that when implemented broadly, along with other recommended malaria control interventions, they are expected to have a high public health impact.

Malaria, transmitted by infected mosquitoes, places a particularly high burden on children in the African Region, where nearly half a million children die from the disease each year.

Globally there were an estimated 249 million malaria cases and 608000 malaria deaths across 85 countries last year, according o the UN health agency.

The prequalification of the world’s second malaria vaccine, developed by Oxford University and manufactured by Serum Institute of India, is poised to expand access to malaria prevention through vaccination. Demand for malaria vaccines is high but the supply has thus far been limited. The availability of two WHO recommended and prequalified malaria vaccines is expected to increase supply to meet the high demand from African countries.

As part of the prequalification process, WHO applies international standards to comprehensively evaluate and determine whether vaccines are safe, effective and manufactured to international standards.

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Greedy Sadiq Khan given savage ultimatum after £500m wish list cut in half https://myfintale.com/politics/greedy-sadiq-khan-given-savage-ultimatum-after-500m-wish-list-cut-in-half/ Wed, 20 Dec 2023 19:49:13 +0000 https://myfintale.com/?p=135168 London Mayor Sadiq Khan has had a half-a-billion pound funding demand cut in half by the Government and could face being stripped of his powers [...]

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London Mayor Sadiq Khan has had a half-a-billion pound funding demand cut in half by the Government and could face being stripped of his powers to decide what new homes are built in the capital.

Transport for London had said it needed a whopping £500million to meet budget demands despite burning through £6.6billion of public money from the Department of Transport since 2020. 

Instead Tfl will received £250million with Transport Secretary Mark Harper accusing the Greater London Authority (GLA) of “poor governance and decision making” when it came to transport budgets for London.

He added the Government had “expressed ongoing concern about the management of TfL by this Mayor”. 

And in a double whammy for Mr Khan he could face having his power to decide home building priorities taken away after Housing Secretary Michael Gove announced a new panel would be reviewing the Mayor’s plans.

READ MORE… ‘My neighbours loved my Christmas lights – so I ended up decorating the street’

Mr Khan has been an ardent supporter of affordable home building in the capital, but Mr Gove, who is also a supporter of such residences, said the Mayor’s strategy was actually stifling development. 

The Evening Standard reports Mr Gove said: “His (Mr Khan’s) requirement for such a high percentage of affordable homes in every new development imposes such significant costs that development does not go ahead, and so we get no new homes, and no new affordable homes.”

Conservative mayoral candidate AM Susan Hall said she was pleased the Government had stepped in over what she called Mr Khan’s “wasteful” spending on the transport network. 

She added: “Sadiq Khan has spent too long treating Londoners like walking cash machines, ramping up taxes to cover his shoddy spending, he’s left London’s finances in a mess.”

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Mr Khan, who will run for his third term as London Mayor next year when Londoners go to the polls, hit back at both the TfL funding and housing slap downs.

A spokesman said Transport Secretary Mr Harper’s comments were “simply not true”, adding: “The mayor and TfL have recovered TfL’s finances after the devastating impact of the pandemic, now delivering an operating surplus and covering the vast majority of TfL’s capital investment needs.”

On housing, a source close to the Mayor called the possible intervention in his housing policy as “distraction tactics” by the Conservative Government. 

They fumed: “The Mayor will take no lessons from a Government, and a housing minister in Michael Gove, that have such a shameful record and have repeatedly intervened to block the new housing the capital desperately needs.”

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POLL: Should MPs have a free vote on assisted dying? Vote here https://myfintale.com/politics/poll-should-mps-have-a-free-vote-on-assisted-dying-vote-here/ Wed, 20 Dec 2023 13:59:30 +0000 https://myfintale.com/?p=135166 Dame Esther Rantzen has sparked a controversial political debate after revealing she is considering ending her own life if treatment for her lung cancer fails [...]

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Dame Esther Rantzen has sparked a controversial political debate after revealing she is considering ending her own life if treatment for her lung cancer fails to improve her condition.

Dame Esther’s battle with cancer has seen widespread media coverage, with the broadcast star revealing she has now joined the infamous Swiss organisation Dignitas, which specialises in assisted suicide.

Assisted suicide is currently illegal in Britain, where euthanasia could be prosecuted as murder or manslaughter.

Speaking on the BBC’s Today podcast, she called for a free vote in parliament on whether to legalise assisted dying.

Dame Esther argued it is “important that the law catches up with what the country wants”.

A free vote means MPs would not be ‘whipped’ by their parties, and would be free to make up their own mind based on their moral conscience.

They are conventionally used around religious issues, such as abortion; constitutional issues, such as prisoner voting; or moral issues, such as the repeal of the anti-gay ‘Section 28’.

This morning, Secretary of State for Work and Pension Mel Stride signalled his support for another vote on assisted dying.

The last attempt to get changes through Parliament was in 2015, however this was defeated.

Mr Stride said he “would not be adverse” to a new Commons debate, and was one of the 27 Tory MPs to vote for assisted dying in 2015.

He added: “The government has not decided to bring forward legislation, I think I need to make that very clear, but if Parliament in some form or another decided that it wanted to have a fresh look at this, given it was some years ago that we last did so, that’s not something that I would be resistant to”.

Can’t see the poll below? Click here

Senior Tory Alicia Kearns has also argued that national discourse has changed since the proposal’s defeat eight years ago.

The British Medical Journal has previously set out the arguments for and against assisted dying.

Those in favour believe it reduces physical and emotional distress for those so ill they have no hope of recovery.

it is estimated that 150 million people around the world have access to the service, with eligibility criteria, safeguards and regulation in place to protect patients.

They also argue the current law isn’t working, as UK citizens – like Dame Esther – can travel to Switzerland to access the service, but this is only available to the wealthy with funds to do so.

Those against the policy argue it would alter society’s attitude towards the elderly, seriously ill and disabled, and send a message that assisted dying is an option they ‘ought’ to consider.

They also point to places like Canada, where so-called safeguards haven’t worked properly, with case studies of the country euthanising the poor, mentally ill and those who are deemed too costly to treat.

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Toshiba Delisted After 74 Years, Goes Private https://myfintale.com/business/toshiba-delisted-after-74-years-goes-private/ Wed, 20 Dec 2023 13:58:57 +0000 https://myfintale.com/?p=135164 Toshiba Corp. has been delisted from the Tokyo stock exchange after 74 years and taken private by a consortium led by an equity firm Japan [...]

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Toshiba Corp. has been delisted from the Tokyo stock exchange after 74 years and taken private by a consortium led by an equity firm Japan Industrial Partners in an 11 billion pound deal.

The company has also been delisted from Nagoya Stock Exchange, Inc.

Announcing the delisting, Toshiba said, “Toshiba Group will now take a major step toward a new future with a new shareholder. Even after privatization, with its basic commitment of ‘Committed to People, Committed to the Future,’ the Company will strive to further enhance its corporate value and contribute to society.”

Toshiba, which was founded in 1875 as a clocks and mechanical dolls maker, started trading its shares in May 1949 at the Tokyo Stock Exchange.

Following continuing financial and other struggles, Toshiba initiated a restructuring of its operations and received its first takeover bid in April 2021 from Europe-based CVC Capital Partners. In November 2021, Toshiba announced a plan to split the entire group into three companies.

In June last year, the company had said that it received 8 initial proposals for privatization, as well as 2 initial proposals for a strategic capital and business alliance.

In March this year, the firm agreed to accept a takeover offer by the consortium for around 2 trillion yen. In late September, Toshiba announced that it would go private after the consortium had bought the majority of its shares following the successful completion of around 2 trillion yen or $13.5 billion tender offer.

So far, the company has sold many of its major businesses, including laptop computers, medical equipment, and televisions. The remaining businesses include energy systems and batteries, among others.

In its latest second quarter, the company had recorded loss of 26.74 billion yen or $178.29 million, compared to the prior year’s profit, while operating profit climbed from last year. Net sales also declined 7.1 percent to 793.55 billion yen or $5.29 billion from the previous year with weak performance in many of its segments.

Looking ahead to the fiscal year 2023, the company now expects loss of 5 billion yen, compared to the previously expected profit.

Further, the company continues to expect operating income of 110.0 billion yen, down 0.5 percent from last year, and net sales of 3.20 trillion yen, a decrease of 4.8 percent from the prior year.

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FDA's New Advisory Committee For Genetic Metabolic Diseases https://myfintale.com/business/fdas-new-advisory-committee-for-genetic-metabolic-diseases/ Wed, 20 Dec 2023 05:38:58 +0000 https://myfintale.com/?p=135162 The U.S. Food and Drug Administration announced that it is creating a new advisory committee related to potential treatments for genetic metabolic diseases. The new [...]

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The U.S. Food and Drug Administration announced that it is creating a new advisory committee related to potential treatments for genetic metabolic diseases.

The new Genetic Metabolic Diseases Advisory Committee would advise the agency on medical products used for the diagnosis, prevention or treatment of hundreds of different genetic metabolic diseases. Most of these diseases are rare and carry significant morbidity and can be life-limiting.

The new committee will consist of nine voting members, including the committee chairperson. It will include a consumer representative and an industry representative. Members will be invited to serve for overlapping terms of up to four years.

According to the agency, genetic metabolic diseases are conditions that disrupt an individual’s metabolism, which is the chemical process responsible for converting food into energy and eliminating toxins from the body. These diseases develop when a genetic flaw causes a protein or enzyme to be absent or faulty, interfering with certain vital metabolic functions.

When called upon, the new committee will provide the FDA independent, knowledgeable advice and recommendations on technical, scientific and policy issues around medical products for such diseases.

For their advice and recommendations, the members will evaluate evidence on key issues about the applications brought before the advisory committee.

Patrizia Cavazzoni, director of the FDA’s Center for Drug Evaluation and Research or CDER, said, “Advisory committees allow the FDA to receive invaluable input from clinicians, industry experts, academia, patients, caregivers and other external stakeholders when evaluating the potential benefits and risks of a new therapy. They are an essential part of the FDA’s work. These expert panels support the agency by helping ensure the FDA’s decisions on the safety and efficacy of drug products are informed and in line with our priorities and goals.”

In October, the FDA had formed a new Digital Health Advisory Committee to help it explore the complex, scientific and technical issues related to digital health technologies or DHTs.

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Ferraris, luxury homes and a Basquiat: Australian art dealer to the stars in $63m fight https://myfintale.com/markets/ferraris-luxury-homes-and-a-basquiat-australian-art-dealer-to-the-stars-in-63m-fight/ Tue, 19 Dec 2023 20:39:00 +0000 https://myfintale.com/?p=135160 Save articles for later Add articles to your saved list and come back to them any time. He is the art dealer to the stars, [...]

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Save articles for later

Add articles to your saved list and come back to them any time.

He is the art dealer to the stars, who has rubbed shoulders with celebrities such as Alicia Keys and Paris Hilton.

But now Andy Valmorbida is locked in a court battle involving a string of prototype Ferraris, artwork by Jean-Michel Basquiat, and a £17 million ($32 million) west London townhouse.

British art dealer Ivor Braka, Duran Duran frontman Simon Le Bon and Andy Valmorbida at a function in London in 2021.Credit: Getty Images

Luxembourg-based lender Regera Sarl is chasing Valmorbida for $US42.9 million ($63.4 million), claiming he defaulted on a loan and attempted to sell artwork over which it had security, without permission, according to court documents.

Valmorbida, in turn, has claimed in London’s High Court that Regera, and its associate company Fidera Ltd, a London-based investment manager, sought to take control of his assets at a knock-down price by blocking their sale and attempting to tip him into bankruptcy.

It is the latest twist in a legal saga for Valmorbida, the scion of an Australian business dynasty and a celebrity art dealer. In 2021, a judge in a Jersey court said he was “serially dishonest” and “evasive,” after being found to have created false documents to secure loans on artwork he did not own. Hassan Khan, a solicitor representing Valmorbida, said his client disputes the Jersey court’s filings, and that he did not act dishonestly. Valmorbida has never been subject to any criminal investigation or criminal charges arising from the matters concluded fully in those proceedings, Khan said.

Since first appearing in the New York art scene in the 1990s, Valmorbida has grown a reputation as one of the industry’s edgiest entrepreneurs, trading in artworks from George Condo to Francis Bacon. Born into one of Melbourne’s wealthiest families, he has been photographed with a string of A-list stars, and claimed to be the first person Giorgio Armani collaborated with in 20 years.

Making his name

The 45-year-old is best known for having secured the intellectual property of a selection of works by the late New York street artist Richard Hambleton. These have become embroiled in the legal battle.

The relationship between Regera and Valmorbida began in June 2021, when Regera made a loan of $US33.4 million to Valmorbida, allowing him to settle the Jersey case that was brought by a former business partner. As part of the deal, Regera took security over assets including a collection of artworks and luxury vehicles.

Valmorbida claims that the agreement meant he would sell properties in the English county of Hampshire and the Bahamas, along with his car collection and an artwork, Water Worshipper by Basquiat, to repay the lender.

Valmorbida is best known for having secured the intellectual property of a selection of works by the late New York street artist Richard Hambleton.Credit: Getty Images

But Regera has accused Valmorbida of defaulting on the loan. It said that of the 240 artworks given as security to Regera, including those by Hambleton, Valmorbida pledged 18 elsewhere — which were then sold. Regera also alleges that Valmorbida failed to notify Regera of a bankruptcy petition from Vardags, the law firm. Vardags didn’t respond to a request for comment.

In his legal filing, Valmorbida said these artworks had been erroneously included in the list by the professional art storage facility.

At the date of filing, Regera had been in the process of recovering $US9.5 million including from the sale of artworks and royalties, $US5 million from the sale of four Ferrari prototypes, and $US95,417 from a Hermes trunk.

In the filing, Valmorbida said he suffers from dyslexia and ADHD, and did not have the clauses and implications of the agreement with Regera explained to him by the lender or his solicitors. He has alleged that Regera breached its duties when selling his assets, by failing to take steps to obtain a proper price. He wants Regera and Fidera to provide him with an account of the legal costs and expenses.

“Mr Valmorbida has taken the litigation steps most reluctantly against a lender who he alleges has acted unreasonably and oppressively throughout,” Khan said.

A representative for Regera declined to comment.

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U.S. Stocks Holding On To Modest Gains In Afternoon Trading https://myfintale.com/business/u-s-stocks-holding-on-to-modest-gains-in-afternoon-trading/ Tue, 19 Dec 2023 15:38:59 +0000 https://myfintale.com/?p=135158 Stocks continue to see modest strength in afternoon trading on Tuesday, extending the upward move seen over the past few sessions. While buying interest has [...]

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Stocks continue to see modest strength in afternoon trading on Tuesday, extending the upward move seen over the past few sessions. While buying interest has remained somewhat subdued, the major averages have once again reached their best intraday levels in well over a year.

Currently, the major averages are hovering near their best levels of the day. The Dow is up 111.90 points or 0.3 percent at 36,516.83, the Nasdaq is up 50.16 points or 0.4 percent at 14,482.64 and the S&P 500 is up 9.75 points or 0.2 percent at 4,632.19.

The modest strength on Wall Street comes following the release of a highly anticipated Labor Department report showing U.S. consumer prices inched up in line with economist estimates in the month of November.

The Labor Department said its consumer price index crept up by 0.1 percent in November after coming in unchanged in October. The uptick matched expectations.

Excluding food and energy prices, core consumer prices rose by 0.3 percent in November after edging up by 0.2 percent in October. The increase in core prices also came in line with estimates.

The report also said the annual rate of consumer price growth slipped to 3.1 percent in November from 3.2 percent in October, while the annual rate of core consumer price growth was unchanged at 4.0 percent.

The data has added to optimism about the outlook for interest rates ahead of the Federal Reserve’s monetary policy announcement on Wednesday, although traders seem reluctant to make more significant moves.

While the Fed is widely expected to leave interest rates unchanged, traders will be looking to the accompanying statement and projections for signs the central bank could begin cutting rates next year.

“The market remains steadfast in its belief that the Fed will cut rates as early as this spring, although the Fed may want to keep its options open if its campaign to quell inflation hasn’t completed the more difficult ‘last mile,'” said Quincy Krosby, Chief Global Strategist for LPL Financial.

She added, “The Fed statement in concert with the ‘dot plot,’ coupled with Powell’s comments, should offer markets more clarity and hopefully less confusion over the Fed’s path towards price stability.”

Sector News

Despite the uptick by the broader markets, gold stocks have shown a substantial move to the downside, dragging the NYSE Arca Gold Bugs Index down by 3.3 percent.

The continued weakness among gold stocks comes amid a slight decrease by the price of the precious metal, with gold for February delivery edging down $0.50 to $1,993.20 an ounce.

Energy stocks are also significant weakness on the day, as the price of crude oil for January delivery has plunged $2.95 to $68.37 a barrel.

Reflecting the weakness in the energy sector, the Philadelphia Oil Service Index is down by 1.6 percent, while the NYSE Arca Oil Index and the NYSE Arca Natural Gas Index are both down by 1.5 percent.

On the other hand, biotechnology stocks have shown a notable move to the upside, driving the NYSE Arca Biotechnology Index up by 1.1 percent to a two-month intraday high.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Tuesday. Japan’s Nikkei 225 Index crept up by 0.2 percent, while Hong Kong’s Hang Seng Index jumped by 1.1 percent.

Meanwhile, European stocks moved slightly lower over the course of the session. While the French CAC 40 Index edged down by 0.1 percent, the U.K.’s FTSE 100 Index and the German DAX Index both closed just below the unchanged line.

In the bond market, treasuries have given back ground after an early jump but are currently in positive territory. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 2.9 basis points at 4.210 percent.

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Fund managers find comfort in largecaps as Sensex tops 70K https://myfintale.com/business/fund-managers-find-comfort-in-largecaps-as-sensex-tops-70k/ Tue, 19 Dec 2023 09:39:05 +0000 https://myfintale.com/?p=135156 Following the sharp run in markets, valuations across the board have become elevated. The National Stock Exchange Nifty50 Index now trades at a 12-month trailing [...]

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Following the sharp run in markets, valuations across the board have become elevated.

The National Stock Exchange Nifty50 Index now trades at a 12-month trailing price-to-earnings (P/E) multiple of 24.3 times, 18 per cent higher than this year’s low of 20.5 times.

The valuation expansion in the broader markets has been sharper.

The Nifty Midcap 100 currently quotes at 33x 12-month trailing P/E, up 46 per cent from March levels, while the Nifty Smallcap 100 valuation has soared by 80 per cent to 30.1x.

As things stand today, fund managers believe the largecap space offers better value vis-à-vis the red-hot midcaps and smallcaps.

“If one looks at the broader market, the midcaps and smallcaps have outperformed the largecap indices by a meaningful margin in the recent past — the past six to 12 months or even two to three years.

“At present, largecaps appear to be still reasonably valued, more so compared to midcaps and smallcaps,” said Rajat Chandak, senior fund manager, ICICI Prudential Mutual Fund (MF).

What gives fund managers comfort is that the current Nifty and Sensex valuations are in line with their five-year averages and haven’t overshot despite the sharp 22 per cent upmove from March lows.

“The recent rally has pushed up valuations but they are not yet in the expensive zone.

“They are largely in line with the long-term average,” said Harsha Upadhyaya, chief inves­tment officer (equity) at Kotak Mahindra MF.

The widening of the valuation differential between largecaps, and midcaps and smallcaps can be attributed to investor flows.

Foreign portfolio investor (FPI) flows have a relatively greater bearing on the stock price movement in largecaps.

As FPIs have ebbed and flowed over the past year, largecap performance has remained muted, say experts.

On the other hand, a large part of strong domestic investor flows has found its way into smallcap and midcap stocks, either through MFs or through direct investing.

Industry players say as domestic funds are chasing the strong momentum, the broader markets are getting more and more overheated.

Taking cues from balanced funds

The asset allocation strategy of balanced advantage funds (BAF), MF schemes that invest in both debt and equities depending on market conditions, often gives a cue on whether fund managers see the equity markets as expensive.

There are no major red flags there yet as most allocation remains in the mid-range.

ICICI Prudential BAF, the second largest in the category, had trimmed the equity allocation to 40.2 per cent at the end of November from 43.6 per cent a month ago.

The fund, which manages close to Rs 50,000 crore, allocates between 30 per cent and 80 per cent to equity depending on market conditions.

In the case of the other larger fund in the category, of Kotak MF, the equity allocation stood at 50.2 per cent at the end of November, slightly higher than the October-end exposure.

“The equity allocation reflects our view on equities.

“At the end of November, the fund was 50.2 per cent equity, which falls in the middle of our 20-80 per cent range.

“It has gone up compared to October owing to changes in other factors like momentum and market trend,” said Upadhyaya.

The Edelweiss BAF, which follows a pro-cyclical asset allocation model as opposed to the more common countercyclical approach, has raised the equity allocation significantly since November.

“In our model, valuation is not the primary factor.

“Our equity allocation generally goes up during the bullish phase of the market and comes down when the market weakens,” said the fund’s manager Bharat Lahoti.

The fund’s equity allocation, which was closer to 47 per cent at the end of October, had risen closer to 70 per cent by the end of November.

According to Lahoti, the allocation continues to inch upwards in December.

To be sure, not all funds are equally dynamic due to tax implications.

According to tax rules, MF schemes have to maintain a minimum 65 per cent equity allocation to qualify for equity taxation.

While some BAFs use hedging to maintain the desired equity allocation on a net basis, others manage the fund with a largely fixed

65-70 per cent equity allocation.

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Medivir Fostrox + Lenvima Trial Shows Improvement In Clinical Benefit In Hepatocellular Carcinoma https://myfintale.com/markets/medivir-fostrox-lenvima-trial-shows-improvement-in-clinical-benefit-in-hepatocellular-carcinoma/ Tue, 19 Dec 2023 09:38:59 +0000 https://myfintale.com/?p=135154 Medivir AB (MVRBF.PK), a Swedish pharmaceutical company focused on cancer treatments, Tuesday announced that its ongoing phase 1b/2a study with Fostrox + Lenvima demonstrated further [...]

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Medivir AB (MVRBF.PK), a Swedish pharmaceutical company focused on cancer treatments, Tuesday announced that its ongoing phase 1b/2a study with Fostrox + Lenvima demonstrated further improvement in durable clinical benefit in advanced hepatocellular carcinoma or HCC.

These data, where all patients have had minimum 12 weeks follow-up, further supports accelerating the fostrox development program, and the company plans to initiate a registrational phase 2b study in second-line HCC in 2024.

Fostrox is an oral pro-drug, designed to selectively treat liver cancers and to minimize side effects. According to the company, it has the potential to become the first liver-targeted and orally administered drug for patients with HCC.

The latest data is from a phase 1b/2a open-label, multi-center, dose-escalation and dose-expansion study evaluating the safety and efficacy with fostroxacitabine bralpamide (fostrox) in combination with Lenvima in patients for whom current first- or second-line treatment has proven ineffective or is not tolerable.

Pia Baumann, CMO at Medivir, said, “Patients with advanced HCC, who have progressed on at least one prior line of treatment, is a difficult-to-treat population. Achieving durable clinical benefit for the majority of the patients with a good safety and tolerability profile, enables patients to benefit from the combination treatment longer. It provides us with added confidence in accelerating the fostrox development program…”

The company will present additional data from the ongoing phase 1b/2a study at the ASCO Gastrointestinal Cancers Symposium, January 18-20, 2024 in San Francisco, USA.

Medivir noted that Fostrox has completed a phase 1b monotherapy study, and a combination study in HCC currently ongoing.

In Stockholm, Medivir shares were trading at 2.82 Swedish kronor, up 1.3 percent.

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Rishi Sunak hit by Tory Palestine rebellion as senior MPs call for ceasefire https://myfintale.com/politics/rishi-sunak-hit-by-tory-palestine-rebellion-as-senior-mps-call-for-ceasefire/ Tue, 19 Dec 2023 08:59:40 +0000 https://myfintale.com/?p=135152 David Cameron warns of ‘daunting times’ across the globe Rishi Sunak has been stung with a new rebellion over Israel and Palestine just days before [...]

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David Cameron warns of ‘daunting times’ across the globe

Rishi Sunak has been stung with a new rebellion over Israel and Palestine just days before he heads for his Christmas break.

Ten Conservative MPs have written to Foreign Secretary Lord Cameron demanding a ceasefire in the Middle East after fighting broke out on October 7.

The MPs – including some senior and respected backbenchers – also blast the UK’s failure to vote for such a measure during a recent UN vote, saying they were “dismayed” at Britain’s abstention.

The demands for a ceasefire are a breach of the Government’s official policy, which has called for “pauses” to get aid into Gaza, but has stopped short of demanding a ceasefire.

Writing in the Times this weekend, Lord Cameron said he remained opposed to any immediate ceasefire, which would be ignored by Hamas terrorists.

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READ MORE: Paul Bristow sacked by Rishi Sunak after calling for ceasefire in Gaza

He said: “We do not believe that calling right now for a general and immediate ceasefire, hoping it somehow becomes permanent, is the way forward.

“Would Hamas stop firing rockets? Would it release the hostages? Would its murderous ideology change? An unsustainable ceasefire, quickly collapsing into further violence, would only make it harder to build the confidence needed for peace.”

The ten Tory rebels include Paul Bristow, who was sacked as a PPS in October for calling for a ceasefire and breaching collective responsibility.

The list also includes senior backbenchers like Kit Malthouse, David Jones, Vicky Ford, George Eustice and Philip Duane.

Their letter claims the situation in Gaza is a “catastrophe of precisely the kind the 1949 Geneva Conventions were supposed to prevent”.

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The ten Tory signatories say they have been privately expressing their “anguish and dismay at the position taken” by the Government.

They also imply Israel is flattening Gaza and massacring innocent Palestinians in pursuit of Hamas.

They said: “Furthermore, it is increasingly clear that the Israeli military strategy is neither proportionate nor targeted, and that there is no serious prospect of success, whatever that might mean.”

The letter is yet to be responded to by Lord Cameron, but it has already come under heavy criticism.

Former MEP Lance Forman described it as “very disappointing” and said he was “surprised” by some of the signatories.

He said: “If you don’t want civilian deaths call on Hamas to surrender, not Israel to defend itself!”

Journalist and broadcaster Benjamin Butterworth demanded to know whether the ten MPs had also sent “the same request to Hamas HQ too”.

Speaking on Sky News last night, Mr Bristow claimed there “are more people in my party who also agree with this” and speculated the number of Tory rebels could double in the next few weeks.

Rishi Sunak has thus far avoided the divisions and splits of Labour on the issue, with a largely united party.

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