Monday, 24 Jun 2024

Inhibikase Therapeutics Announces Orphan Drug Designation For Risvodetinib

Gold Subdued On Rate Worries

Gold prices were subdued on Wednesday after the August U.S. job openings survey signaled a tight labor market, keeping the risks tiled toward another Fed rate hike.

Spot gold was down 0.1 percent at $1,821.54 per ounce, while U.S. gold futures were down 0.3 percent at $1,837.05.

The dollar index edged lower from new 2023 high in European trade after Atlanta Fed Bank President Raphael Bostic said that there is no urgency for the Fed to raise interest rates further to get inflation back under control.

On the contrary, Cleveland Fed President Loretta Mester said that she thinks another interest rate hike is on the table and that rates could be held higher for “some time” to assess the effects of the tightening in financial conditions that have already occurred.

In economic releases, reports on private sector employment, service sector activity and factory orders coupled with remarks by several Fed officials may influence market sentiment later in the day ahead of Friday’s key monthly jobs report.

CME Group’s FedWatch Tool currently indicates a 27.7 percent chance the Fed will raise rates by another quarter point next month and a 39.2 percent chance of a quarter point rate hike in December.

RPM International Q1 Profit Climbs, Tops Estimates; Sees Growth In Q2, Backs FY24 View

RPM International Inc (RPM), a specialty coatings, sealants and building materials company, reported Wednesday that its first-quarter net income attributable to the company grew 19 percent to $201.08 million from last year’s $169.01 million.

Earnings per share were $1.56, up 19.1 percent from $1.31 a year ago. Adjusted earnings per share were $1.64, compared to last year’s $1.47.

On average, 13 analysts polled by Thomson Reuters expected earnings of $1.55 per share for the quarter. Analysts’ estimates typically exclude special items.

Net sales grew 4.1 percent to $2.01 billion from last year’s $1.93 billion. The Street was looking for sales of $1.97 billion for the quarter. Consolidated volumes increased modestly.

Looking ahead for the second quarter, the company expects consolidated sales to increase in the low-single-digit percentage range compared to prior-year results.

Consolidated adjusted EBIT is projected to rise in the high-single to low-double-digit percentage range.

For fiscal 2024, RPM continues to expect consolidated sales to increase in the mid-single-digit percentage range, and consolidated adjusted EBIT to increase in the low-double-digit to mid-teen percentage.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

Trump Liable For Fraud, New York Court Rules; Cancels Business Certifications

A New York judge has ruled that former President Donald Trump and his adult sons are liable for fraud by repeatedly misrepresenting his wealth by millions.

Days before the beginning of the trial in the New York state court in a civil case against Trump, his two adult sons and the Trump Organization, New York Attorney General Letitia James submitted a motion for summary ruling.

Granting the motion, Judge Arthur Engoron said the Trumps are “liable as a matter of law for persistent violations” of New York state law.

He said the former president and his business partners defrauded banks and insurers by providing false financial statements and records for nearly a decade.

He found that the defendants inflated the property value and approached banks to get higher loans.

The judge cancelled Trump Organization’s business certification, which will ban some of its businesses operations in New York.

It includes the Seven Springs estate and the Trump Building at 40 Wall Street.

A receiver will be appointed to “manage the dissolution” of the corporate entities.

The judge denied the Trump legal team’s request to quash the case, and fined the attorneys.

Trump’s son Eric Trump said on X that he lost all faith in the New York legal system.

The trial in a lawsuit filed by New York Attorney General against Trump in September 2022 is set to begin on October 2.

Avertix, BIOS Acquisition Agree To Terminate Merger Deal

BioPlus Acquisition Corp. (BIOS) announced Wednesday that BIOS, Avertix Medical, Inc. and certain other parties have mutually agreed to terminate their previously announced business combination agreement and plan of reorganization, effective as of October 4, 2023.

BioPlus also intends to liquidate as soon as practicable after October 4, 2023 and to return funds to holders of its Class A ordinary shares that were included in the units issued in the Company’s initial public offering.

The Business Combination Agreement was dated as of May 2, 2023. The parties have signed an agreement terminating the Business Combination Agreement on mutually acceptable terms, which also makes void the ancillary documents to the Business Combination Agreement.

BIOS expects to redeem all of its Public Shares for an estimated redemption price of approximately $10.79 per share after the payment of taxes and dissolution expenses. The redemption of the Public Shares is expected to be completed within ten business days after October 4, 2023.

Inhibikase Therapeutics Announces Orphan Drug Designation For Risvodetinib

Inhibikase Therapeutics, Inc. (IKT) announced that risvodetinib has been granted Orphan Drug Designation by the FDA for the treatment of Multiple System Atrophy. MSA is an aggressive form of Parkinsonism.

“As we look ahead, we are advancing our ongoing animal model studies of risvodetinib to determine its therapeutic potential to block progression and correct functional loss in MSA. These studies will form the basis of our planned Phase 2 clinical study and we look forward to providing further updates on the potential timing of the Phase 2 trial in the coming quarters,” said Milton Werner, Chief Executive of Inhibikase Therapeutics.

For More Such Health News, visit rttnews.com.

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