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Post Labor Day’s Stock Market Session Provides Turbulent Ride – $ADT $INM $INVO $NTNX $TSLA Rise!

By John F. Heerdink, Jr.
Quote of the Day — “Opportunity is missed by most people because it is dressed in overalls and looks like work.” – Thomas A. Edison


Happy Tuesday!

I hope that you had a wonderful beginning to the work week post the Labor Day Holiday. It is blazing hot here in San Francisco and in the Bay Area in general and I hope that you are managing to stay cool wherever the week has landed you. As for the stock market, Tuesday’s session was a bit of a volatile and wild ride that ended with all major indices ending lower than they had begun. Two reports surfaced from the macroeconomic schedule as the ISM Non-Manufacturing Index report for August rose to 56.9% and is still well above the expansion line.  The August ISM Non-Manufacturing Index report also ticked up to 56.9%.  Oil prices rose by .7% to close at $86.97/bbl after last week’s pull back. The US treasury yield curve also remained uncomfortably volatile and rose today as we swiftly head towards the next Fed decision in mid-September. The curve also remained inverted as the 10-yr moved up 13 basis points to close at 3.33% & the 2-yr note moved up 11 basis points to close at 3.51%. The US dollar index rose again to $110.23, +.64%, which created an unsettled feeling for investors as it is making multi-national products more expensive. If you are from the US and traveling in Europe this week, then you may be singing a different tune as your dollar is stretching further and is probably securing you a handsome feast this week.

In turn, the major indices moved lower to start the holiday-shortened week. The S&P 500 closed at 3,908.19 (-.41%) with 9 of the 11 sectors closing in the red, while only the real estate sector up 1% and the utilities sector up .2% closing in the green. The Dow also ended the session at 31,145.30 (-.55%) as Dow component and tech giant Apple (AAPL) closed down by .82% to close at $155.53.  The growth oriented and tech heavy Nasdaq closed at 11,544.91 (-.74%). The small caps on the Russell 2000 continued to drop and closed at 1,792.32 (-.96%) as growth oriented issuers were out of favor overall. Biotech stocks closed lower as the SPDR S&P Biotech ETF (XBI) fell 2.85% to close at $81.34. The 52-wk range is $61.78 – $135.82. The iShares Biotechnology ETF (IBB) moved down to close at $119.54, -1.36%. The 52-range is $104.29 – $175.80. A decent measure of the markets volatility or the CBOE Volatility Index (^VIX) closed at $26.91, +3.54%, but remains above the important $25 level and traded within the range of $25.25 – $27.45. 

Around the money and precious metals’ tree, the U.S. Dollar Index moved up to a new extraordinary high level and closed at 110.23,+.64%, while Bitcoin (BTC) fell to $18,981.30, -3.89% over the last 24-hours at the time of this writing. Gold prices closed at $1,706/oz., -$10/oz. & silver closed at $18.05/oz., down $.05/oz. on the day. Two mining producers closed the day as follows: Hecla Mining Company (HL) closed at $3.83, -1.79% and First Majestic Silver Corp. (AG) closed at $7.15, -2.83%.  

 

FURTHER AFIELD 

Today, ADT Inc. (NYSE: ADT, $8.39, +16.37%), the most trusted brand in smart home and small business security, and State Farm, the 100-year good neighbor and largest insurer of homes in the U.S. with 13.7 million homeowners policies in force, announced that State Farm will make a $1.2 billion equity investment in ADT, resulting in State Farm owning approximately 15% of ADT after the equity investment and the tender offer (described below) close. Additionally, ADT plans to partner with State Farm, and build upon its existing relationship with Google, with the aim to expand opportunities to combine next-generation security, innovative smart home technology and reimagined risk-mitigation capabilities to monitor, detect, prevent and optimize against homeownership risks. State Farm will commit up to $300 million to fund product and technology innovation, customer growth and marketing. In addition, Google has separately agreed to commit an incremental $150 million, subject to the achievement of certain milestones, to advance opportunities created by this type of innovation, raising its total success fund commitment to $300 million. Jim DeVries, ADT President and CEO stated, “ADT’s partnership with State Farm creates the capability to drive innovation in homeowners insurance on a broad scale. By delivering a truly connected home, together we can improve the customer experience and provide more peace of mind. These new and expanded partnerships represent another bold step forward for our company and provide ADT more avenues to grow our customer base, strengthen brand loyalty and lower customer acquisition costs.”

Shares of Nutanix, Inc. (NASDAQ: NTNX), a leader in hybrid multicloud computing, rose to close at $22.12, +1.70% today after last week’s surge on Thursday. On August 31, Nutanix announced financial results for its fourth quarter and fiscal year ended July 31, 2022. Rajiv Ramaswami, President and CEO of Nutanix stated, “Our fourth quarter capped off a fiscal year that showed strong year-over-year top and bottom line improvement. Fiscal 2022 was an important data point in demonstrating the long-term benefits of our subscription business model transition. We expect these benefits to compound further in the coming years as renewals become a bigger share of our business. Our Fiscal 2022 results reflect strong progress on our subscription model with 27% year-over-year ACV billings growth and achievement of positive free cash flow, which we expect to be sustainable on an annual basis. We continue to see good execution on our building base of subscription renewals and remain focused on driving towards profitable growth.”

Memes stock GameStop Corp. (GME) closed at $25.14, -8.11% as the shorts won a battle again today. GameStop will report second quarter fiscal 2022 results after the market closes on Wednesday, September 7, 2022. The Company will host an investor conference call at 5:00 pm ET on the same day to review its results. This call and all supplemental information can be accessed on GameStop’s investor relations website: https://investor.gamestop.com. The phone number for the investor conference call is 1-877-407-6169 and the confirmation code is 13732487.


VP WATCHLIST UPDATES 
 
Shares of Apple (AAPL) closed at $154.53, -.82%. Apple enjoys a 6.82% weighting in the S&P 500. Apple CEO Tim Cook set a Sept. 5 deadline for workers to be in the office at least three days a week recently and now the company is facing “a return office” war of sorts.
 
By the way, it would appear that Apple is aiming to grab Facebook or Meta’s paying advertisers and has been hiring in this area. 
 
Apple plans to release the iPhone 14 at their September launch event. Did you know that approx. 75% of iPhone users have activated Apple Pay to date?
 
On Aug. 1. reportedly Apple raised $5.5B by issuing of 4 series of bonds with ratings of AAA from Moody’s Investors Service and AA+ from S&P Global, according to Informa Global Markets.
 
 
On July 28, Apple announced financial results for its fiscal 2022 third quarter ended June 25, 2022. The Company posted a June quarter revenue record of $83.0 billion, up 2 percent year over year, and quarterly earnings per diluted share of $1.20. Tim Cook, Apple’s CEO stated, “This quarter’s record results speak to Apple’s constant efforts to innovate, to advance new possibilities, and to enrich the lives of our customers. As always, we are leading with our values, and expressing them in everything we build, from new features that are designed to protect user privacy and security, to tools that will enhance accessibility, part of our longstanding commitment to create products for everyone.”  Luca Maestri, Apple’s CFO stated, “Our June quarter results continued to demonstrate our ability to manage our business effectively despite the challenging operating environment. We set a June quarter revenue record and our installed base of active devices reached an all-time high in every geographic segment and product category. During the quarter, we generated nearly $23 billion in operating cash flow, returned over $28 billion to our shareholders, and continued to invest in our long-term growth plans.”

Apple’s board of directors has declared a cash dividend of $.23 per share of the Company’s common stock. The dividend is payable on August 11, 2022 to shareholders of record as of the close of business on August 8, 2022.

 
tesla
 
Shares of Tesla (TSLA) closed at $274.42, +1.56% today. On Aug. 5th, TSLA’s stock split 3-1.
 
Recently, it was reported that Tesla sold 77k China-made cars last month, the China Passenger Car Association (CPCA) said Thursday, a 74% increase over the same period last year.  Tesla CEO Elon Musk also previously stated that the company is targeting the end of 2022 to have  self-driving technology available for consumption in the US & European markets, with a caveat that regulatory approvals will rule ultimately.
 
 
Tesla reported its Q2 earnings after the close on Tuesday, July 19, meeting analysts’ estimates. Tesla stated that it sold 75% of its Bitcoin, turning it into fiat currency, adding $936 in cash to its balance sheet, but they also ended their streak of reporting record revenue. Revenue came in at $16.9 billion vs $16.88 billion expected & Adjusted EPS: $2.27 vs $1.83 expected. Tesla still expects to see 50% annual growth in their vehicle deliveries. Tesla CEO Elon Musk believes thinks that inflation has likely peaked, he stated “If I were to guess — and I would take this with a grain of salt — I think inflation will decline towards the end of this year. We are certainly seeing prices of commodities trending lower.”

 
The Walt Disney Company (DIS) closed at $110.09, -1%. Bob Chapek, Chief Executive Officer, The Walt Disney Company, will participate in a question-and-answer session at the Goldman Sachs 2022 Communacopia + Technology Conference on Wednesday, September 14, 2022 at approximately 5:00 p.m. ET/ 2:00 p.m. PT. To stream live, please visit www.disney.com/investors.
 
On September 1, it was announced that Walt Disney’s Grumman Gulfstream I plane is making a cross-country journey to Anaheim, California, where it will be on display for fans attending the sold-out D23 Expo 2022 presented by Visa from September 9 through 11. D23 and the Walt Disney Archives, along with D23 Expo Platinum sponsor Amazon, have restored the plane’s exterior for guests to see in a specially curated exhibit in the Arena of the Anaheim Convention Center called Mickey Mouse One: Walt’s Plane presented by Amazon. The exhibit will highlight the history of the plane—also known as “The Mouse”—and showcase its significance in The Walt Disney Company’s history. In 1963, Walt Disney acquired the iconic Gulfstream that would come to be known as “The Mouse.” The interior of the plane, initially designed with creative input from Walt and his wife, Lillian, seated up to 15 passengers and included a galley kitchen, two restrooms, two couches, a desk, and nods to the mouse who started it all, including matchbooks and stationery adorned with a silhouette of Mickey Mouse. Mickey’s initials were eventually included in the tail number of the plane, too, as N234MM, in 1967. Throughout its 28 years of service to The Walt Disney Company, the plane flew 20,000 hours and transported an estimated 83,000 passengers before it was grounded.
 
Christine McCarthy, Senior Executive Vice President and Chief Financial Officer, The Walt Disney Company and Josh D’Amaro, Chairman, Disney Parks, Experiences and Products, will participate in a question-and-answer session at the 2022 Bank of America Securities Media, Communications & Entertainment Conference on Wednesday, September 7, 2022 at approximately 1:30 p.m. ET/ 10:30 a.m. PT.
 
On Aug. 15th, a report surfaced that Dan Loeb’s Third Point Capital had built a position and was negotiating for ESPN to be rolled out. Here’s Disney’s response. 
 
Disney highlighted the following during their recent quarterly report: Revenues for the quarter and nine months grew 26% and 28%, respectively, Diluted earnings per share (EPS) from continuing operations for the quarter increased to $0.77 from $0.50 in the prior-year quarter. Excluding certain items, diluted EPS for the quarter increased to $1.09 from $0.80 in the prior-year quarter, Diluted EPS from continuing operations for the nine months ended July 2, 2022 increased to $1.66 from $1.02 in the prior-year period. Excluding certain items(1), diluted EPS for the nine months increased to $3.22 from $1.91 in the prior-year period. Bob Chapek, Chief Executive Officer, The Walt Disney Company stated, “We had an excellent quarter, with our world-class creative and business teams powering outstanding performance at our domestic theme parks, big increases in live-sports viewership, and significant subscriber growth at our streaming services. With 14.4 million Disney+ subscribers added in the fiscal third quarter, we now have 221 million total subscriptions across our streaming offerings. We continue to transform entertainment as we near our second century, with compelling new storytelling across our many platforms and unique immersive physical experiences that exceed guest expectations, all of which are reflected in our strong operating results this quarter.”
 
 
 
Atossa Therapeutics (ATOS), a clinical-stage biopharmaceutical company seeking to develop innovative proprietary medicines in oncology and infectious disease with a current focus on breast cancer and COVID-19, rose to an intraday high of $.9311 prior to closing at $.8965, -1.79% on 376,303 shares of trading volume.
 
 
 
 
On Aug. 25th, Atossa’s CEO, Dr. Steven Quay, M.D., Ph.D., and Kyle Guse, GC & CFO presented at Tribe Public’s Webinar Presentation and Q&A Event. During this complimentary event, Atossa management spoke of new opportunities for its inhalation therapy, AT-H201, to potentially treat lung injury caused by cancer treatment and were available for a Q&A session focused on Atossa’s research programs and future development. To watch the event video titled The Important Role For Inhalation Therapy In Oncology” please visit the Tribe Public YouTube Channel. 
 
 
On Aug. 18, Atossa announced the appointment of Dr. Paul Wabnitz to its Scientific Advisory Board (SAB). The Company has also re-appointed Drs. Mak Jawadekar, Per Hall, and Carl Novina to the SAB. Dr. Wabnitz has extensive experience in clinical development with a unique combination of clinical medicine, pharmacology, toxicology, and industry drug development experience. He has acted as an investigator and Medical Monitor on over 50 first in human Phase I/II clinical trials over the last two years, including several Phase I/II first in human oncology studies, as well as previously being the Executive Medical Director of a leading Australian Phase I clinical unit. His scientific background includes a Ph.D. in Organic Chemistry, a Post Doc at Parke-Davis (Ann Arbor, MI), 6.5 years of drug development industry experience (Pfizer/Esperion), an M.B.A. from the Stephen Ross School of Business (University of Ann Arbor, MI), and a Drug Development certificate in Regulatory Affairs from Temple University (Philadelphia, PA). His clinical background includes a Doctor of Medicine (M.D.), and he is a qualified Specialist Physician and Clinical Pharmacologist (Fellow of the Royal Australasian College of Physician, Australia).

On Aug. 8, Atossa announced their financial results for the fiscal quarter ended June 30, 2022, and provided an update on recent company developments. Dr. Steven Quay, Atossa’s President and Chief Executive Officer stated, “We continue to make steady progress with our Endoxifen programs: one to reduce tumor cell activity in breast cancer patients in the neoadjuvant setting; and another to reduce dense breast tissue in women. Our work on AT-H201 demonstrated valuable outcomes, not the least of which was an understanding of how to pursue its development in the field of oncology. With the widespread availability of SARS-CoV-2 vaccines and other therapies now approved to treat COVID-19, we believe that altering the development pathways for AT-H201 in cancer patients with compromised lung-function resulting from radiation treatment may fill a compelling unmet medical need and create additional value for our stockholders. Lung injury caused by radiation treatment affects 30-40% of lung cancer patients, and ~35% of esophageal cancer patients. In non-small cell cancer patients receiving concurrent chemotherapy and radiation therapy the incidence of lung injury is estimated to be greater than 60%. As we previously announced, rather than proceeding with Part D of the AT-H201 study in COVID-19 patients, we plan to quickly initiate a clinical study of patients with compromised lung function caused by radiation treatment and we anticipate announcing next steps in the coming months.”

On July 28, Atossa announced it has completed dosing participants in Part C of its Phase 1/2a clinical study of its proprietary inhalation therapy (or, AT-H201) in Australia. AT-H201 consists of two drugs previously approved by the FDA to treat other diseases. AT-H201 is intended to be inhaled via nebulizer with the goal of preventing or reducing lung injury that may be caused by fibrin deposition, fluid build-up and secondary infection. Part C of the study involved administering the two drugs in succession in healthy volunteers. The study originally included a Part D which was designed to assess the effects of the treatment regimen in hospitalized COVID-19 patients with moderate illness. However, due to the rapidly shifting COVID-19 treatment landscape and the introduction of effective vaccines limiting hospitalizations, Atossa has evaluated indications for AT-H201 beyond COVID-19 patients, including treating and/or preventing lung injury in patients undergoing certain cancer treatments.
Rather than conducting Part D of the Phase 1/2a clinical study, Atossa now plans to shift the development of AT-H201 to closely align with its oncology focus by continuing the development in patients with compromised lung-function due to the damaging effects of cancer treatment. For example, radiation treatment can lead to radiation induced lung injury, which is poorly treated with current therapies and is often irreversible. Furthermore, radiation damage can limit the overall success of lung cancer treatment leading to a reduction in efficacy and poor disease control. AT-H201 has pharmacological properties to potentially curtail excessive radiation-induced lung injury without compromising standard of care cancer therapy for cancer patients. AT-H201 is designed to prevent and reduce dose-limiting toxicities, and enable a more durable therapeutic tumor response for cancer patients receiving pulmonary radiation. Steven Quay, M.D., Ph.D., CEO and President of Atossa stated, “We are happy to have completed Parts A, B and C of the clinical trial and look forward to evaluating the results. With widespread availability of SARS-CoV-2 vaccines and other therapies now approved to treat COVID-19, we believe that altering the development pathways for AT-H201 in patients with compromised lung-function resulting from radiation may fill a compelling unmet medical need and create more value for our stockholders. Based on our work to date with AT-H201, we believe we can quickly initiate a clinical study in this setting and we plan to announce our next steps in the fourth quarter.”
 
Jason McCarthy Ph.D., a biotech analyst at the Maxim Group, put out a note on July 28th reconfirming his BUY rating and a $4 target price on Atossa.
 
On July 7th, Atossa filed an 8k at sec.gov that stated, that on July 1, 2022, Atossa Therapeutics, Inc. (“Atossa”) entered into a letter agreement (the “Letter Agreement”) with a venture-capital backed, private company based in the United States that is in the pre-clinical stage of developing novel Chimeric Antigen Receptor (CAR) T-cell therapies based on technology licensed from a leading U.S. adult and pediatric cancer treatment and research institution (the “CAR-T Company”). The Letter Agreement requires that up until November 1, 2022 the CAR-T Company will (i) negotiate exclusively with Atossa for Atossa to acquire the CAR-T Company, and (ii) address certain matters related to personnel, operations and intellectual property. Atossa has paid $3 million for the exclusive right to negotiate with the CAR-T Company. If a definitive agreement is not reached for Atossa to acquire the CAR-T Company and if a specified material adverse event has not occurred, then Atossa will pay an additional $2 million for a 19.99% preferred stock equity interest in the CAR-T Company. Atossa is under no obligation to complete the acquisition of the CAR-T Company and no assurance can be given that an acquisition will be completed on acceptable terms or at all.
 
 
 
Shares of Fate Therapeutics, Inc. (NASDAQ: FATE), a clinical-stage biopharmaceutical company dedicated to the development of programmed cellular immunotherapies for patients with cancer, closed at $25.30, -5.31%.
 
On Aug. 8, Fate Therapeutics announced the publication of preclinical study results demonstrating the successful generation, durable anti-tumor response, and functional persistence of TCR-CAR+ iPSC-derived CD8αβ T cells from induced pluripotent stem cells (iPSCs). The CD8αβ T cells were derived from a single engineered iPSC integrating a novel chimeric antigen receptor (CAR) transgene into the T-cell receptor alpha constant (TRAC) locus, ensuring complete bi-allelic disruption of T-cell receptor (TCR) expression and promoting uniform CAR expression. The discoveries were made under a multi-year research collaboration between the Company and Memorial Sloan Kettering Cancer Center (MSK) led by Michel Sadelain, M.D., Ph.D., Director, Center for Cell Engineering and Head, Gene Expression and Gene Transfer Laboratory, and were published this week in Nature Biomedical Engineering.
 
After the market closed on August 3, Fate released its business highlights and financial results for the second quarter ended June 30, 2022. Scott Wolchko, President and Chief Executive Officer of Fate Therapeutics stated,  “We continue to make important strides across our clinical, regulatory, and manufacturing operations to support pivotal readiness of our iPSC-derived NK cell product candidates for B-cell lymphoma, and are looking forward to meeting with the FDA in the third quarter to discuss registrational pathways for the treatment of relapsed / refractory aggressive lymphomas, including for patients that have previously failed CD19-targeted CAR T-cell therapy. We are also excited that clinical investigation of FT536 has initiated to assess the targeting of oncogenic and cellular stress ligands, a novel pan-tumor-targeting strategy with the potential to overcome common mechanisms of tumor escape that frequently emerge in patients with advanced solid tumors. Finally, we continue to drive our collaborations with Janssen and Ono with strong momentum, and are well positioned to achieve significant milestones and advance three multiplexed-engineered, CAR-targeted cell collaboration candidates into clinical development over the next 12 months.”
 
On June 30, Fate announced that Brian T. Powl has been appointed Chief Commercial Officer. Mr. Powl brings to Fate Therapeutics extensive commercial leadership experience in hematologic malignancies and solid tumors, having previously served as the Global Commercial CAR T lead at Celgene Corporation where he oversaw the commercial development strategy of the company’s CAR T-cell therapies. Mr. Powl most recently served as Senior Vice President, Commercial Development & Marketing at MEI Pharma, Inc., where he led the commercialization efforts of a late-stage small molecule program in B-cell malignancies across marketing, sales, market access and commercial operations.
 
On June 28 Fate announced that it has expanded its off-the-shelf, iPSC-derived, cell-based cancer immunotherapy collaboration with ONO Pharmaceutical Co., Ltd. (ONO) to include the development of chimeric antigen receptor (CAR) NK cell collaboration candidates. In addition, as part of the collaboration’s expansion, ONO will contribute novel binding domains targeting a second solid tumor antigen. Under the original Collaboration and Option Agreement entered into between Fate and ONO in September 2018, ONO has contributed novel binding domains targeting an initial solid tumor antigen, and Fate is currently conducting preclinical development of a multiplexed-engineered, iPSC-derived CAR T-cell product candidate for solid tumors. Under the terms of the amended Collaboration and Option Agreement, Fate will advance iPSC-derived CAR NK and CAR T-cell product candidates to a pre-defined preclinical milestone, at which point ONO has an option to assume responsibility for worldwide development and commercialization with Fate retaining the right to jointly develop and commercialize in the United States and Europe. Fate retains all rights of manufacture of collaboration products on a global basis.
 
 
 
Shares of InMed Pharmaceuticals Inc. (NASDAQ: INM), a leader in the development, manufacturing and commercialization of rare cannabinoids, closed at $.3520/share, +9.90%.
 
On Aug. 23, InMed announced that it will be consolidating all of its issued and outstanding share capital on the basis of one (1) post consolidation share for each twenty five (25) preconsolidation common shares of the Company (the “Consolidation”) in order to regain compliance with all of Nasdaq’s continued listing requirements. The Consolidation will result in the number of issued and outstanding common shares of the Company being reduced from 18,014,937 to approximately 720,597 common shares on a non-diluted basis and each shareholder will hold the same percentage of common shares outstanding immediately after the Consolidation as such shareholder held immediately prior to the Consolidation.
 
On Aug. 9, InMed announced the appointment of Nicole Lemerond to its Board of Directors, effective immediately. Nicole Lemerond is a financial executive with over 25 years of experience in investment management, private equity, investment banking and leveraged finance. She has significant experience executing complex transactions, managing diligence processes, raising capital and structuring balance sheets. Throughout her career, Ms. Lemerond has worked with public and private company management teams and boards to increase stakeholder value. She established and led healthcare groups at leading investment firms and has also worked at several large financial institutions, including Lehman Brothers and The Carlyle Group. Ms. Lemerond holds a Bachelor of Science degree from Cornell University and is a CFA charterholder. Contemporaneous with Ms. Lemerond’s appointment, Adam Cutler has decided to transition off the Board of Directors. Mr. Cutler has served on the Board since 2015, during which time his financial and healthcare expertise has been instrumental in advancing the strategic initiatives of the Company. Over the years, Mr. Cutler has served as Chair of the Audit Committee as well as a member Governance and Nomination Committee. Ms. Lemerond will replace Mr. Cutler as a member of the Audit Committee and as a member of the Governance and Nomination Committee.
 
On July 25, InMed provided an update on its Phase 2 clinical trial using investigational drug INM-755 cannabinol (“CBN”) cream for the treatment of patients with epidermolysis bullosa (“EB”) highlighting the following: 1) Phase 2 clinical trial recently expanded to include adolescents following independent review of early safety data, 2) First adolescent patient with EB enrolled into clinical trial and completed treatment, 3) International patent granted for the use of cannabinol for the treatment of epidermolysis bullosa.
 
On July 18, InMed announced Michael Woudenberg has been appointed Chief Operating Officer of the Company, overseeing all day-to-day operations. Mr. Woudenberg was previously Senior Vice President of Chemistry, Manufacturing and Controls. Mike has been an integral part of the executive team for the last four years, supporting multiple functions within the organisation. Prior to joining InMed, Mike had over 20 years of successful drug development, process engineering, GMP manufacturing and general management experience at all levels of various companies. Mike’s intimate knowledge of the Company’s operations and extensive leadership experience make him an ideal candidate to oversee operations and support the long-term strategic growth of the Company. He will continue to report to Eric A. Adams, InMed President and CEO.
 
On June 14, InMed announced that a peer-reviewed scientific study entitled “Effects of Rare Phytocannabinoids on the Endocannabinoid System of Human Keratinocytes” has been published in the International Journal of Molecular Sciences. The study, in collaboration with Dr. Mauro Maccarrone, Professor and Chair of Biochemistry at the Department of Biotechnological and Applied Clinical Sciences, University of L’Aquila, Italy, highlights the biological activity of tetrahydrocannabivarin (“THCV”), cannabichromene (“CBC”) and other rare cannabinoids and their potential role in addressing various skin conditions. In the peer-reviewed study, researchers analyzed the effects of rare cannabinoids THCV, CBC, cannabigerol (“CBG”) and cannabigerolic acid (“CBGA”) on the major endocannabinoid system elements in skin cells. Using a widely recognized in vitro model of human keratinocytes, researchers studied how these cannabinoids interacted with several receptors including cannabinoid receptors and other endocannabinoid system components. In summary, each cannabinoid had distinct biological activity via the endocannabinoid system. In particular, THCV was shown to perform as a cannabinoid receptor 1 (“CB1”) antagonist and have a high affinity for the human transient receptor potential vanilloid 1 (“TRPV1”), which is involved in skin sensation, as did CBC albeit to a lesser extent. The results from the study support additional research of these rare cannabinoids for their potential effect on skin conditions.“This study represents the first systematic analysis of the effects of the rare cannabinoids THCV, CBC, CBGA and CBG on the major endocannabinoid system elements using human keratinocytes. These initial observations should be considered when exploring the therapeutic potential of rare cannabinoids for the treatment of human skin disease,” said InMed’s scientific advisor, Dr. Mauro Maccarrone. “This peer-reviewed study provides important scientific research investigating the distinctly different physiological effects of rare cannabinoids,” said Dr. Eric Hsu, Senior VP, Preclinical Research and Development. “As we continue to expand our portfolio of rare cannabinoids, including THCV and CBC, evidence-based research is imperative to improving our understanding of their biological activity. There is growing interest in the potential benefits of rare cannabinoids and this study represents InMed’s commitment to contributing to the body of research of rare cannabinoids.” The journal article can be accessed here: https://www.mdpi.com/1422-0067/23/10/5430.
 
 
Shares of INVO Bioscience, Inc. (NASDAQ: INVO), a commercial-stage fertility company focused on expanding access to advanced treatment worldwide with its INVOcell® medical device and the IVC procedure it enables, closed at $1.08, +5.36% and has traded up to 1.09 in the aftermarkets. 
 
On Aug. 25th, INVO Bioscience announced that Advanced Reproductive Centre, Hospital Canselor Tuanku Muhriz (HCTM), formally known as Hospital Universiti Kebangsaan Malaysia (HUKM), based in Kuala Lumpur, Malaysia, is making IVC available for their patients. The move follows the successful completion of the first IVC case in the country recently with data presented at the Obstetrical and Gynecological Society of Malaysia (“OGSM”) where it was awarded a prize as a new and innovative fertility treatment. A signing ceremony announcing the launch of IVC was witnessed by the Minister of Science and Innovation and Deputy Secretary General. HCTM, one of the five university hospitals in Malaysia, is currently the highest volume fertility center in the country. Steve Shum, CEO of INVO Bioscience, commented, “We are excited that INVOcell will officially be commercialized at HCTM in Kuala Lumpur following the successful presentation of data at OGSM and government support by the Minister of Science and Innovation and Deputy Secretary General. HCTM will start offering IVC both in their public and private sectors with an expectation to complete a number of cycles by the end of 2022. We are also working with partners in Malaysia to open up an INVO Centers in their existing practice as we strive to bring our innovative advanced fertility treatment to the people of Malaysia.”
 
INVO Bioscience reported financial results for its second quarter 2022, ended June 30, 2022, after the market close on Monday, August 15, 2022.  INVO highlighted the following progress: Existing INVO Centers experienced a 20% increase in patient inquiries and consultations compared to the first quarter of 2022, as key activities continue to build, Progressing toward planned openings of additional INVO Centers in Tampa, Florida, Kansas City, Kansas, and the San Francisco Bay Area, In May 2022, signed an exclusive distribution agreement with Onesky Holdings Limited (“Onesky”) for mainland China (excludes Hong Kong, Macau and Taiwan). Onesky will be responsible for registering the product in the country, and upon government approval, will be obligated to purchase minimum quantities of INVOcell totaling approximately $14 million over the subsequent five-year term, & increased U.S.-based expansion opportunities post-Ferring, including both greenfield INVO Centers and potential acquisitions of established fertility clinics.
 
***INSIDER BUYING ALERT***– On Friday June 3, after the close, a number of Form 4’s were filed at www.sec.gov confirming that the CEO, COO, CFO and 5 members of the board of directors purchased shares at $.95/share on June 1, 2022. Here’s the link to view all of the share purchases. 
 
  

Shares of Chinook Therapeutics, Inc. (KDNY), a biopharmaceutical company focused on the discovery, development and commercialization of precision medicines for kidney diseases, closed at $20.35, -4.10%.

On Aug. 8, Chinook provided a business update and reported financial results for the quarter and six months ended June 30, 2022. “During the second quarter of 2022, we executed well on advancing our pipeline of clinical and preclinical programs for rare, severe chronic kidney diseases. We continue to ramp up enrollment of patients in the phase 3 ALIGN trial for atrasentan, and the data we presented at ERA from the ongoing phase 2 AFFINITY trial of atrasentan demonstrated consistent and clinically meaningful proteinuria reductions in patients with IgAN,” said Eric Dobmeier, president and chief executive officer of Chinook Therapeutics. “For BION-1301, the additional data presented at ERA from the ongoing phase 1/2 trial reaffirms its disease-modifying potential in IgAN by demonstrating durable reductions in mechanistic biomarkers and corresponding impressive proteinuria reductions. We look forward to advancing BION-1301 into a phase 3 study for patients with IgAN in 2023. We are also continuing to make progress with dose escalation in the ongoing phase 1 trial of CHK-336 in healthy volunteers and expect to report data in the first half of 2023.”

Economic Reports

On Tuesday, the ISM Non-Manufacturing Index report for August rose to 56.9% and is still well above the expansion line.  The August ISM Non-Manufacturing Index report also ticked up to 56.9%. 

Investing & Inspiration

  1. “Opportunity is missed by most people because it is dressed in overalls and looks like work.” – Thomas A. Edison
  2. “Experience is one thing you can’t get for nothing.” – Oscar Wilde
  3. “Any sufficiently advanced technology is indistinguishable from magic.” – Arthur C. Clarke

  4. “Good questions outrank easy answers.” – Paul Samuelson
  5. “Thinking: the talking of the soul with itself.” – Plato

  6. “I don’t think of all the misery but of the beauty that still remains.” – Anne Frank

  7. “All money is a matter of belief.” – Adam Smith
  8. “People are not disturbed by things, but by the view they take of them.” – Epictetus

  9. “Uncertainty is seen to retard investment independently of considerations of risk or expected return.” – Ben Bernanke

  10. “I never called my work an ‘art’. It’s part of show business, the business of building entertainment.” – Walt Disney
  11. “Hitch your wagon to a star.” – Ralph Waldo Emerson

  12. “The greatest remedy for anger is delay.” – Lucius Annaeus Seneca

  13. “Great minds discuss ideas; average minds discuss events; small minds discuss people.” – Eleanor Roosevelt

  14. “Act as if what you do makes a difference. It does.” – William James

  15. “Success – keeping your mind awake and your desire asleep.” – Walter Scott

  16. “If I had to live my life again, I’d make the same mistakes, only sooner.” – Tallulah Bankhead

  17. “When one must, one can.” – Charlotte Whitton

  18. “Wealth consists not in having great possessions, but in having few wants.” – Epictetus
  19. “If we open a quarrel between past and present, we shall find that we have lost the future.” – Winston Churchill
  20. “Hope is patience with the lamp lit.” – Tertullian
  21. “A single sunbeam is enough to drive away many shadows.” – Francis of Assisi
  22. “With the past, I have nothing to do; nor with the future. I live now.” – Ralph Waldo Emerson
  23. “Laziness may appear attractive, but work gives satisfaction.” – Anne Frank
  24. “I never think of the future – it comes soon enough.” – Albert Einstein

  25. Hope is but the dream of those who wake.” – Matthew Prior

  26. “The more sand that has escaped from the hourglass of our life, the clearer we should see through it.” – Jean Paul
  27. “Real knowledge is to know the extent of one’s ignorance.” – Confucius
  28. “Better keep yourself clean and bright; you are the window through which you must see the world.” – George Bernard Shaw

  29. Nothing great in the world has ever been accomplished without passion.” – Georg Wilhelm Friedrich Hegel

  30. “History is a vast early warning system.” – Norman Cousins 

  31. “We first make our habits, and then our habits make us.” – John Dryden

  32. “The traveler sees what he sees, the tourist sees what he has come to see.” – Gilbert K. Chesterton
  33. “Adventure is worthwhile.” – Aesop
  34. “We must build dikes of courage to hold back the flood of fear.” – Martin Luther King, Jr.
  35. “The return we reap from generous actions is not always evident.” – Francesco Guicciardini
  36. “Courage is knowing what not to fear.” – Plato

  37. “Science may never come up with a better office communication system than the coffee break.” – Earl Wilson

  38. “Progress was all right. Only it went on too long.” – James Thurber

  39. “If you would know strength and patience, welcome the company of trees.” – Hal Borland

  40. “We aim above the mark to hit the mark.” – Ralph Waldo Emerson
  41. “Hope is being able to see that there is light despite all of the darkness.” – Desmond Tutu

  42. “Our chief want is someone who will inspire us to be what we know we could be.” – Ralph Waldo Emerson

  43. “Patience is a virtue, and I’m learning patience. It’s a tough lesson.” – Elon Musk

  44. “Great things are done when men and mountains meet.” – William Blake

  45. “The man who has no imagination has no wings.” – Muhammad Ali

  46. “Formula for success: rise early, work hard, strike oil.” – J. Paul Getty

  47. “Action is the foundational key to all success.” – Pablo Picasso

  48. “Hope is like the sun, which, as we journey toward it, casts the shadow of our burden behind us.” – Samuel Smiles

    “The backbone of surprise is fusing speed with secrecy.” – Carl von Clausewitz

  49. “There are no shortcuts in evolution.” – Louis D. Brandeis

  50. “I am fascinated by what is beautiful, strong, healthy, what is living. I seek harmony.” – Leni Riefenstahl
  51. “If one advances confidently in the direction of his dreams, and endeavors to live the life which he has imagined, he will meet with a success unexpected in common hours.” – Henry David Thoreau
  52. “Waste no more time arguing about what a good man should be. Be one.” – Marcus Aurelius
  53. “It is during our darkest moments that we must focus to see the light.” – Aristotle Onassis
  54. “Courage is fear holding on a minute longer.” – George S. Patton
  55. “You must be the change you wish to see in the world.” – Mahatma Gandhi
  56. “Don’t judge each day by the harvest you reap but by the seeds that you plant.” – Robert Louis Stevenson 
  57. “It is in the character of very few men to honor without envy a friend who has prospered.” – Aeschylus
  58. “Life is a series of natural and spontaneous changes. Don’t resist them – that only creates sorrow. Let reality be reality. Let things flow naturally forward in whatever way they like.” – Lao Tzu
  59. “The more you praise and celebrate your life, the more there is in life to celebrate.” – Oprah Winfrey
  60. “Anything simple always interests me.” – David Hockney
  61. “He who angers you conquers you.” – Elizabeth Kenny
  62. “Concision in style, precision in thought, decision in life.” – Victor Hugo
  63. “The secret of genius is to carry the spirit of the child into old age, which means never losing your enthusiasm.” – Aldous Huxley
  64. “View health as an investment, not an expense.” – John Quelch
  65. “The most effective way to do it, is to do it.” – Amelia Earhart
  66. “Man needs his difficulties because they are necessary to enjoy success.” – A. P. J. Abdul Kalam
  67. “Do not dwell in the past, do not dream of the future, concentrate the mind on the present moment.” – Buddha
  68. “Nobody made a greater mistake than he who did nothing because he could do only a little.” – Edmund Burke
  69. “You must do the things you think you cannot do.”- Eleanor Roosevelt
  70. “Success is dependent on effort.” – Sophocles
  71. “Nobody who ever gave his best regretted it.” – George Halas
  72. “Lots of people want to ride with you in the limo, but what you want is someone who will take the bus with you when the limo breaks down.” ~ Oprah Winfrey
  73. “And when I breathed, my breath was lightning.” – Black Elk
  74. “Moderation is the silken string running through the pearl chain of all virtues.” – Joseph Hall
  75. “You are the sum total of everything you’ve ever seen, heard, eaten, smelled, been told, forgot – it’s all there. Everything influences each of us, and because of that I try to make sure that my experiences are positive.” – Maya Angelou
  76. “If you want a guarantee, buy a toaster.” – Clint Eastwood
  77. “We are an impossibility in an impossible universe.” – Ray Bradbury
  78. “If you think in terms of a year, plant a seed; if in terms of ten years, plant trees; if in terms of 100 years, teach the people.” – Confucius
  79. “I’d rather attempt to do something great and fail than to attempt to do nothing and succeed.” – Robert H. Schuller
  80. Do your little bit of good where you are; it’s those little bits of good put together that overwhelm the world.” Desmond Tutu
  81. “It takes considerable knowledge just to realize the extent of your own ignorance.” – Thomas Sowell
  82. “Do not dwell in the past, do not dream of the future, concentrate the mind on the present moment.” – Buddha”
  83. Surprise is the greatest gift which life can grant us.” –  Boris Pasternak
  84. “Trust in dreams, for in them is hidden the gate to eternity.” – Khalil Gibran 
  85. “Always be yourself, express yourself, have faith in yourself, do not go out and look for a successful personality and duplicate it.” – Bruce Lee
  86. “All life is an experiment. The more experiments you make the better.” – Ralph Waldo Emerson
  87. “There are no secrets to success. It is the result of preparation, hard work, and learning from failure.” –  Colin Powell
  88. “There is more to life than increasing its speed.” – Mahatma Gandhi
  89. “Your attitude is like a box of crayons that color your world. Constantly color your picture gray, and your picture will always be bleak. Try adding some bright colors to the picture by including humor, and your picture begins to lighten up.” – Allen Klein
  90. “Definiteness of purpose is the starting point of all achievement.” – W. Clement Stone
  91. “Success usually comes to those who are too busy to be looking for it.” – Henry David Thoreau
  92. “In matters of truth and justice, there is no difference between large and small problems, for issues concerning the treatment of people are all the same.” – Albert Einstein
  93. “Life is too short for long-term grudges.” – Elon Musk
  94. There cannot be a crisis next week. My schedule is already full.” – Henry Kissinger
  95. “Success consists of getting up just one more time than you fall.” – Oliver Goldsmith
  96. “The Earth is the cradle of humanity, but mankind cannot stay in the cradle forever.” – Konstantin Tsiolkovsky
  97. “Ours is a world of nuclear giants and ethical infants. We know more about war that we know about peace, more about killing that we know about living.” – Omar N. Bradley
  98. “Beauty surrounds us, but usually we need to be walking in a garden to know it.” – Rumi
  99. “But man is not made for defeat. A man can be destroyed but not defeated.” – Ernest Hemingway
  100. “Don’t watch the clock; do what it does. Keep going.” – Sam Levenson
  101. “Let there be work, bread, water and salt for all.” – Nelson Mandela
  102. “The social object of skilled investment should be to defeat the dark forces of time and ignorance which envelope our future.” – John Maynard Keynes
  103. “A successful society is characterized by a rising living standard for its population, increasing investment in factories and basic infrastructure, and the generation of additional surplus, which is invested in generating new discoveries in science and technology.” – Robert Trout
  104. “I know not with what weapons World War III will be fought, but World War IV will be fought with sticks and stones.” – Albert Einstein
  105. “It is the fight alone that pleases us, not the victory.” – Blaise Pascal
  106. “If you can’t describe what you are doing as a process, you don’t know what you’re doing.” – W. Edwards Deming
  107. “Never interrupt your enemy when he is making a mistake.” – Napoleon Bonaparte
  108. “Be sure you put your feet in the right place, then stand firm.” – Abraham Lincoln
  109. “Without investment there will not be growth, and without growth there will not be employment.” – Muhtar Kent
  110. “You have to do your own growing no matter how tall your grandfather was.” – Abraham Lincoln
  111. “Victory has a thousand fathers, but defeat is an orphan.” – John F. Kennedy
  112. “Delete the negative; accentuate the positive!” – Donna Karan
  113. “It’s crazy how fast time flies and how things progress.” – Nathan Chen
  114. “The world is a dangerous place to live; not because of the people who are evil, but because of the people who don’t do anything about it.” – Albert Einstein
  115. “Life isn’t about finding yourself. Life is about creating yourself.” – George Bernard Shaw
  116. “Everything has beauty, but not everyone sees it.” – Confucius
  117. A man must be big enough to admit his mistakes, smart enough to profit from them, and strong enough to correct them.” – John C. Maxwell
  118. “Walking with a friend in the dark is better than walking alone in the light.” – Helen Keller
  119. “A man who dares to waste one hour of time has not discovered the value of life.” – Charles Darwin
  120. “The greater danger for most of us lies not in setting our aim too high and falling short; but in setting our aim too low, and achieving our mark.” – Michelangelo
  121. “Progress is man’s ability to complicate simplicity.” – Thor Heyerdahl
  122. “I like to encourage people to realize that any action is a good action if it’s proactive and there is positive intent behind it.” – Michael J. Fox
  123. “Nothing is impossible, the word itself says ‘I’m possible’!” – Audrey Hepburn
  124. “But investment in space stimulates society, it stimulates it economically, it stimulates it intellectually, and it gives us all passion.” – Bill Nye
  125. “Bitcoin, in the short or even long term, may turn out be a good investment in the same way that anything that is rare can be considered valuable. Like baseball cards. Or a Picasso.” – Andrew Ross Sorkin
  126. “Life is a tragedy when seen in close-up, but a comedy in long-shot.” – Charlie Chaplin
  127. “No matter what you’re going through, there’s a light at the end of the tunnel and it may seem hard to get to it but you can do it and just keep working towards it and you’ll find the positive side of things.” – Demi Lovato
  128. “Infrastructure investment in science is an investment in jobs, in health, in economic growth and environmental solutions.” – Oren Etzioni
  129. “Educating our children and giving them the skills they need to compete in a global economy is a smart investment in our country’s future.” – Sheldon Whitehouse
  130. “Know thy self, know thy enemy. A thousand battles, a thousand victories.” – Sun Tzu
  131. “If one does not know to which port one is sailing, no wind is favorable.” – Lucius Annaeus Seneca
  132. “Beware of missing chances; otherwise it may be altogether too late some day.” – Franz Liszt
  133. “The sofa is a really important investment for anybody, and I don’t mean financially. You need to find a really great sofa that can transition with you, and you can build from there.” – Jeremiah Brent
  134. “There is no investment you can make which will pay you so well as the effort to scatter sunshine and good cheer through your establishment.” – Orison Swett Marden
  135. “Nothing in life is to be feared, it is only to be understood. Now is the time to understand more, so that we may fear less.” – Marie Curie
  136. “There is little that can withstand a man who can conquer himself.” – Louis XIV
  137. “In tennis, you strike a ball just after the rebound for the fastest return. It’s the same with investment.” – Masayoshi Son
  138. “A camel makes an elephant feel like a jet plane.” – Jackie Kennedy
  139. “The advance of technology is based on making it fit in so that you don’t really even notice it, so it’s part of everyday life.” – Bill Gates
  140. “Success depends upon previous preparation, and without such preparation there is sure to be failure.” – Confucius, Chinese 
  141. “Coming together is a beginning; keeping together is progress; working together is success.” – Edward Everett Hale
  142. “Never do anything against conscience even if the state demands it.”– Albert Einstein
  143. “Education is not only a ladder of opportunity, but it is also an investment in our future.” – Ed Markey
  144. “The true measure of a man is how he treats someone who can do him absolutely no good.” – Samuel Johnson
  145. “In my view, the biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital. Not only is the mere drop in stock prices not risk, but it is an opportunity. Where else do you look for cheap stocks?” – Li Lu
  146. “A successful society is characterized by a rising living standard for its population, increasing investment in factories and basic infrastructure, and the generation of additional surplus, which is invested in generating new discoveries in science and technology.” – Robert Trout
  147. “The best preparation for tomorrow is doing your best today.” – H. Jackson Brown, Jr.
  148. “Friendship marks a life even more deeply than love. Love risks degenerating into obsession, friendship is never anything but sharing.” – Elie Wiesel
  149. “Investing in women’s lives is an investment in sustainable development, in human rights, in future generations – and consequently in our own long-term national interests.” – Liya Kebede
  150. “Success isn’t measured by money or power or social rank. Success is measured by your discipline and inner peace.” – Mike Ditka
  151. “No matter how many goals you have achieved, you must set your sights on a higher one.” – Jessica Savitch 
  152. “Start where you are. Use what you have. Do what you can.”– Arthur Ashe
  153. “The secret of getting ahead is getting started.” – Mark Twain
  154. “The amount of work and the amount of both physical and emotional investment it takes to get to the top.” – Drew Bledsoe

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