ARCA Biopharma To Evaluate AB201 In Treatment Of COVID-19 Associated Coagulopathy

ARCA biopharma, Inc. (ABIO) announced a new development program to evaluate AB201, a potent selective inhibitor of tissue factor, as a potential treatment for COVID-19 associated coagulopathy and the related inflammatory response. The company expects filing an Investigational New Drug application with the U.S. FDA in the third quarter and initiating late-stage clinical testing in the second half of the current year.

Michael Bristow, ARCA’s CEO, said, “The combination of anticoagulation, anti-inflammatory effects and antiviral activity have the potential to make AB201 a unique therapeutic to treat patients afflicted with COVID-19 while vaccine development is underway and for patients for whom a vaccine is not effective.”

Rupee settles 5 paise lower at 75.76 against US dollar

The rupee on Thursday settled 5 paise down at 75.76 against the US dollar amid escalating tension between the US and China.

Forex traders said the rupee traded in a narrow range as positive domestic equities and improving risk appetite were offset by a flare-up in US-China tensions.

At the interbank forex market, the rupee opened weak at 75.90, but pared most initial losses and finally settled at 75.76 against the US dollar, down 5 paise over its last close.

It had settled at 75.71 against the US dollar on Wednesday.

During the session, the local unit witnessed an intra-day high of 75.69 and a low of 75.90.

On the domestic equity market front, the 30-share benchmark Sensex was quoting 437.12 points higher at 32,042.34 and the broader Nifty rose 136.30 points to 9,451.25.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose by 0.02 per cent to 99.07.

Meanwhile, the US and China clashed over Hong Kong at the UN Security Council, with Washington calling a meeting over the controversial national security law introduced by Beijing to tighten its control on the former British colony.

Abercrombie & Fitch Co. Q1 adjusted earnings Miss Estimates

Below are the earnings highlights for Abercrombie & Fitch Co. (ANF):

-Earnings: -$244.15 million in Q1 vs. -$19.16 million in the same period last year.
-EPS: -$3.90 in Q1 vs. -$0.29 in the same period last year.
-Excluding items, Abercrombie & Fitch Co. reported adjusted earnings of -$205.65 million or -$3.29 per share for the period.
-Analysts projected -$1.26 per share
-Revenue: $485.36 million in Q1 vs. $733.97 million in the same period last year.

CVS will test using self-driving cars to deliver prescriptions

UPS, CVS to use drones for prescription delivery

UPS and CVS are teaming up to deliver seniors prescriptions via drone amid the coronavirus. FOX Business’ Lauren Simonetti with more.

CVS Health will try delivering prescriptions with self-driving vehicles in a test that begins next month.

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The drugstore chain said Thursday that it will partner with the Silicon Valley robotics company Nuro on the delivery of medicines and other products to customers near a Houston-area store.

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A CVS spokesman said the prescriptions will routinely be delivered within an hour of being ordered. Customers will have to confirm their identity in order to unlock their delivery after the Nuro vehicle arrives.

Nuro has previously started partnerships to test the delivery of pizzas for Domino’s or groceries for Kroger, also in the Houston area. And drugstores like Woonsocket, Rhode Island-based CVS Health Corp. and competitor Walgreens Boots Alliance Inc. have been expanding home delivery services for a few years now.

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But using unmanned vehicles to deliver potentially sensitive prescriptions is uncharted territory. Some hospitals in North Carolina have been testing drone delivery of medical samples and supplies.

CVS and UPS announced in late April that they will start delivering prescriptions by drone to a big retirement community in Florida.

Abercrombie & Fitch Posts Wider Loss In Q1; Net Sales Down 34%

Abercrombie & Fitch Co. (ANF) reported a first quarter adjusted non-GAAP loss per share of $3.29 compared to a loss of $0.29, previous year. On average, 13 analysts polled by Thomson Reuters expected the company to report a loss per share of $1.26, for the quarter. Analysts’ estimates typically exclude special items. The company recorded a net loss per share of $3.90 for the quarter, reflecting adverse tax impacts of $1.45 related to valuation allowances on deferred tax assets and other tax charges and $0.62 related to asset impairment charges.

First quarter total company net sales declined 34 percent to $485.36 million. Analysts expected revenue of $536.99 million for the quarter.

Pending home sales plunged 21.8% in April on monthly basis

Housing will rebound from coronavirus: Real estate mogul

Real estate mogul Barbara Corcoran discusses how the housing market and American lifestyle will shift along with coronavirus.

BALTIMORE — April had a record collapse in Americans signing contracts to buy homes, a reflection of the broader shutdown of economic activity in response to the coronavirus outbreak.

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The National Association of Realtors said Thursday that its pending home sales index plunged 21.8% from the prior month to a level of 69, the largest decline registered in data going back to 2001. Pending home sales have fallen 33.8% from a year ago. The index is a barometer of sales over the next two months when the transactions are completed.

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There are signs that home sales have reached a trough and could rebound. Low mortgage rates have supported buyer demand, such that the government's report of new-home sales showed a slight increase in purchases last month.