Life

FDA Approves Daré Bioscience’s Xaciato For Bacterial Vaginosis

Babcock International Swings To Profit In H1

Babcock International Group PLC (BAB) on Tuesday announced half-yearly results for the six months ended 30 September 2021 that showed increase in revenue and turnaround to an operating profit position in the first half compared to prior year.

Profit before tax in the first half was 58.8 million pounds as compared to loss before tax of 811.6 million pounds in the restated results for the six months ended September 2020.

Profit for the period was 54.2 million pounds or 10.2 pence per share as compared to a loss of 832.3 million pounds or 164.8 pence per share in the first half of FY 2021.

Underlying profit for the period was 79.1 million pounds or 15.1 pence per share as compared to 29.4 million pounds or 5.8 pence per share in the previous period.

Revenue for the period was 2.2 billion pounds, as compared to 2.1 billion pounds in the half-year ended 30, September 2020.

Operating profit for the half year was 75.4 million pounds as compared to an operating loss of 785.3 million pounds in the first half of FY 2021, helped by lower COVID-19 business interruption than the prior period.

Underlying operating profit was 115.3 million pounds as compared to 84.5 million pounds in the first half of FY 2021.

The company said it still expects fiscal 2022 free cash flow to be significantly negative.

Shares of Babcock International Group are currently trading at 306.80 pounds, up 11.70 pounds or up 3.96 percent from previous close.

Paragon Banking Group FY Profit Rises – Quick Facts

Paragon Banking Group PLC said it delivered strong earnings growth with a 62% increase in profits for the year ended 30 September 2021. The Group said its every lending business has made excellent progress, and at over 2.6 billion pounds, aggregate new lending now comfortably exceeds pre-pandemic levels.

For the year ended 30 September 2021, underlying profit increased by 61.8% to 194.2 million pounds from 120.0 million pounds, last year. Underlying earnings per share was up 62.5% to 59.3 pence from 36.5 pence. Statutory profit before tax increased by 80.5% to 213.7 million pounds from 118.4 million pounds. Earnings per share was 63.0 pence compared to 35.6 pence.

Net interest income increased to 310.5 million pounds from 278.1 million pounds, last year. Total operating income increased by 10.1% to 324.9 million pounds from 295.1 million pounds.

The Board proposed a final dividend for the year of 18.9 pence per share. This would give a total dividend of 26.1 pence per share. The Board has affirmed the existing dividend policy going forward. However it noted that, given the unusual factors affecting the 2021 distribution, any interim dividend declared for 2022 would not necessarily bear the normal relation to the preceding final distribution.

European Economics Preview: Germany Foreign Trade Data Due

Foreign trade data from Germany is due on Thursday, headlining a light day for the European economic news.

At 2.00 am ET, Destatis is slated to issue Germany’s external trade figures. Exports are forecast to grow 0.8 percent on month and imports to climb 0.3 percent in October.

In the meantime, foreign trade from Denmark and producer price figures from Lithuania are due.

At 3.00 am ET, the Swiss State Secretariat for Economic Affairs publishes Winter economic forecasts.

Also, foreign trade reports from Slovakia and Hungary are due. Hungary’s trade deficit is seen at EUR 62 million in October versus a shortfall of EUR 128 million in September.

Ten-Year Note Auction Attracts Slightly Below Average Demand

The Treasury Department continued this week’s series of announcements of the results of its long-term securities on Wednesday, revealing this month’s auction of $36 billion worth of ten-year notes attracted slightly below average demand.

The ten-year note auction drew a high yield of 1.518 percent and a bid-to-cover ratio of 2.43.

Last month, the Treasury sold $39 billion worth of ten-year notes, drawing a high yield of 1.444 percent and a bid-to-cover ratio of 2.35.

The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.

The ten previous ten-year note auctions had an average bid-to-cover ratio of 2.47.

On Tuesday, the Treasury revealed this month’s auction of $54 billion worth of three-year notes attracted average demand.

The Treasury is due to announce the results of this month’s auction of $22 billion worth of thirty-year bonds on Thursday.

FDA Approves Daré Bioscience’s Xaciato For Bacterial Vaginosis

The FDA has approved Daré Bioscience Inc.s (DARE) Xaciato for the treatment of bacterial vaginosis in females 12 years of age and older.

Xaciato, formerly known as DARE-BV1, is a viscous gel, which contains the antibiotic Clindamycin at a concentration of 2%, for a one-time vaginal administration with the help of a single-dose user-filled disposable applicator.

Bacterial vaginosis is not a sexually transmitted infection, but rather an overgrowth of bacteria naturally found in the vagina, which upsets the balance of the natural vaginal microbiome and leads to not only distressing symptoms of odor and discharge, but also increases a woman’s risk of preterm birth, infertility, and infections, said David Friend, Daré’s Chief Scientific Officer.

Xaciato marks the first FDA-approved product in Daré’s portfolio. The drug is expected to be launched in the U.S. in 2022. Meanwhile, partnering talks are ongoing to enable a successful U.S. market launch.

Bacterial vaginosis is said to affect roughly 21 million women in the U. S. Antibiotics are the mainstay of therapy and the clinical cure rates of the current approved medicines say, Lupin Pharma’s Solosec, Perrigo Co.’s Clindesse, and Exeltis’ Nuvessa, are in the range of only 37% to 68%. But Xaciato demonstrated a cure rate of 70% to 80% in clinical trials.

DARE closed Tuesday’s trading at $2.12, up 10.52%. In after-hours, the stock gained another 37% and was at $2.92.