REGENXBIO Jumps 25% On Collaboration Deal With AbbVie For Eye Disease Gene Therapy
Shares of REGENXBIO Inc. (RGNX) is up over 25% on Monday morning after the company announced a collaboration deal with AbbVie to develop and commercialize RGX-314, a gene therapy candidate for the treatment of chronic retinal diseases. AbbVie will give REGENXBIO an upfront payment of $370 million.
With the potential for REGENXBIO to receive up to $1.38 billion in additional development, regulatory and commercial milestones.
RGNX is currently trading at $41.40, up $8.32 or 25.14%, on the Nasdaq.
REGENXBIO and AbbVie will share equally in profits from net sales of RGX-314 in the U.S. AbbVie will pay REGENXBIO tiered royalties on net sales of RGX-314 outside the U.S.
In addition, REGENXBIO will lead the manufacturing of RGX-314 for clinical development and U.S. commercial supply, and AbbVie will lead manufacturing of RGX-314 for commercial supply outside the U.S.
The transaction is expected to close by the end of 2021.
Herald Morning quiz: September 14
Test your brains with the Herald’s morning quiz. Be sure to check back on nzherald.co.nz at 3pm for the afternoon quiz.
To challenge yourself with more quizzes, CLICK HERE.
Oil Prices Advance Amid Continued Supply Concerns
Reflecting lingering concerns about U.S. supply, the price of crude oil showed a notable move to the upside during trading on Monday.
After jumping $1.58 or 2.3 percent to $69.72 a barrel last Friday, crude for October delivery climbed $0.73 or 1 percent to $70.45 a barrel.
With the continued increase on the day, crude for October delivery ended the session at its highest closing level in well over a month.
The price of crude oil continued to benefit from concerns about U.S. supply due to the production disruptions caused by Hurricane Ida.
Tropical storm Nicholas, which is expected to strengthen into a hurricane in the coming days, could further disrupt oil production in the Gulf of Mexico region.
The increase in the price of crude oil also came as OPEC lowered its forecast for oil demand in the fourth quarter of 2021 but raised the outlook for oil demand in 2022.
Richard Powers Speaks for the Trees
His Pulitzer-winning novel, “The Overstory,” left him so drained that he didn’t know whether he would write again. His new book, “Bewilderment,” came to him when he imagined a child talking to him in a forest.
By Alexandra Alter
Brazil's coffee exports fall 27% as shipping hurdles increase
SAO PAULO/NEW YORK, Sept 13 (Reuters) – Exports of green coffee from Brazil, the world’s largest producer, fell 27% in August from a year earlier to 2.33 million bags as difficulties to find containers and space at vessels increased in the last weeks, industry group Cecafe said on Monday.
Cecafe said in a monthly report that around 3.5 million bags of coffee could not be shipped in time this year due to shipping hurdles, causing losses of around $500 million to the country’s coffee exporting industry.
Where Pad Thai Is Just the Beginning
The chef Hong Thaimee is serving her pad thai in a new space across the village in Manhattan.
By Florence Fabricant
Beachy Fare You Can Cook Year-Round
Helene Henderson’s latest book, “Malibu Farm: Sunrise to Sunset,” features a host of breezy recipes that conjure sunshine.
By Florence Fabricant
Walmart Says Cryptocurrency Payment News Is Fake
Retail giant Walmart Inc. (WMT) on Monday confirmed that it isn’t accepting cryptocurrency payments.
According to Walmart, an earlier press release that said the company will allow its customers to make payments with cryptocurrencies was fake. GlobeNewswire, a press release distributor, had released the fake release earlier on Monday. GlobeNewswire issued a notice across its service confirming that journalists and other readers should disregard the news release.
Walmart spokesman Randy Hargrove said the company has been in touch with the newswire company to investigate how the false press release got posted.
The fake news had sent the value of Litecoin up nearly 30% to about $225 on Monday morning, according to CoinDesk. However, it tumbled to $180.29 later.
The fake news had announced that Walmart had reached a major partnership with Litecoin. All eCommerce stores will have implemented a “Pay with Litecoin Option” starting October 1.
“Walmart has long been one of the earliest adopters of blockchain technologies, starting as early as 2016 to trial the digital ledger for improvements in its supply chain. Now, with this partnership, Walmart will offer their shoppers to use Litecoin to benefit from the features of the cryptocurrency,” the statement said.