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Canadian company urges human trials after COVID-19 vaccine results in mice – CityNews Toronto

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OTTAWA — A Canadian company is telling the government today that its trials of a potential COVID-19 vaccine on animals completely blocked the virus, but it must conduct human trials to know whether it has found a possible cure for the pandemic.

And a leading health-care expert says the findings are promising even though they haven’t been peer-reviewed.

Providence Therapeutics says it needs federal funding to move forward, but it has not heard back from the Trudeau government since May, the month after submitting a $35-million proposal to conduct first-stage human trials.

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Providence has told the government it could deliver five million doses of its new vaccine by mid-2021 for use in Canada if it were able to successfully complete human testing, but it has heard nothing.

Eric Marcusson, the San Francisco-based co-founder of Providence and its chief science officer, says the company has concluded testing on mice that showed its vaccine was able to block the entry of the novel coronavirus into their cells.

Successful tests in animals can provide proof of the concept behind a potential new medicine or vaccine before trials in ever-larger groups of human subjects determine how well the drug works in the body and whether it has harmful side-effects.

Trials in humans are expensive and usually time-consuming.

Mario Ostrowski, the University of Toronto professor of medicine and immunology whose laboratory performed the animal trials, said he supports the results and says they are on par with tests of vaccine candidates from the American pharmaceutical firm Moderna and Germany’s BioNTech.

All three companies use the same new mRNA vaccine technology and last week, Moderna began a 30,000-person human trial after receiving hundreds of millions of dollars from the U.S. government.

The U.S. has also committed to pay Germany’s BioNTech and its American partner Pfizer $1.95 billion to produce 100 million doses if their vaccine candidate proves safe and effective in humans.

The mRNA vaccine technology involves using a key fragment of genetic material instead of working with an inactive sample of live virus.

“We have been testing the prototype vaccine in animal studies,” Ostrowski told The Canadian Press. “When we give the vaccine to mice, it is safe and makes a very strong immune response and very potent antibodies.”

Ostrowski said that the strength of the antibodies found in the mice appeared to neutralize the virus better than other similar vaccine candidates have at the same testing stage.

“Another point is that the Providence vaccine is very similar to the Moderna vaccine in the U.S. and the German (BioNTech) vaccines, both showing excellent results,” added Ostrowski, who practices at St. Michael’s Hospital in Toronto.

Brad Wouters, the executive vice-president of the Toronto-based University Health Network, said he has seen the new Providence data and it looks promising, but it needs to be peer-reviewed.

“The fact that the vaccine has created neutralizing antibodies means that the mouse immune system is reacting to the vaccine and producing antibodies that block the ability of the virus to infect cells,” Wouters said in an emailed response to questions.

“This suggests the results are better than even they were expecting.”

But Wouters added that the Providence data needs a full peer review, and that under normal circumstances he wouldn’t even be commenting publicly on research at this stage unless it were accompanied by a published peer review.

“This is the normal and correct way for this to happen. But as you have seen, COVID-19 is breaking traditions and they (Providence) are certainly not the first to release information from experimental research in advance of publication,” said Wouters, who is also the senior scientist at the Princess Margaret Cancer Centre.

Alberta Sen. Doug Black has urged Ottawa to fund Providence so it can develop a domestic COVID-19 vaccine to lessen the risk Canadians will have wait in line for a foreign-made pandemic cure.

Several health-care professionals have also written to Innovation Minister Navdeep Bains to urge him to make up his mind on the Providence proposal.

The company plans to release the results publicly on Wednesday at the same time it delivers them to several relevant government departments.

“We’re still blocking the virus 100 per cent. Nothing gets in,” Marcusson said in a telephone interview from San Francisco, where he has been living in lockdown since March as the pandemic exploded in California.

“There’s no doubt this vaccine needs to be tested in humans because the results in mice are really that exceptional. This has the chance to be an extremely effective vaccine, but we won’t know for sure until we get into humans,” he said.

Marcusson is a 20-year veteran of the American biotechnology sector and had founded his own consultant business before meeting Providence chief executive Brad Sorenson in 2014. The two founded Providence in 2015 to develop cancer vaccines but it has pivoted to COVID-19. Marcusson said 20 per cent of his work remains outside the company as a consultant.

Black and several health experts say the government must move forward with a made-in-Canada vaccine because there have been troubling signs that a vaccine produced abroad likely wouldn’t be available to Canadians until much later.

Canada has already funded a the partnership between China’s CanSino Biologics and Dalhousie University in Nova Scotia but China has held up shipments of the vaccine that it was supposed to send to Dalhousie researchers by the end of May to start human trials.

“They’ve already been burned a couple of times with masks not getting across the border from the U.S. and a vaccine that they helped fund not getting into the country because it was held up at customs in China,” said Marcusson.

“So, this is a vaccine that can be made in Canada for Canadians,” he added. “It would be nice if that wasn’t important, but it is important, and they need to realize this and fund a Canadian solution to this problem.”

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Dow Jones Rises But S&P, Nasdaq Fall; Nvidia, SMCI Flash Sell Signals As Bitcoin's Fourth Halving Arrives – Investor's Business Daily

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[unable to retrieve full-text content]

  1. Dow Jones Rises But S&P, Nasdaq Fall; Nvidia, SMCI Flash Sell Signals As Bitcoin’s Fourth Halving Arrives  Investor’s Business Daily
  2. Iran fires at apparent Israeli attack drones: Mideast tensions  The Associated Press
  3. S&P 500 extends losing streak to sixth day, Dow up 210 points  Yahoo Canada Finance
  4. Stock Market Today: Dow, S&P Live Updates for April 19  Bloomberg
  5. Stock market today: Wall Street limps toward its longest weekly losing streak since September  CityNews Kitchener

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Netflix stock sinks on disappointing revenue forecast, move to scrap membership metrics – Yahoo Canada Finance

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Netflix (NFLX) stock slid as much as 9.6% Friday after the company gave a second quarter revenue forecast that missed estimates and announced it would stop reporting quarterly subscriber metrics closely watched by Wall Street.

On Thursday, Netflix guided to second quarter revenue of $9.49 billion, a miss compared to consensus estimates of $9.51 billion.

The company said it will stop reporting quarterly membership numbers starting next year, along with average revenue per member, or ARM.

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“As we’ve evolved our pricing and plans from a single to multiple tiers with different price points depending on the country, each incremental paid membership has a very different business impact,” the company said.

Netflix reported first quarter earnings that beat across the board on Thursday, with another 9 million-plus subscribers added in the quarter.

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Subscriber additions of 9.3 million beat expectations of 4.8 million and followed the 13 million net additions the streamer added in the fourth quarter. The company added 1.7 million paying users in Q1 2023.

Revenue beat Bloomberg consensus estimates of $9.27 billion to hit $9.37 billion in the quarter, an increase of 14.8% compared to the same period last year as the streamer leaned on revenue initiatives like its crackdown on password-sharing and ad-supported tier, in addition to the recent price hikes on certain subscription plans.

Netflix’s stock has been on a tear in recent months, with shares currently trading near the high end of its 52-week range. Wall Street analysts had warned that high expectations heading into the print could serve as an inherent risk to the stock price.

Earnings per share (EPS) beat estimates in the quarter, with the company reporting EPS of $5.28, well above consensus expectations of $4.52 and nearly double the $2.88 EPS figure it reported in the year-ago period. Netflix guided to second quarter EPS of $4.68, ahead of consensus calls for $4.54.

Profitability metrics also came in strong, with operating margins sitting at 28.1% for the first quarter compared to 21% in the same period last year.

The company previously guided to full-year 2024 operating margins of 24% after the metric grew to 21% from 18% in 2023. Netflix expects margins to tick down slightly in Q2 to 26.6%.

Free cash flow came in at $2.14 billion in the quarter, above consensus calls of $1.9 billion.

Meanwhile, ARM ticked up 1% year over year — matching the fourth quarter results. Wall Street analysts expect ARM to pick up later this year as both the ad-tier impact and price hike effects take hold.

On the ads front, ad-tier memberships increased 65% quarter over quarter after rising nearly 70% sequentially in Q3 2023 and Q4 2023. The ads plan now accounts for over 40% of all Netflix sign-ups in the markets it’s offered in.

FILE PHOTO: Netflix reported first quarter earnings after the bell on Thursday. REUTERS/Dado Ruvic/File PhotoFILE PHOTO: Netflix reported first quarter earnings after the bell on Thursday. REUTERS/Dado Ruvic/File Photo

Netflix reported first quarter earnings after the bell on Thursday. REUTERS/Dado Ruvic/File Photo (REUTERS / Reuters)

Alexandra Canal is a Senior Reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at alexandra.canal@yahoofinance.com.

For the latest earnings reports and analysis, earnings whispers and expectations, and company earnings news, click here

Read the latest financial and business news from Yahoo Finance

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Oil Prices Erase Gains as Iran Downplays Reports of Israeli Missile Attack – OilPrice.com

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Oil Prices Erase Gains as Iran Downplays Reports of Israeli Missile Attack | OilPrice.com



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Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

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  • Oil prices initially spiked on Friday due to unconfirmed reports of an Israeli missile strike on Iran.
  • Prices briefly reached above $90 per barrel before falling back as Iran denied the attack.
  • Iranian media reported activating their air defense systems, not an Israeli strike.

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Oil prices gave up nearly all of early Friday’s gains after an Iranian official told Reuters that there hadn’t been a missile attack against Iran.

Oil surged by as much as $3 per barrel in Asian trade early on Friday after a U.S. official told ABC News today that Israel launched missile strikes against Iran in the early morning hours today. After briefly spiking to above $90 per barrel early on Friday in Asian trade, Brent fell back to $87.10 per barrel in the morning in Europe.

The news was later confirmed by Iranian media, which said the country’s air defense system took down three drones over the city of Isfahan, according to Al Jazeera. Flights to three cities including Tehran and Isfahan were suspended, Iranian media also reported.

Israel’s retaliation for Iran’s missile strikes last week was seen by most as a guarantee of escalation of the Middle East conflict since Iran had warned Tel Aviv that if it retaliates, so will Tehran in its turn and that retaliation would be on a greater scale than the missile strikes from last week. These developments were naturally seen as strongly bullish for oil prices.

However, hours after unconfirmed reports of an Israeli attack first emerged, Reuters quoted an Iranian official as saying that there was no missile strike carried out against Iran. The explosions that were heard in the large Iranian city of Isfahan were the result of the activation of the air defense systems of Iran, the official told Reuters.

Overall, Iran appears to downplay the event, with most official comments and news reports not mentioning Israel, Reuters notes.

The International Atomic Energy Agency (IAEA) said that “there is no damage to Iran’s nuclear sites,” confirming Iranian reports on the matter.

The Isfahan province is home to Iran’s nuclear site for uranium enrichment.

“Brent briefly soared back above $90 before reversing lower after Iranian media downplayed a retaliatory strike by Israel,” Saxo Bank said in a Friday note.

The $5 a barrel trading range in oil prices over the past week has been driven by traders attempting to “quantify the level of risk premium needed to reflect heightened tensions but with no impact on supply,” the bank said, adding “Expect prices to bid ahead of the weekend.”

At the time of writing Brent was trading at $87.34 and WTI at $83.14.

By Tsvetana Paraskova for Oilprice.com

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