Shares in Sorrento (SRNE) are rallying 17% in Thursday’s pre-market trading after the company announced that an Application for Emergency Use Authorization (EUA) is under review at the US FDA for is Covid-19 diagnostic test kit.Its COVI-TRACK in vitro diagnostic test kit enables the independent detection of IgG and IgM antibodies in sera of patients exposed to the SARS-CoV-2 virus.The rapid antibody test allows for results to be available in eight minutes or less. It reveals whether someone has been exposed to or potentially had coronavirus, and subsequently created antibodies to combat the infection.Analytical validation was performed by testing sample cohorts from healthy donors and confirmed positive COVID-19 patient samples by RT-PCR testing, and the assay demonstrated a specificity greater than 97% and diagnostic sensitivity of greater than 94%.Upon issuance of an EUA, the COVI-TRACK test will be available for distribution to clinical testing sites nationwide, says Sorrento.The company has already secured manufacturing capacity...
Boeing Co. (BA) is facing another setback as the U.S. Air Force has delayed by four years a decision on whether its $44 billion KC-46 tanker program should be approved for full-rate production.According to a Bloomberg report, the U.S. Air Force will announce a decision in July to September of 2024. It was previously planned for this September.The decision comes as Boeing, who is the contractor of the program since 2011, is trying to show it has fixed the flawed camera system used for the plane’s midair refueling mission.The Pentagon’s testing office seeks to postpone completion of ongoing combat testing and a final evaluation report until Boeing produces an improved, production-ready version of the “Remote Vision System”.At the same time, the Air Force said the delayed decision won’t affect orders to Chicago-based Boeing, which has already delivered the first 33 KC-46 tankers with the flawed system. The planemaker is set to...
(Bloomberg) -- Oil slumped in New York as the Federal Reserve forecast a long road to recovery for the U.S. economy and American crude inventories rose to a record.Futures lost 3.5% to trade near $38 a barrel. Fed Chairman Jerome Powell said the pandemic could inflict long-lasting damage on the economy and signaled it would keep rates near zero possibly for years to come, weighing on equity markets globally. There were also fears a second wave of infections in the U.S. may derail its fragile recovery. Meanwhile, American crude inventories rose unexpectedly last week, while gasoline stockpiles also saw a surprise increase.Global supply cuts and the easing of lockdowns in some countries have pushed prices higher after oil sank below zero in April. However, the demand recovery is uneven in Asia and there’s still a huge glut of oil stored both on land and at sea. In the U.S., a new...
Lease-operator couple Chanté and Chris Drew came down with COVID-19 in March, nine days and more than 1,000 miles from home. Getting back home was just half the battle. ...
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(Bloomberg) -- Losses picked up in U.S. stock index futures after the Federal Reserve signaled that the path to economic recovery will be long and as worries over a second wave of coronavirus infections grew.June contracts on the S&P 500 fell 1.6% as of 8:28 a.m. in London, extending earlier declines. Those on Dow Jones Industrial Average dropped 2%.In Europe, the benchmark Stoxx 600 Index slumped 2.7%, with all subgroup gauges dropping and the losses led by shares of travel companies and banks.Fed Chairman Jerome Powell Chair indicated on Wednesday the central bank will keep providing stimulus into the U.S. economy until its troubled labor market has recovered from the harm of the coronavirus pandemic.The latest Fed meeting conclusion has “certainly been the trigger to renew growth concerns for markets,” said Jingyi Pan, market strategist at IG Asia Pte. “This reminder that the Covid-19 hit to the economy is still a...
Around 12:00 am ET Thursday, another high-fee, mysterious Ethereum transaction took place in which a sender sent $86,390 worth of ether (ETH) with transaction fees of around $2.6 million.The post A bug? Another mysterious Ethereum transaction took place with $2.6 million in fees appeared first on The Block....
