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Dragons officially sign Australian rugby star ahead of Christmas breakREWIND: FIFTY Years Ago, Ronald Reagan Chatted With Johnny Carson About Taxes, Government (He Was Right!)
Aadi Enters Agreement to Sell FYARRO ® and Associated Infrastructure to KAKEN Pharmaceutical for $100M ; Announces PIPE Financing of $100M Cumulative Capital Expected to Fund Operations into Late 2028, Including Anticipated Clinical Data for the ADC Portfolio Co-Founder and Former CEO of ProfoundBio, Baiteng Zhao, Appointed to Aadi Board of Directors Aadi to Hold Webcast and Conference Call on December 20 at 8:00 AM EST LOS ANGELES , Dec. 19, 2024 /PRNewswire/ -- Aadi Bioscience, Inc. (NASDAQ: AADI) today announced it has entered into an exclusive license agreement for development and global commercialization of a three-asset portfolio of preclinical, next-wave antibody-drug conjugates (ADCs), in collaboration with WuXi Biologics (2269.HK), a leading global Contract Research, Development and Manufacturing Organization (CRDMO), and HANGZHOU DAC BIOTECHNOLOGY CO., LTD. ( HANGZHOU DAC), a global leader in ADC innovation. Per the terms of the license agreement, Aadi is granted exclusive rights to certain patents and know-how pertaining to three preclinical ADC programs leveraging HANGZHOU DAC's CPT113 linker payload technology targeting each of Protein Tyrosine Kinase 7 (PTK7), Mucin-16 (MUC16) and Seizure Related 6 Homolog (SEZ6). Aadi will pay aggregate upfront payments of $44 million for in-licensing such ADC programs. Additionally, Aadi is obligated to pay cumulative development milestone payments of up to $265 million , cumulative commercial milestone payments of up to $540 million and single-digit royalties of sales. To support this transaction, Aadi entered into a subscription agreement with certain qualified institutional buyers and accredited investors for a private investment in public equity ("PIPE") financing that is expected to result in gross proceeds of approximately $100 million , before deducting placement agent fees and other offering expenses. The Company is selling an aggregate of 21,592,000 shares of its common stock ("Common Stock") at a price of $2.40 per share, representing a premium of approximately 3.4% to the closing price on December 19, 2024 on Nasdaq, and pre-funded warrants ("Pre-Funded Warrants") to purchase up to an aggregate of 20,076,500 shares of Common Stock at a purchase price of $2.3999 per Pre-Funded Warrant share. The syndicate was led by Ally Bridge Group, with participation from new investors OrbiMed, Invus, Kalehua Capital and other accredited investors, Tae Han co-founder of ProfoundBio, as well as existing investors, including Avoro Capital, KVP Capital and Acuta Capital Partners. The PIPE financing is expected to close in the first half of 2025, subject to stockholder vote and satisfaction of customary closing conditions. "I'm thrilled to announce our partnership with WuXi Biologics and HANGZHOU DAC to bring forward this thoughtfully selected ADC portfolio. We were deliberate in identifying broadly expressed tumor targets where first-generation ADCs have already shown proof of concept. With our next wave ADC portfolio, we aim to build upon these earlier therapies to deliver improved outcomes for people living with cancer," said David Lennon , PhD, President and CEO of Aadi Bioscience. "The financing underscores the confidence our investors have in both the potential of this portfolio and the strength of Aadi's management team." About the ADC Portfolio Each of the three ADC assets utilizes HANGZHOU DAC's CPT113 ADC platform, which consists of a highly stable yet cleavable linker that delivers a Topoisomerase I (TOPO1) inhibitor payload. The CPT113 platform's linker stability and novel payload has the potential to be highly competitive among the next generation ADC platforms. To effectively leverage the CPT113 platform, Aadi selected tumor targets that are upregulated in high-potential cancer indications and where clinical efficacy has been demonstrated by first-generation ADCs. PTK7-CPT113 potentially represents a differentiated opportunity to be among the first next-wave ADCs in clinical development for high PTK7 expressing cancers, including non-small cell lung cancer (NSCLC), ovarian cancer and several other major indications. mMUC16-CPT113 is the first ADC that targets membrane-bound portion of MUC16, a glycoprotein often overexpressed in cancers of female origin. biSEZ6-CPT113 is designed to address the neuronal target, SEZ6, which is often overexpressed in cancers of neuroendocrine origin. biSEZ6-CPT113 utilizes a dual epitope binding, or biparatopic, approach which can potentially improve internalization and effectiveness of the ADC. These assets were discovered through the collaborative efforts of WuXi Biologics and HANGZHOU DAC, utilizing the innovative antibody discovery platform provided by WuXi Biologics and advanced linker-payload technology provided by HANGZHOU DAC. "Leveraging our advanced antibody discovery service, we're glad to enable Aadi to accelerate the discovery of precision therapies targeting some of the most challenging cancers," said Dr. Chris Chen , CEO of WuXi Biologics. "This collaboration underscores our wide recognition as an industry leader in discovery service solutions, and further validates our ability to provide integrated discovery technology platforms for global partners to develop next-generation modalities. We look forward to partnering with Aadi and HANGZHOU DAC to expeditiously move these assets forward into clinical development and benefit patients worldwide." " HANGZHOU DAC's CPT-ADC platform is designed to enable next wave ADC capabilities that surpass first-generation technologies, including two programs already in clinical development in China ," said Dr. Robert Y. Zhao , President and CEO of HANGZHOU DAC Biotechnology. "As a global leader in ADC innovation, we are excited to partner with Aadi and WuXi Biologics to deliver this promising portfolio to patients." Aadi to Sell FYARRO for $100 Million , Cumulative Capital Expected to Fund Operations into Late 2028 In a separate agreement, KAKEN Pharmaceutical Co., Ltd., an R&D driven pharmaceutical company in Japan , has entered into a stock purchase agreement under which KAKEN will acquire Aadi Subsidiary, Inc. and all of its assets, including FYARRO ® (sirolimus protein-bound particles for injectable suspension) (albumin-bound) and associated infrastructure, including the majority of Aadi employees who support the FYARRO ® business. FYARRO is approved by the U.S. Food and Drug Administration (FDA) for the treatment of adult patients with locally advanced unresectable or metastatic malignant perivascular epithelioid cell tumor (PEComa), with cumulative revenue of $25.2 million reported over the prior four quarters ended September 30, 2024 . Per the terms of the agreement, Kaken will pay Aadi $100 million in cash at closing, subject to certain adjustments. The transaction is expected to close in the first half of 2025, subject to Aadi stockholder approval and certain closing conditions. Upon the closing of this transaction, KAKEN will also acquire the rights to the Aadi name and trademark. "We are enormously proud of the impact FYARRO has had for people with PEComa, and Kaken's capabilities, coupled with the proven track record of the Aadi team, ensures physicians and patients will continue to have access to this critical treatment," said Lennon. The net proceeds from the PIPE financing and the sale of FYARRO, together with the Company's existing cash, cash equivalents and marketable securities are expected to fund operations into late-2028, including anticipated clinical data readouts for the ADC portfolio. Baiteng Zhao Appointed to the Board of Directors, Brings Significant ADC Expertise Baiteng Zhao, PhD, joins Aadi's board of directors. Zhao co-founded ProfoundBio, a clinical stage next-gen ADC developer, in 2018 and served as the Chairman and CEO of the company until it was acquired by Genmab for $1.8 billion in May 2024 . Prior to ProfoundBio, Dr. Zhao worked at Seagen (now part of Pfizer) for more than eight years and was responsible for the modeling and simulation strategies for the development pipeline and supported preclinical and clinical development of ADC drug candidates. "We are delighted to welcome Baiteng to our Board. His deep expertise and successful track record in ADC development will be instrumental as we tenaciously move this exciting portfolio forward," said Caley Castelein , MD, Chair of the Board of Directors of Aadi Bioscience. "I am thrilled to join the Board at this pivotal moment for Aadi," said Baiteng Zhao, PhD, Board of Directors of Aadi Bioscience and co-founder of ProfoundBio. "PTK7, MUC16 and SEZ6 represent highly promising targets that are commonly overexpressed in cancers with significant unmet therapeutic needs. Coupled with an advanced linker-payload platform that has the potential to enable next-gen ADCs, I believe Aadi is uniquely positioned to make a meaningful impact on patient outcomes. I look forward to collaborating with the leadership team and fellow Board directors to advance these innovative programs and drive transformative progress for patients." Advisors Leerink Partners is serving as financial advisor to Aadi on the sale of FYARRO and the licensing of the ADC portfolio. Jefferies LLC is acting as exclusive placement agent for the PIPE financing. Wilson Sonsini Goodrich & Rosati, P.C. is serving as legal counsel to Aadi. McDermott Will & Emery LLP is serving as legal counsel to Kaken. Cooley LLP is serving as legal counsel to Jefferies LLC. Nomura Securities Co., Ltd. is serving as financial advisor to KAKEN. Conference Call Information The Aadi management team is hosting a conference call and webcast tomorrow, Friday, December 20 th at 8:00 AM EST ( 5:00 AM PST ) to discuss these updates. Participants may access a live webcast of the call and the associated slide presentation on these data through the "Investors & News" page of the Aadi Bioscience website at aadibio.com . To participate via telephone, please register in advance at this link . Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique passcode and registrant ID that can be used to access the call. A replay of the conference call and webcast will be archived on the Company's website for at least 30 days. Additional Information for Stockholders This communication relates to the proposed sale of FYARRO and the proposed PIPE financing and may be deemed to be solicitation material in respect of such transactions. In connection with these proposed transactions, Aadi will file a Proxy Statement with the SEC. This communication is not a substitute for the Proxy Statement or any other documents that Aadi may file with the SEC or send to Aadi stockholders in connection with the proposed transactions. Before making any voting decision, investors and securityholders are urged to read the Proxy Statement and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transactions as they become available because they will contain important information about the proposed transactions and related matters. Stockholders may obtain a copy of the Proxy Statement and other documents the Company files with the SEC (when they are available) through the website maintained by the SEC at www.sec.gov , as well as on the Investor and News section of Aadi's website at www.aadibio.com . Certain stockholders of Aadi holding approximately 36% of Aadi's outstanding shares, as of the date hereof, including members of its board of directors and related entities, have entered into voting and support agreements in favor of KAKEN Pharmaceutical and Aadi, pursuant to which such stockholders have agreed to vote in favor of the stock purchase transaction with KAKEN Pharmaceutical and the other transactions described above. Participants in the Solicitation Aadi and its respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Aadi in connection with the proposed transactions. Information about Aadi's directors and executive officers is set forth in Aadi's definitive proxy statement filed with the SEC on April 26, 2024 , and in subsequent filings made by Aadi with the SEC. Other information regarding the interests of such individuals, as well as information regarding Aadi's directors and executive officers and other persons who may be deemed participants in the proposed transactions, will be set forth in the Proxy Statement and other relevant materials to be filed with the SEC when they become available. You may obtain free copies of these documents as described in the preceding paragraph. No Offer or Solicitation This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities nor a solicitation of any vote or approval with respect to the proposed transactions or otherwise, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. The offer and sale of securities of Aadi described above are being made in a transaction not involving a public offering and the securities have not been registered under the Securities Act of 1933, as amended, and may not be reoffered or resold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements. Concurrently with the execution of the subscription agreement, the Company and the investors entered into a registration rights agreement pursuant to which the Company has agreed to file, following the closing of the PIPE financing, a registration statement with the SEC registering the resale of the shares of Common Stock and the shares of Common Stock underlying the Pre-Funded Warrants sold in the PIPE financing. About Aadi Bioscience Aadi is a precision oncology company with a vision to make bold choices in applying technology to efficiently deliver improved precision oncology therapies for people living with difficult-to-treat cancers. More information on the Company is available on the Aadi website at www.aadibio.com and connect with us on LinkedIn. Forward-Looking Statements This press release contains certain forward-looking statements regarding the business of Aadi Bioscience that are not a description of historical facts within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the Company's current beliefs and expectations and may include, but are not limited to, statements relating to: the timing and completion of the proposed sale of FYARRO to Kaken Pharmaceuticals and the anticipated timing of the closing of the transaction; expectations regarding the timing, closing and completion of the PIPE financing; Aadi's expected cash position at the closing and cash runway of the company following the sale of FYARRO and PIPE financing; the future operations of Aadi; the development and potential benefits of any of Aadi's product candidates, including the preclinical ADC assets proposed to be licensed from WuXi; anticipated preclinical and clinical development activities and related timelines, including the expected timing for announcement of data and other preclinical and clinical results and potential submission of IND filings for one or more product candidates; and other statements that are not historical fact. Actual results could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks associated with (i) the risk that the conditions to the closing of the proposed sale of FYARRO or the PIPE financing are not satisfied, including the failure to timely obtain stockholder approval for the transactions, if at all; (ii) uncertainties as to the timing of the consummation of the proposed transactions and the ability of each of Kaken and Aadi to consummate the proposed sale of FYARRO; (iii) risks related to Aadi's ability to manage its operating expenses and its expenses associated with the proposed transactions pending the closing; (iv) risks related to the failure or delay in obtaining required approvals from any governmental or quasi-governmental entity necessary to consummate the proposed transactions; (v) unexpected costs, charges or expenses resulting from the transactions; (vii) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed sale of FYARRO or the proposed PIPE financing; (vii) the uncertainties associated with Aadi's product candidates, as well as risks associated with the preclinical and clinical development and regulatory approval of product candidates, including potential delays in the completion of preclinical studies and clinical trials; (viii) risks related to the inability of Aadi to obtain sufficient additional capital to continue to advance these product candidates; (ix) uncertainties in obtaining successful preclinical and clinical results for product candidates and unexpected costs that may result therefrom; (x) risks related to the failure to realize any value from product candidates being developed and anticipated to be developed in light of inherent risks and difficulties involved in successfully bringing product candidates to market; and (xi) risks associated with the possible failure to realize certain anticipated benefits of the proposed sale of FYARRO or the proposed PIPE financing, including with respect to future financial and operating results. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 , including under the caption "Item 1A. Risk Factors," and in Aadi's subsequent Quarterly Reports on Form 10-Q, and elsewhere in Aadi's reports and other documents that Aadi has filed, or will file, with the SEC from time to time and available at www.sec.gov . All forward-looking statements in this press release are current only as of the date hereof and, except as required by applicable law, Aadi undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements are qualified in their entirety by this cautionary statement. This cautionary statement is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Contact: IR@aadibio.com View original content to download multimedia: https://www.prnewswire.com/news-releases/aadi-bioscience-transforms-with-in-licensing-of-novel-adc-portfolio-100-million-sale-of-fyarro-and-100-million-pipe-financing-302336743.html SOURCE Aadi Bioscience
( ) shares are rising on Monday morning. At the time of writing, the ASX 200 tech stock is up 1% to $258.00. This has been driven by the release of another . ASX 200 tech stock rises on contract win This morning, the leading health imaging company announced its fourth major contract win in just over a month. As readers may be aware, at the end of November, the ASX 200 tech stock announced a $24 million deal with NYU Langone Health and a with Trinity Health. It then followed this up with the signing of a $30 million deal with Duly Health and Care last week. Today the company has announced another win. And while it is the smallest of the four, it is with an existing client and is a transaction-based model with potential upside. According to the release, the ASX 200 tech stock has signed an additional $15 million, five-year contract with Duke University Health System. It is a leading North American academic medical centre. The release notes that the contract, which is based on a transaction-based licensing model, will see the Visage 7 Open Archive supplement the existing Visage 7 Viewer contract signed with Duke University Health System in May 2019. What is Visage 7 Open Archive? Visage 7 Open Archive is a native, optional module of Visage 7. The company notes that it is designed for optimal interoperability, excelling in modular, multi-system, multi-vendor environments by enabling efficient workflows, integration, and consolidation of disparate systems. As part of the deal, Duke's current on-premise instance of Visage will be deployed to the cloud along with Visage 7 Open archive. The Visage 7 Viewer contract has been extended for a further two years to the end of 2029, as part of the deal. Pro Medicus advised that planning for the rollout is to commence immediately and will involve the migration of Duke University Health System's current archive to the Visage 7 Open Archive. The ASX 200 tech stock's CEO, Dr Sam Hupert, was pleased with the deal and believes it is another positive sign for the future. He said: This deal that confirms our belief that there is a material opportunity for us to sell Visage 7 Open Archive to our existing base of "viewer only" clients. Not only does this provide clients with a highly performant, highly scalable solution, it is a key step in facilitating their transition from on-premise to cloud, a trend we see continuing.
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ST. LOUIS (AP) — Jason Zucker scored a tiebreaking power-play goal with 9:30 remaining and the Buffalo Sabres notched their third straight victory by beating the St. Louis Blues 4-2 on Sunday. Jiri Kulich extended Buffalo’s lead with a breakaway goal that went between Blues goalie Jordan Binnington’s legs with 3:41 to play. Tage Thompson had a goal and an assist against his former team as the Sabres won in St. Louis for just the second time in 12 years to sweep the season series. Zucker had a goal and an assist, and Jack Quinn had two assists for Buffalo. Ukko-Pekka Luukkonen stopped 35 shots. Brayden Schenn and Nathan Walker scored for the Blues. Binnington had 12 saves. Buffalo scored on two of its first three shots, including its first of the game. Buffalo: After a 13-game losing streak (0-10-3), the Sabres have scored 17 goals while winning three straight. St. Louis: The Blues, who are tied for an NHL-low five power-play goals at home, went 0 for 4 with the man advantage. After Walker pulled the Blues even with 14:04 left in the game, rookie Zack Bolduc took a cross checking penalty midway through the third period that led to the decisive goal. The Sabres had scored on only six of 43 road power plays (14%) this season before going 2 for 3 on Sunday. Buffalo ranked 27th out of 32 NHL teams. The Blues play Chicago in the Winter Classic on Tuesday at Wrigley Field. Buffalo will play at Dallas on Tuesday night.
Animals Don't miss out on the headlines from Animals. Followed categories will be added to My News. Japanese monkeys living in Launceston will be prevented from reproducing due to concerns of disease and inbreeding within the group. For more than 40 years, visitors to Launceston’s City Park have been able to view the macaques frolicking about in an enclosure. But by 20250 it is expected there will be no monkeys left in the park. In 2000, it was revealed the herpes B virus had spread through the monkeys, although previous discussions of euthanising the troop were politically unpopular. The monkeys which given to Launceston by Japanese sister city Ikeda in 1981. Picture: City of Launceston Now there are increasing concerns about a lack of genetic diversity within the group. The City of Launceston has decided to desex the male members of the macaque troop to prevent the animals from breeding. It is expected that the desexing of the troop will take two years to complete. The council said while it was grateful to receive the monkeys, by today’s standards they would not keep these animals in an enclosure. They also said it was important to take into consideration the needs of the monkeys and the greater community. On Thursday afternoon, a council meeting voted 10-1 in favour of sterilisation, after hearing there were signs of miscarriages and stillbirths in the troop. Japanese macaques play about in Launceston's City Park. Picture: City of Launceston “We know the Launceston community cares very much about the welfare of the City Park monkeys,” Launceston Mayor Matthew Garwood said. “That’s a sentiment that’s also very much shared by both councillors and staff. “The inability to introduce new genetic stock and the serious impacts on their health and wellbeing means we need to begin to consider the future of the troop. “[The] decision was a difficult one, but it prioritises the welfare of the monkey troop so we can keep them as healthy and happy as possible for as long as possible. Mr Garwood said he would write to the mayor of Ikeda following the decision. Councillor Andrea Dawkins said if the city was offered this same opportunity today the city would be unlikely take it. “There is a lot of interest in these monkeys as there should be because there is so much interest in the way humans react with animals and we take it for granted they are a part of our lives,” she said. “Communities have changed and animals in captivity for the enjoyment of humans is some; thing we’ve moved through.” Originally published as Launceston council to sterilise iconic Japanese macaques More related stories Animals Dog act: Moment sick dog dumped in yard A dog is set to have life saving surgery after it was allegedly dumped in a random yard with a heartbreaking note. Read more Animals Dire warning over Aussie tourist hotspot A major warning has been issued to tourists planning to visit an Australian hotspot known for its famous coastal scenery and marine populations. Read moreSanta Clarita Valley residents got their first look Wednesday at the new governing board overseeing College of the Canyons — and the apparent division within it. Sharlene Johnson, sworn in on Wednesday, was voted as the president of the of the Santa Clarita Community College District board of trustees, which oversees COC, after incumbent Edel Alonso failed in her bid to be president for a fifth straight term. Alonso was nominated by Carlos Guerrero, recently appointed to the board, before she seconded her own nomination. Johnson was nominated by fellow new board member Darlene Trevino and also seconded her own nomination. In the first vote, Trevino abstained from the vote for Alonso, with Johnson and Fred Arnold voting against her, making the vote 2-2 with one abstention. In the second vote, Guerrero was the lone vote against Johnson, who was elected president on a 4-1 vote. Arnold, Johnson and Trevino, all of whom were elected in the Nov. 5 election, were sworn in as board members in the afternoon before the newly composed board chose its officers. “I was honored to have the votes and support of the board,” Johnson said in a phone interview on Thursday. “Right now, the focal point is to bring everybody to the same page and put together a collaborative effort to organize a vision for the college as a collective group. That’s something that’s going to be developed over time with all of us.” Arnold nominated himself to be president, but nobody seconded it. It’s the first time the board is full after roughly six months of it being short at least one member. Chuck Lyon resigned in June, followed by Joan MacGregor retiring in August after 31 years on the board. Guerrero was appointed in September to fill MacGregor’s seat. MacGregor said at one of her last meetings that she intentionally did not resign until after the deadline to consolidate a special election with the Nov. 5 general election — Lyon had done so, allowing his seat to be on the ballot — due to her feeling that, from her experience, more people are inclined to apply for a seat rather than campaign for one. Only three candidates stepped forward, and Guerrero earned the seat with the approval of the three board members sitting at the dais at the time. Johnson beat incumbent Jerry Danielsen in the election. Danielsen, who had run on the same slate backed by the college unions as Alonso, was honored Wednesday for his service to the college after being appointed to the board in March 2023. “I’d like to say thank you to the Santa Clarita community and the COC community, all the ones who trusted in me and confided in me,” Danielsen said. “You were seen, you were heard. I’d like to acknowledge the full-time faculty, adjunct faculty, the classified staff, the union members and administrators, all the employees at the college — you’re tireless, highly intelligent and talented people with amazing hearts. It’s been an honor and a privilege to get to know you and to work with you. You are the backbone of this college.” Representatives from the offices of Rep. Mike Garcia, R-Santa Clarita, state Sen. Suzette Martinez Valladares, R-Santa Clarita, and Assemblywoman Pilar Schiavo, D-Chatsworth, were on hand to thank Danielsen for his service to the community. He also received recognition from L.A. County 5 th District Supervisor Kathryn Barger, who represents the SCV, though neither she nor a representative were present on Wednesday. Also leaving the board after one term was Sebastian Cazares, a former COC student who was elected in 2020. He was not present on Wednesday but was honored for his service at a recent meeting. Arnold, who had been chair of the COC Foundation, a nonprofit auxiliary organization formed to generate philanthropic support for the college, will serve as vice president for the next year while Trevino will serve as clerk of the board and as the trustee representative on the foundation board. Interim COC President David Andrus will serve as secretary/parliamentarian of the board of trustees. “We’re super excited to work as the new board, to move forward with the search of a new CEO,” Arnold said in a phone interview Thursday. “We definitely appreciate everything David has done. I’m excited to find out more about infrastructure projects on campus so that we can continue to provide first-class facilities for the future of the college. We want to provide input on the vision for the college for the next 20 years.” At the end of Wednesday’s meeting, Arnold requested a special meeting to be held prior to the board’s next regularly scheduled meeting on Jan. 22 to discuss facilities projects, including the future of the student housing project that the previous board declined to move forward on as well as the Advanced Technology Center that was canceled despite being essentially ready for construction. The 30,000-square-foot ATC project was canceled in September after college officials found that the $22 million that was originally approved for it would be $16 million short of what would actually be needed, bringing the true cost to $38 million. COC eventually paid $10 million to Intertex, the developer, for the plans and land that the ATC was scheduled to be built on. The previous board recently approved design services for an on-campus ATC that would be closer to the 111,000 square feet that the National Coalition of Advanced Technology Centers recommends. An update on the status of a search for a permanent head of the college was also requested by Arnold. “The community deserves a full-time president, whether it’s David or somebody else,” he said on Thursday, adding that Andrus would be a candidate if he wants it. The board also heard about some of the basics of the Brown Act, California’s open meeting law, from the district’s legal counsel, Eileen O’Hare-Anderson, a partner at the Liebert, Cassidy & Whitmore law firm. Before relinquishing her role as president of the board, Alonso congratulated her new fellow trustees. “My congratulations to all the newly sworn in candidates who are now our trustees,” Alonso said before the board retired to a two-hour closed session and returned later to finish its annual organizational meeting.
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Chinese President Xi Jinping will preside over a day of celebrations in Macau and inaugurate the city's new leader on Friday to mark 25 years since the former colony was returned to China. Macau is regarded by China as a shining example of its "One Country, Two Systems" model, and Xi praised the city as a "pearl in the nation's palm" at the start of his three-day visit. The Chinese casino hub has grown from a Portuguese trading outpost to the world's casino capital by gaming revenue and a popular destination for Chinese tourists. When Macau reverted to Chinese rule on December 20, 1999, Beijing promised that the city's "capitalist system and way of life shall remain unchanged for 50 years". Arriving in the city on Wednesday, Xi lauded Macau's "world-recognised success" in implementing the "One Country, Two Systems" framework and said the city had a bright future. "Macau is a pearl in the nation's palm, and I have always kept in my thoughts its development and the welfare of all its people," Xi said. The Chinese president added that he would use his trip for "extensive and in-depth exchanges with our friends from all places, and discuss plans for Macau's development". Friday's festivities will be centred around the inauguration of Sam Hou-fai, the former president of Macau's apex court, as the city's fourth post-handover leader, replacing Ho Iat-seng. Security was tight around the city on Thursday, with roadblocks set up around an event venue and authorities increasing checks on inbound visitors. Following the end of 442 years of Portuguese rule, Macau's fortunes have risen in lockstep with China's economic growth. It is the only place in China where casino gambling is permitted and has long surpassed Las Vegas as the world's top casino hub, fuelled by two decades of Chinese visitor spending. Macau, which has a resident population of 687,000, saw just over 29 million visitor arrivals in the first 10 months of the year. Its GDP has soared from $6.4 billion in 1999 to more than $47 billion last year, and its population is the richest in China on a per capita basis. Under orders from Beijing to diversify the economy, Macau leaders have proposed fields such as financial services, technology and Chinese medicine as new economic drivers. But as of November, gaming-related taxes still made up 81 percent of government revenue and experts say Macau is years away from weaning itself off casino wealth. Xi on Thursday visited the Macau University of Science and Technology and was "briefed on the development of two state-level key laboratories" that involved Chinese medicine and planetary science, according to state news agency Xinhua. He also visited the Guangdong-Macao In-Depth Cooperation Zone on Hengqin Island, speaking to residents and people there in charge of planning, construction, management and services, Xinhua reported. Hengqin Island, a landmass adjacent to Macau and three times its size, was partly leased by Beijing to Macau to boost its land supply for non-gaming development. hol/oho/sco
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Saturday, December 14, 2024 Houston Airports is excited to announce the opening of its new International Arrivals Curb , set to debut at 5 a.m. on Saturday, December 14 , at George Bush Intercontinental Airport (IAH) . This newly designed pick-up area marks a major step forward in improving traffic flow and elevating the passenger experience, addressing previous challenges that have caused congestion and negative attention. For nearly two years, passengers and visitors have faced crowded and chaotic conditions at the temporary pick-up zone near Terminal E on South Terminal Road. This makeshift curb was necessary to allow for ongoing construction of the $1.458 billion International Terminal project, a crucial upgrade to the airport’s infrastructure. The new International Arrivals Curb is designed with efficiency and safety in mind, featuring eight dedicated pick-up lanes . The expanded capacity and modern design will streamline traffic and provide a smoother experience for those arriving at IAH. Six of the eight lanes will be available in time for the busy December holiday travel season , with the remaining two lanes scheduled to open in January 2025 . In addition, the closure of the temporary Terminal E pick-up zone will restore the airport’s exit to its original four-lane configuration , effectively eliminating the traffic bottleneck that has plagued the area since January 2022. This long-awaited improvement is expected to significantly reduce congestion, ensuring a smoother transition for travelers arriving and departing from George Bush Intercontinental Airport. As Houston Airports continues to grow and evolve, this development represents a critical investment in the region’s transportation infrastructure, enhancing both the airport’s functionality and its service to the community. “The bane of our existence—the temporary Terminal E arrivals curb—will finally close on December 14,” said Jim Szczesniak, director of aviation for Houston Airports. “With the opening of the new International Arrivals Curb, we’ve listened to feedback, addressed frustrations and delivered a safer, more streamlined solution. This marks a new chapter in how we serve our passengers, fulfilling our commitment to providing a world-class experience while laying the groundwork for the future of international travel in Houston.” Navigating the New IAH International Arrivals Curb Drivers arriving at George Bush Intercontinental Airport (IAH) can easily access the new International Arrivals Curb by following clear signage along North Terminal Road . Directional signs will guide vehicles toward Terminals C/DE , where drivers will be directed left onto a dedicated lane, separated from other traffic by a barrier. This lane will lead vehicles directly to the new pick-up area for Terminal E International Arrivals . Once on the curb, Houston Airports Landside Agents and law enforcement personnel will assist drivers, directing them to the appropriate pick-up zones based on their vehicle type—whether for private vehicles , taxis , or ride-share services . For passengers clearing U.S. Customs and Border Protection , the process is simple. After exiting the customs area, travelers will proceed to the International Arrivals ‘Meet and Greet’ zone, where they will follow a newly established hallway leading directly to the International Arrivals Curb . Airport personnel will be on hand to guide passengers to their designated pick-up points. Once at the curb, passengers can order their ride-share through their app, hail a taxi at the designated stand, or notify their friends or family to pick them up. This streamlined system ensures a smoother and more efficient process for all arriving passengers. Houston Airports Celebrates New Curb with Special “International” Guest In a unique celebration of its new International Arrivals Curb , Houston Airports , in collaboration with Intuitive Machines , welcomed a very special guest on Thursday, December 12: the Moon RACER . This lunar rover, developed at the Houston Spaceport , took a test drive on the new curb in a fun and symbolic demonstration. The Moon RACER is a finalist for a NASA contract under the Artemis program , which aims to return astronauts to the moon by 2028 . This exciting milestone highlights both Houston’s contributions to space exploration and the city’s ongoing commitment to innovation and infrastructure development. The test drive marked a celebratory moment for the airport and its partners as they continue to enhance the passenger experience while showcasing Houston’s leadership in space technology. “Houston’s identity as Space City is built on a foundation of innovation, connectivity and bold ambitions,” said Jack Fischer, VP of Intuitive Machines and retired NASA astronaut. “As Intuitive Machines competes in humankind’s next space race, having seamless global connections is critical for our team and the growing network of aerospace companies in Houston. This terminal is more than an infrastructure project; it’s a gateway to the future of exploration, innovation and discovery.” Why the Moon RACER? When George Bush Intercontinental Airport (IAH) first opened its doors in June 1969 , it offered only a few international destinations, coinciding with the historic moment when man was about to land on the moon. Now, 55 years later , the airport is preparing to unveil its new international terminal, set to offer nonstop flights to 195 destinations across five continents . The Moon RACER symbolizes this full-circle moment. Developed by Intuitive Machines , it represents the next frontier in space exploration—just as IAH is expanding its global reach. While Bush Airport connects travelers to the world, Intuitive Machines is developing the technology to send humans back to the moon, paving the way for lunar exploration and the future of space travel. The collaboration between space and aviation underscores Houston’s pivotal role in both industries.US markets finished a lacklustre week on a muted note on Friday as concerns about rising Treasury bond yields competed with enthusiasm over artificial intelligence equities. Of the major indices, only the Nasdaq mustered a gain in Friday's session. The index was also the only of the three leading US benchmarks to conclude the week higher. "Equities are kind of treading water," said LBBW's Karl Haeling. "A negative influence to some extent is the rise in bond yields." The latest US consumer price index data released this week showed prices ticked higher in November and the wholesale data also showed stubborn inflationary pressures. "Yields rose to their highest levels in over two weeks as markets brace for the Federal Reserve's final meeting of the year, reflecting concerns over sticky inflation," said Chris Beauchamp, chief market analyst at online trading platform IG. There is also growing concern over the inflationary pressures from President-elect Donald Trump's pledges to cut taxes and impose tariffs, as inflation still stands above the Fed's target. "While the markets still anticipate a rate cut from the Federal Reserve next week, the likelihood of a move in January has dropped," said Patrick Munnelly, partner at broker Tickmill Group. The CME FedWatch tool shows the market sees a more than 75 percent chance that the Fed will hold rates steady in January. In Europe, the Paris CAC 40 index ended the day down 0.2 percent after French President Emmanuel Macron named his centrist ally Francois Bayrou as prime minister, ending days of deadlock over finding a replacement for Michel Barnier. Frankfurt also dipped, with Germany's central bank sharply downgrading its growth forecasts on Friday for 2025 and 2026. It predicted a prolonged period of weakness for Europe's biggest economy. London stocks were also lower after official data showed that the UK economy unexpectedly shrank for the second consecutive month in October. The euro recovered after flirting with two-year lows against the US dollar following a warning Thursday by ECB president Christine Lagarde that the eurozone economy was "losing momentum", cautioning that "the risk of greater friction in global trade could weigh on euro area growth". (AFP)
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