Latest news with #DavidWilliams
News.com.au
8 hours ago
- Business
- News.com.au
Health Check: Opthea investors have $80m less to fight for after cash-burning quarter
Eye drug developer Opthea's cash balance has more than halved as the company wraps up its failed trials Poynovo shares gain 10% after a cracker full-year result Microx leads today's sector gains after a US deal with a mystery party The financial fallout from Opthea's (ASX:OPT) two failed eye disease trials has become starkly apparent. Despite ceasing its two pivotal phase III trials, Opthea recorded US$53.5 million ($82 million) of outflows in the June quarter. This takes residual cash to US$48.4 million, from US$101.4 million as at the end of March. The costs mainly related to the winding down of the Coast and Shore trials, for wet age-related macular degeneration. Each of them enrolled close to 1000 patients, so they were meaty studies. Following the March 24 trial bombshell, in April the company shed its workforce by 65%. In June four directors – half the board – departed. Future uncertain Under the terms of a development funding agreement (DFA), Opthea could owe investors somewhere between nothing and US$680 million. Given Opthea has US$170 million of debt, any bumper return would be hypothetical. Opthea 'remains in active negotiations with its DFA investors to deliver an outcome that is in the best interests of the company and its shareholders'. Opthea shares have not traded since the March disaster, so any passer-by from Mars would think they are still valued at 60 cents for a $738 million market cap. The only bright note is the company earned US$700,000 of interest. Microx shares surge on US deal Microx shares this morning went on a 33% share romp after the device maker announced a US customer for its Rover mobile X-ray units. The customer has requested anonymity, but it's a "top tier US healthcare group" that runs 700 hospitals. The company says the three year deal is subject to normal commercial conditions, but it does not quantify the expected revenue. Given the share surge, investors presume it's kinda, like, material. Polynovo shakes off The Troubles Wound repair house PolyNovo (ASX:PNV) has shrugged off corporate governance issues by reporting a strong recovery in revenue and profits. At its full-year results later next month, Polynovo should report sales of $118.6 million for the year to June 2025, up 30% year on year. Second (June) half cash flow swung to a positive $15.7 million, compared with a $12.5 million deficit in the first half. Management expects full-year earnings before interest tax depreciation and amortisation of $11.2-12.4 million. This compares with the previous year's $3.6 million. Of the revenue, $88.4 million derived from the US, up 29%. The company gleaned most of its sales from its flagship product, Novosorb BTM. 'I like to review the year and the go-forward from a high level and all I see is growth and opportunity,' chairman David Williams chirps. In mid-March the company said CEO Swami Raote would depart, amid claims of bullying and inappropriate behaviour against Williams. The board engaged independent lawyers to probe the claims. It also bought in former Westpac chairman Lindsay Maxsted to advise the board on governance matters. The unashamedly outspoken Williams denies any wrongdoing and like the Irish, The Troubles seem to be forgotten. Macquarie Equities similarly is enthused, ascribing a $2.45 per share valuation relative to yesterday's closing value of $1.22. 'We see several near-term positive catalysts for Polynovo, with a significant longer-term opportunity in additional indications.' Yesterday, peer Kiwi wound repair house Aroa Biosurgery (ASX:ARX) also found investor favour after reporting its third successive quarter of positive cash flow, of NZ$1.7 million. Aroa has guided to revenue of NZ$92-100 million for the year to March 2026, with normalised underlying earnings of NZ$5-8 million. Emvision's Emu trial is in full stride… Portable brain (stroke) detection device maker EMvision Medical Devices (ASX:EMV) says its pivotal trial to support FDA approval is 'progressing well'. Pertaining to the company's lightweight bedside unit Emu, the trial is recruiting up to 300 stroke patients across four US and two Australian high-volume stroke centres. A variant for road and air ambulances, First Responder has been trialled by the Royal Flying Doctor Service. A Melbourne stroke ambulance has also had a look-see. Emvision recorded June quarter outflows of $2 million, taking cash to $10.5 million. But the company will benefit from a non-dilutive $5 million grant from the Industry Growth Program, to develop First Responder. The aforementioned Microx is also developing a portable head CT scanner to diagnose strokes. … while Actinogen's trial recruitment passes halfway mark Actinogen Medical (ASX:ACW) reports that its keenly anticipated phase 2b/3 Alzheimer's disease study has enrolled 123 of the targeted 220 patients. Dubbed Xanamia, the trial has recruited across 20 US and 15 Australian sites, targeting patients with mild to moderate progressive Alzheimer's. Actinogen's compound Xanamem targets elevated levels of a protein called pTau181. The novel mechanism of action inhibits production of cortisol, which is toxic to the brain in excessive amounts. Having recruited its 100 th patient, Xanamia is subject to an interim 'futility' review next January. This will determine whether the trial is worth continuing. With Xanamia hotting up, Actinogen disclosed June quarter cash outflows of $5.1 million, leaving June-end cash of $16.5 million. The company also has access to a $3 million loan, the first component of a $13.8 million advance of expected research and development tax incentives. Often a supplement to equity raisings, R&D loans have become increasingly popular with biotechs seeking to bring forward cash flow. Ozempic maker's fat profits become thinner The fate of Europe's biggest drug maker shows that boom conditions in the drug-making game rarely last – even with miracle fat-busting drugs. The maker of the anti-obesity and diabetes drugs Ozempic and Wegovy, Denmark's Novo Nordisk overnight issued a profit warning that sent the shares tumbling up to 28% on the Nasdaq Copenhagen exchange. The company slashed its outlook for 2025 sales growth to between 8-14%, from between 13-21% previously. According to Reuters, sales have been affected by custom-made compounded drugs that emulate the branded versions. The US bars pharmacies from replicating approved drugs, but allows 'compounding' for patients needing custom doses or formulations. Dial 'L' for loophole. The company also faces turmoil from the abrupt removal in May of CEO Lars Fruergaard Jorgensen. The board replaced him with veteran insider Maziar Mike Doustdar. Slowing fat drug sales aside, Doustdar also faces the prospect of a 15% tariff on goods imported into the US. 'We need to increase the sense of urgency and execute differently,' Doustdar told investors. Sounds about right.
Business Insider
a day ago
- Business
- Business Insider
D-Wave Quantum (QBTS) Gets a Buy from Rosenblatt Securities
D-Wave Quantum received a Buy rating and a $30.00 price target from Rosenblatt Securities analyst today. The company's shares closed today at $18.35. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. In addition to Rosenblatt Securities, D-Wave Quantum also received a Buy from Benchmark Co.'s David Williams in a report issued today. However, on July 24, TR | OpenAI – 4o reiterated a Hold rating on D-Wave Quantum (NYSE: QBTS). The company has a one-year high of $20.56 and a one-year low of $0.75. Currently, D-Wave Quantum has an average volume of 70.75M. Based on the recent corporate insider activity of 48 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of QBTS in relation to earlier this year. Last month, Roger Biscay, a Director at QBTS sold 106,626.00 shares for a total of $1,795,581.84.
West Australian
22-07-2025
- Entertainment
- West Australian
Katanning Noongar Centre KAARL Yarning and Koreng Art and Culture Centre opens after five years
The reopening of Katanning's KAARL Yarning Place and Koreng Art and Culture Centre drew a large crowd, including two State ministers. The brand new Katanning Noongar Centre was revealed on Thursday morning to about 120 people, after five years of hard work by the centre's board and Shire of Katanning to create a safe place for conversation, storytelling and connection. The purpose-built meeting place was backed by a $92,000 contribution from the State Government. A welcome to country by elder David Williams started the event at 11am, followed by guest speakers — Shire of Katanning president Kristy D'Aprile and Aboriginal Affairs Minister Don Punch. Mr Punch and Regional Development Minister Stephen Dawson then cut the ribbon. The outdoor area named KAARL Yarning — KAARL meaning fire in Noongar — features a covered shelter, fire pit and landscaping and pathways. It will host cultural ceremonies, performances and festivals while being an accessible space for all to enjoy daily. The Koreng Art and Culture Centre will display and teach all forms of art including dress, painting, dancing and more. Katanning Aboriginal Corporation chair Wendy Hayden said it was a privilege to have the ministers attend because it 'made our people feel important', plus they had purchased art pieces displayed at the centre to hang in their office. The centre's initiation involved storytelling, live music by John Ford and cultural food provided by local First Nations business Jeert Mia. Ms Hayden said they wanted to build a dedicated space for everyone in the community, Indigenous or non-Ingenious, to gather, heal, share stories and learn from one another. 'It's important to us to have a meeting place for our people, we want to create this safe space and a fire brings everyone together,' she said. 'A place to establish a good, strong relationship with the youth, mothers, men and elders. 'The goal is to work with the shire council, it's a new thing but it's time it happened. We're not rewriting the past but starting a new journey where we will walk side by side. 'It's important for our people to be occupied, needed and part of the bigger picture.' The property's land was once a camping area for Noongar mobs and Ms Hayden said 'it is a significant place of identity' and hoped to transform the entire block, including along the river. This latest development is part of the State Government's $15.72 million Katanning Heritage Centre investment, which included rejuvenating the town centre, advancing the Piesse Lake development, welcome precinct, botanic garden and recreation area. Mr Dawson said the opening was significant for the region. 'I congratulate the Katanning community for recognising the need, having the vision and seeing it through to fruition,' he said. 'This is a space that will grow with the community, and I look forward to seeing how it continues to evolve. 'The Cook Government is proud to support the Katanning Heritage Centre project which has delivered funding for a range of developments for the town to ensure it's a great place to live and visit.'
Newsroom
22-07-2025
- Business
- Newsroom
Introducing the Who Benefits project – a spotlight on lobbying, influence and power
Tomorrow, Newsroom unveils the first story in Who Benefits, a year-long project, supported financially by a grant from The Integrity Institute, tracking and disclosing lobbying and influence. It's a new way for Newsroom readers to experience some of the country's best reporting, on politics and public policy. In a series of stories, we will get behind decisions that affect us all but benefit certain sectors, groups or companies above others. Who's getting what they want from our decision makers, how are they organising and what have they achieved? In short, who benefits, or 'cui bono'. We begin on Thursday with a look at the farming lobby, given Government links to the Agri sector and a veritable flood of policy changes, including a consultation on freshwater that finishes this weekend. There's much the public doesn't know, much policy agitation that has come to fruition or is about to, all brought together in one news feature. Then, new sectors and new policy lobbying will be examined over the next 12 months with substantive reports published here on Who's getting their message through to those in power, and getting results? Illustration: Getty Images. This project is a different way of working for us, but our same principles apply. Newsroom often stands back and takes time to analyse, investigate, and explain. With Who Benefits, we've got more time to delve, and breathing room to piece together the puzzle. Our aim is to inform, reveal but never bore – although we will ensure we provide the detail; the receipts. Hang on, though. Isn't Newsroom the subject of influence by accepting a grant from The Integrity Institute? Well, the institute partnership has provided funding, has suggested some places to look, but Newsroom has developed the subject areas, will be led by what we uncover and will retain full editorial control. Our team – Fox Meyer and me, David Williams – are reporting to Newsroom's co-editors, not the institute, and we aim to show influence from all sides of policies. There's pressure on us to perform. While the narrative about the media is one of commercial woe and decline, great journalism is being done every day. Our best moments, as journalists, come when we can ask questions to which we already know the answer. We can't do this alone. We can do even better with your help. If you know where influence is being brought to bear, let us know and we'll take a look. You can email me in total confidence: trublenzOIA@ Find out more information about The Integrity Institute and its mission, here.
CBS News
17-07-2025
- CBS News
Cook County State's Attorney's office take part in nationwide crackdown on organized retail theft
The Cook County State's Attorney's office was one of the agencies at the helm of a nationwide crackdown on a $1 billion problem, involving professional thieves stealing from stores across the U.S. More than 500 people were arrested for retail theft recently in a specifically targeted mission by more than 100 law enforcement agencies across the U.S. "We had probably 400 or 500 people on several calls to organize this," said Assistant State's Attorney David Williams of the Cook County State's Attorney's Regional Organized Crime Task Force. "We teamed up with the private sector — retailers, manufacturers, insurers, financial services — with local, state, and federal law enforcement." In 28 states, the goal was to crack down on organized retail theft — which is different from shoplifting. It is not just people stuffing items in their backpacks and running out. "These are professional thieves," Williams said. "These are people who do pre-surveillance on stores, know store policies." The policies the thieves know include how far store employees hired to monitor theft can go. Their hands are often tied when it comes to intervening with someone actively pocketing merchandise — someone stealing can walk right out. "It's always mind-blowing to see how prolific the problem is at times," said Assistant Chief Brandon Shipwash of the California Highway Patrol. Shipwash and his California Highway Patrol team cuffed more than 90 people during the blitz, and recovered $153,000 worth of stolen goods. Some officers went behind the scenes at stores, while others got warrants and found stockpiles of clothes, purses, shoes, and other items. "You go through the garage, and it might as well be a warehouse for the company," Shipwash said. "They have so many things." Smaller retail theft crackdowns have been happening for some time. In 2022, Wilmette police also made a major organized retail crime bust — recovering $7 million worth pilfered products. "They're stealing it so they can sell it to somebody," Williams said, "so maybe something that cost $100 in the store, they're selling for $10." The black market involved in such theft often involves gangs, guns, and drugs. "We've seen that money going overseas to actually finance international crime groups and even terrorist groups," Williams said. Back on our soil, there is another impact. "If something's stolen from a store, it means we're losing tax revenue," said Williams. Williams' boss, Cook County State's Attorney Eileen O'Neill Burke, is seemingly trying to tackle the problem. She changed the policy for retail theft arrests on her first day in office. The $1,000 threshold to make retail theft a felony crime — which was set by O'Neill Burke's predecessor, Kim Foxx — was dropped dropping to $300 "That gives us an opportunity to pursue those things in a way that maybe we weren't able to in the past," Williams said. It should be noted that not every arrest during the operation nailed a kingpin. Elmhurst police said during the operation, they cited someone who took an $8 pet stain remover. But Williams said that is not whom the operation is going after. "We're looking for organized criminal crews," he said. Still, coordinating retail theft investigations across the country was meant to send a message. That message is that eyes are everywhere.
