Month: March 2022

Posted on

UN chief names panel to probe companies’ climate efforts

New York, The head of the United Nations announced the appointment Thursday of an expert panel led by Canada’s former environment minister to scrutinize whether companies’ efforts to curb climate change are credible or mere “greenwashing”.

Recent years have seen an explosion of pledges by businesses —including oil companies — to reduce their greenhouse gas emissions to “net zero” amid consumer expectations that corporations bear part of the burden of cutting pollution.

But environmental campaigners say many such plans are at best unclear, at worst designed to make companies look good when actually they are fueling global warming.

The 16-member panel will make recommendations before the end of the year on the standards and definitions for setting net-zero targets, how to measure and verify progress, and ways to translate that into international and national regulations.

In addition to examining net-zero pledges by the private sector, it will also scrutinize commitments made by local and regional governments that don’t report directly to the U.N.

The panel includes prominent Australian climate scientist Bill Hare, South Africa-based sustainable finance expert Malango Mughogho and the former long-time governor of the People’s Bank of China, Zhou Xiaochuan.

It will be chaired by Catherine McKenna, who was Canada’s minister of environment and climate change from 2015 to 2019.

A recent report by the U.N.’s Intergovernmental Panel on Climate Change found that more than three billion people worldwide are already at risk from global warming.

The panel will publish another report next week which is expected to confirm that the world is not on track to meet the goal of capping temperature rise at 1.5 degrees Celsius (2.7 Fahrenheit) by the end of the century, which was laid down in the 2015 Paris climate accord.

“If we don’t see significant and sustained emissions reductions this decade, the window of opportunity to keep 1.5 alive will be closed — forever,” said Guterres. “And that will be disaster for everyone.”

Source: Bahrain News Agency

Posted on

Could Russia Get Away With War Crimes in Ukraine?

War crimes happen whenever there is war, but seldom have they been investigated in real time and within weeks of the outbreak of hostilities, as is happening with Russia’s invasion of Ukraine.

After a brief initial hesitation to publicly brand the architects of the Ukraine invasion as war criminals, the United States and its European allies began issuing explicit statements about what they were seeing before the war was one month old.

“We’ve seen numerous credible reports of indiscriminate attacks and attacks deliberately targeting civilians, as well as other atrocities,” U.S. Secretary of State Antony Blinken said last week.

“Russia’s forces have destroyed apartment buildings, schools, hospitals, critical infrastructure, civilian vehicles, shopping centers and ambulances, leaving thousands of innocent civilians killed or wounded.”

Normally, investigations into such allegations take place after the guns go silent so that investigators can inspect war-torn regions, document evidence, talk to victims and substantiate crimes.

But in the case of Ukraine, even the normally cautious International Criminal Court has been moved to action within the first week. “I have decided to proceed with opening an investigation,” ICC prosecutor Karim A.A. Khan announced on February 28.

Khan’s probe into possible Russian war crimes in Ukraine must be authorized by the ICC’s Pre-Trial Chamber, and there appear to be many legal and political obstacles in the way.

Last resort

In July 1998, more than 100 countries signed the so-called Rome Statute, creating an international judicial institution that would investigate war crimes and crimes against humanity internationally. It would also prosecute individuals responsible for such crimes.

Since it began operations in July 2002, the ICC has handled 30 cases, resulting in 10 convictions, 35 arrest warrants and four acquittals. From those convictions, 17 individuals have been incarcerated at an ICC detention center in the Netherlands.

Only an ICC member state, of which there are 123, can refer a case to the court for investigation and prosecution.

Ukraine is not a member. Neither is the U.S., Russia or China.

However, Ukraine has accepted ICC’s jurisdiction to investigate alleged war crimes on its territory.

“The ICC is a court of last resort,” said Jamil Dakwar, director of the human rights program at the American Civil Liberties Union. He told VOA that the court acts after it has determined that the country where the crimes were perpetrated is unable or unwilling to investigate and prosecute war criminals.

U.S. laws even limit the ways the U.S. can support ICC investigations, according to Alex Whiting, a visiting professor at Harvard Law School.

“The U.S. has actually taken the position that there are different ways to hold alleged Russian perpetrators to account, citing Ukrainian law and the possibility of prosecutions under that law, prosecutions by third states with jurisdiction, and then finally the ICC,” Whiting told VOA.

U.S. President Joe Biden has called his Russian counterpart “a war criminal” who should not “remain in power.”

Double standards

As of now, the ICC has 17 open investigations, mostly in Africa and Asia. The U.S. government has strongly opposed two ICC investigations — in Afghanistan and in the Palestinian territories.

In Afghanistan, a state member of the ICC, the U.S. conducted its longest foreign war for about two decades. The ICC has a long list of crimes allegedly committed by warring parties, including U.S. forces and Taliban fighters, against Afghan civilians from 2003 onward.

The U.S. government, under former President Donald Trump, went as far as to impose sanctions on an ICC prosecutor, Fatou Bensouda.

Successive U.S. administrations have also objected to the ICC’s probing of alleged crimes committed by Israeli forces against Palestinians.

“I think the U.S. is still seen as hypocritical in the way that it’s engaging with the ICC, because it says as long as the ICC is not addressing or not dealing with accountability for our own conduct, we will be fine with that,” said the ACLU’s Dakwar.

He said that policy has undermined the ICC. “Either you are on the side of international justice, or you are on the other side,” Dakwar added.

The Biden administration has lifted the sanctions on the ICC prosecutor tasked to investigate the Afghanistan case, but the U.S. government says it still disagrees “strongly with the ICC’s actions relating to the Afghanistan and Palestinian situations.”

Dakwar said the U.S. “is really standing at a juncture here because it has to decide on which side of history or which side of international justice it wants to be.”

Bargaining chip?

Lea Brilmayer, a professor of law at Yale University, told VOA there is no way to bring Russia into the criminal court. “It’s wishful thought by politicians when they say Russia should be held accountable for the war crimes in Ukraine,” she said.

In general, she said, only defeated leaders face trials, such as the Nazi generals and politicians who were tried in Nuremberg after World War II. But Russia is unlikely to face the fate of Hitler’s Germany.

While waging the war in Ukraine, Russian officials have held talks with representatives from Ukraine and other countries.

Some experts see the accusations of war crimes against Russian President Vladimir Putin as political rhetoric and a possible bargaining chip in future peace talks, rather than a viable effort to bring the Russians before any legal forum.

They note that in the brief history of the ICC, no world power has yet been investigated and tried for the wars it has conducted or sponsored in other countries.

Source: Voice of America

Posted on

Ethiopia Fails to Block UN Funding for Human Rights Investigation

UNITED NATIONS — Ethiopia on Thursday failed to block the United Nations from funding an international committee that will investigate human rights violations by all parties in the nation’s recent war.

The International Commission of Human Rights Experts (ICHRE) on Ethiopia was created in December by the Geneva-based U.N. Human Rights Council, despite strenuous objections from the government in Addis Ababa.

Led by former International Criminal Court chief prosecutor Fatou Bensouda, the three-member commission has a renewable one-year mandate to investigate abuses committed in the country since war broke out in November 2020 between Ethiopian forces and Tigray People’s Liberation Front (TPLF) rebels in the north of the country.

At a meeting of the UN General Assembly’s budget committee on Thursday, Ethiopia tried to pass a text that would block funding for the commission, but was not able to garner enough votes.

According to a chart showing a breakdown of the vote, 66 member states voted against Ethiopia, with only 27 in favor of the text and 39 abstentions. The remaining nations of the 193-member body chose not to participate.

“Look, as a matter of principle, we believe that our commission (ICHRE) agreed on by member states, by the Human Rights Council, should be funded,” said the U.N. secretary-general’s spokesperson, Stephane Dujarric.

He also stated that “whether it’s in Ethiopia or anywhere else in the world, human rights violations need to be investigated, which is a critical part of the accountability pillar.”

International NGO Human Rights Watch celebrated the vote outcome.

“U.N. member countries sent a strong message to Ethiopia today that its brazen attempt to escape accountability for war crimes and other abuses by defunding the UN’s human rights investigation is unacceptable,” said the organization in a statement.

“The U.N. should quickly get the investigation up and running,” the group demanded.

On March 24, Ethiopian Prime Minister Abiy Ahmed’s government announced “an indefinite humanitarian truce effective immediately,” saying it hoped to help hasten delivery of emergency aid into the Tigray region, where hundreds of thousands face starvation.

Hours later, the rebels agreed to a “cessation of hostilities,” a new turning point in the nearly 17-month war in northern Ethiopia which has left thousands dead.

This week, the two sides have traded accusations that the other party is blocking desperately needed aid from reaching the Tigray region, where more than 400,000 have been displaced by the conflict.

Source: Voice of America

Posted on

Bahrain keen on an enabling environment of Arab financial markets

Manama, Minister of Finance and National Economy Shaikh Salman bin Khalifa Al Khalifa has affirmed Bahrain’s keenness to enhance promising investment opportunities whose positive impact is reflected in the progress and growth of the national economy and the achievement of financial sustainability.

Shaikh Salman pointed to the importance of supporting the creation of an enabling environment of Arab financial markets as well as strengthening their integration and liquidity at all levels,

He praised the success achieved by the “Arab Capital Markets Federation Annual Conference: Bahrain 2022” as an important platform for exchanging experiences and expertise with leaders of Arab financial markets, decision makers, regional experts and internationals from different stock exchanges.

The minister was holding a meeting with Bahrain Stock Exchange CEO Shaikh Khalifa bin Ibrahim Al Khalifa, and members of the Arab Capital Markets Federation, including CEOs of stock exchanges in the Middle East and North Africa, financial brokerage firms, custodians and clearing houses.

The meeting, on the sidelines of the Annual Arab Capital Markets Federation-Bahrain 2022, organized by Bahrain Bourse under the patronage of the Minister of Finance and National Economy, also reviewed issues of shared interest.

Source: Bahrain News Agency

Posted on

Russia-Ukraine conflict: Oil prices sink as US considers tapping reserves, stocks struggle

LONDON, Oil prices tumbled Thursday on reports that the United States is considering tapping its reserves to combat a supply crisis sparked by the Ukraine war.

However, equities struggled to build on the week’s rally after Russia poured cold water on hopes that ceasefire talks were progressing, leaving the prospect of a protracted war in eastern Europe that has already sent shockwaves through the world economy.

WTI tumbled more than five percent and Brent more than four percent as reports said President Joe Biden was looking at releasing a million barrels a day for several months as he tries to temper a surge in the market to more than $100.

Concerns about demand in China owing to a lockdown in Shanghai was adding to downward pressure.

The White House this month put an embargo on oil from Russia as part of a series of wide-ranging sanctions against the country for its invasion.

However, that sent prices soaring further and put added upward pressure on world inflation, which was already at multi-decade highs.

Officials said the president would make a statement Thursday on plans to cut energy costs “and lower gas prices at the pump for American families”.

The news comes as the International Energy Agency urges other countries to further tap their reserves.

A coordinated release earlier this year, before the war, did little to temper a rally in prices, which were being boosted by the global economic reopening and expectations for a pick-up in demand.

Meanwhile OPEC and other major producers including Russia are preparing for their monthly meeting later in the day where they are expected to refrain from lifting output by more than their planned 400,000 barrels, despite the growing energy crisis.

While the drop in oil prices will be welcomed on trading floors, Asian equity markets were mixed after three days of healthy gains and following comments from Russian officials playing down progress in talks with Ukraine over the ceasefire.

Tokyo, Hong Kong, Shanghai, Singapore and Wellington fell, though Sydney, Seoul, Taipei, Manila and Jakarta edged up. Traders on Wednesday jumped on news that Moscow had pledged after negotiations in Istanbul to “radically” reduce its attacks.

Both sides initially said the gathering Tuesday had been productive but on Wednesday Kremlin spokesman Dmitry Peskov said: “We cannot state that there was anything too promising.”

Investors are awaiting the release Friday of US jobs data for an idea about the impact of soaring inflation and the war on the world’s top economy.

The reading could also be of particular importance regarding the Federal Reserve’s plans for monetary policy as it pivots to a more aggressive approach in a bid to staunch the surge in prices, which many fear will hammer growth.

Source: Nam News Network

Posted on

YOFC Announces 2021 Annual Results

Proportion of Overseas Business Exceeds 30% for the First Time

Net Profit Reaches 710 Million Yuan, Up 30% YoY

WUHAN, China, March 30, 2022 /PRNewswire/ — Yangtze Optical Fibre and Cable Joint Stock Limited Company (hereinafter referred to as “YOFC” or “the Company”) has recently announced its consolidated results for 2021 (the “Reporting Period”). During the reporting period, operating revenue reached 9,536 million yuan, an increase of 16.0% from 2020. Net profit attributable to shareholders of the parent company stood at 710 million yuan, up 30.3% YoY.

During the reporting period, YOFC continued to optimize production efficiency and cost structure, expanded the application scenarios of new products, and consolidated its leadership in the global optical Fibre and cable markets. A point of success in terms of technological innovation defined by achieving full autonomy across the whole of the optical Fibre value chain, the Company strengthened the R&D of new optical Fibres, resulting in it being the first worldwide to roll out dispersion-flat Fibre for 5G forward transmission. In another first, the Company’s large-effective-area Fibres with ultra-low attenuation as well as its proprietary multi-core and low-mode Fibre lead globally. Furthermore, the Company’s high-end multi-mode optical Fibre is being widely used in the construction of large-scale data centers at home and abroad.

While ensuring the core advantages of the main business, YOFC has continuously accelerated the pace of diversification and achieved breakthroughs in many fields. The Company has further enhanced its portfolios for optical modules/optical devices, communication network engineering, data center wiring as well as active optical cables for consumer electronics applications, while achieving new growth in optical modules, semiconductor quartz materials and submarine communications cables. The company has further leveraged its advantages in optical modules and optical devices, to avail itself of project opportunities in the data center and communication markets, with this segment demonstrating a new jump in revenue during the reporting period.

In 2021, YOFC rolled out a roadmap focused on further differentiation of products and services to enhance international competitiveness and establish a wider presence across existing and new markets. An examination of product demand and potential profitability in several target markets, most notably in Southeast Asia, Africa and Latin America, became the basis of a plan to expand production capacity accordingly, resulting in the rapid growth of overseas business revenue. During the year, the company achieved the first milestone of the new roadmap, when business revenue ex-China reaching 310 million yuan, up 46.8% YoY and accounted for more than 30% of annual revenue for the first time. Two significant projects that contributed to reaching the milestone were communication network facilities in the Philippines and in Peru, where, in both cases, the teams in charge proved themselves capable of overcoming challenges presented by the COVID-19 pandemic and completed their construction targets on schedule. These two successes were recognized by local operators, leading to the garnering of follow-up project orders. In June 2021, the Company completed the acquisition of YOFC Poliron Indústria e Comércio de Cabos Especiais Ltda. (Poliron) in Brazil, establishing its first production facility in the region. In addition, in view of actual demand across Southeast Asia, Africa and Latin America, the Company expanded its optical Fibre and cable production capacity in Indonesia as well as its optical Fibre production capacity in Poland.

Looking forward into 2022, a year marked by both opportunities and challenges, YOFC expects to consolidate the worldwide leadership position of its main business by leveraging a need to rebalance supply and demand across the industry and to continue implementing key strategic initiatives. The Company is also planning the next stage of the globalization of operations by further enhancing the overseas production capacity portfolio, as well as reinforce overseas teams through hiring local talents, so that needs of customers can be better met by conversing with them in their native languages.

https://en.yofc.com/

Posted on

Adagio Therapeutics Announces ADG20 (adintrevimab) is the First Monoclonal Antibody to Meet Primary Endpoints with Statistical Significance Across Pre- and Post-exposure Prophylaxis and Treatment for COVID-19 and Plans to Seek U.S. Emergency Use Authorization

Risk of symptomatic COVID-19 was reduced by 71% compared to placebo in pre-exposure prophylaxis and 75% compared to placebo in post-exposure prophylaxis

Risk of hospitalization or death in participants with mild to moderate COVID-19 was reduced by 66% compared to placebo in the primary efficacy analysis population and by 77% compared to placebo in participants who received treatment within three days of symptom onset

Full year and fourth quarter 2021 financial results reported; $591 million in cash and investments expected to be sufficient to fund operations into second half of 2024

WALTHAM, Mass., March 30, 2022 (GLOBE NEWSWIRE) — Adagio Therapeutics, Inc. (Nasdaq: ADGI), a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of antibody-based solutions for infectious diseases, reported that the primary endpoints were met with statistical significance for all three indications in the company’s ongoing global Phase 2/3 clinical trials evaluating its investigational drug adintrevimab (ADG20) as a pre-and-post-exposure prophylaxis (EVADE) and treatment (STAMP) for COVID-19. EVADE and STAMP were primarily conducted during a time when pre-Omicron SARS-CoV-2 variants were dominant. Following the emergence of the Omicron variant, in a pre-specified exploratory analysis in a subset of the pre-exposure cohort, a clinically meaningful reduction in cases of symptomatic COVID-19 was observed with adintrevimab compared to placebo. Across both trials, a single intramuscular (IM) administration of adintrevimab at the 300mg dose had a similar safety profile to that of placebo. Based on these data, Adagio plans to engage with the U.S. Food and Drug Administration (FDA) and to submit an Emergency Use Authorization (EUA) application in the second quarter of 2022 for adintrevimab for both the prevention and treatment of COVID-19.

In addition, Adagio provided an update on its ongoing Phase 1 study evaluating adintrevimab at higher doses and on research activities related to adintrevimab re-engineering and the identification of new antibodies to potentially address COVID-19 and other viruses.

“COVID-19 continues to pose significant challenges globally as waning immunity combined with the emergence of resistant variants has led to ongoing waves of disease. We believe that a suite of options – spanning prophylaxis and treatment – is needed to effectively address this virus as it continues to evolve, and these data give us confidence in the potential role adintrevimab can play in physicians’ arsenals,” said David Hering, MBA, interim chief executive officer and chief operating officer of Adagio. “Based on the data from both EVADE and STAMP, including the impacts observed in preliminary analyses from participants enrolled after the emergence of the Omicron variant, our team is initiating discussions with the FDA and preparing an EUA submission for adintrevimab. With more than one million doses of adintrevimab secured for 2022 and a solid financial position expected to take us into the second half of 2024, we are optimistic about the road ahead and the impact adintrevimab could have for the many people around the globe, particularly those at high risk with co-morbidities, who continue to need options.”

Michael Ison, M.D., M.S., professor of Medicine in the Division of Infectious Diseases and of Surgery in the Division of Organ Transplantation, Northwestern University Feinberg School of Medicine, added, “the compelling data generated on adintrevimab in both of Adagio’s clinical trials represent an important step toward further addressing the continuation of the COVID-19 pandemic. I am particularly encouraged by the consistent treatment effect observed across all three clinical settings and patient subpopulations, and the favorable safety profile, with just a single dose and convenient IM delivery for all patients. The risk-reduction in the post-exposure prophylaxis setting regardless of serostatus translates to real-world use when clinicians might not know the vaccination or prior infection status of their patients. In the STAMP trial, adintrevimab showed prevention of hospitalization and death in the face of the ‘highest-risk’ variant (Delta) to-date.”

EVADE Preliminary Data
EVADE is a global, multi-center, double-blind, placebo-controlled Phase 2/3 clinical trial evaluating adintrevimab at the 300mg IM dose in two independent cohorts for the prevention of COVID-19. The study includes a pre-exposure prophylaxis (PrEP) cohort and a post-exposure prophylaxis (PEP) cohort. The study population is comprised of adults and adolescents at risk of SARS-CoV-2 infection due to reported recent exposure or whose circumstances placed them at increased risk of acquiring SARS-CoV-2 infection and developing symptomatic COVID-19.

In the primary efficacy analysis of the PrEP cohort, adintrevimab was associated with a lower incidence of symptomatic COVID-19 compared with placebo through month three or the emergence of Omicron, whichever was earlier (12/730, 1.6% vs. 40/703, 5.7%, respectively). The standardized risk difference was -4.0% (95% CI –6.0, -2.1; p <0.0001), demonstrating a 71% relative risk reduction in favor of adintrevimab through three months. There were five (0.7%) COVID-19 related hospitalizations in the placebo group compared to none in the adintrevimab group. In a pre-specified exploratory analysis of the PrEP cohort, which included 402 participants (196 and 206 in the adintrevimab and placebo groups, respectively) following the emergence of Omicron (BA.1), a clinically meaningful reduction in cases of symptomatic COVID-19 was observed with adintrevimab, as compared to placebo. Adintrevimab was associated with a relative risk reduction of 59% and 47% with a median follow-up duration of 56 and 77 days, respectively (nominal p <0.05).

In the primary efficacy analysis in the PEP cohort, adintrevimab met statistical significance and was associated with a lower incidence of symptomatic COVID-19 through day 28 compared with placebo (3/173, 1.7% vs. 12/175, 6.9%, respectively). The standardized risk difference was -4.9% (95% CI: -8.8, -1.0; p=0.0135), demonstrating a 75% relative risk reduction in favor of adintrevimab through 28 days. There were two (1.1%) COVID-19 related hospitalizations in the placebo group compared to none in the adintrevimab group.

In the EVADE cohorts across 1,239 adintrevimab-treated participants with a median range of follow up of 140 days for the PrEP cohort and 126 days for the PEP cohort as of the March 2, 2022, data cut off, the safety profile was similar to that of placebo. The incidence of adverse events (AEs), including serious adverse events (SAEs), was similar between adintrevimab and placebo groups. No study drug related SAEs, including deaths, were reported. The most frequently reported AEs were injection-site reactions, the majority of which were mild or moderate in severity and occurred with similar frequency in both groups.

STAMP Preliminary Data
STAMP is a global, multi-center, double-blind, placebo-controlled Phase 2/3 clinical trial evaluating adintrevimab at the 300mg IM dose in patients with mild to moderate COVID-19 who are at high risk for disease progression. Adintrevimab was associated with a statistically significant lower incidence of COVID-19 related hospitalization or all cause death through day 29 compared with placebo (8/169, 4.7% vs. 23/167, 13.8%), with a standardized risk difference of -8.6% (95% CI: -14.65, -2.57; p=0.0052), demonstrating a 66% relative risk reduction in favor of adintrevimab. There was one death (0.6%) in the adintrevimab group, compared with six deaths (3.6%) in the placebo group through day 29. In patients treated within three days of symptom onset (adintrevimab n=91, placebo n=85), adintrevimab reduced the risk of COVID-19 hospitalization or death from any cause by 77% compared to placebo. STAMP enrolled 63 participants (29 in the adintrevimab group and 34 in the placebo group) with COVID-19 infection with the Omicron SARS-CoV-2 variant. There were two events of COVID-19 related hospitalization and no deaths through day 29 among the patients with the Omicron variant, and both events of hospitalization occurred in the placebo group.

In STAMP, across 192 adintrevimab-treated participants with a median follow up of 73 days in the adintrevimab group as of the February 2, 2022, data cut off, the incidence of AEs, including SAEs, was lower in the adintrevimab group. No study drug related SAEs, including deaths, were reported. The most frequently reported AEs were injection-site reactions, all of which were mild or moderate in severity and occurred with similar frequency in both groups.

“On behalf of the entire Adagio team, I’d like to thank the numerous investigators, clinical teams and, most importantly, the patients, families and caregivers for their participation in our clinical trials. We are encouraged by the data and look forward to submitting an EUA and discussing these results with the FDA and other regulatory authorities. Further, we are continuing our research efforts to improve adintrevimab activity against Omicron and identify antibodies targeting novel domains, which will provide potential additional product candidates to take into clinical development. Collectively, these efforts showcase the ability of our platform and expertise to discover, design and engineer novel antibodies, and execute global clinical trials, to potentially address infectious diseases,” said Ellie Hershberger, Pharm.D., chief development officer of Adagio.

Additional Development and Research Updates
Adagio continues to leverage its platform and expertise by conducting numerous efforts to address COVID-19, other coronaviruses, influenza and other infectious diseases, including:

  • Advancing a Phase 1 trial in healthy volunteers to evaluate pharmacokinetics and safety of additional higher doses of adintrevimab to supplement the data generated to date, which has evaluated doses up to 600mg IM. Preliminary safety data through two weeks post-dosing suggest a favorable safety profile at the 1200mg dose administered with IM injection or intravenously (IV).
  • Ongoing efforts to modify adintrevimab to improve binding to the Omicron subvariants (BA.1 and BA.2) in order to enhance neutralization potency while retaining the broad neutralization observed in vitro against other SARS-CoV-2 variants of concern. Re-engineered variants of ADG20 show over 100-fold improvement in binding and up to 40-fold enhanced neutralizing activity against the Omicron BA.1 variant while maintaining activity against all other variants of concern tested to date.
  • Ongoing discovery efforts to assess additional monoclonal antibodies from the company’s proprietary library of previously isolated SARS-CoV-2 antibodies for neutralization breadth and potency, which could be developed as a standalone treatment or combination therapy. Novel antibodies isolated from Omicron breakthrough infection donors have displayed in vitro activity against the 2003 SARS virus and all SARS-CoV-2 variants of concern tested to date, including the BA.1 and BA.2 variants.
  • Continuing discovery efforts to identify novel, broadly neutralizing antibodies that target epitopes both within and outside the receptor binding domain of SARS-CoV-2 and pan betacoronavirus neutralizing antibodies.

Full Year and Fourth Quarter 2021 Financial Results

  • Cash Position and Financial Guidance: Cash, cash equivalents and marketable securities were $591.4 million as of December 31, 2021. Based on current operating plans, Adagio expects its existing cash, cash equivalents and marketable securities will enable the company to fund its operating expenses and capital expenditure requirements into the second half of 2024.
  • R&D Expenses: Research and development (R&D) expenses, including in-process research and development expenses, were $68.4 million for the quarter ended December 31, 2021, and $190.4 million for the year ended December 31, 2021.
  • SG&A Expenses: Selling, general and administrative (SG&A) expenses were $14.7 million for the quarter ended December 31, 2021, and $36.5 million for the year ended December 31, 2021.
  • Net Loss: Net loss was $83.0 million, or $0.77 basic and diluted net loss per share, for the quarter ended December 31, 2021, and $226.8 million, or $5.32 basic and diluted net loss per share, for the year ended December 31, 2021.

About Adintrevimab
Adintrevimab (ADG20), Adagio’s lead product candidate, is designed to be a potent, broadly neutralizing antibody for both the prevention and treatment of COVID-19, including disease caused by most variants, as either a single or combination agent. Adintrevimab is being assessed in two separate Phase 2/3 clinical trials: the EVADE trial for the prevention of COVID-19 in both the post-exposure and pre-exposure settings, and the STAMP trial for the treatment of COVID-19. Preliminary data from these trials demonstrated that in the pre-Omicron population, adintrevimab met the primary endpoints across all three indications, demonstrating statistically significant and clinically meaningful efficacy. Across each of the trials, intramuscular (IM) administration of adintrevimab at the 300mg dose had a similar safety profile to that of placebo. Adintrevimab is also being evaluated in a Phase 1 study to evaluate safety and pharmacokinetics at higher doses, and as of an interim data cut, no study drug related adverse events, serious adverse events, injection-site reactions or hypersensitivity reactions were reported across all dose levels evaluated. Adintrevimab is an investigational monoclonal antibody that is not approved for use in any country. The safety and efficacy of adintrevimab have not been established.

About Adagio Therapeutics
Adagio (Nasdaq: ADGI) is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of differentiated products for the prevention and treatment of infectious diseases. The company is developing its lead product candidate, adintrevimab, for the prevention and treatment of COVID-19, the disease caused by the virus SARS-CoV-2 and its variants. Beyond COVID-19, Adagio is leveraging robust antibody discovery and development capabilities that have enabled expedited advancement of adintrevimab into clinical trials to develop therapeutic or preventative options for other infectious diseases, such as additional coronaviruses and influenza. Adintrevimab is an investigational monoclonal antibody that is not approved for use in any country. The safety and efficacy of adintrevimab have not been established. For more information, please visit www.adagiotx.com.

Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipates,” “believes,” “could”, “expects,” “intends,” “potential”, “projects,” and “future” or similar expressions are intended to identify forward-looking statements. Forward-looking statements include statements concerning, among other things, the timing, progress and results of our preclinical studies and clinical trials of adintrevimab, the review and analysis of data from our ongoing trials and the timing thereof, the initiation, modification and completion of studies or trials and related preparatory work, and our research and development programs; our plans related to engaging with regulatory authorities, including the timing of any regulatory submissions or applications; our pursuit of other strategies to broaden our portfolio of SARS-CoV-2 mAbs to address other SARS-CoV-2 variants of concern, including the Delta and Omicron variants; our discovery efforts to identify novel broadly neutralizing antibodies that target distinct epitopes both within and outside the receptor binding domain of SARS-CoV-2 and other beta coronaviruses; our expected cash runway; and other statements that are not historical fact. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from the results described in or implied by the forward-looking statements, including, without limitation, the impacts of the COVID-19 pandemic on our business and those of our collaborators, our clinical trials and our financial position, unexpected safety or efficacy data observed during preclinical studies or clinical trials, the predictability of clinical success of adintrevimab based on neutralizing activity in pre-clinical studies, variability of results in models used to predict activity against SARS-CoV-2 variants of concern, clinical trial site activation or enrollment rates that are lower than expected, changes in expected or existing competition, changes in the regulatory environment, and the uncertainties and timing of the regulatory approval process, including the outcome of our discussions with regulatory authorities concerning our Phase 2/3 clinical trials and the result of any emergency use application submission. Other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements in this press release are described under the heading “Risk Factors” in Adagio’s Form 10-Q for the quarter ended September 30, 2021 filed with the Securities and Exchange Commission (the “SEC”), and in our other filings with the SEC, and in Adagio’s future reports to be filed with the SEC. Such risks may be amplified by the impacts of the COVID-19 pandemic.  Forward-looking statements contained in this press release are made as of this date, and Adagio undertakes no duty to update such information except as required under applicable law.

Contacts
Media Contact:
Dan Budwick, 1AB
dan@1abmedia.com

Investor Contact:
Monique Allaire, THRUST Strategic Communications
monique@thrustsc.com

ADAGIO THERAPEUTICS, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In thousands, except share and per share amounts)

December 31,
2021 2020
Assets
Current assets:
Cash and cash equivalents $ 542,224 $ 114,988
Marketable securities 49,194 —
Prepaid expenses and other current assets 25,293 2,394
Total current assets 616,711 117,382
Property and equipment, net 83 —
Other non-current assets 3,297 —
Total assets $ 620,091 $ 117,382
Liabilities, Convertible Preferred Stock and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable $ 5,783 $ 8,153
Accrued expenses 56,277 4,919
Total current liabilities 62,060 13,072
Early-exercise liability 6 11
Other non-current liabilities 6 —
Total liabilities 62,072 13,083
Commitments and contingencies
Convertible preferred stock (Series A, B and C), $0.0001 par value; no shares authorized, issued and outstanding at December 31, 2021; 12,647,934 shares authorized, issued and outstanding at December 31, 2020; aggregate liquidation preference of $0 and $169,900 at December 31, 2021 and December 31, 2020, respectively — 169,548
Stockholders’ equity (deficit):
Preferred stock (undesignated), $0.0001 par value; 10,000,000 shares authorized and no shares issued and outstanding at December 31 2021; no shares authorized, issued and outstanding at December 31, 2020 — —
Common stock, $0.0001 par value; 1,000,000,000 shares authorized, 111,251,660 shares issued and 110,782,909 shares outstanding at December 31, 2021; 150,000,000 shares authorized, 28,193,240 shares
issued and 5,593,240 shares outstanding as of December 31, 2020		 11 1
Treasury stock, at cost; 468,751 shares and 22,600,000 shares at December 31, 2021 and December 31, 2020, respectively — (85 )
Additional paid-in capital 850,125 154
Accumulated other comprehensive loss (8 ) —
Accumulated deficit (292,109 ) (65,319 )
Total stockholders’ equity (deficit) 558,019 (65,249 )
Total liabilities, convertible preferred stock and stockholders’ equity (deficit) $ 620,091 $ 117,382

ADAGIO THERAPEUTICS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(UNAUDITED)
(In thousands, except share and per share amounts)

Year Ended
December 31, 2021		 Period from
June 3, 2020
(Inception) to
December 31, 2020
Operating expenses:
Research and development(1) $ 182,891 $ 21,992
Acquired in-process research and development(2) 7,500 40,125
Selling, general and administrative 36,517 3,210
Total operating expenses 226,908 65,327
Loss from operations (226,908 ) (65,327 )
Other income (expense):
Other income (expense), net 118 8
Total other income (expense), net 118 8
Net loss (226,790 ) (65,319 )
Other comprehensive income (loss):
Unrealized loss on available-for-sale securities, net of tax (8 ) —
Comprehensive loss $ (226,798 ) $ (65,319 )
Net loss per share attributable to common stockholders, basic and diluted $ (5.32 ) $ (18.10 )
Weighted-average common shares outstanding, basic and diluted 42,621,265 3,608,491

(1)  Includes related-party amounts of $4,150 for the year ended December 31, 2021 and $595 for the period from June 3, 2020 (inception) to December 31, 2020.
(2)  Includes related-party amounts of $7,500 for the year ended December 31, 2021 and $39,915 for the period from June 3, 2020 (inception) to December 31, 2020.

Posted on

Umit Ciftci Named Regional Business Development Manager for Turkey

TEMECULA, Calif., March 29, 2022 (GLOBE NEWSWIRE) — Nikkiso Cryogenic Industries’ Clean Energy & Industrial Gases Group (“Group”), a part of the Nikkiso Co., Ltd (Japan) group of companies, is pleased to announce that Umit Ciftci has been named Regional Business Development Manager for Turkey and the surrounding areas.

Based in Istanbul Turkey, he will be responsible for the Group’s full product line, and will report to Ole Jensen, NCE&IG GmbH Germany.

Umit received a degree in Management Engineering, which provided a solid background in engineering as well as business and finance. He has over 25 years of experience in Compressed Air working at various positions including sales engineer, marketing and business line manager in Turkey and Business Development Manager in UAE for Atlas Copco.

“Umit’s experience, as well as market and industry knowledge will be of great benefit to NCEIG GmbH, as we work to develop the potential opportunities in this market. We look forward to his positive contributions,” according to Ole Jensen, Vice President NCEIG Europe.

With this addition, Nikkiso continues their commitment to be both a global and local presence for their customers.

ABOUT CRYOGENIC INDUSTRIES
Cryogenic Industries, Inc. (now a member of Nikkiso Co., Ltd.) member companies manufacture engineered cryogenic gas processing equipment and small-scale process plants for the liquefied natural gas (LNG), well services and industrial gas industries. Founded over 50 years ago, Cryogenic Industries is the parent company of ACD, Cosmodyne and Cryoquip and a commonly controlled group of approximately 20 operating entities.

For more information please visit www.nikkisoCEIG.com and www.nikkiso.com.

MEDIA CONTACT:
Anna Quigley
+1.951.383.3314
aquigley@cryoind.com