Oil Prices Tumble On US Debt Deal Doubts

ANEW MEDICAL Enters Business Combination Agreement With Redwoods Acquisition

ANEW MEDICAL has entered into a definitive merger agreement with Redwoods Acquisition Corp. (RWOD), a special purpose acquisition company. The pro forma enterprise value of the combined company is up to $94 million, which includes up to $54 of cash held in the trust account of Redwoods, which is subject to redemption by Redwoods stockholders. The combined company will operate as ANEW MEDICAL and expects to remain listed on NASDAQ.

ANEW is a Wyoming corporation with a primary focus on developing disruptive new therapies to alleviate and/or reverse the progression of neurodegenerative diseases through the use of cell and gene therapy. ANEW plans to use the proceeds from the transaction to progress its lead gene therapy programs including for amyotrophic lateral sclerosis and Alzheimer’s disease.

For More Such Health News, visit rttnews.com.

Pfizer Says Pivotal Phase 3 BASIS Clinical Trial Of Marstacimab Met Primary Endpoints

Drug major Pfizer Inc. (PFE) announced Tuesday that the pivotal Phase 3 BASIS clinical trial (NCT03938792) evaluating marstacimab has met its primary endpoints, having demonstrated statically significant and clinically meaningful effects.

Marstacimab is a novel, investigational anti-tissue factor pathway inhibitor (anti-TFPI) being studied for the treatment of hemophilia A or B for people without inhibitors to Factor VIII (FVIII) or Factor IX (FIX).

It was administered weekly with flat (not weight-based) dosing in the trial as a subcutaneous 300 mg loading dose followed by 150 mg once weekly.

The BASIS trial demonstrated that prophylactic treatment with marstacimab resulted in a statistically significant and clinically relevant reduction in annualized bleeding rate (ABR) in people living with severe hemophilia A and moderately severe to severe hemophilia B without inhibitors.

Marstacimab, if approved, has the potential to become the first once-weekly subcutaneous treatment for people living with hemophilia B and the first treatment administered as a flat dose for people living with hemophilia A or B.

Gold Prices Recover From Two-month Lows

Gold prices recovered from two-month lows on Tuesday as U.S. Treasury yields eased due to the tentative deal on raising the United States debt ceiling over the weekend.

The dollar index traded higher, capping potential gains. Spot gold rose 0.4 percent to $1,954.22 per ounce, while U.S. gold futures were up half a percent at $1,971.95.

A cautious undertone prevails in financial markets as the U.S. debt ceiling deal readies for vote.

Later today, the House Rules Committee is scheduled to consider the package and vote on sending it to the full House for a vote expected Wednesday.

U.S. President Joe Biden and House Speaker Kevin McCarthy expressed confidence on Monday that the debt-ceiling deal will pass Congress.

Amid much uncertainty over U.S. monetary policy, investors now await U.S. manufacturing readings, the nonfarm payrolls data due later in the week and the upcoming Fed policy meeting in June for directional cues.

Data released earlier in the day showed that a measure of Eurozone economic sentiment fell more than expected in May after four months of general stagnation in sentiment.

Skyline Champion Corp. Reports Decline In Q4 Profit, but beats estimates

Skyline Champion Corp. (SKY) released a profit for fourth quarter that decreased from the same period last year but beat the Street estimates.

The company’s earnings totaled $57.746 million, or $1 per share. This compares with $86.798 million, or $1.51 per share, in last year’s fourth quarter.

Analysts on average had expected the company to earn $0.93 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 23.0% to $491.532 million from $638.117 million last year.

Skyline Champion Corp. earnings at a glance (GAAP) :

-Earnings (Q4): $57.746 Mln. vs. $86.798 Mln. last year.
-EPS (Q4): $1 vs. $1.51 last year.
-Analyst Estimates: $0.93
-Revenue (Q4): $491.532 Mln vs. $638.117 Mln last year.

Now You Can Edit WhatsApp Messages Within 15 Minutes

WhatsApp says it has introduced a facility allowing users to edit messages for up to 15 minutes after sending them.

The feature, announced by US technology giant Meta, is already offered by competitors like Telegram and Discord. Meta’s social media platform Facebook had introduced the edit function nearly a decade ago.

“For the moments when you make a mistake, or simply change your mind, you can now edit your sent messages,” says a statement posted on WhatsApp Blog.

From correcting a spelling mistake to adding extra context to a message, all that a user need to do is long-press on a sent message and choose ‘Edit’ from the menu section.

Edited messages will display ‘edited’ alongside them, so those who are messaging are aware of the correction without showing edit history.

As with all personal messages, media, and calls, the edited messages also are protected by end-to-end encryption.

This feature has started rolling out to users globally, and will be available to WhatsApp’s 2 billion users in the coming weeks, according to the messaging service provider.

India is WhatsApp’s largest market, with an estimated 487 million users.

Oil Prices Tumble On US Debt Deal Doubts

Oil prices fell over 2 percent on Tuesday, with doubts about China’s economic recovery and uncertainty on whether the Congress will approve the debt deal weighing on prices.

Benchmark Brent crude futures fell 2.2 percent to $75.42 a barrel, while WTI crude futures were down 2.1 percent at $71.13.

After April economic readings came in below estimates, investors remain concerned that China’s post-Covid recovery is faltering.

Also, a new coronavirus variant spreading in China is expected to infect nearly 65 million every week by the end of June.

Meanwhile, concerns about the U.S. debt ceiling pact grew after a handful of Republican lawmakers said they would oppose the deal to raise the United States’ $31.4 trillion debt ceiling.

Later today, the House Rules Committee is scheduled to consider the package and vote on sending it to the full House for a vote expected Wednesday.

U.S. President Joe Biden and House Speaker Kevin McCarthy expressed confidence on Monday that the debt-ceiling deal will pass Congress.

The odds of a U.S. default currently remain low, but the consequences could be dire.

Incidentally, the debt deadline nearly coincides with the OPEC+ policy meeting on June 4, and there is much uncertainty over whether the member countries will increase their output cuts.