Avidity Reports Effective Delivery Of SiRNA Into Muscle; Shows Meaningful DMPK Reduction
Avidity Biosciences, Inc. (RNA) reported positive AOC 1001 data from the preliminary assessment of the Phase 1/2 MARINA trial showing the first-ever successful targeted delivery of RNA into muscle. AOC 1001 is the company’s lead clinical program utilizing its AOC platform, and is designed to address the root cause of myotonic dystrophy type 1. In the trial, AOC 1001 delivered siRNA to skeletal muscle and produced meaningful DMPK reduction in 100% of participants with a 45% mean reduction in DMPK after a single dose of 1 mg/kg or two doses of 2 mg/kg. Early signs of clinical activity was reported with improvement in myotonia in some participants.
“Utilizing our AOC platform technology, we have demonstrated for the first time ever the successful targeted delivery of siRNA to muscle in humans, a major breakthrough for the field of RNA therapeutics,” said Art Levin, chief scientific officer at Avidity.
In September 2022, the FDA placed a partial clinical hold on new participant enrollment in the Phase 1/2 MARINA trial of AOC 1001 in adults with myotonic dystrophy type 1 due to a serious adverse event reported in a single participant in the 4 mg/kg dose cohort. The company continues to work to resolve the partial hold on new participant enrollment.
Shares of Avidity Biosciences are up 31% in pre-market trade on Wednesday.
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World Oil Demand Outlook Drives Crude Prices Higher
Crude oil prices surged around 1 percent overnight amidst the International Energy Agency increasing the world oil demand growth. In its December report, the IEA has increased the oil demand growth for 2023 to 1.7 million barrels/day. The OPEC report for 2023 pegs world oil demand growth at 2.2 million barrels /day.
West Texas Intermediate Crude Oil Futures for January settlement plunged to $74.91 before recovering to its current level of $76.17, implying an overnight gain of 1.03 percent. The benchmark which was at $75.39 at previous close had touched a high of $76.49 in the day’s trade.
Brent Oil Futures for February settlement which had previously closed at $80.68 dropped to as low as $78.10, before recovering to its current level of $81.44, registering a growth of 0.94 percent. The day’s high was $81.73.
Earlier, data from the American Petroleum Institute showed crude oil inventories in the U.S. rising by 7.819 million barrels in the week ended December 9, versus a 6.426 million barrels draw in the previous week and market expectations of a 3.913 million barrels decline. The unexpected spurt in inventories had caused the prices of the black fluid to slump in world markets.
Data from the U.S. Energy Information Administration is due later in the day. Markets are expecting a 3.6 million draw from inventories as compared to a 5.2 million draw in the previous week.
Weber Q4 Net Loss Widens; Sales Down 52%
Barbeque brand Weber Inc. (WEBR) reported Wednesday that net loss for the fourth quarter widened to $152.12 million or $0.53 per share from $86.07 million or $0.13 in the prior-year quarter.
Excluding items, adjusted net loss for the quarter was $95.91 million, compared to adjusted net loss of $35.37 million in the year-ago quarter.
Net sales for the quarter decreased 52 percent to $168.09 million from $350.23 million in the same quarter last year.
On average, analysts polled by Thomson Reuters expected the company to report a loss of $0.35 per share on net sales of $209.06 million for the quarter. Analysts’ estimates typically exclude special items.
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First Bank To Buy Malvern Bancorp, Malvern Bank For Around $149.5 Mln
First Bank (FRBA) said on Wednesday that it has inked a deal to acquire Malvern Bancorp, Inc. (MLVF) and Malvern Bank, for around $149.5 million.
The consideration is based upon First Bank’s closing price of $15.31 per share on December 13.
Malvern Bancorp is the parent company of Malvern Bank. According to the deal, Malvern Bancorp shareholders will receive 0.7733 shares of First Bank, and $7.80 in cash per each Malvern Bancorp share outstanding.
First Bank expects to issue approximately 5.9 million new shares of First Bank, and $59.4 million in cash consideration to consummate this transaction.
Following the completion of the transaction, expected in the second quarter of 2023, First Bank will have around $3.68 billion in assets with 27 branches.
Patrick L. Ryan, CEO of First Bank, said: “This strategic transaction expands our market position and deposit share in eastern Pennsylvania, while complementing our strong organic growth strategy.”
Malvern Bancorp, Inc. had assets of approximately $1.04 billion, loans of around $815.6 million, and deposits of approximately $785.3 million as of September 30.
Gold Corrects After Tuesday’s CPI-triggered Rally
Gold prices corrected on Wednesday after Tuesday’s CPI-led rally that saw Gold Futures rise to $1825.50, from $1792.30 a day earlier.
Markets are in the meanwhile anxiously awaiting the outcome of the Fed’s interest rate decision later in the day. The European Central Bank and The Bank of England are also slated to announce interest rate decisions on Thursday.
Gold Futures for February Settlement plunged 0.52 percent to $1,816.05. Prices oscillated between $1,816.05 and $1,824.70.
Spot Gold also shed 0.31 percent to trade at $1,805.11 per troy ounce. The day’s range has been between $1,804.88 and $1,813.20.
Gold prices have plunged despite a weakness in the Dollar post the release of CPI data from the U.S. on Tuesday.
Village West Apartments fire in Arvada leaves one dead, multiple injured
One person was killed and multiple people were injured in an overnight apartment fire in Arvada.
Firefighters responded to the Village West Apartments at 58th Avenue and Urban Street just after midnight where they were met with heavy smoke and fire.
Multiple people were taken to hospitals, and one person died.
An Arvada police officer assisting with evacuations was also treated for smoke inhalation.
Arvada police tweeted at 1:35 a.m. the fire was out.