Stocks End In The Red Again On Monday – $CERE $MDGL $RITM Rise!
- Published Dec 19, 2022
- Atossa Therapeutics, Inc.
- Disney
- Fate Therapeutics, Inc.
- InMed Pharmaceuticals Inc.
- INVO Bioscience
- Tesla
Quote of the Day — “In life, as in chess, forethought wins.” – Charles Buxton
Happy Monday!
I hope that you kicked off the week in grand style after Argentina beat France in World Cup 2022 in one of this finest championship matches ever. As for the stock market, it sold off throughout the day landing all major indices in the red. More tax selling/swapping/adjusting continued as we swiftly head towards the end of 2022. In addition, investors are continuing to digest the Fed’s rather hawkish move and nature of messaging from last week along with several like minded moves from other central banks around the world. The macroeconomic schedule also produced a somber and lone report today, the December NAHB Housing Market Index report that confirmed another drop to 31. The U.S. yield curve also uncomfortably rose today as the 10-yr note moving up 10 points to close at 3.58% & the 2-yr note moved up 5 basis points closing at 4.25%. The US dollar index ticked lower by .02% to close at $104.68. However, oil prices continued to rebound moving higher up another 1.6% to close at $75.47/bbl.
At the end the day on Monday, the S&P 500 closed at 3,817.66 (-.90%) with 10 of 11 sectors closing in the red. The materials sector took the worst hit dropping a cool 1.3%, while the energy sector closed as the lone hold out in the green up 1.6% riding the aforementioned strength in oil. Tech giant & heavily weighted Apple (AAPL) took another hit and closed at $132.37, -1.59% as China’s COVID cases continue to reportedly rise and leaving supply chain/Foxconn worries in investors’ minds. The Dow 30 closed at 32,757.54 (-.49%). The Nasdaq experienced the worst broad based sell off as it closed at 10,546.03 (-1.49%). The small caps on the Russell 2000 did not fair much better as it closed at 1,738.58 (-1.41%). The MicroCaps also moved significantly lower as shares Micro-cap ETF (IWC) closed at $104.44, -2,02%. Growth investments in general were defiantly not in favor on Monday. Interestingly, with a negative overall bias flying in the air, CBOE Volatility Index (^VIX) still ended lower closing down .88% ending at $22.42, while trading within the range of $21.68 – $22.82.
Biotech stocks, on the lower end of the spectrum, moved lower the SPDR S&P Biotech ETF (XBI) closed down2.05% to close at $79.30. The 52-wk range is $61.78 – $119.21. The iShares Biotechnology ETF (IBB) also moved lower to close at $130.56, -1.83%. The 52-range is $104.29 – $155.17. On the positive side, shares of Madrigal Pharmaceuticals, Inc. (MDGL), a clinical-stage biopharmaceutical company pursuing novel therapeutics for nonalcoholic steatohepatitis (NASH), skyrocketed to close at $234.83 up 268.07% after they announced positive topline results from the pivotal Phase 3 MAESTRO-NASH biopsy clinical trial of resmetirom, a liver-directed selective thyroid hormone receptor agonist. MAESTRO-NASH, a registrational Phase 3 trial, has achieved both liver histological improvement endpoints that FDA proposed as reasonably likely to predict clinical benefit to support accelerated approval for the treatment NASH with liver fibrosis. Cerevel Therapeutics (CERE, $31,01, +22.33%), a company dedicated to unraveling the mysteries of the brain to treat neuroscience diseases, announced today results from the Phase 1 randomized, double-blind trial studying the effect of emraclidine on 24-hour ambulatory blood pressure over an eight-week period in people living with schizophrenia. The objective of the trial was to accurately characterize any potential blood pressure effect for both doses of emraclidine studied (10 and 30 mg QD). On the primary endpoint, emraclidine demonstrated a mean change from baseline at week eight in 24-hour ambulatory systolic blood pressure (SBP) of -2.7 mmHg for the 10 mg QD group and -0.4 mmHg for the 30 mg QD group. The upper bound of the two-sided 95% confidence interval for the change from baseline at week eight was -0.3 mmHg for the 10 mg QD group and 2.1 mmHg for the 30 mg QD group. As a result, the trial ruled out an increase in blood pressure for both doses (defined per FDA guidance as >3 mmHg change from baseline). The secondary endpoints of the trial demonstrated findings consistent with the primary endpoint, corroborating the overall trial results. Emraclidine was generally well-tolerated in this trial, with a side effect profile consistent with prior trials. On Dec. 9, Cytovia Inc., a biopharmaceutical company focused on unlocking the power of natural killer (NK) cell therapeutics through bispecific antibodies and TALEN® gene-edited, iPSC-derived NK (iNK) cells, announced new preclinical data for its CD38-targeted Flex-NK™ bispecific antibody. Cytovia CEO Dr. Daniel Teper stated, “We’re delighted to see further progress on our CD38-targeted Flex-NK™ bispecific antibody program, with a pre-clinical package that supports clinical evaluation in 2023. The data presented at ASH suggests that CYT-338, our CD38-targeted Flex-NK™ Bispecific Antibody, has a differentiated profile compared to daratumumab, the leading CD38-targeted monoclonal antibody and that CYT-338 may have the ability to overcome NK cell exhaustion and dysfunction. We believe that by redirecting and activating NK cells to kill myeloma cells, bispecific antibodies have the potential to offer new options for patients not responding to first lines of treatment.” As suggested, please keep an eye on this sector as mergers, acquisitions, larger public offerings and private placements and a recent and decently sized IPO, not to mention when the science actually works like the couple examples from this week, the sector is beginning to paint a brighter and different picture in ‘biotech land’ as we head towards the new year and the famous annual JPMorgan Healthcare Conference in San Francisco will headline once again. I am hearing that this year’s ‘in-person’ conference, the first time since COVID, could turn out to the largest ever. It is about time! The iShares U.S. Healthcare ETF (IYH) closed at $280.74, -.42%.
Around the crypto and precious metals’ tree, Bitcoin (BTC) moved lower by .97% at $16,613.44 over the last 24-hours at the time of this writing. Gold prices closed at $1,793/oz., -$7/oz. & silver closed at $23.07/oz., -$.28/oz. on the day. Two mining producers closed the day as follows: Hecla Mining Company (HL) closed at $5.17, -2.45% & First Majestic Silver (AG) closed at $8.25, -3.73%. On Dec. 7, First majestic announced that it has entered into an Asset Purchase Agreement dated December 7, 2022 to sell its 100% owned past producing La Parrilla Silver Mine located in the state of Durango, Mexico to Golden Tag Resources Ltd. (TSXV: GOG) for total consideration of up to US$33.5 million. On closing of the Transaction, First Majestic will receive 143,673,684 Golden Tag shares at a deemed price of CDN$0.19 per share having an aggregate value of US$20.0 million and representing approximately 40% of the outstanding shares in Golden Tag. First Majestic will receive up to US$13.5 million in the form of three milestone payments in either cash or shares in Golden Tag with the share price and number of shares to be determined upon the anniversary date
FURTHER AFIELD
Shares of Rithm Capital Corp. (RITM), a leading provider of capital and services to the real estate and financial services industries, rose to close at $8.62, +6.95%. On Dec. 15, Rithm announced that its Board of Directors has declared fourth quarter 2022 common and preferred stock dividends. The Board declared a quarterly dividend of $0.25 per share of common stock for the fourth quarter 2022. The fourth quarter common stock dividend is payable on January 27, 2023 to shareholders of record on December 30, 2022. In addition to the dividend declaration, the Company’s Board of Directors authorized new stock repurchase programs of up to $200 million of shares of the Company’s common stock (the “common stock repurchase program”), and up to $100 million of shares of the Company’s preferred stock (the “preferred stock repurchase program”, and together with the common stock repurchase program, the “repurchase programs”), through December 31, 2023.
Shares of ADT Inc. (ADT), the most trusted brand in smart home and small business security, closed at $9.00, -1.42%. On Dec. 16, ADT announced that Jamie Haenggi has been appointed to lead ADT Solar, a division of ADT Inc. Haenggi served as executive vice president and chief operating officer of ADT Solar since March and will now lead all functions within the division. Marc Jones, founder of Sunpro, which was acquired by ADT in 2021 and rebranded as ADT Solar, will serve as senior advisor to Haenggi. Jones previously served as executive vice president, ADT Solar. Haenggi joined ADT in 2016 and has served the company in executive roles within sales, marketing and customer experience. She also serves on the board of directors of Enphase Energy. On Nov. 3, ADT, announced its results for the third quarter of 2022. They highlighted Total revenue of $1.6 billion, up 22% or 8% excluding Solar, and end-of-period Recurring Monthly Revenue (RMR) of $372 million, up 4%, Record high customer retention with gross customer revenue attrition at 12.6%, Record revenue payback of 2.1 years, & GAAP net loss of $122 million, or a loss of $(0.13) per diluted share, down $13 million. The board of ADT announced that it will pay a dividend of $.035.share on the 4th of January or 1.6% yield.
Memes stock GameStop Corp. (GME) closed at $19.92, -4.23% as shorts won the ongoing daily battle today. Note that approx. 20% of GME’s outstanding shares are sold short landing it with a short interest ratio of 7.6. On Dec. 7, GME released financial results for the third quarter ended October 29, 2022 highlighting that Net sales were $1.186 billion, compared to $1.297 billion in the prior year’s third quarter & that Sales attributable to new and expanded brand relationships were strong in the quarter, while sales in the collectibles category remained strong on a year-to-date basis.
Shares of AMC, the largest movie exhibition company in the United States, the largest in Europe and the largest throughout the world with approximately 950 theaters and 10,500 screens across the globe, closed at $4.89, -7.91% and APE closed at $.6726, -7.83%. Today, Dec. 19, AMC Entertainment Holdings, Inc. provided a business update for the fourth quarter ending December 31, 2022. Adam Aron, Chairman and CEO of AMC Entertainment commented, “Even though the APE units and our common shares are economically equivalent, it is disappointing that the APE units have since inception consistently traded at a significant discount to the AMC common shares. While the trading prices of the two securities seem to reflect distinct market and trading dynamics, the APEs are serving precisely the purpose originally intended for them. At a time when one or more of our competitors have been facing potentially devastating liquidity challenges, by contrast during the past 90 days, AMC has been able to raise $162 million of additional cash through the sale of equity thereby improving our own liquidity position markedly. In addition, AMC reduced debt for the third time this year, including most recently by buying back debt at a substantial 61% discount and is able to contemplate various opportunities to add theatres to our fleet including just having successfully secured for AMC the attractive former Arclight Boston. Our outlook for the industry is positive as we expect the box office will be larger in 2023 than in 2022. Our liquidity position is strong, as we continue to demonstrate our ability to raise cash, thereby strengthening our balance sheet. We also continue to enhance our footprint by acquiring superb theatres without significant capital outlays while at the same time exiting under-performing locations. For so many reasons, we believe the future remains bright for AMC.”
Shares of Seanergy Maritime Holdings Corp. (SHIP), the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels, closed at $.5008, -1.82%. On Dec. 9, Seanergy announced the filing of an amendment to its Schedule TO and Offer to Purchase, both dated as of November 30, 2022, relating to the Company’s tender offer to purchase all outstanding Class E common stock purchase warrants at a purchase price of $0.20 per Warrant, which tender offer will expire at the end of day, 5:00 P.M., Eastern Time, on January 10, 2023, unless extended or withdrawn. On Nov. 30 after the close, SHIP announced its financial results for the third quarter and nine months ended September 30, 2022 that beat expectations. The Company also declared a quarterly dividend of $0.025 per share for the third quarter of 2022.
On Nov. 7 after the close, Atossa announced its financial results for the fiscal quarter ended September 30, 2022, and provided an update on recent company developments. Atossa is a clinical-stage biopharmaceutical company seeking to develop innovative medicines in areas of significant unmet medical need in oncology with a current focus on breast cancer and lung injury caused by cancer treatments. Key developments from Q3 2022 and to date included:
- Received FDA authorization from FDA to initiate its Phase 2 study of neoadjuvant (Z)-endoxifen in premenopausal women with ER+/HER2- breast cancer.
- Invested in a privately-held Dynamic Cell Therapies, a company focused on CAR-T therapies as an important step in pursuing its strategy to develop CAR-T therapies or adjacent opportunities within the immuno-oncology space.
- Completed dosing in both Part B and Part C (of four parts) of Phase 1/2a Clinical Trial of AT-H201 in healthy volunteers, which the Company is now developing for patients with compromised lung function due to the damaging effects of cancer treatment.
“We continue to make progress with our (Z)-endoxifen programs. In particular, our Phase 2 study of neoadjuvant (Z)-endoxifen for pre-menopausal women with ER+/HER2- breast cancer was authorized by FDA to begin in the United States, and we plan to initiate the study during the fourth quarter of this year. We are re-aligning our strategy to address new avenues in the field of oncology. We have altered our approach to the development of AT-H201 in cancer patients with compromised lung-function resulting from cancer treatment, and are beginning to explore the possibility of pursuing immune-oncology programs. In the meantime, we will continue our current programs and will provide progress updates as they become available,” commented Dr. Steven Quay, Atossa’s President and Chief Executive Officer.
The multi-billion-dollar global fertility market is predicted to reach approximately US$47.9 billion by 2030, yet remains severely underserved with many patients (upwards of 90% by many estimates) unable to access affordable treatment. INVO Bioscience, Inc. (NASDAQ: INVO) offers the INVOcell solution which provides an advanced, effective and affordable infertility treatment to help increase access to care. INVO is commercially advancing INVOcell through the opening of INVO Centers, opportunistically now pursuing acquisitions of established fertility (IVF) clinics in the U.S., and continuing to offer the technology to existing fertility practices. Shares of INVO Bioscience closed at $.40 and has traded up to $.4246, +6.15% in the aftermarket.
READ our recently published story that is gaining traction titled “INVO Bioscience (NASDAQ: $INVO), A Company Seeking To Address A Massively Underserved Fertility Market” to learn more.
On Nov. 30, INVO announced the birth of the first baby in Malaysia utilizing the INVOcell solution. The healthy baby boy weighed 3.53 kg and was born on November 11, 2022 at Tuanku Mizan Military Hospital in Kuala Lumpur. Physicians at Advanced Reproductive Centre (ARC), at Hospital Canselor Tuanku Muhriz (HCTM), at the National University of Malaysia conducted the IVC procedure. The patient was part of a prospective peer reviewed study of INVOcell compared to conventional IVF (“cIVF”) that took place at ARC at HCTM. The study, titled “Comparison of Treatment Outcomes among Sibling Oocytes Using Different Culture Systems—Conventional IVF versus INVOcell Device—And Evaluation of INVOcell User Satisfaction: The INVOcIVF Study,” was published in the International Journal of Environmental Research and Public Health. “We couldn’t be more pleased to have been a part of this family’s journey towards parenthood,” commented Steve Shum, CEO of INVO Bioscience. “The INVOcell solution is playing a key role in providing families across the world an alternative method to parenthood by leveraging its innovative medical device to allow fertilization and early embryo development to take place in vivo within the woman’s body; an approach that provides for affordable, high-quality, patient-centered fertility care.” Key findings of the study included:
- The fertilization rate and good embryo quality were comparable (not significantly different) between INVOcell and cIVF.
- Although both methods produce similar fertilization rates and good-quality embryos, the blastulation rates were better in the INVOcell group.
- INVOcell can be used as an alternative method for reproductive treatment in carefully selected patients without jeopardizing outcomes.
- cIVF is costly and not applicable in most rural and district areas, therefore, the INVOcell can be utilized as a cost-effective alternative to cIVF without sacrificing comfort and outcomes.
On Nov. 10, Chinook provided a business update and reported financial results for the quarter and nine months ended September 30, 2022. “During the third quarter of 2022, we continued advancing our pipeline of clinical and preclinical programs for rare, severe chronic kidney diseases. We are pleased with the strong data presented at ASN Kidney Weekend 2022 from both our lead programs, atrasentan and BION-1301, in IgA nephropathy (IgAN), as well as from CHK-336 and our preclinical research approach,” said Eric Dobmeier, president and chief executive officer of Chinook Therapeutics. “We look forward to 2023, when we plan to initiate a phase 3 study of BION-1301 in patients with IgAN, present data from the ongoing phase 1 clinical trial of CHK-336 in healthy volunteers in the first half and report topline proteinuria data from the ongoing phase 3 ALIGN study of atrasentan in the third quarter.”
Shares of Borqs Technologies, Inc. (BRQS) closed at $.2749 on 932,615 shares of trading volume. Borqs Technologies is a global leader in software and products for the IoT, providing customizable, differentiated and scalable Android-based smart connected devices and cloud service solutions. Borqs has achieved leadership and customer recognition as an innovative end-to-end IoT solutions provider leveraging its strategic chipset partner relationships as well as its broad software and IP portfolio. Borqs’ unique strengths include its Android and Android Wear Licenses which enabled the Company to develop a software IP library covering chipset software, Android enhancements, domain specific usage and system performance optimization, suitable for large and low volume customized products, and is also currently in development of 5G products for phones and hotspots. The Company acquired controlling shares of the solar energy storage system entity, Holu Hou Energy LLC, in October 2021.
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Today, Dec, 19, Borqs announced the Company has received a letter dated December 13, 2022 (the “Letter”) from the Department of the Treasury on behalf of the Committee on Foreign Investment in the United States (“CFIUS”) stating that the Company is required to negotiate with CFIUS to fully divest its ownership interests and rights in Holu Hou Energy LLC (“HHE”) due to HHE solar energy storage system and EnergyShare technology for Multi-Dwelling Residential Units (“MDU’s”) being deemed a critical technology and therefore a potential national security risk. As stated in the Letter, HHE is considered a top ten solar energy storage supplier in Hawaii, has only been increasing its dominant market share, expects to grow at an exponential rate, and focuses on multi-family dwelling units which are common in military housing. Due to Borqs’ IoT software development and hardware sourcing capabilities in China, CFIUS is concerned that through Borqs, the PRC could gain significant visibility and exert influence over HHE’s business operations and get access to HHE critical technology. CFIUS is requiring the Company to design a plan to mitigate all identified national security risks to the satisfaction of CFIUS. Borqs intends to comply to the requirements from CFIUS and enter into a National Security Agreement with various departments of the U.S. Government with a plan that is effective, monitorable and verifiable to voluntarily divest Borqs’ investment interests and rights in HHE (the “Plan”). HHE’s commercialization of its solar energy storage system and novel EnergyShare technology for MDU’s has enabled the company to open up a new market segment for renewable energy in the USA – likely worth several billions of dollars. In the last year the Company’s MDU development pipeline has reached thousands of individual units in Hawaii alone, with California MDU potential being at least one to two orders of magnitude higher in the coming years. One segment of this new market is for communities of military and other government personnel. The overall MDU opportunity is significant for the company and significant for the USA. Since Borqs’ financial support in HHE starting from October 2021, HHE has signed approximately $50 million in contracts and has a growing pipeline approaching half a billion dollars. We believe this voluntary mitigation will enable the tremendous inherent value of HHE to be realized and that the divestment can be a profitable transaction for Borqs’ shareholders. The Plan to mitigate will include engaging a nationally recognized investment bank with experience in administering competitive sales and auction processes, assigning and hiring of security and monitoring personnel to directly communicate with CFIUS, immediate and complete removal of all Borqs administrative and technical influence over HHE, immediate voluntary reduction of Borqs ownership of HHE from a majority to a minority position and with the target of divesting all. The Company believes such points will enable the Company to accomplish the divestment in an orderly manner.
- On Dec.8, Borqs announced its subsidiary, Holu Hou Energy (HHE), has received multiple purchase orders for its HoluPower xP solar energy storage systems for installation at homeowner locations in the Greater San Diego area in California. These orders represent the first for the Company in California. Whereas in Hawaii HHE works to develop and construct Single-Family Residential projects as an “end to end” provider, the Company will target the California homeowner market through already existing channel partners that will sell and construct the projects. For Multi-Dwelling Unit (MDU) Residential properties in the State, the Company will initially target apartment owners, REITs and other MDU stakeholders directly, then partner with existing licensed contractors for system construction. HHE has been focused on the Hawaii market since it began commercial shipments in 2020, in order to become successfully established in the largest market in the United States based upon solar installation penetration. Now it is turning to California, the largest market in terms of size of available opportunity. HHE recently completed the testing and documentation required for the HoluPower xP to be listed as an approved product by the California Energy Commission. The Company expects to be listed by early January 2023, after which permitting and installations can commence. In Hawaii, Holu Hou Energy has quickly become a leader for solar energy storage systems in the Single-Family Residential market, and has essentially created the previously untapped Multi-Dwelling Unit (“MDU”) Residential market for renewable energy by virtue of its “EnergyShare” technology. The same leading product attributes will benefit MDU property owners and homeowners in California. The potential available MDU market in California is believed to be in the billions of dollars. EnergyShare enables networked systems to share excess generation behind their respective utility meters, a game-changer for improving the project economics for the MDU market, including for low-income housing, rental property units and Home Owners Association managed condominiums and town homes. EnergyShare enables more energy to be delivered to load, and fewer batteries to be installed than the standard approach of a unit-by-unit installation.
- On Nov. 4, Borqs announced its subsidiary, Holu Hou Energy (HHE), has rolled out its next generation HoluPower xP energy storage system. The product is the first system capable of economically addressing the Multi-Dwelling Unit Residential market through EnergyShare, a unique application and advantage, enabling networked systems to share excess generation behind their respective utility meters. This has been a game-changer for improving the project economics for the MDU market, including for low-income housing, rental property units and Home Owners Association managed properties. EnergyShare enables more energy to be delivered to load, and fewer batteries needing to be installed than the standard approach of unit-by-unit installation.
Brad Hansen, CEO of Holu Hou Energy
“Our products and services are improving the lives of customers every day by delivering cheaper, cleaner and more reliable electricity, including to those living in Multi-Dwelling Unit residential housing,” stated Brad Hansen, CEO of Holu Hou Energy. “We look forward to building on our Hawaii leadership position and bringing this same energy independence to markets like California in the near future. The cost of utility electricity in Hawaii has risen by about 60% over the last 18-months, with residential rates being at a historical high of around $0.50/kWh. Reliance on fuel oil for a significant part of Hawaii’s power generation means that these unprecedented rates are not likely to abate soon. HHE brings the most safe and productive solar and energy storage solutions to customers, including to those in income brackets not historically able to have their energy needs met by renewables.”
- According to a recent research report by BloombergNEF (BNEF), global energy storage installations are projected to reach a cumulative 411 gigawatts (or 1,194 gigawatt-hours) by the end of 2030, 15 times the 27GW/56GWh of storage that was online at the end of 2021. The anticipated accelerated growth of the US market follows the passage of the Inflation Reduction Act in August 2022. Besides the United States, many of other largest power markets in the world such as the EU, China and India have all passed legislation that incentivizes energy storage deployments.
Shares of InMed Pharmaceuticals Inc. (INM), a leader in the research, development and manufacturing of rare cannabinoids, closed at $1.63 and has traded up to $1.77, +8.59% in extended trading.
- On Dec. 16, InMed confirmed that, at its annual general meeting of shareholders held on December 15, 2022 (the “Meeting”), all of the matters put forward before shareholders for consideration and approval as set out in InMed’s notice of meeting and management information circular, dated October 28, 2022, were approved by the shareholders. In particular, shareholders approved the election of all director nominees to hold office until the next annual meeting of shareholders or until their successors are elected or appointed. See results.
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On Dec. 12, InMed announced the Company has entered into a service contract with Brio Financial Group to provide senior financial leadership and bookkeeping services. Pursuant to the Contract, Mr. Jonathan Tegge, a member of Brio, will assume the role of Interim Chief Financial Officer for the Company effective December 12, 2022. Brio is a financial and management consulting group based in Bridgewater, New Jersey. The firm provides outsourced financial management and financial reporting support to small and middle market entities. Currently, the team provides consulting services to over 50 private and publicly traded companies. Additionally, the Company announces that its auditor, KPMG, has resigned effective as of December 8, 2022, and that the Audit Committee of the Board of Directors of the Company approved the engagement of Marcum LLP as its auditor, subject to Marcum’s completion of their client acceptance procedures. Marcum will stand for appointment at the Company’s Annual General Meeting, currently scheduled for Thursday, December 15, 2022. KPMG has confirmed that there are no reportable events (as such term is defined in National Instrument 51-102 – Continuous Disclosure Obligations (“NI 51-102”)).
- On Nov. 21, InMed announced the closing of its previously announced private placement with two healthcare-focused institutional investors for the issuance and sale of 1,818,185 of its common shares at a purchase price of $3.30 per share (or pre-funded warrant in lieu thereof) priced at-the-market under Nasdaq rules. In addition, the Company has issued to the investors in the offering unregistered preferred investment options (the “investment options”) to purchase up to an aggregate of 3,272,733 common shares. The aggregate gross proceeds to the Company from the private placement were approximately $6 million. The Company intends to use the net proceeds from the offering to continue pipeline development of its pharmaceutical drug candidates, advance manufacturing know-how of cannabinoids and cannabinoid analogs, support intellectual property development and other commercial activities, and for general working capital purposes.
- On Nov. 17, Tribe Public’s Webinar Presentation and Q&A Event was co-hosted by Eric A. Adams, CEO & Eric C. Hsu, PhD, Senior Vice President, Pre-Clinical Research & Development of InMed Pharmaceuticals (NASDAQ: INM. They delivered a presentation titled “Exploring The Neuroprotective Qualities of Rare Cannabinoids”& addressed a Q&A session at the end of the presentation. You may now watch the event video art the Tribe Public YouTube Channel at this link.
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On Nov. 16, InMed announced the launch of its neurodegenerative disease program (INM-900 series), which will be investigating the effects of cannabinoid analogs in diseases such as Alzheimer’s, Huntington’s and Parkinson’s. In research conducted to date, InMed has identified two cannabinoid analogs demonstrating promising effects related to the treatment of neurodegenerative diseases, warranting further investigation in in vivo studies. InMed will be conducting studies using in vivo models in neurodegenerative disease to select the most appropriate candidate for clinical studies. Early preclinical efficacy readout is expected in 2Q 2023. In addition, Dr. Ujendra Kumar of the faculty of Pharmaceuticals Sciences at UBC has been awarded an Alliance grant from NSERC, with InMed as the named industry partner. The funding will support the research and development studies of InMed’s cannabinoid pharmaceutical candidates, investigating their potential therapeutic effects in neurodegenerative diseases. The collaboration project is entitled “Pharmacological characterization of phytocannabinoids and the endocannabinoid system.”
InMed’s Senior Vice President of Preclinical Research & Development, Eric Hsu, Ph.D., commented, “We are pleased that our efforts have led to the identification of two cannabinoid analog candidates to advance to in vivo studies. Our team will continue this important research in neurodegenerative diseases under the NSERC Alliance grant. Our early studies are showing promising neuroprotective effects as well as neurite outgrowth, signifying the potential to enhance neuronal function that may be important in the treatment of neurodegenerative diseases. This program, in conjunction with the work we are doing within glaucoma, increases our focus on, and expands our pipeline within, the neuroprotection space.”
Economic Reports
On Monday, the Treasury Budget report for November came in higher at a $248.5B deficit.
On Tuesday, investors were served the consumer-price (CPI) or inflation data report that came in with numbers that were less than expected in November. Indeed for or the 2nd-straight month, inflation pressures moderated more than was anticipated by the experts. Specifically, the CPI for November confirmed a 7.1% rise in prices over last year, lower than the 7.3% that was expected & a .1% rise M/M where it was expected to be up .3%.
On Wednesday, the weekly MBA Mortgage Applications Index report showed a 3.2% increase. The import prices report confirmed a .6% drop in November, while export prices cast in lower by.3% in November. The Weekly EIA Crude Oil Inventories report came with a 10.23M barrel build
Investing & Inspiration
- “Memories are the key not to the past, but to the future.” – Corrie Ten Boom
- “Great minds discuss ideas; average minds discuss events; small minds discuss people.” – Eleanor Roosevelt
- “Failure will never overtake me if my determination to succeed is strong enough.” – Og Mandino
- “I think about my work every minute of the day.” – Jeff Koons
- “I restore myself when I’m alone.” – Marilyn Monroe
- “Success is peace of mind which is a direct result of self-satisfaction in knowing you did your best to become the best you are capable of becoming.” – John Wooden
- “Courage is found in unlikely places.” – J. R. R. Tolkien
- “The first wealth is health.” – Ralph Waldo Emerson
- “Courage is found in unlikely places.” – J. R. R. Tolkien
- “Do what you can, with what you have, where you are.” – Theodore Roosevelt
- “A good beginning makes a good end.” – Louis L’Amour
- “What you do today can improve all your tomorrows.” – Ralph Marston
- “One that would have the fruit must climb the tree.” – Thomas Fuller
- “Joy in looking and comprehending is nature’s most beautiful gift.” – Albert Einstein
“The future belongs to those who believe in the beauty of their dreams.” – Eleanor Roosevelt
“Never go to bed mad. Stay up and fight.” – Phyllis Diller
“The undertaking of a new action brings new strength.” – Richard L. Evans
“It’s kind of fun to do the impossible.” – Walt Disney
“Real riches are the riches possessed inside.” – B. C. Forbes
“Reject your sense of injury and the injury itself disappears.” – Marcus Aurelius
“It is not enough to have a good mind; the main thing is to use it well.” – Rene Descartes
“A leader is one who knows the way, goes the way, and shows the way.” – John C. Maxwell
“It takes an endless amount of history to make even a little tradition.” – Henry James”It’s not what you pay a man, but what he costs you that counts.” – Will Rogers
“Halloween is not only about putting on a costume, but it’s about finding the imagination and costume within ourselves.” – Elvis Duran
“Everything in the world may be endured except continual prosperity.” – Johann Wolfgang von Goethe
“Where is all the knowledge we lost with information?” – T. S. Eliot
“All I ask is the chance to prove that money can’t make me happy.” – Spike Milligan
“Out of difficulties grow miracles.” – Jean de la Bruyere
“Nine-tenths of wisdom is being wise in time.” – Theodore Roosevelt
“Time is money.” – Benjamin Franklin
“I can, therefore I am.” – Simone Weil
“Where there is no vision, there is no hope.” – George Washington Carver
“Greatness is a road leading towards the unknown.” – Charles de Gaulle
“Kind words do not cost much. Yet they accomplish much.” – Blaise Pascal
“The world is round so that friendship may encircle it.” – Pierre Teilhard de Chardin
“Our deeds determine us, as much as we determine our deeds.” – George Eliot
“The greatest use of a life is to spend it on something that will outlast it.” – William James
Happiness is not something ready made. It comes from your own actions.” – Dalai Lama
“If opportunity doesn’t knock, build a door.” – Milton Berle
“I would define, in brief, the poetry of words as the rhythmical creation of Beauty.” – Edgar Allan Poe
“There are people who have money and people who are rich.” – Coco Chanel
“The young man knows the rules, but the old man knows the exceptions.” – Oliver Wendell Holmes, Sr.
“The past always looks better than it was. It’s only pleasant because it isn’t here.” – Finley Peter Dunne
“With the new day comes new strength and new thoughts.” – Eleanor Roosevelt
“Give me the luxuries of life and I will willingly do without the necessities.” – Frank Lloyd Wright
“To begin, begin.” – William Wordsworth
“You can find peace amidst the storms that threaten you.” – Joseph B. Wirthlin
“Nobody made a greater mistake than he who did nothing because he could do only a little.” – Edmund Burke
“Whenever you find yourself on the side of the majority, it is time to pause and reflect.” – Mark Twain
“Adapt or perish, now as ever, is nature’s inexorable imperative.” – H. G. Wells
“Won’t be long before we view gasoline cars the same way we view steam engines today.” – Elon Musk
“The aim of life is to live, and to live means to be aware, joyously, drunkenly, serenely, divinely aware.” – Henry Miller
“It is not in the stars to hold our destiny but in ourselves.” – William Shakespeare“Opportunity is missed by most people because it is dressed in overalls and looks like work.” – Thomas A. Edison“Experience is one thing you can’t get for nothing.” – Oscar Wilde
“Any sufficiently advanced technology is indistinguishable from magic.” – Arthur C. Clarke
“Good questions outrank easy answers.” – Paul Samuelson
“Thinking: the talking of the soul with itself.” – Plato
“I don’t think of all the misery but of the beauty that still remains.” – Anne Frank
“All money is a matter of belief.” – Adam Smith
“People are not disturbed by things, but by the view they take of them.” – Epictetus
“Uncertainty is seen to retard investment independently of considerations of risk or expected return.” – Ben Bernanke
“I never called my work an ‘art’. It’s part of show business, the business of building entertainment.” – Walt Disney
“Hitch your wagon to a star.” – Ralph Waldo Emerson
“The greatest remedy for anger is delay.” – Lucius Annaeus Seneca
“Great minds discuss ideas; average minds discuss events; small minds discuss people.” – Eleanor Roosevelt
“Act as if what you do makes a difference. It does.” – William James
“Success – keeping your mind awake and your desire asleep.” – Walter Scott
“If I had to live my life again, I’d make the same mistakes, only sooner.” – Tallulah Bankhead
“When one must, one can.” – Charlotte Whitton
“Wealth consists not in having great possessions, but in having few wants.” – Epictetus
“If we open a quarrel between past and present, we shall find that we have lost the future.” – Winston Churchill
“Hope is patience with the lamp lit.” – Tertullian
“A single sunbeam is enough to drive away many shadows.” – Francis of Assisi
“With the past, I have nothing to do; nor with the future. I live now.” – Ralph Waldo Emerson
“Laziness may appear attractive, but work gives satisfaction.” – Anne Frank
“I never think of the future – it comes soon enough.” – Albert Einstein
Hope is but the dream of those who wake.” – Matthew Prior
“The more sand that has escaped from the hourglass of our life, the clearer we should see through it.” – Jean Paul
“Real knowledge is to know the extent of one’s ignorance.” – Confucius
“Better keep yourself clean and bright; you are the window through which you must see the world.” – George Bernard Shaw
“Nothing great in the world has ever been accomplished without passion.” – Georg Wilhelm Friedrich Hegel
“History is a vast early warning system.” – Norman Cousins
“We first make our habits, and then our habits make us.” – John Dryden
“The traveler sees what he sees, the tourist sees what he has come to see.” – Gilbert K. Chesterton
“Adventure is worthwhile.” – Aesop
“We must build dikes of courage to hold back the flood of fear.” – Martin Luther King, Jr.
“The return we reap from generous actions is not always evident.” – Francesco Guicciardini
“Courage is knowing what not to fear.” – Plato
“Science may never come up with a better office communication system than the coffee break.” – Earl Wilson
“Progress was all right. Only it went on too long.” – James Thurber
“If you would know strength and patience, welcome the company of trees.” – Hal Borland
“We aim above the mark to hit the mark.” – Ralph Waldo Emerson
“Hope is being able to see that there is light despite all of the darkness.” – Desmond Tutu
“Our chief want is someone who will inspire us to be what we know we could be.” – Ralph Waldo Emerson
“Patience is a virtue, and I’m learning patience. It’s a tough lesson.” – Elon Musk
“Great things are done when men and mountains meet.” – William Blake
“The man who has no imagination has no wings.” – Muhammad Ali
“Formula for success: rise early, work hard, strike oil.” – J. Paul Getty
“Action is the foundational key to all success.” – Pablo Picasso
“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
“There are no shortcuts in evolution.” – Louis D. Brandeis
“I am fascinated by what is beautiful, strong, healthy, what is living. I seek harmony.” – Leni Riefenstahl
“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
“Waste no more time arguing about what a good man should be. Be one.” – Marcus Aurelius
“It is during our darkest moments that we must focus to see the light.” – Aristotle Onassis
“Courage is fear holding on a minute longer.” – George S. Patton
“You must be the change you wish to see in the world.” – Mahatma Gandhi
“Don’t judge each day by the harvest you reap but by the seeds that you plant.” – Robert Louis Stevenson
“It is in the character of very few men to honor without envy a friend who has prospered.” – Aeschylus
“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
“The more you praise and celebrate your life, the more there is in life to celebrate.” – Oprah Winfrey
“Anything simple always interests me.” – David Hockney
“He who angers you conquers you.” – Elizabeth Kenny
“Concision in style, precision in thought, decision in life.” – Victor Hugo
“The secret of genius is to carry the spirit of the child into old age, which means never losing your enthusiasm.” – Aldous Huxley
“View health as an investment, not an expense.” – John Quelch
“The most effective way to do it, is to do it.” – Amelia Earhart
“Man needs his difficulties because they are necessary to enjoy success.” – A. P. J. Abdul Kalam
“Do not dwell in the past, do not dream of the future, concentrate the mind on the present moment.” – Buddha
“Nobody made a greater mistake than he who did nothing because he could do only a little.” – Edmund Burke
“You must do the things you think you cannot do.”- Eleanor Roosevelt
“Success is dependent on effort.” – Sophocles
“Nobody who ever gave his best regretted it.” – George Halas
“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
“And when I breathed, my breath was lightning.” – Black Elk
“Moderation is the silken string running through the pearl chain of all virtues.” – Joseph Hall
“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
“If you want a guarantee, buy a toaster.” – Clint Eastwood
“We are an impossibility in an impossible universe.” – Ray Bradbury
“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
“I’d rather attempt to do something great and fail than to attempt to do nothing and succeed.” – Robert H. Schuller
“Do your little bit of good where you are; it’s those little bits of good put together that overwhelm the world.” Desmond Tutu
“It takes considerable knowledge just to realize the extent of your own ignorance.” – Thomas Sowell
“Do not dwell in the past, do not dream of the future, concentrate the mind on the present moment.” – Buddha”
Surprise is the greatest gift which life can grant us.” – Boris Pasternak
“Trust in dreams, for in them is hidden the gate to eternity.” – Khalil Gibran
“Always be yourself, express yourself, have faith in yourself, do not go out and look for a successful personality and duplicate it.” – Bruce Lee
“All life is an experiment. The more experiments you make the better.” – Ralph Waldo Emerson
“There are no secrets to success. It is the result of preparation, hard work, and learning from failure.” – Colin Powell
“There is more to life than increasing its speed.” – Mahatma Gandhi
“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
“Definiteness of purpose is the starting point of all achievement.” – W. Clement Stone
“Success usually comes to those who are too busy to be looking for it.” – Henry David Thoreau
“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
“Life is too short for long-term grudges.” – Elon Musk
“There cannot be a crisis next week. My schedule is already full.” – Henry Kissinger
“Success consists of getting up just one more time than you fall.” – Oliver Goldsmith
“The Earth is the cradle of humanity, but mankind cannot stay in the cradle forever.” – Konstantin Tsiolkovsky
“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
“Beauty surrounds us, but usually we need to be walking in a garden to know it.” – Rumi
“But man is not made for defeat. A man can be destroyed but not defeated.” – Ernest Hemingway
“Don’t watch the clock; do what it does. Keep going.” – Sam Levenson
“Let there be work, bread, water and salt for all.” – Nelson Mandela
“The social object of skilled investment should be to defeat the dark forces of time and ignorance which envelope our future.” – John Maynard Keynes
“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
“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
“It is the fight alone that pleases us, not the victory.” – Blaise Pascal
“If you can’t describe what you are doing as a process, you don’t know what you’re doing.” – W. Edwards Deming
“Never interrupt your enemy when he is making a mistake.” – Napoleon Bonaparte
“Be sure you put your feet in the right place, then stand firm.” – Abraham Lincoln
“Without investment there will not be growth, and without growth there will not be employment.” – Muhtar Kent
“You have to do your own growing no matter how tall your grandfather was.” – Abraham Lincoln
“Victory has a thousand fathers, but defeat is an orphan.” – John F. Kennedy
“Delete the negative; accentuate the positive!” – Donna Karan
“It’s crazy how fast time flies and how things progress.” – Nathan Chen
“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
“Life isn’t about finding yourself. Life is about creating yourself.” – George Bernard Shaw
“Everything has beauty, but not everyone sees it.” – Confucius
“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
“Walking with a friend in the dark is better than walking alone in the light.” – Helen Keller
“A man who dares to waste one hour of time has not discovered the value of life.” – Charles Darwin
“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
“Progress is man’s ability to complicate simplicity.” – Thor Heyerdahl
“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
“Nothing is impossible, the word itself says ‘I’m possible’!” – Audrey Hepburn
“But investment in space stimulates society, it stimulates it economically, it stimulates it intellectually, and it gives us all passion.” – Bill Nye
“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
“Life is a tragedy when seen in close-up, but a comedy in long-shot.” – Charlie Chaplin
“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
“Infrastructure investment in science is an investment in jobs, in health, in economic growth and environmental solutions.” – Oren Etzioni
“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
“Know thy self, know thy enemy. A thousand battles, a thousand victories.” – Sun Tzu
“If one does not know to which port one is sailing, no wind is favorable.” – Lucius Annaeus Seneca
“Beware of missing chances; otherwise it may be altogether too late some day.” – Franz Liszt
“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
“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
“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
“There is little that can withstand a man who can conquer himself.” – Louis XIV
“In tennis, you strike a ball just after the rebound for the fastest return. It’s the same with investment.” – Masayoshi Son
“A camel makes an elephant feel like a jet plane.” – Jackie Kennedy
“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
“Success depends upon previous preparation, and without such preparation there is sure to be failure.” – Confucius, Chinese
“Coming together is a beginning; keeping together is progress; working together is success.” – Edward Everett Hale
“Never do anything against conscience even if the state demands it.”– Albert Einstein
“Education is not only a ladder of opportunity, but it is also an investment in our future.” – Ed Markey
“The true measure of a man is how he treats someone who can do him absolutely no good.” – Samuel Johnson
“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
“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
“The best preparation for tomorrow is doing your best today.” – H. Jackson Brown, Jr.
“Friendship marks a life even more deeply than love. Love risks degenerating into obsession, friendship is never anything but sharing.” – Elie Wiesel
“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
“Success isn’t measured by money or power or social rank. Success is measured by your discipline and inner peace.” – Mike Ditka
“No matter how many goals you have achieved, you must set your sights on a higher one.” – Jessica Savitch
“Start where you are. Use what you have. Do what you can.”– Arthur Ashe
“The secret of getting ahead is getting started.” – Mark Twain
“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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