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Ana Montes
Director of Organizing / amontes@turn.org / 415-929-8876 (ext 314)
Ana M. Montes joined TURN in April, 2008 as Organizing Director. She has 12 years of consumer advocacy experience as Director of Technology and Consumer Education at the Latino Issues Forum. In that role she created an innovative model for bringing technology to low income and minority communities, developed community civic engagement in limited English speaking communities and managed statewide consumer education projects geared towards Latino and Asian Communities.
A published poet, Montes has also worked as a teacher of La Raza Studies at San Francisco State University and as an editor and columnist with EL TECOLOTE, a bilingual newspaper in San Francisco She has testified on the Digital Divide in Sacramento and Washington D.C. and has given presentations at numerous technology conferences and forums.
Montes serves on the board of directors of several community based organizations, El Concilio of San Mateo County, Accion Latina, Consumers Union: Hear Us Now and the California Community Technology Policy Group. Montes received her BA in Journalism/La Raza Studies from San Francisco State University. She is also a graduate of the California-based Hispanas Organized for Political Equality (HOPE), an institute that trains Latina women to run for political office.


Virginia REALTORS® is excited to announce the hiring of Lisa Sturtevant, PhD, who will serve as the association's Chief Economist, beginning December 1, 2018.
Lisa will provide economic expertise as it relates to residential and commercial real estate in Virginia—both at the state and local levels. She will be supporting the work of Martin Johnson and the Government Relations team, providing data and insight to heighten their work with policymakers. In addition, Lisa will provide economic reports and research to enhance members' knowledge of the housing market. This research will contribute to job creation efforts, supporting the endeavors of both homebuyers and property renters.
Lisa is the President and Founder of Lisa Sturtevant & Associates, a research firm out of Alexandria, VA, specializing in economic and housing market analyses, comprehensive housing studies, affordable housing needs assessments, and program and policy evaluation.
Lisa has served as Vice President for Research for the National Housing Conference (NHC) and as Deputy Director of the Center for Regional Analysis at George Mason University's School of Public Policy. Lisa holds a Master's degree in public policy from the University of Maryland and a PhD in public policy from George Mason University.
As a Virginia REALTOR and a George Mason Patriot (Go, Mason, go!), welcome to Virginia REALTORS!


We offer a great selection of food gifts ideal for teacher thank you's too, or you could treat someone to a bottle or two from one of our fabulous local winemakers, a selection of craft beers or some bubbles, everyone loves a sparkle. Orders for corporate gifts also taken.
Not sure what to buy? Then make someone's tummy happy by purchasing a gift voucher for them, available in store.
Beautifully labelled local or global goodies are enticing on the eye as well as the palate and we offer a bespoke hamper service where you can choose your own products in store and for a small charge your goods will be presented beautifully in a kraft card tray with cellophane, ribbon and gift tag.
Holidaying nearby and want to arrive to a bounty of fresh local seasonal produce?
Pre book your arrival hamper, barbecue or breakfast box with us and we will put together a bespoke hamper of goodies, as well as deliver to your destination so it arrives before you do (within a 10 mile radius, delivery charge applicable).
Planning ahead, in a hurry or just know exactly what you want?
You can call or email to place an order that will be available to collect at your convenience.
Want your fish filleted and prepped in advance so you don't have to wait?
The Fresh Fish shop are here each Friday and can prepare to your specifications, including getting your fish seasoned and oven ready, coming in its own foil tray ready for you to pop in the oven with minimal effort required.
If it's a request for something we don't have in stock then with notice Sebastian from the Fresh Fish Shop can fulfill specific or unusual requests. Large or catering orders may benefit from a discount.
We have a great range of ready prepared cuts of beef, lamb, pork and poultry from two local farms and one game dealer chosen for the quality of their meat and its provenance.
Orders can be taken for specific cuts of meat prepped to your requirements and available to collect at your convenience.
We are proud stockists of The Lighthouse Bakery's artisan breads and bakes.
Ensure your favourite sourdough or spelt loaf is available on the day you want by placing a regular order with us.
Chegworth Valley Farm in Kent is one of our many fresh produce suppliers, offering a wide range of home grown produce, alongside that of their partner farms in Spain and beyond.
Chegworth offer a great range of seasonal fruit and vegetable boxes that you can order through us to be available for collection, at present on Fridays.


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text:
Tulane professor to help find better treatment for respiratory disease
14-May-2019 1:05 PM EDT, by Tulane University
Newswise — A Tulane University biomedical engineering professor will share in a $2.6 million grant to research better ways of managing acute respiratory distress syndrome, also known as ARDS, a rapidly progressive disease caused by fluid buildup in the lungs and an overwhelming inflammatory response.
With no medication available to treat the condition, mechanical ventilation is the only viable option to facilitate breathing, however, it is a 'double-edged sword' that can itself damage the lung, Tulane biomedical engineering professor Donald Gaver said.
Funded by the National Institutes of Health, the project connects Gaver's research group with researchers from the University of Vermont and the State University of New York to investigate fundamental physical, chemical and physiological processes that may translate to more effective treatment of ARDS.
Gaver, the Alden J. 'Doc' Laborde Professor and department chair of biomedical engineering, says ARDs affects approximately 200,000 individuals annually in the United States and has a "distressingly" high mortality rate of 40%, largely because of ventilation-induced lung injury (VILI) that occurs during treatment of ARDS patients.
Gaver and his team will test a hypothesis that the development of VILI occurs from repetitive closing and reopening of lung units, which can damage the tissue. Their approach involves multi-scale models that are matched to experimental studies at the micro, organ and system levels, with micro-scale experiments conducted in collaboration with Dr. Doug Chrisey in Tulane's Department of Physics and Engineering Physics.
"The consequences of allowing this process to exist are dire, because this worsens tissue damage in a vicious cycle that is often ultimately fatal. Our goal is to better understand this pathophysiological process and develop novel ventilation protocols that can reduce the extraordinarily high death rate from ARDS. This takes a multi-disciplinary team that we have developed, spanning researchers from three universities."
Respiratory Diseases and Disorders
Tulane Tulane University Tulane School of Science and Engineering Biomedical Engineering University of Vermont State University of New York National Insitutes of Health Lung Injury ARDS

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Cruise Diary: Day 2 Venice, Italy
Submitted by: Dorian
Five-Star Mariners Jan and Dick Yetke set sail on Prinsendam's 64-day Grand Mediterranean Voyage in March, and we're catching up as quickly as possible. Enjoy the journey with Jan and Dick!
So, today is our second day in Venice. First thing is we have to return the car by about 10 am. No problem getting the car out of the lot and driving to the Hertz place to return the car. Then we were off on a water taxi (principal mode of transportation in Venice) from Piazzale Roma to St. Mark's Square – our main destination goal for today for walking around and shopping!!! Bells chime, pigeons (some brave souls let the birds land on them!) and violins play – welcome to Piazza San Marco.
For some unknown reason, April apparently is "spring break", holiday, season for Italians. The place was very, very crowded and we were very surprised. It wasn't even summer season. Note the crowds in our photos. Also, take note of the platforms stacked up around St. Mark's Square. These are laid out all over the area when it is flooded, which it does more than 35 times per year (4 times the number in 1970). We have been there when we were walking up on these platforms above water. Dick couldn't take the crowds and therefore was not in the mood to go in and out of stores with me. But I wanted to shop! So, he went back to the ship. Therefore, I was free to buy what I wanted!! Hmmm – got some nice things!!! Anyway, I had a wonderful time and interestingly enough, after a couple hours, the crowds seemed to disperse. Don't know where they went but they were no longer all crammed into St. Mark's Square.
Water Ferry
Crowd at St. Marks Square
Venice is always kind of a magical city, one of the most beautiful…bordering on surreal…cities in the world. It abounds with buildings and decorations from Byzantine to Renaissance styles. The center and certainly most famous part of the city, is the Piazza San Marco ("Saint Mark's Square"). St. Mark's Cathedral and the Doges' Palace are the two most important and imposing structures in Venice. The cathedral – begun about 828, reconstructed after a fire in 976 and rebuilt between 1047 and about 1071 – is an astounding example of Byzantine architecture. The palace was begun about 814 and was destroyed by fire four times. Each time it was rebuilt on an even grander scale. Two famous granite columns stand near the Doges' Palace, both erected in 1180, one bearing the winged lion of Saint Mark and the other Saint Theodore of Stadium on a crocodile. The most conspicuous feature of the city is the bell tower of Saint Mark, which is about 300 feet high. It was built between 874 and 1150 and reconstructed after it collapsed in 1902. Bronze Moors have struck the chimes for more than 500 years. The famous Bridge of Sighs connects the palace with public prisons and was the route by which prisoners were taken to and from the judgment hall. Also in the piazzetta (St. Mark's Square) where the square opens onto the Grand Canal, two granite columns are surmounted by city icons: St. Marks Lion and St. Theodore (see photo of columns).
Venice is a city of bridges and canals and wandering around on foot brings delightful surprises around almost every corner. Lined with almost 200 marble palaces built between the 12th and 18th centuries, Venice's Grand Canal has been referred to as 'the world's finest street with the world's finest houses'. It is about 2 miles long and winds through Venice in a backward S, serpentine fashion, from northwest to southeast, dividing the city into two nearly equal portions. No motor vehicles are permitted on the narrow, winding lanes and streets that penetrate the old city, and the bridges are for pedestrians only. For centuries the most common method of transportation was by gondola, a flat-bottomed boat propelled by a single oar. Today, the gondolas are used mainly by tourists; motor launches carry almost all the freight and passenger traffic in Venice. The Vaporetto (water bus) is the name of the passenger boat line. The #1 is the local down the Grand Canal.
There are many islands in the Venetian lagoon, but most famous are the Lido, San Michele, Murano, Burano, and Torcella. Murano is the source of the delicate Venetian glass 'candies'. The glassworks (where we visited last time we were in Venice) were moved to the island by royal decree at the end of the 13th century because of fire hazard. On the way to Murano, you pass the cemetery island of San Michele. A decade after burial, bones are removed from the graves. Burano was famous for its fine lace. It is magnificent, as is the Murano glass!!!
Our ship sailed away about 4pm and it is a beautiful sight!!! The weather was sunny and warm so we had a great sailaway party out on the back deck!! We were once again able to wave goodbye and enjoy the sights of Venice as we sailed past. It is unique and beautiful!!!
St. Marks Square.
Pillars in St. Marks Square.
Doges' Palace.
Top of St. Mark's Cathedral.
Bridge on sailaway.
Looking back at St. Mark's Square.
Hilton Hotel.
Tags: cruise, gondola, Grand Mediterranean Voyage, Grand Voyages, HAL, Holland America Line, Italy, Mediterranean, St. Mark's Square, vacation, Venice
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EU referendum could be delayed until October as rival Brexit campaign considers legal challenge to Michael Gove's Vote Leave winning official status
Michael Wilkinson, Political Correspondent
13 April 2016 • 3:58pm
Vote Leave wins official designation for leave campaign
Cameron booed by Tory MPs over Brexit 'scare stories'
Corbyn: Government should be 'more even' in pro-EU leaflet
Top Tory donors to give £5m to Brexit campaign
PM: I won't quit if Britain votes for Brexit
Corbyn: I paid more tax than firms friendly with Cameron
Tweet your comments to me @ThatMichaelW
Failed leave campaign decries 'political stitch-up' and threatens legal challenge within days
A leading figure in the group that failed to become the lead Out campaign has called the decision a "political stitch-up" and pledged to challenge it legally within days.
Speaking after the announcement, Arron Banks, the founder of Leave.EU which is one of the groups comprising GO Movement, confirmed he would now be seeking a judicial review to the decision.
The comments come after Mr Banks had told The Telegraph before the announcement that he would consider a legal challenge.
Asked if he would seek now judicial review, Mr Banks told The Telegraph: "Definitely. We are going to see lawyers now. We think they haven't applied the criteria they should have."
When asked if the move was just "sour grapes" for failing to get the nomination, he responded: "It is not right. We have over a million supporters, [Vote Leave] have nobody but a few Tory politicians. ... This is a political stitch-up."
On the impact of the decision on the EU referendum campaign, Mr Banks said: "It becomes an internal squabble in the Conservative Party, doesn't it? Do we really think Gove and Boris are going to go at it with the Conservative Party? They are one and the same, it is a stitch-up.
"The bottom line is we're going to judicially review it and we will go at it 100 per cent. The net effect is that it will probably delay the referendum.
"The process has been despicable. They have been saying they stitched it up with the Electoral Commission. We got nearly a million supporters.
"We've got Ukip, the main campaigning force behind the referendum, and they've given it to a bunch of Tories to basically have an internal fight with themselves. It's crazy … It is a disgrace."
Ben Riley-Smith, Political Correspondent
Ukip leader Nigel Farage offers warm words to Vote Leave
Nigel Farage Credit: Danny Lawson
"I congratulate Vote Leave on getting designation. The decision of Ukip to back Grassroots Out was on the basis that they saw the importance of the immigration issue in this referendum, and that we wanted to reach out across the country at a grassroots level and work with everyone from the left, centre and right of British politics to get our country out of the EU. I believe this approach is the only way the Leave side can win this referendum.
"It is clear that Vote Leave now share my view on this approach, for instance the issue of EU open borders is now a prominent part of their campaign messaging.
"Regardless of whichever campaign got the designation, Ukip would always have played a big role in this campaign as the only national party committed to leaving the EU and with a substantial £4 million spending limit.
"I have always wanted all on the Leave side to come together and have done my best to try and make this happen. I'll continue to do so in the run up to the referendum to ensure the Leave side wins.
"We in Ukip, as I've said from the start, will work with anyone that wants to leave the EU. We must work together to get our country out of the European Union."
EU referendum could now be delayed until October if Arron Banks launches legal challenge
The European Union referendum could be delayed until October if the campaign designation decision by Electoral Commission today is challenged through the courts.
The Electoral Commission said it had decided to decided to make rival Vote Leave group the official designated "Brexit" campaign, rather than rival Grassroots Out Movement.
Arron Banks, the founder of Leave.EU which is one of the groups comprising GO Movement, said his legal team will be examining why the Commission ruling to make sure "it conforms to their guidelines".
Arron Banks Credit: PA
Mr Banks left to consult with a barrister about the next steps within minutes of the Electoral Commission announcement at 3pm. An aide said: "We are going to see counsel now."
The two sides have been at loggerheads for months over the designation, which will give the winner the right to raise £7million during the 10 week campaign.
All other campaigns will have their spending capped at £700,000.
Vote Leave was seen as the favourite because it is backed by senior Tory politicians including Michael Gove, the Justice Secretary.
Michael Gove, the Justice Secretary Credit: Telegraph
If the lawyers found that the Commission had not followed its guidelines then he would consider launch a legal challenge in the High Court.
He told The Telegraph: "We will be looking very closely at what the Commission announces, and their justification and the lawyers will be going through it to ensure fair play.
"Legal opinion states that if it is judicially reviewed it might knock the time table out from June to October. That is the initial advice we have had."
Sources said the referendum would have to be delayed because there has to be law a 10 week campaigning period before the referendum.
Christopher Hope, Chief Political Correspondent
GO Movement respond to Vote Leave designation
There have been many rows between the various 'leave' campaigns, but will they now rally around Vote Leave, the official campaign?
Conservative MPs Tom Pursglove and Peter Bone with Ukip leader Nigel Farage Credit: AP
Peter Bone MP, co-founder of Grassroots Out, says:
"We congratulate Vote Leave on securing designation and we thank our supporters for all the hard work they have put into the campaign so far.
"We draw our support from right across the political spectrum and from tens of thousands of grassroots campaigners of no particular political affiliation. "We are motivated by a deep sense of patriotism and the unflinching belief that the UK will be safer, stronger and more independent outside the EU. We will be able to control our own borders, build our prosperity by trading freely with the whole world, and restore our historic right to self government.
"We look forward to working closely and productively with all those who want to see the UK set free to determine its own destiny. We are determined to play our part in creating a united front to secure victory on June 23 for Leave – Independence Day."
Britain Stronger in Europe is official 'remain' campaign
This hardly came as a surprise, but the Britain Stronger in Europe campaign will be the official 'remain' campaign group.
What does Vote Leave and Britain Stronger in Europe get for being 'official'?
The two official campaign groups for 'leave' and 'remain' will now have access to specific benefits set out in law during the regulated 'referendum period' which begins on April 15. The benefits of being a lead campaigner are:
A higher spending limit of £7 million
One free distribution of information to voters
The use of certain public rooms
Referendum campaign broadcasts
A grant of up to £600,000 is awarded and can be used for certain spending including the administration costs associated with setting up and running a referendum campaign and the costs associated with the TV broadcasts and a free mailing to voters that they are entitled to as lead campaigners
In addition to these benefits, lead campaign groups can have:
A dedicated page in the Commission's public information booklet which will be distributed to all households in the UK (in both English language and bilingual English/Welsh language versions)
The inclusion in the booklet of a link to a page on the campaigner's website, which should include their opinion on what will happen in the event of either referendum result
Vote Leave designated as the OFFICIAL leave campaign
Vote Leave, the organisation which justice secretary Michael Gove joined, has been designated as the official leave campaign.
MPs to debate 210,000-strong petition against Government's pro-EU leaflet
MPs will have a chance to discuss the leaflet in the House of Commons on May 9, after the parliamentary Petitions Committee ordered a debate in response to an e-petition which has gathered more than 210,000 signatures.
Corbyn will not share stage with Cameron on EU
Jeremy Corbyn has committed Labour to campaigning for Britain to remain in the EU and is set to make a high-profile speech on Thursday to set out his own personal journey on the issue since the 1975 referendum, when he opposed membership of the Common Market.
Asked whether Mr Corbyn thought the Government was right to spend £9 million on a leaflet setting out only the arguments for continued membership, a senior Labour source told reporters: "Jeremy is of the view that the Government should supply a more even approach on information, to allow for an informed decision by the public, while we would still campaign to stay in Europe."
The spokesman confirmed the Labour leader will not share a stage with Mr Cameron during the referendum campaign, but said he would appear with representatives of pro-EU trade unions including Unison, which has announced it will encourage its 1.3 million members to vote Remain on June 23.
LATEST: Jeremy Corbyn says Government should be 'more even handed' over pro-EU leaflet
Jeremy Corbyn's believes the Government should "supply a more even handed approach" to the information the public receives on the EU referendum, according to his spokesman.
The Labour leader believes that telling people the pros and cons of Britain's continued membership would allow people to make "an informed choice".
Jeremy Corbyn at PMQs today
It adds to the pressure that David Cameron is under after Eurosceptics complained that the Government was spending £9million on a pro-EU leaflet that is tantamount to "propaganda".
Mr Corbyn's spokesman insisted that he is still wholly committed to Britain remaining in the EU and will give a major speech to that effect tomorrow in London.
Unison backs EU membership
Away from the House of Commons, the "remain" campaign has received another boost. Unison is the latest union to come out in support for Britain's continued membership of the European Union.
Unison joins Unite and GMB in saying they will campaign to Stay in EU Ref. That's the 3 biggest unions backing remain
— Jason Beattie (@JBeattieMirror) April 13, 2016
Cameron booed by his own MPs
David Cameron was booed by his own MPs after he accused the Eurosceptics of promoting "scare stories" in their bid to get Britain out of the EU.
Lots of boo-ing from Tories as Cameron accuses eurosceptics of 'scare stories' over border controls in EU leaflet row #PMQS
— Tamara Cohen (@tamcohen) April 13, 2016
Mr Cameron defended the Government's £9million pro-EU leaflet saying it is vital the "truth" gets out to the British public.
Eurosceptic Tory MP Jacob Rees-Mogg questioned the validity of the document's claims. He asked: "Over 200,000 economic migrants came from the European Union in the period for which we've got figures, yet the propaganda sheet sent out to the British people claims we've maintained control of our border. Have we withdrawn from the freedom of movement or is that sheet simply untrue?"
Eurosceptic Jacob Rees-Mogg Credit: REX
But the Prime Minister responded: "The truth is this, economic migrants that come to the European Union do not have the right to come to the UK. They are not European nationals."
He added: "Frankly, this is why it is important that we do send information to households so they can see the truth about what is being proposed. What (he) has just put forward is classic of the sort of scare story we get. Britain has borders, Britain will keep its borders, we have got the best of both worlds."
PM: Parent governors are important part of school life
David Cameron says that parent governors are an important part of school life and adds that it is wrong for Labour to say that Government is trying to get rid of them altogether.
PM: 'No punishment in world' fit for Kathryn Smith
The PM says there is "no punishment in the world" fit for Kathryn Smith, 23, jailed for murdering her daughter Ayeeshia Smith. He was asked by a Conservative MP to look at the serious case review into the child's death after it emerged that members of staff from the agencies who failed to step in to protect the child are on the panel.
Kathryn Smith, 23, jailed for murdering her daughter Ayeeshia Smith Credit: PA
Cameron says Brexiteers are 'scaremongering'
David Cameron has defended the Government's £9million pro-EU leaflet saying it is vital the "truth" gets out to the British public.
Asked by Eurosceptic Tory MP Jacob Rees-Mogg about the document's claims on migration, he said: "The truth is this. The economic migrants who come to the European Union do not have the right to come to the UK. None of those people have the right."
He said that Mr Rees-Mogg's claims to the contrary are the "classic type of scaremongering" he has come to expect from who want Britain to leave the EU.
Cameron insists academies work well
David Cameron has been asked by MP Stephen Timms why he is forcing all schools to become academies when there is no evidence that it actually works.
The PM says: "All the evidence shows that academies work as part of our reforms."
Caroline Lucas: Why have Mossack Fonseca's UK offices not been raided?
The Green MP asks why the Panama law firm's UK office has not been raided as part of investigations into tax evasion.
David Cameron says the Government is doing all it can to investigate but it would not be right for him to advocate the raiding of a particular premises.
Will the PM attend an asparagus festival?
After all that chatter about tax avoidance, a lighter note. Tory MP Nigel Huddleston asks whether David Cameron will be attending an asparagus festival. The PM says he might.
David Cameron may attend an asparagus festival Credit: PA
PM: 'I'll stay in office if UK votes for Brexit'
Michael Gove shouts "yes" as the Prime Minister tells Ukip's Douglas Carswell that he will stay in office if the UK votes to leave the EU.
The Justice Minister is stood at the entrance to the Commons, not in his usual seat on the front bench.
Mr Gove has taken the opposition position to Mr Cameron and is campaigning for Brexit, a decision the PM said was "disappointing".
'HMRC too focused on benefit fraud, not tax evasion'
Angus Robertson says there are ten times more staff in HMRC looking at benefit fraud compared to those looking at tax evasion.
Angus Robertson Credit: PA
The leader of the SNP in Westminster says this is the wrong way round, the government should focus on cross border avoidance and evasion.
The Prime Minister says he will "look carefully at the figures" but claims they sound "completely bogus".
Jeremy Corbyn's questions today
So, Jeremy Corbyn has finished asking his questions, choosing to keep them all to the issue of tax avoidance and evasion. It is fair to say that he performs much better when he sticks to one subject.
There were no questions from him on steel and he did not ask any questions from the general public like he normally does.
The reaction from the Twitterati?
Well, George Eaton, from the New Statesman, says all this tax talk is just "white noise" to most people:
Cameron will be glad to be immersed in wonkish exchange on tax reform that will be white noise to most voters. #PMQs
— George Eaton (@georgeeaton) April 13, 2016
The Mirror's Kevin Maguire says Mr Corbyn delivered "a corker" today:
"I actually paid more tax than owners of companies he might know quite well" Corbyn corker against Osborne. Cameron silent #PMQs
— Kevin Maguire (@Kevin_Maguire) April 13, 2016
There is also speculation that David Cameron has not actually heard of the playwright Sir Arnold Wesker as he simply referred to him as "the famous playwright" in response to Mr Corbyn's tribute to him after his death at the age of 83.
Laughter as Cameron mourns the loss of "the famous playwright", appearing not to know Arnold Wesker's name. #PMQs
A Labour MP should get up and ask Cameron to name his favourite Arnold Wesker plays!! #PMQs
— Tim Montgomerie ن (@montie) April 13, 2016
Labour's record on tax avoidance brought into question
David Cameron attack's Labour record on tackling tax evasion and tax avoidance. He tells Jeremy Corbyn:
"We're running to catch up because Labour did nothing to tackle it in 13 years."
Chasing down tax avoidance and evasion
Jeremy Corbyn says the Budget says HMRC spending will fall from £3.3billion to £2.9billion by 2020. He asks the PM whether Jersey and other tax havens will release beneficial ownership information.
Mr Cameron says yes they will but the UK is going further by publishing a public register.
Mr Corbyn questions whether it really is a public register though.
HMRC job losses
Jeremy Corbyn wants to see more money spent on HMRC, which has come under a lot of pressure in recent months.
But Mr Cameron says: "It is not how much money you spend on an organisation. It is how many people you can have out there collecting people's taxes and making sure the forms are properly filled in."
A little jibe to Mr Corbyn over his tax return thrown in there again.
But the Labour leader won't give up on this - he asks why so many people at HMRC have lost their jobs.
Labour MPs feeling cheery
My colleague Kate McCann, who is in the Chamber, says that Labour MPs cheered up a bit when Mr Corbyn had a dig at companies owned by people that the PM "might know quite well" who paid less tax than he did last year.
It follows a dig from Mr Cameron, who says Mr Corbyn's tax return "wasn't entirely accurate". This refers to the Labour leader's admission that he missed his pension off his tax return.
PM's jibe at Corbyn's tax return
David Cameron has mocked Jeremy Corbyn for his tax return which was submitted to HMRC six days late.
"His tax return was a metaphor for Labour Party policy. It was late, it was inaccurate and it was uncosted," he said.
But Mr Corbyn was quick to respond: "There it is warts and all. My handwriting and my generous overpayment. I actually pay more tax than some companies he might know quite well."
"I paid more tax than some companies owned by people he might know quite well" says @jeremycorbyn #PMQs https://t.co/u6PcX5jO9z
— DailySunday Politics (@daily_politics) April 13, 2016
Corbyn's tackles tax avoidance
Jeremy Corbyn takes the Prime Minister to task on tackling tax avoidance.
"This has gone far faster and far further under this Government than any other previous Government," Mr Cameron insists.
Jeremy Corbyn says the Panama Papers exposed the "scandalous" situation where wealthy individual attempt to avoid paying their taxes.
Tribute to Sir Arnold Wesker
Jeremy Corbyn pays tribute to Sir Arnold Wesker who has died at the age of 83.
"One of the great playwrights of this country. One of those angry young men of the 1950s and like so many angry young people change the face of our country."
Supporting small businesses
Conservative MP Wendy Morton kicks off PMQs with a question about supporting small businesses saying that the Tories are "a party of enterprise and aspiration". Naturally, David Cameron agrees with her. "We want people to keep more of their own money," he says about reductions in people's taxes.
PMQs about to begin
We are just moments away from this week's Prime Minister's Questions.
Will Jeremy Corbyn quiz the Prime Minister on tax evasion - or will he choose another topic perhaps closer to Labour's heart, which is the controversial plan to force all schools to become acadmies? Or perhaps steel?
This is today's order paper:
15 MPs on the order paper for #PMQs - others who catch Speaker's eye will also be called. First up: @morton_wendy pic.twitter.com/jA9CAEaLUm
— PARLY (@ParlyApp) April 13, 2016
EU referendum debate rumbles on
The debate on the EU referendum rumbles on today on the BBC's Daily Politics show.
Owen Paterson, the former Cabinet minister, tells the programme: "We need to have control and we don't have control."
But Hilary Benn, the Shadow Foreign Secretary, says the economic case for remaining in the EU is "very strong".
He warns that by trading with the EU without being a member Britain would have to follow the rules without having any influence over them, like Norway.
But Mr Paterson says that Britain is not Norway - we are the fifth biggest economy in the world.
'Unreformed EU is real risk facing the UK'
An unreformed EU represents the real risk facing the UK, Gisela Stuart, the Labour MP and chairman of Vote Leave has warned today.
To coincide with the speech, Vote Leave has published new research which they claim shows that the Eurozone faces a "daunting demographic and fiscal crunch that future generations will struggle to cope with".
Gisela Stuart MP Credit: Telegraph
The campaign group says that research shows that public spending on pensions in the Eurozone is forecast to rise by 2.1% of GDP by 2050, while debt interest payments are set to go up by more than double that rate. The combined effect is a conservative estimate that taxes in the single currency bloc will have to rise by 17.6% by 2050 as the shrinking working-age population pays to support a swelling army of the retired.
Ms Stuart said: "This daunting demographic reality just goes to show that the Eurozone is a ticking time bomb - an alarming reality that all EU members will inevitably be affected by."
David Cameron leaves Downing Street for PMQs
The Prime Minister has just been pictured leaving No 10 as he heads to the House of Commons for today's Prime Minister's Questions at noon.
David Cameron leaves 10 Downing Street Credit: PA/Stefan Rousseau
IMF warns of 'severe global damage' if Britain backs Brexit
The International Monetary Fund (IMF) warned yesterday that a "Brexit" would cause "severe regional and global damage" and cause "major challenges" for Britain.
Both Mr Cameron and George Osborne, the Chancellor, seized on the comments by the IMF, which downgraded its growth forecasts for the UK because of the risk of a "Brexit" and added that leaving the EU would cause "major challenges" for the UK.
However, campaigners pointed out that the IMF had been "consistently wrong" in past forecasts and had been forced to apologise to Mr Osborne in 2013 for having predicted that his austerity measures would harm the UK economy.
"The IMF's warnings about our exit from the EU are stark," Mr Osborne said. "For the first time, we're seeing the direct impact on our economy of the risks of leaving the EU."
Whittingdale avoids questions as he leaves home
Culture Secretary John Whittingdale avoids questions over whether he can effectively make decisions about press regulation after disclosures of his relationship with a prostitute.
You can read the full story about Mr Whittingdale here.
Risks of staying in the EU
Labour MP Gisela Stuart will deliver a speech shortly called 'The risks of staying in the European Union'.
Labour MP Gisela Stuart Credit: Telegraph
Speaking just days before the beginning of the official campaign, the chairman of Vote Leave will reveal why staying in an unreformed European Union is the real risk to the UK.
David Cameron v Jeremy Corbyn at PMQs today
The Prime Minister and Labour leader will go head-to-head today in Prime Minister's Questions.
It is the first session of PMQs since MPs returned from their Easter Recess on Monday.
Jeremy Corbyn will quiz David Cameron today Credit: Hannah McKay
Will Mr Corbyn reflect upon Mr Cameron's torrid week in the shadow of the Panama Papers when he asks his six questions?
The Labour leader is often unpredictable when it comes to PMQs, so we shall have to wait and see.
It has undoubtedly been a difficult week for the PM, but Mr Corbyn is facing his own issues too.
Labour activists are seeking to change the party's rules so that anti-Semitic members can be permanently banned after yet more abusive comments have emerged.
Conservative donors prepare to sink £5million into Brexit campaign amid anger about pro-EU leaflet
Major Tory donors are preparing to fund a grassroots campaign to leave the European Union following David Cameron's decision tospend millions of pounds on a pro-EU leaflet, the Telegraph can disclose.
Members of the Midlands Industrial Council, a group of businessmen which have bankrolled the Conservative party for 20 years, are planning to donate between £4million and £5million to the anti-EU campaign over the next 10 weeks.
It will be seen as an attempt to redress the balance following the Government's controversial decision to spend £9.3million of taxpayers' money in order to send a pro-EU leaflet to every home in Britain.
The Brexit donation will come as a blow to David Cameron Credit: Stefan Wermuth
David Wall, the Council's secretary, says his members are "incandescent with rage" over Mr Cameron's decision to send the leaflet.
Their decision will come as a major blow to Mr Cameron ahead of the June 23 referendum and is a sign of the anger among many traditional Tory backers at the decision to publish the leaflet, which has been described as "propaganda" by critics.
Members of the Midlands Industrial Council have, since Mr Cameron became Prime Minister in 2010, donated between £1million and £2million to the Tory party every year.
Ahead of last year's general election, the Council's members supported between 40 and 50 Conservative MPs' seats, as well as the central party.
David Wall, the Council's secretary for the past 20 years, joined Grassroots Out Movement's board earlier this year.
In an interview with the Telegraph, Mr Wall said that five members of the Council, who are all Conservative party donors, have already put around £500,000 into the "Brexit" campaign.
Asked how much the Council might donate to the anti-EU campaign ahead of the vote on June 23, he said: "I would say there is a potential of £4million or £5million."
The Electoral Commission must decide by tomorrow whether Grassroots Out Movement or the rival Vote Leave group is made the official designated "Brexit" campaign. The official EU
Vote Leave is seen as the favourite because it is backed by senior Tory politicians including Michael Gove, the Justice Secretary.
Christopher Hope and Peter Dominiczak


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Justice Department Settles Immigration-Related Discrimination Claim Against Florida Roadside Assistance Services Company
The Justice Department reached an agreement today with Brickell Financial Services Motor Club, Inc., d/b/a Road America Motor Club, Inc. (Road America), headquartered in Miami, Florida. The settlement resolves the department's investigation into whether the company violated the Immigration and Nationality Act (INA) by discriminating against work-authorized immigrants when verifying their work authorization.
The department concluded, based on its investigation, that Road America routinely requested that lawful permanent residents show their Permanent Resident Cards to prove their work authorization but did not request specific documents from U.S. citizens. Lawful permanent residents often have the same work authorization documents available to them as U.S. citizens, and may choose acceptable documents other than a Permanent Resident Card to prove they are authorized to work. The investigation further revealed that Road America required lawful permanent resident employees to re-establish their work authorization when their Permanent Resident Cards expired, even though federal rules prohibit this practice. The antidiscrimination provision of the INA prohibits employers from subjecting employees to unnecessary documentary demands based on the employees' citizenship or national origin.
"When verifying the work authorization of employees, employers may not erect unnecessary barriers based on employees' citizenship or national origin," said Acting Assistant Attorney General Tom Wheeler of the Civil Rights Division. "Employers must ensure they are aware of their legal obligations to avoid discrimination, and we applaud Road America for committing itself to do so through this settlement."
Under the settlement, Road America will pay a civil penalty of $34,200 and pay $1,044 to compensate a worker who lost wages due to its unfair documentary practices. Road America has also agreed to post notices informing workers about their rights under the INA's antidiscrimination provision, train their human resources personnel, and be subject to departmental monitoring and reporting requirements.
The division's Immigrant and Employee Rights Section (IER), formerly known as the Office of Special Counsel for Immigration-Related Unfair Employment Practices, is responsible for enforcing the antidiscrimination provision of the INA. The statute prohibits, among other things, citizenship, immigration status, and national origin discrimination in hiring, firing, or recruitment or referral for a fee; unfair documentary practices; retaliation and intimidation.
For more information about protections against employment discrimination under immigration laws, call IER's worker hotline at 1-800-255-7688 (1-800-237-2515, TTY for hearing impaired); call IER's employer hotline at 1-800-255-8155 (1-800-237-2515, TTY for hearing impaired); sign up for a free webinar; email IER@usdoj.gov; or visit IER's English and Spanish websites.
Applicants or employees who believe they were subjected to different documentary requirements based on their citizenship, immigration status, or national origin; or discrimination based on their citizenship, immigration status, or national origin in hiring, firing, or recruitment or referral, should contact IER's worker hotline for assistance.
Road America Settlement Agreement
Component(s):
Civil Rights Division
Civil Rights - Immigrant and Employee Rights Section
Press Release Number:
Speeches and Press Releases


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VRXHZNPMNKGSKBMYLLYPFENVSHealthcare
What Canada's New Medical Marijuana Rules Mean for Investors
The Life Sciences Report Follow
| Thursday, 15 January 2015 16:37 (EST)
Life sciences analyst Daniel Pearlstein of Toronto-based M Partners brings knowledge of the biotech sector and hands-on experience in the startup realm to understanding value and growth in small- and micro-cap life sciences companies. In this interview with The Life Sciences Report, Pearlstein offers his perspectives on six Canadian biotech and specialty pharma names with different value propositions and the capacity to grow multiples of invested capital, including one company in the budding medical marijuana field.
The Life Sciences Report: Daniel, you're a sellside analyst in the life sciences today, but in the past you've been a buyside analyst in a venture capital firm, where companies don't file financials and disclosures every quarter. You have to be tenacious to get the kind of information you need from venture-held startups. Was that experience a help to you when you moved to public companies?
Daniel Pearlstein: Yes. I started in technology transfer, evaluating the commercial opportunities of early-stage technologies from universities and research hospitals in the Greater Toronto Area. As an analyst on the life sciences team, I focused on the formation of academic/industry research partnerships, licensing, royalty arrangements and company creation.
I eventually joined one of the medical device startups in a business development role. While there, I was exposed to every facet of the business—sales, marketing, product development, trade shows and more—and gained an appreciation for how dynamic and versatile you must be in that environment. All hands on deck, all the time. Both of those experiences allowed me to move to a venture capital firm looking at North American clinical-stage therapeutics and medical device companies, where I gained many of the skills I use to analyze and scrutinize early-stage companies. In moving to the sellside, I also create new processes and adapt to the kind of information that's presented or withheld in a quarter.
TLSR: What kind of public companies do you follow today?
DP: We generally look at Canadian companies with market caps of $25–500 million ($25–500M), with good management teams that have positive track records, assets that could fill a clinical need, and longevity and protection of intellectual property (IP).
TLSR: You mentioned technology transfer. Technology transfer and IP go together. Do you find that IP diligence is a huge part of your practice? Do you think investors overlook the importance of IP, and assume patents are bulletproof?
DP: To answer your first question, we look at both the IP and proof-of-concept data. As to the second, I wouldn't say IP is overlooked, but some things are easy to miss. I don't think it would be prudent to assume that patents are bulletproof. We take the diligence and research as far as we can. We look at comparable products, we look at what's out on the market, and we do patent searches where necessary. IP is very important.
TLSR: You follow the medical Cannabis industry in Canada. Could you give me some background on this industry and its evolution as it relates to new public companies in this domain?
DP: In the last nine months, the medical marijuana industry in Canada has experienced a paradigm shift that was years in the making. The Canadian government changed the way it grants and distributes licenses for production of medical Cannabis. Under the old system, patients would have to complete a lengthy application to Health Canada to receive a license to do one of three things: 1) grow it themselves, 2) designate a personal grower, or 3) purchase it from Health Canada. The new system, called the Marihuana for Medical Purposes Regulations (MMPR) which came into effect on April 1, 2014, essentially got rid of the first two options and created an oligopoly (a market dominated by a limited number of sellers) by Health Canada licensing a small number of companies to be the producers of medical Cannabis.
TLSR: How many Cannabis companies are now licensed in Canada?
DP: The new system has privatized the production and supply of medical Cannabis, and there are 23 licensed producers (LPs) so far. The new system aims to provide LPs with structured and regulated guidelines for production and for qualified patients, a much easier application process and increased choice of Cannabis strains. The system also provides for a reduced role for Health Canada and reduced costs of administrating the program as compared to before. I should mention that on March 21, 2014, a federal court judge granted an injunction to a group of patients who asked to preserve the status quo—the old system—until a constitutional challenge to the new system can be heard. We expect a decision on that challenge in Q1/15.
TLSR: We see IP/patent issues arise all the time in drugs made from natural products. Is marijuana a public domain commodity?
DP: At this point, LPs have been capitalizing to build up production facilities. They have no incentive to pay for expensive clinical trials or patent anything yet. You hit the nail on the head—there aren't really many properties of the plant that can be patented, and those LPs that have crossed the finish line have no incentive to spend the money to do so right now. Instead of IP being the major barrier to entry for the LPs, it's the license itself. Over 1,100 LP applications have been submitted to Health Canada in the last year and a half, and only 23 licenses have been granted. We believe there is a low likelihood of many new licenses being granted in the near term.
TLSR: With no clinical trials, and therefore no disease indications or approved labeling, is prescribing marijuana products a "practice of medicine" issue at the discretion of the physician?
DP: Yes, the new system is designed to allow physicians to write monthly prescriptions, just like for any other drug.
TLSR: According to Health Canada, 40,000 (40K) patients are qualified for marijuana prescriptions in Canada today. I assume there's a backlog of patients waiting to get approved. Health Canada says that number will jump to 450K patients in a decade. Why is that number going to grow? Is it just awareness?
DP: That is a good question, because it highlights the difference between the old program and the new, which lowers hoops and hurdles to obtaining the product. The number grows so big so quickly because of increased access. Under the old system, getting a personal license required long application wait times—as long as six months for a response. Under the new system, a patient acquires medical Cannabis by going to the doctor, getting a medical document, essentially just like a prescription, sending that document to an LP, and having the product mailed directly to the patient's door. Acquiring medical marijuana now may take a matter of days. There is benefit for all the stakeholders involved.
Right now the LPs are investing in education of key opinion leaders, as well as general practitioners. The latter are the front line; they will see patients first. Patients and their physicians may not necessarily require a prescription as first-line treatment, but they may want to layer on Cannabis as a secondary or tertiary option—for example, to reduce the dependence on opioids or to relieve the pain from chemotherapy treatment. These are some of the growth possibilities.
TLSR: I know you have one medical marijuana company under coverage.
DP: Yes. Bedrocan Cannabis Corp. ($BED:CA) ($BNRDF) is a licensed producer and distributor of medical Cannabis in Canada under the MMPR. The company was formed in February 2012 for the purpose of becoming the exclusive Canadian licensee of Bedrocan BV, the Dutch government-contracted LP that has been operating in the Netherlands for the last 13 years. It is currently the sole Cannabis provider for the Dutch government, and Bedrocan Cannabis Corp. is the only Canadian licensee of Bedrocan BV. In February 2014, Bedrocan entered into an exclusive licensing arrangement for an indefinite term to use the Bedrocan BV brand name and IP. Bedrocan Cannabis is actually one of the first few LPs to go public.
TLSR: It sounds like you believe the Bedrocan BV brand name will add value to Bedrocan Cannabis. Is that the case?
DP: Yes. We like Bedrocan Cannabis because of the track record of its partner, and because of its ability to create a standardized, reproducible product that we believe physicians and patients can trust to receive a genetically identical product each time. We expect that physicians will depend on a standard and consistent product that yields reproducible results to dose and monitor patient progress.
We believe the track record of the Dutch partner is second to none in the industry. The management team at Bedrocan Cannabis is well versed in the sector, with experience working with physicians in the field. Some of the near-term milestones for domestic production may also provide increased margins, as the company switches from importing the product to domestically producing it.
TLSR: Do you feel that there's some stigma attached to prescribing or dispensing marijuana?
DP: Yes, there's still some stigma. But if physicians can improve patient outcomes, and potentially wean them off more addictive opiates, we'll start to see more physician adoption. At this point in time, the physicians in Canada are the key. We need buy-in from the medical community to kick the program into another gear.
The Canadian Medical Association has come out publicly and said it doesn't support the use of marijuana right now, especially when inhaled through the lungs, since many of the patients for whom it may be prescribed may have some comorbidities that could be exacerbated by inhaling. However, the College of Family Physicians of Canada released prescribing guidelines at the end of September 2014 because its member physicians were receiving so many questions from their patients, asking whether marijuana would work for them. Part of the issue right now is that physicians may not know exactly how to prescribe Cannabis. These prescribing guidelines provided a first step, and show the medical community is starting to come around.
TLSR: Medical marijuana has had a strong advocacy movement behind it. Moving into more traditional realms, I'm wondering whether foundation support gives you more confidence in a molecule or platform? I ask because advocacy groups can be very persistent, and tend to focus not just on future product development, but on the day-to-day needs of patients presently suffering with a disease. When you see a foundation funding research in a certain area, does it give you more confidence in a molecule?
DP: Absolutely. Third-party validation is always a good place to see a checked box. One company we cover that actually has had experience in that realm is Cynapsus Therapeutics Inc. ($CTH:CA) (CYNAF) . The company has received two grants totaling $1.5M from The Michael J. Fox Foundation for Parkinson's Research. We believe that vote of confidence is very advantageous, and helps support our thesis on the company.
Cynapsus is developing its lead candidate, APL-130277 (sublingual apomorphine strips), via the defined lower-risk U.S. Food and Drug Administration (FDA) 505(b)(2) regulatory pathway. Apomorphine is already approved and is considered a safe drug for treating Parkinson's disease patients. Cynapsus is pursuing an efficacy pathway to generate its own label.
The drug targets patients having "off" episodes, or hypomobility, with muscle stiffness and difficulty in moving. Off episodes affect up to half of Parkinson's patients. Cynapsus has reformulated apomorphine into a thin, easy-to-use film strip that goes under the tongue. Once commercialized, patients would take multiple doses to replace apomorphine currently used as an injection. It's hard to inject yourself in that off state; it's much easier to slip a thin strip under your tongue.
We believe payers and insurers might reimburse this product, since early results have shown that APL-130277 may have a better adverse effect profile and longer duration of effect compared to the already approved drug, Apokyn or APO-go (apomorphine hydrochloride injection).
TLSR: Back on Nov. 19, the company disseminated results of its Phase 2 CTH-105 study, the first trial ever performed with APL-130277 in actual Parkinson's patients. The trial results were good news, but there were only 16 patients in the study, and it was open-label. Do you feel you can take these results to the bank?
DP: The data results were a good first step, and we think the trial sheds some light on possible dose ranges to be used in subsequent, larger trials. CTH-105 examined the effect of its drug candidate on relieving off episodes over a single day, with dose titration used to determine the appropriate doses and strengths, as well as what could be the starting dose necessary for later efficacy trials. A wider range of doses, but a fewer number of patients, was used in CTH-105, as compared to the larger efficacy and safety trials we expect to be completed in 2015 and 2016.
TLSR: What could happen in a Phase 3 pivotal trial to derail this product?
DP: It's a little bit too early to tell how the trial might be designed, but Cynapsus has a few trials left and we'd expect it to meet with the FDA sometime in Q1/15 to clarify the go-forward clinical plan. A larger efficacy trial, as well as a larger safety study, still need to be completed. But, so far, the results look promising.
TLSR: Cynapsus is up substantially over the past 52 weeks. Is the good news baked into the stock?
DP: No, I wouldn't say so. There's definitely room to go. A large driver of value should be the larger safety and efficacy trials.
TLSR: Can you mention another company?
DP: We're also looking at Antibe Therapeutics Inc. ($ATE:CA), a small company out of Toronto that is tackling the multibillion-dollar nonsteroidal anti-inflammatory drug (NSAID) market with its lead candidate, ATB-346. Global sales of NSAIDs exceeded $12 billion ($12B) in 2010 [Business Insights, 2011], and more than 51M U.S. adults aged over 18 have reported being diagnosed with some form of arthritis causing chronic pain, according to the Centers for Disease Control and Prevention. Top selling drugs in the space include Pfizer Inc.'s (PFE) Celebrex (celecoxib), Novartis AG's (NVS) Voltaren (diclofenac) and Daiichi Sankyo Co.'s ($DSKYL) loxoprofen. The over-the-counter drugs are well known, including Aleve (naproxen) and Advil (ibuprofen).
TLSR: With so many NSAIDS on the market, what's the value proposition for Antibe?
DP: The unmet clinical need that Antibe fills is that ATB-346 aims to reduce the negative gastrointestinal (GI) effects, including symptoms of ulcers, bleeding, perforation and obstruction.
Over the last few decades, a few new compounds have been introduced that were expected to be safer and more effective. The discovery and development of selective COX inhibitors were intended to offer anti-inflammatory and analgesic effects with minimal or no serious GI effects. However, the problem was twofold. First, small intestinal damage bleeding can be observed in about 70% of chronic NSAID users. Second, clinical evidence showed that with selective COX inhibitors, negative GI effects were only partially mitigated, and that NSAID use, including COX inhibitors, also increased the risk of cardiovascular complications.
Antibe has generated an extensive amount of preclinical data for ATB-346, and has IP protection until 2030. It has composition-of-matter patents on all of its compounds, combining cardiovascular-safe and FDA-approved molecules with the company's patented hydrogen sulfide (H2S)-releasing molecules. The company's products are based around H2S-releasing molecules attached to already safe and approved NSAIDs, and preclinical data have shown reduced GI damage compared to common NSAIDs. The company has recently entered into a Phase 1 clinical trial with ATB-346, and we expect results sometime in Q1/15.
TLSR: Will this be a prescription product, at least to begin with?
DP: That's what the company is going for. Antibe has experienced management and key board members who can help—founder and chief scientific officer Dr. John Wallace is a well-regarded GI researcher. CEO Dan Legault is a director of Green Shield Canada, which is one of the country's health benefit administrators, and chief financial officer Mike Bumby has more than 15 years' experience at Eli Lilly and Co. (LLY) in business development and in-licensing roles. Notably, the company's board also includes Jonathan Goodman, the former chairman and cofounder of Paladin Labs Inc. ($PLB:CA) and current CEO at Knight Therapeutics Inc. ($GUD:CA) ($KHTRF), and the 1998 Nobel Prize winner in physiology or medicine, Dr. Louis Ignarro, sits on the company's scientific advisory board.
TLSR: Twenty million people took the COX-2 inhibitor Vioxx (rofecoxib) before its cardiovascular toxicity was exposed. Does that experience put a magnifying glass on clinical trials for Antibe's NSAID?
DP: Absolutely. But the management team is well aware of that. Antibe's Phase 1 trial should shed light on whether ATB-346 can mitigate some of those concerns. This drug candidate is a derivative of the naproxen molecule, one of the more commonly used NSAIDs that can be obtained over the counter. The fact that Antibe is using the naproxen base molecule could reduce the safety risk as the trials move forward.
TLSR: From everything you've said here, it sounds like this product is being positioned as a first-line, go-to intervention for chronic pain, and not an alternative for patients who are having GI bleeding. Is that right?
DP: That's not definitive yet. We believe the company might move to an osteoarthritis kind of indication first.
TLSR: Is there another company you'd like to mention, Daniel?
DP: Another name we like in the biotech space is Aurinia Pharmaceuticals Inc. ($AUP:CA)It is racing to develop the first FDA-approved drug for lupus nephritis, an autoimmune disease of the kidney. Right now only 10–12 companies are in this race, and almost all are big pharmas. This makes Aurinia attractive in this space.
The company is led by a strong management team with an excellent transactional track record, and they are well versed in the disease. The CEO, Stephen W. Zaruby, was with ZymoGenetics Inc. when it was acquired by Bristol-Myers Squibb Co. (BMY) for $885M in 2010. Chief operating officer Michael Martin and chief medical officer Dr. Neil Solomons were with Aspreva Pharmaceuticals Corp. when it was acquired by Galenica AG ($GALN:CA) for $915M in 2008. As part of Aspreva, members of Aurinia's management team developed CellCept (mycophenolate mofetil) to be used in lupus nephritis, which is the current standard of care.
Aurinia's Phase 2b trial aims to layer voclosporin, a calcineurin inhibitor, on top of CellCept as a treatment for lupus nephritis. The company raised $52M in February, and is now in a fully funded Phase 2b trial that will recruit more than 250 patients in more than 70 sites from approximately 20 countries. It is expected to report top-line data in Q1/16.
We believe the unique mechanism of action of Aurinia's drug, voclosporin, distinctively positions the company in the lupus market. There is still no FDA approved drug for lupus nephritis, and only one drug is approved for systemic lupus erythematosus, but it has shown little effectiveness in treating lupus nephritis. Most products in late-stage development are large, injectable biologics like Benlysta (belimumab; GlaxoSmithKline [$GSK]), which are meant to inhibit B cells. Voclosporin is an oral small molecule that has been in clinical development for more than 10 years, has generated a substantial amount of data in more than 2,000 patients, and has a unique mechanism as a calcineurin inhibitor, which could allow the drug to be used in combination, even with the commercialization of one of the competing drugs.
TLSR: Are there any other companies you'd like to mention?
DP: Sure. We're also keeping an eye on two relatively mature, revenue-generating companies in the Canadian specialty pharmaceutical space, a subsector of Canadian healthcare that has attracted more than $400M in financing and provided almost 100% returns to investors over the last year.
I'll start with Nuvo Research Inc. ($NRI:CA) ($NRIFF), which has turned the corner and left a litigation settlement overhang in the rearview mirror. Nuvo developed Pennsaid (diclofenac sodium topical solution) and Pennsaid 2%, which are topical medications for osteoarthritis of the knee. The Pennsaid franchise was originally licensed to Mallinckrodt Plc (MNK) in June 2009, but a dispute over the drug's development led Nuvo to sue to get the franchise's U.S. rights back. The litigation was settled in September 2014, with Nuvo receiving the rights and a cash payment. The company quickly flipped the Pennsaid 2% U.S. rights to a more willing partner, Horizon Pharma Inc. (HZNP) , in October 2014. At the time we started looking at it, Nuvo was trading at cash. The recent $10M settlement and a $50M payment for the U.S. rights equate to $5/share in cash. That made Nuvo an intriguing option to monitor going forward.
TLSR: Daniel, I'm noting that Nuvo has something else in development. Can you describe it briefly?
DP: Nuvo has a Phase 2 candidate referred to as WF-10. It's an immunotherapy drug for patients with allergies so severe they must receive regular immunotherapy injections, or allergy shots, for treatment. Nuvo originally acquired the rights to this drug in 2002, completed a small 50-patient Phase 2 in 2010, and now, a much larger Phase 2 is expected to report top-line results in Q1/15.
TLSR: Go ahead with that last name.
DP: We've also been looking at Tribute Pharmaceuticals Canada Inc. ($TRX:CA) (TBUFF) , which has a portfolio of revenue-generating products and a strong sales force. Management brings a strong track record with former big pharma player Biovail Corp., which was acquired by Valeant Pharmaceuticals International Inc. (VRX) ($VRX:CA). Tribute cofounders and CEO Rob Harris and CFO Scott Langille combined have extensive experience in business development, in-licensing, sales and marketing in both Canada and the U.S. The company's recently acquired assets tuck nicely into its product offerings, without the need for additional sales force hires.
Tribute should be approaching EBITDA (earnings before interest, taxes, depreciation and amortization)-positive quarters for the first time as soon as Q4/14. The company raised $30M in July, and used the majority of proceeds and some debt to acquire the Canadian rights to two new products from Novartis for $32M in October. We feel the company should narrow the valuation gap compared to peers on an enterprise value:sales basis if consistent EBITDA can be generated.
TLSR: Thank you, Daniel.
Daniel Pearlstein is an equity research analyst with M Partners covering the Life Sciences sector. His previous experience includes analyst roles at a North American healthcare venture capital firm, a medical device startup and a technology transfer incubator. Pearlstein holds a bachelor's degree in chemistry and a master's degree in management.
Source: George S. Mack of The Life Sciences Report
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1) George S. Mack conducted this interview for Streetwise Reports LLC, publisher of The Gold Report, The Energy Report, The Life Sciences Report and The Mining Report, and he provides services to Streetwise Reports as an independent contractor. He owns, or his family owns, shares of the following companies mentioned in this interview: None
2) The following companies mentioned in the interview are sponsors of Streetwise Reports: Cynapsus Therapeutics Inc. The companies mentioned in this interview were not involved in any aspect of the interview preparation or post-interview editing so the expert could speak independently about the sector. Streetwise Reports does not accept stock in exchange for its services.
3) Daniel Pearlstein: I own, or my family owns, shares of the following companies mentioned in this interview: None. I personally am, or my family is, paid by the following companies mentioned in this interview: None. My company has a financial relationship with the following companies mentioned in this interview: None. M Partners has provided investment banking services for the following companies during the 12 months preceding the publication of the research report: Cynapsus Therapeutics Inc. and Antibe Therapeutics Inc. I was not paid by Streetwise Reports for participating in this interview. Comments and opinions expressed are my own comments and opinions. I determined and had final say over which companies would be included in the interview based on my research, understanding of the sector and interview theme. I had the opportunity to review the interview for accuracy as of the date of the interview and am responsible for the content of the interview.
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text:
10 reasons to look for a new job
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ICT is fastest growing sector, but not necessarily top of mind as employer
Information and communications technology is the fastest growing and third biggest industry in New Zealand, but this success does not necessarily translate to being top of mind choice as a place to work for by Kiwi employees.
The 2018 Randstad Employer Brand Research finds education and training is the most attractive industry (36 per cent), followed by professional services and public services (33 per cent) in joint second, with information technology and telecommunications coming in third (31 per cent).
The ICT figure is even down by 1 per cent from the previous year, maintaining its position as the fourth most attractive sector to work for.
Randstad says 3757 total people in New Zealand were surveyed as part of a global employer branding research, with over 175,000 respondents in 30 countries.
"New Zealand remains an incredibly tight market in terms of ICT talent,: says Ian Scott, client solutions manager at Randstad New Zealand.
"Our Randstad Employee Brand Research shows that while ICT remains an attractive industry, there is still more work to be done to ensure employers remain competitive to avoid losing high calibre candidates to other industry sectors."
Ian Scott of Randstad NZ: "White-collar workers will experience an even greater impact of automation, AI and RPA in the very near future, and we are pretty sure they are not ready or at least are not sure how to prepare for this inevitability."
The research finds the public sector, meanwhile, is one of the biggest winners, rising from sixth to third in the list.
The biggest losers were media which moved from third spot to seventh; and banking and financial services which shifted from seventh to 10th of the 17 industry sectors featured.
The research included the following ICT companies: 2 Degrees, Datacom, Chorus, IBM, MYOB, Spark, Vodafone and Xero. MYOB and Xero did not feature in the top 150 employers by employee size, but were included in the survey because of their strong reflection of the ICT sector. IBM, is seen as a consistently strong performer in ICT, scoring highest among its peers in terms of the 'use of latest technology' versus Datacom who came in third. IBM also scored second highest for 'salary and benefits'. Overall IBM scored highest in 7 of the 10 Employer Value Proposition drivers in the ICT sector, yet Datacom was rated as the most attractive ICT employer, albeit the least well known. Vodafone scored highest for brand awareness.
Not surprisingly, the ICT sector scored highest among industries surveyed for use of latest technology.
It came in second in terms of salary and benefits, and and third in 'pleasant work atmosphere'.
For respondents focusing on ICT alone, the top employer value proposition (EVP) drivers were use of latest technology, financially healthy and having a good reputation.
Keeping skills relevant
"Perhaps surprisingly, we also saw from this year's research that less than half of Kiwis are prepared to keep their skills up to date to stay employable, and only a third of us are prepared to bring fresh ideas and suggestions to our workplaces."
"These are concerning figures, and even more so when combined with our research from 2017 which showed us that only 12 per cent of the population were worried that automation would take their job away."
"Employees working in ICT were the strongest supporters of automation with half ofICTprofessionals believing that automation would make their job better," says Scott.
He says the 2018 data would suggest lower educated and blue-collar workers are more inclined to favour more training.
"This could be to combat the impacts of technology that are perhaps most visible in that sector today," he states.
"Our view is that white-collar workers will experience an even greater impact of automation, AI and RPA in the very near future, and we are pretty sure they are not ready or at least are not sure how to prepare for this inevitability."
Future-fit in the changing world of work
Scott says the survey finds at least 30 per cent of Kiwis are looking to change roles in the next 12 months, citing issues like limited career paths, insufficient challenges and low compensation and work-life balance.
"Employers need to get ahead of this now if they want to retain their best people," he says.
"Employees are looking at their current employers to see how they are preparing for change," he adds. "We are seeing that those organisations who are communicating openly with their staff are maintaining high engagement and retention."
"Organisations need to work harder to demonstrate to potential employees that they offer benefits like job security and work-life balance. It's these attributes that are engaging to employees right now and attracting job seekers."
"If Kiwi companies want to continue to compete globally, they will need to lift productivity, reduce costs as we see a continued squeeze on margins, which will mean hiring for and training the skills for the future now," he points out.
"Progressive CEOs are taking the necessary steps to support the parts of their workforce who are most vulnerable to the impacts of technology, acknowledging this openly and supporting their people's career development. Whether that be to benefit their own organisation or another."
"They are innovating and disrupting their own business models and considering the vision of their future workforce."
Air New Zealand is the most attractive employer in the 2018 Randstad Employer Brand Research, for the second consecutive year. Air New Zealand has now won this award five times in total.
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Send news tips and comments to divina_paredes@idg.co.nz @divinap