TORONTO —
A Canadian biotech company played a key role in developing one of the world’s most promising vaccine candidates that could be days away from seeking emergency approval in the U.S.
Pfizer announced Wednesday that its vaccine, previously believed to be 90 per cent effective, now appears to be 95 per cent effective following more interim results. The company is preparing to formally ask the U.S. Food and Drug Administration to approve emergency use of the vaccine in the coming days.
Vancouver-based biotech company Acuitas Therapeutics contributed to the vaccine candidate by providing an important delivery technology that carries a critical but fragile part of the vaccine into human cells.
Pfizer’s vaccine uses a new approach called messenger RNA technology, which acts like a set of instructions for human cells. Essentially, a vaccine using messenger RNA technology can give directions to cells to make new proteins to help fight off a virus.
The challenge with messenger RNA technology is that it is delicate and can be broken down by the body. So Acuitas Therapeutics developed lipid nanoparticles that act as vehicles for the vaccine to help it get where it needs to be, according to Acuitas Therapeutics CEO and president Thomas Madden.
“The messenger RNA is very fragile after it’s been administered, it’s broken down very quickly in the body, and it also can’t get into our cells where it needs to be to work,” Madden told CTV’s Your Morning on Wednesday. “So we provide a delivery technology that protects the messenger RNA after it’s administered and carries it into the cells and then releases it in the cells so that it can work.”
Pfizer’s vaccine candidate, if approved, could be challenging to distribute because it needs to be stored at -75 C. Madden said this temperature condition was the most cautious approach vaccine developers could take, but further studies may identify a more convenient storage temperature.
“We don’t have the ability to do long stability studies to establish a shelf life for the vaccine at a more convenient temperature,” he said, emphasizing the importance of getting the vaccine approved quickly.
Pfizer’s update comes two days after Moderna announced that its vaccine candidate appears to be 94.5 per cent effective, according to early but incomplete analysis.
The federal government has signed deals with multiple companies, including Pfizer and Moderna, for tens of millions of doses. The approach was meant to ensure that as many Canadians as possible have access to the first vaccine once it’s available.
But before a vaccine can reach the public, it will need to be vetted by health regulators. Infectious diseases specialist Dr. Isaac Bogoch said he wouldn’t be surprised if the first vaccine roll-out programs begin in Canada sometime between January and March of 2021.
“Obviously fingers tightly crossed that it means we can see it here sooner,” he told CTV’s Your Morning.
“It still has to go through the regulatory procedure here in Canada, which means Health Canada is going to have to evaluate all the data and really look at the side effect profile, the safety profile, the efficacy profile, and really determine if this is acceptable or not.”
Dr. Anthony Fauci, director of the U.S. National Institute of Allergy and Infectious Diseases, called vaccine effectiveness above 90 per cent “just extraordinary” and expressed optimism that the U.S. could launch its own vaccine programs before the end of 2020 if a vaccine candidate receives emergency approval.
Bogoch said it’s important to understand the difference between the normal vaccine approval process and the fast-tracked process used in public health emergencies.
“So if you do have an urgent situation such as this, you can have this rapid approval process that’s not technically a full approval process,” he explained. “(It) really says, you know what, we’re still going to do the full look, we’re still going to do the full approach to ensure that this is a safe and effective product. But for now we’re going to do — I wouldn’t say a cursory look, but it’s not a complete look.”
Pfizer studied a group of 44,000 volunteers by giving some the vaccine candidate and others dummy shots. So far 170 volunteers have been infected, and only eight volunteers who received the vaccine contracted COVID-19. Of those, one suffered serious effects of the disease.
The company estimates that it could have 50 million doses ready by the end of 2020, which would provide the necessary two shots for 25 million people. Pfizer could make up to 1.3 billion doses in 2021, enough for roughly 8 per cent of the world’s population.
Acuitas Therapeutics is a relatively small biotech company with 25 employees working out of a building at the University of British Columbia. Formed in 2009, the company specializes in creating delivery systems for nucleic acid therapeutics based on lipid nanoparticles.
With files from CTV News Vancouver and The Associated Press
TOKYO (AP) — Japanese technology group SoftBank swung back to profitability in the July-September quarter, boosted by positive results in its Vision Fund investments.
Tokyo-based SoftBank Group Corp. reported Tuesday a fiscal second quarter profit of nearly 1.18 trillion yen ($7.7 billion), compared with a 931 billion yen loss in the year-earlier period.
Quarterly sales edged up about 6% to nearly 1.77 trillion yen ($11.5 billion).
SoftBank credited income from royalties and licensing related to its holdings in Arm, a computer chip-designing company, whose business spans smartphones, data centers, networking equipment, automotive, consumer electronic devices, and AI applications.
The results were also helped by the absence of losses related to SoftBank’s investment in office-space sharing venture WeWork, which hit the previous fiscal year.
WeWork, which filed for Chapter 11 bankruptcy protection in 2023, emerged from Chapter 11 in June.
SoftBank has benefitted in recent months from rising share prices in some investment, such as U.S.-based e-commerce company Coupang, Chinese mobility provider DiDi Global and Bytedance, the Chinese developer of TikTok.
SoftBank’s financial results tend to swing wildly, partly because of its sprawling investment portfolio that includes search engine Yahoo, Chinese retailer Alibaba, and artificial intelligence company Nvidia.
SoftBank makes investments in a variety of companies that it groups together in a series of Vision Funds.
The company’s founder, Masayoshi Son, is a pioneer in technology investment in Japan. SoftBank Group does not give earnings forecasts.
Shopify Inc. executives brushed off concerns that incoming U.S. President Donald Trump will be a major detriment to many of the company’s merchants.
“There’s nothing in what we’ve heard from Trump, nor would there have been anything from (Democratic candidate) Kamala (Harris), which we think impacts the overall state of new business formation and entrepreneurship,” Shopify’s chief financial officer Jeff Hoffmeister told analysts on a call Tuesday.
“We still feel really good about all the merchants out there, all the entrepreneurs that want to start new businesses and that’s obviously not going to change with the administration.”
Hoffmeister’s comments come a week after Trump, a Republican businessman, trounced Harris in an election that will soon return him to the Oval Office.
On the campaign trail, he threatened to impose tariffs of 60 per cent on imports from China and roughly 10 per cent to 20 per cent on goods from all other countries.
If the president-elect makes good on the promise, many worry the cost of operating will soar for companies, including customers of Shopify, which sells e-commerce software to small businesses but also brands as big as Kylie Cosmetics and Victoria’s Secret.
These merchants may feel they have no choice but to pass on the increases to customers, perhaps sparking more inflation.
If Trump’s tariffs do come to fruition, Shopify’s president Harley Finkelstein pointed out China is “not a huge area” for Shopify.
However, “we can’t anticipate what every presidential administration is going to do,” he cautioned.
He likened the uncertainty facing the business community to the COVID-19 pandemic where Shopify had to help companies migrate online.
“Our job is no matter what comes the way of our merchants, we provide them with tools and service and support for them to navigate it really well,” he said.
Finkelstein was questioned about the forthcoming U.S. leadership change on a call meant to delve into Shopify’s latest earnings, which sent shares soaring 27 per cent to $158.63 shortly after Tuesday’s market open.
The Ottawa-based company, which keeps its books in U.S. dollars, reported US$828 million in net income for its third quarter, up from US$718 million in the same quarter last year, as its revenue rose 26 per cent.
Revenue for the period ended Sept. 30 totalled US$2.16 billion, up from US$1.71 billion a year earlier.
Subscription solutions revenue reached US$610 million, up from US$486 million in the same quarter last year.
Merchant solutions revenue amounted to US$1.55 billion, up from US$1.23 billion.
Shopify’s net income excluding the impact of equity investments totalled US$344 million for the quarter, up from US$173 million in the same quarter last year.
Daniel Chan, a TD Cowen analyst, said the results show Shopify has a leadership position in the e-commerce world and “a continued ability to gain market share.”
In its outlook for its fourth quarter of 2024, the company said it expects revenue to grow at a mid-to-high-twenties percentage rate on a year-over-year basis.
“Q4 guidance suggests Shopify will finish the year strong, with better-than-expected revenue growth and operating margin,” Chan pointed out in a note to investors.
This report by The Canadian Press was first published Nov. 12, 2024.
TORONTO – RioCan Real Estate Investment Trust says it has cut almost 10 per cent of its staff as it deals with a slowdown in the condo market and overall pushes for greater efficiency.
The company says the cuts, which amount to around 60 employees based on its last annual filing, will mean about $9 million in restructuring charges and should translate to about $8 million in annualized cash savings.
The job cuts come as RioCan and others scale back condo development plans as the market softens, but chief executive Jonathan Gitlin says the reductions were from a companywide efficiency effort.
RioCan says it doesn’t plan to start any new construction of mixed-use properties this year and well into 2025 as it adjusts to the shifting market demand.
The company reported a net income of $96.9 million in the third quarter, up from a loss of $73.5 million last year, as it saw a $159 million boost from a favourable change in the fair value of investment properties.
RioCan reported what it says is a record-breaking 97.8 per cent occupancy rate in the quarter including retail committed occupancy of 98.6 per cent.
This report by The Canadian Press was first published Nov. 12, 2024.
