Startups Starved of Cash
Good morning and welcome back, it's Ainsley here with all the news you need to start your working week.
Today's must-reads:
• Australian startups starved of cash
• Commodity export outlook cut
• RBA urged to ditch new inflation goal
Australian startups lag far behind the US and China in funding raised despite the country's historical effectiveness at creating unicorns. Its relatively small domestic market and distance from the venture capital hubs of Silicon Valley and Beijing remain challenges, but the local startup community is pointing to global success stories such as Canva and Atlassian as signs of its potential.
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Associated Press
31 minutes ago
- Associated Press
Traws Pharma Advances Antiviral Pipeline with Multiple Regulatory Submissions
Phase 2 protocol submitted to HREC to evaluate tivoxavir marboxil (TXM) in a combined seasonal and bird flu study in the Southern Hemisphere Briefing documents submitted to FDA for a Type D meeting request to continue discussions on path forward for accelerated approval of TXM for bird flu Phase 2 study protocol submitted to HREC to evaluate ratutrelvir in newly diagnosed COVID patients, with extensions to measure disease rebound and development of Long COVID NEWTOWN, Pa., June 30, 2025 (GLOBE NEWSWIRE) -- Traws Pharma, Inc. (NASDAQ: TRAW) ('Traws Pharma', 'Traws' or 'the Company'), a clinical-stage biopharmaceutical company developing novel therapies to target critical threats to human health from respiratory viral diseases, today announced multiple regulatory submissions related to its antiviral pipeline. Tivoxavir marboxil A proposed Phase 2 dose-ranging, non-inferiority study will evaluate the effects of tivoxavir marboxil (TXM), a potential best in class CAP-dependent endonuclease inhibitor, compared to XOFLUZA®, in patients infected with seasonal influenza. A separate single arm will evaluate the effects of TXM in patients infected with H5N1 bird flu. The proposed study has been submitted for Human Research Ethics Committee (HREC) review and is expected to enroll subjects in Australia and selected countries in Southeast Asia (SE Asia) with high rates of human bird flu infections. 'This combined study, evaluating the effects of TXM in seasonal and bird flu patients, could support the broad use of TXM against multiple influenza strains,' commented Robert R. Redfield, MD, Chief Medical Officer for Traws Pharma and former Director of the U.S. Centers for Disease Control and Prevention (CDC). 'The high rates of animal-to-human transmission of bird flu in SE Asia should allow us to evaluate the efficacy of TXM in this important clinical setting, adding to our robust pre-clinical efficacy results of TXM against bird flu.' Also, as a follow up to recent Pre-IND FDA interactions on TXM, Traws submitted briefing materials for a Type D meeting to enable further FDA dialog on a potential path to accelerated approval for bird flu. 'We are continuing to discuss with the FDA the applicability of the Animal Rule and other routes that could support an accelerated approval of TXM for bird flu,' commented C. David Pauza, PhD, Chief Science Officer for Traws Pharma. 'We look forward to continuing positive interactions with the Agency.' Ratutrelvir A proposed Phase 2 non-inferiority study will evaluate the effects of ratutrelvir, a potential best in class protease inhibitor that does not require ritonavir co-administration, compared to PAXLOVID®, in newly diagnosed COVID patients. The proposed study that has been submitted for HREC review is intended to enroll patients on a 10-day treatment regimen for ratutrelvir compared to the approved 5-day regimen for PAXLOVID®. In addition to efficacy and safety endpoints, the proposed study will also evaluate the rates of disease rebound as well as the incidence of Long COVID. A separate single arm will evaluate the safety and efficacy of ratutrelvir in newly diagnosed COVID patients who are ineligible for treatment with PAXLOVID®. 'A significant population of patients who are at risk for poor outcomes from COVID are ineligible for PAXLOVID®. In addition, rebound infections and prevention of the development of Long COVID are unaddressed by existing therapies. We believe ratutrelvir has the potential to overcome these issues,' commented Dr. Redfield. 'Our proposed Phase 2 study is expected to highlight the differentiating attributes of ratutrelvir compared to existing approved therapies.' 'Today's announcements demonstrate our commitment to rapidly advance our antiviral portfolio,' commented Iain D. Dukes, MA, DPhil, Interim Chief Executive Officer for Traws Pharma. 'We look forward to delivering these potentially vital medicines to patients.' About Tivoxavir Marboxil Tivoxavir marboxil (TXM) is an investigational oral, small molecule CAP-dependent endonuclease inhibitor designed to be administered as a single-dose for the treatment of bird flu and seasonal influenza. It has potent in vitro activity against a range of influenza strains in preclinical studies, including a human isolate of the highly pathogenic avian flu H5N1 (bird flu). Consistent, positive preclinical data from three animal species indicate that a single dose of TXM demonstrated a therapeutic effect against H5N1 bird flu. Seasonal influenza represents an estimated multi-billion dollar antiviral market opportunity, largely driven by global health organizations, practice guidelines and government tenders1,2, with upside potential from potential pandemic flu outbreaks including H5N1 bird flu. We believe that these data support further development of TXM as a treatment for bird flu. About Ratutrelvir Ratutrelvir is an investigational oral, small molecule Mpro (3CL protease) inhibitor designed to be a broadly acting treatment for COVID-19 that is used without ritonavir. It has demonstrated in vitro activity against a range of COVID-19 strains. Preclinical and Phase 1 studies show that ratutrelvir does not require co-administration with a metabolic inhibitor, such as ritonavir, which could avoid ritonavir-associated drug-drug interactions3, and potentially enable wider patient use. Phase 1 data also show that ratutrelvir's pharmacokinetic (PK) profile demonstrated maintenance of target blood plasma levels approximately 13 times above the EC50 using the target Phase 2 dosing regimen of 600 mg/day for ten days, which may also reduce the likelihood of clinical rebound and, consequently, reduce the risk for Long COVID4. Industry data indicate that COVID treatment represents a potential multi-billion dollar market opportunity5,6. Source information: Third-party products mentioned herein are the trademarks of their respective owners. About Traws Pharma, Inc. Traws Pharma is a clinical stage biopharmaceutical company dedicated to developing novel therapies to target critical threats to human health in respiratory viral diseases. Traws integrates antiviral drug development, medical intelligence and regulatory strategy to meet real world challenges in the treatment of viral diseases. We are advancing novel investigational oral small molecule antiviral agents that have potent activity against difficult to treat or resistant virus strains that threaten human health: bird flu and seasonal influenza, and COVID-19/Long COVID. Tivoxavir marboxil is in development as a single dose treatment for bird flu and seasonal influenza, targeting the influenza cap-dependent endonuclease (CEN). Ratutrelvir is in development as a ritonavir-independent COVID treatment, targeting the Main protease (Mpro or 3CL protease). Traws is actively seeking development and commercialization partners for its legacy clinical oncology programs, rigosertib and narazaciclib. More details can be found on Traws' website at For more information, please visit and follow us on LinkedIn. Forward-Looking Statements Some of the statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, and involve risks and uncertainties including statements regarding the Company, its business and product candidates, including the potential opportunity, benefits and the regulatory plans for tivoxavir marboxil. The Company has attempted to identify forward-looking statements by terminology including 'believes', 'estimates', 'anticipates', 'expects', 'plans', 'intends', 'may', 'could', 'might', 'will', 'should', 'preliminary', 'encouraging', 'approximately' or other words that convey uncertainty of future events or outcomes. Although Traws believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, including our ability to proceed with our proposed clinical trials and to enroll sufficient subjects in such studies and trials, the success and timing of Traws' clinical trials, our ability to take advantage of expedited regulatory pathways for tivoxavir marboxil, our ability to obtain regulatory approval of tivoxavir marboxil and ratutrelvir, the expectations of our interactions with regulatory authorities, including the FDA, the Human Research Ethics Committee (HREC) and other international regulatory agencies, market conditions, regulatory requirements, changes in government regulation, the extent of the spread and threat of bird flu, seasonal influenza and COVID, and those discussed under the heading 'Risk Factors' in Traws' filings with the U.S. Securities and Exchange Commission (SEC). Any forward-looking statements contained in this release speak only as of its date. Traws undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events, except to the extent required by law. Traws Pharma Contact: Nora Brennan Traws Pharma, Inc. [email protected] Investor Contact: John Fraunces LifeSci Advisors, LLC 917-355-2395 [email protected]
Associated Press
36 minutes ago
- Associated Press
SINOVAC Board of Directors Urges Shareholders to Vote the WHITE Proxy Card 'AGAINST' the Misguided Proposals to Remove SINOVAC's Current Board
BEIJING--(BUSINESS WIRE)--Jun 30, 2025-- The Board of Directors of SINOVAC Biotech Ltd. (NASDAQ: SVA) ('SINOVAC' or the 'Company'), a leading provider of biopharmaceutical products in China, today sent a letter to shareholders ahead of the Special Meeting of Shareholders to be held on Wednesday, July 9, 2025 at 8:00 a.m. China Standard Time (Tuesday, July 8, 2025 at 8:00 p.m. Atlantic Standard Time). The full text of the letter follows: Dear SINOVAC Shareholder, It is time to act. Your vote at the upcoming Special Meeting of Shareholders will shape SINOVAC's future. SAIF has called this Special Meeting to reconstitute a remnant of the Former Board that the UK Privy Council deemed to be 'Imposters' in its final, non-appealable January 2025 ruling. Proposing this slate (the 'Reconstituted Imposter Former Board Slate') is the latest scheme by Advantech/Prime Success ('Advantech/Prime'), Vivo Capital (together, the 'Dissenting Investor Group'), and other members of the Former Management Buyout Consortium to seize control of SINOVAC at the expense of common shareholders. While your current SINOVAC Board has been delivering on its promises to restore fairness and deliver value to all SINOVAC shareholders, the Dissenting Investor Group has been continuing its attempt to derail our progress through misleading rhetoric, baseless claims and frivolous legal actions. Their self-serving strategies pose a direct threat to the value of your investment and the future of SINOVAC. The facts speak for themselves: COMMITMENT TO DECLARING DIVIDENDS Since it was installed by the Privy Council ruling, and in accordance with Antiguan law, in just four months, the current SINOVAC Board has: IN CONTRAST, the Imposter Former Board failed to declare any dividends to common shareholders during the seven years it presided over SINOVAC, while draining cash from subsidiaries for itself to the exclusion of common shareholders. Today, the Imposter Former Board blames litigation during 2018-2024 as the reason it couldn't pay dividends, but ironically, the litigation it tried to use as an excuse did not prevent the Imposter Former Board's cronies from pocketing more than US$2 billion in dividends from our operating subsidiary. In a statement from the Company's 2023 20-F filed in April 2024, the Board stated it did not 'have any present plan to pay any cash dividends on Sinovac Antigua's shares in the foreseeable future.' The Imposter Former Board did not say the non-dividend policy was because of litigation. However, the onslaught of baseless, multi-jurisdictional lawfare by the same bad actors did not prevent the current SINOVAC Board from declaring the US$55.00 per common share cash dividend. Their lawsuits, intended to interfere with the dividend payout to all valid shareholders, have been defeated in New York and Hong Kong. The Reconstituted Imposter Former Board Slate, while paying lip service to endorsing our US$55.00 per common share cash dividend, haven't yet supported the additional dividends we've declared or our new dividend policy. Their sudden interest in dividends is nothing more than a hollow promise. We believe they would seek to privatize the Company again at below market prices and deprive shareholders of their rightful cash distributions. Shareholders should be asking the Reconstituted Imposter Former Board Slate this question: will you publicly support the current SINOVAC Board's plans for additional cash dividends and the dividend policy it recently adopted? RESUMPTION OF GOOD RELATIONS WITH NASDAQ AND REGULATORS The current SINOVAC Board has done significant work to unwind the seven years of compliance shortcomings that occurred under the Imposter Former Board, which directly led to the NASDAQ trading halt. This work includes: IN CONTRAST, the Reconstituted Imposter Former Board Slate is responsible for the very issues they now claim they'll resolve. Their unlawful actions triggered the 2019 NASDAQ trading halt and forced the resignation of Grant Thornton, SINOVAC's former auditor, due to sham transactions. PROTECTING VALID SINOVAC SHAREHOLDERS AND PAYING DIVIDENDS IN THE FACE OF CONTINUOUS LAWFARE WAGED BY ADVANTECH/PRIME AND VIVO CAPITAL The current SINOVAC Board is committed to fighting the self-serving, continuous and wasteful lawfare from the Dissenting Investor Group, which includes filing suits in New York and Hong Kong, and seeking injunctions designed to interfere with the payment of the US$55.00 special cash dividend to all common shareholders. In response to this self-serving lawfare strategy, the current SINOVAC Board has: IN CONTRAST, the Dissenting Investor Group continues to talk out of both sides of their mouth – pretending they are in favor of dividend payments while filing intentionally vague lawsuits intended to deprive common shareholders of rightful dividend payments. The Reconstituted Imposter Former Board Slate would allow these actions to continue unchecked. STRATEGIC REALIGNMENT FOR SHAREHOLDER VALUE CREATION In addition to dividends, the current SINOVAC Board is taking the necessary steps to correct the injustices of the past, position the Company for a brighter future and enhance governance by: IN CONTRAST, during the seven years it presided over the Company, the Imposter Former Board demonstrated a pattern of self-dealing that allowed Advantech/Prime, Vivo Capital and their cronies to loot billions of dollars from SINOVAC while common SINOVAC shareholders received nothing. During that time, the Imposter Former Board approved an invalid PIPE transaction, which is in the process of being unwound, gifted Advantech/Prime and Vivo Capital shares of SINOVAC's operating subsidiary, granted shares to select minority shareholders, doled out excessive bonuses to the SINOVAC management team, and enabled non-arms length investments by SINOVAC of nearly US$100 million in Vivo Capital Funds. Shareholders should ask themselves: do you think the Imposter Former Board Slate would really have all SINOVAC shareholders' best interests in mind? We doubt it. YOUR VOTE IS IMPORTANT The Special Meeting of Shareholders (the 'Special Meeting') will be held on Wednesday, July 9, 2025 at 8:00 a.m. China Standard Time (Tuesday, July 8, 2025 at 8:00 p.m. Atlantic Standard Time). Your vote determines SINOVAC's future, receipt of your dividend payments and the long-term value of your investment. The facts are clear, and so is the choice. We urge you to vote on the WHITE proxy card: DISCARD any items you received asking you to vote for the Reconstituted Imposter Former Board Slate. If you have already voted for the Reconstituted Imposter Former Board Slate, you can subsequently revoke it by using the WHITE proxy card or WHITE voting instruction form to vote. Only your latest-dated vote will count! THANK YOU We thank you for your continued confidence and support as we work to protect your investment and the future of SINOVAC. If you have questions about how your vote can be counted, please contact our proxy solicitor, Georgeson LLC, toll free at (844) 568-1506 in the U.S and (646) 543-1968 outside the U.S. or via email at [email protected]. For more information, visit Sincerely, The SINOVAC Board of Directors About SINOVAC Sinovac Biotech Ltd. (SINOVAC) is a China-based biopharmaceutical company that focuses on the R&D, manufacturing, and commercialization of vaccines that protect against human infectious diseases. SINOVAC's product portfolio includes vaccines against COVID-19, enterovirus 71 (EV71) infected Hand-Foot-Mouth disease (HFMD), hepatitis A, varicella, influenza, poliomyelitis, pneumococcal disease, etc. The COVID-19 vaccine, CoronaVac®, has been approved for use in more than 60 countries and regions worldwide. The hepatitis A vaccine, Healive®, passed WHO prequalification requirements in 2017. The EV71 vaccine, Inlive®, is an innovative vaccine under 'Category 1 Preventative Biological Products' and commercialized in China in 2016. In 2022, SINOVAC's Sabin-strain inactivated polio vaccine (sIPV) and varicella vaccine were prequalified by the WHO. SINOVAC was the first company to be granted approval for its H1N1 influenza vaccine Panflu.1®, which has supplied the Chinese government's vaccination campaign and stockpiling program. The Company is also the only supplier of the H5N1 pandemic influenza vaccine, Panflu®, to the Chinese government stockpiling program. SINOVAC continually dedicates itself to new vaccine R&D, with more combination vaccine products in its pipeline, and constantly explores global market opportunities. SINOVAC plans to conduct more extensive and in-depth trade and cooperation with additional countries, and business and industry organizations. Important Additional Information and Where to Find It In connection with SINOVAC's Special Meeting, SINOVAC has filed with the U.S. Securities and Exchange Commission ('SEC') and mailed to shareholders of record entitled to vote at the Special Meeting a definitive proxy statement and other documents, including a WHITE proxy card. SHAREHOLDERS ARE ENCOURAGED TO READ THE PROXY STATEMENT AND ALL OTHER RELEVANT DOCUMENTS WHEN FILED WITH THE SEC AND WHEN THEY BECOME AVAILABLE BECAUSE THOSE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION. Investors and other interested parties will be able to obtain the documents free of charge at the SEC's website, or from SINOVAC at its website: You may also obtain copies of SINOVAC's definitive proxy statement and other documents, free of charge, by contacting SINOVAC's Investor Relations Department at [email protected]. Safe Harbor Statement This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as 'may,' 'will,' 'expect,' 'anticipate,' 'aim,' 'estimate,' 'intend,' 'plan,' 'believe,' 'potential,' 'continue,' 'is/are likely to' or other similar expressions. Such statements are based upon current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's or Board's control, which may cause actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company and Board do not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law. View source version on CONTACT: Investor and Media FGS Global [email protected] KEYWORD: CHINA ASIA PACIFIC INDUSTRY KEYWORD: BIOTECHNOLOGY PHARMACEUTICAL HEALTH SOURCE: The Board of Directors of Sinovac Biotech Ltd. Copyright Business Wire 2025. PUB: 06/30/2025 06:30 AM/DISC: 06/30/2025 06:31 AM
Yahoo
2 hours ago
- Yahoo
Shares rise in Asia as US-Canada trade talks revived
By Wayne Cole SYDNEY (Reuters) -Shares indices rose in Asia on Monday as the revival of trade talks between the United States and Canada helped risk sentiment, while the dollar dipped on concerns U.S. jobs data could show enough weakness to justify larger rate cuts. Canada on Sunday said it had rescinded its digital services tax in a bid to advance trade negotiations, bowing to pressure from President Donald Trump. The talks are aimed at getting a deal done by July 21, extending Trump's original July 9 deadline for his "reciprocal" tariffs. Officials have suggested most deals could now be done by the September 1 Labor Day holiday. Investors were also keeping a wary eye on the progress of a huge U.S. tax-cutting and spending bill slowly making its way through the Senate, with signs it may not make it by Trump's preferred July 4 deadline. The Congressional Budget Office estimated the bill would add $3.3 trillion to the nation's debt over a decade, testing foreign appetite for U.S. Treasuries. There was no doubting the demand for the U.S. tech sector and megacap growth stocks including Nvidia, Alphabet and Amazon. Nasdaq futures rose another 0.4%, while S&P 500 e-minis added 0.3%. EUROSTOXX 50 futures rose 0.3%, while FTSE futures were flat and DAX futures gained 0.4%. The bullish sentiment spilled over into Japan's Nikkei which rose 1.0%, while South Korean stocks gained 0.7%. MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.2%. Chinese blue chips edged up 0.1%, as surveys showed manufacturing improved slightly in June while service activity picked up. A holiday on Friday means U.S. payrolls data will come a day early, with analysts forecasting a rise of 110,000 in June with the jobless rate ticking up to the highest in almost a year at 4.3%. The resilience of the labour market is a major reason the majority of Federal Reserve members say they can afford to wait on cutting rates until they can gauge the true impact of tariffs on inflation, so a weak report would stoke speculation of a rate cut in July rather than September. "While initial jobless claims retreated somewhat from their recent high, continuing claims jumped higher yet again," noted Michael Feroli, head of U.S. economics at JPMorgan. "Consumers' assessment of labor market conditions also deteriorated in the latest confidence report." "Both of these developments suggest that the unemployment rate in June should tick up to 4.3%, with a significant risk of reaching 4.4%." The latter outcome would likely see futures push up the chance of a July easing from the current 18% and price in more than the present 63 basis points of cuts for this year. DOLLAR DOLDRUMS Fed Chair Jerome Powell will have an opportunity to repeat his cautious outlook when he joins several other central bank chiefs at the European Central Bank forum in Sintra on Tuesday. The prospect of an eventual policy easing has helped Treasuries weather worries about the U.S. budget deficit and the huge amount of borrowing it entails. Yields on 10-year Treasuries were steady at 3.28%, having fallen 9 basis points last week. The dollar has not fared so well, in part due to concerns tariffs and chaotic policies from the White House will drag on economic growth and erode the country's claim to exceptionalism. The euro was near its highest since September 2021 at $1.1735, having climbed 1.7% last week, while sterling stood near a similar peak at $1.3733. The dollar was down 0.5% on the yen at 143.86, and slipped 0.1% on the Canadian dollar to 1.3665 following the trade news. The dollar index eased to 97.075, a whisker above three-year lows. James Reilly, a senior markets economist at Capital Economics, noted the dollar had fallen by more at this stage in the year than in any previous year since the U.S. moved to a free-floating exchange rate in 1973. "At this point, further weakness could become self-reinforcing as underhedged European/Asian portfolios chase the move," he added. "So, we suspect that this could be a pivotal period for the greenback – either it turns around here or there is another 5% or so fall around the corner." In commodity markets, the general revival in risk sentiment has undermined gold, which hovered at $3,284 an ounce and further away from April's record top of $3,500. [GOL/] Oil prices continued to struggle on concerns about plans for increased output from OPEC+, which contributed to a 12% slide last week. [O/R] Brent dropped a further 14 cents to $67.63 a barrel, while U.S. crude eased 28 cents to $65.24 per barrel.
