European Regulatory Authorities Reportedly Investigating Google and Meta's Advertising Agreement Targeting Teenagers
Title: Shanxi Reports "Missing Female Master's Student Found" Incident, Suspects Taken Into CustodyIn a shocking turn of events, FC Barcelona has announced Quique Setién as the new head coach following the sacking of Ernesto Valverde. Setién, a seasoned coach known for his tactical approach and emphasis on attractive, possession-based football, faces a monumental task of revitalizing a struggling Barcelona side.
Aadi Enters into Exclusive License for Three-Asset ADC Portfolio Developed through a Collaboration between WuXi Biologics and HANGZHOU DAC 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. 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 Best trending stories from the week. Success! An email has been sent to with a link to confirm list signup. Error! There was an error processing your request. You may occasionally receive promotions exclusive discounted subscription offers from the Roswell Daily Record. Feel free to cancel any time via the unsubscribe link in the newsletter you received. You can also control your newsletter options via your user dashboard by signing in.When EJ Sablan, 22, played for the Father Duenas Memorial School Friars soccer team, he was one of the best strikers the school had ever produced. After the 2021 season, during which he led the Friars to a championship, he was named the Independent Interscholastic Athletic Association of Guam (IIAAG) most valuable player. Soon after earning the IIAAG MVP title, Sablan and his family relocated to Puyallup, Washington, where he joined the Emerald Ridge High School Jaguars boys soccer team. As a Jaguar, his role shifted. He was tasked with playing in the backfield, focusing on keeping the ball out of his team’s net - a role he excelled in. After a standout 2023 season as a defender, Sablan earned a spot on the All-South Puget Sound first team. A different school. A different position. The same results. Sablan, no matter the situation, environment or position, continued to make a name for himself. Now, about a year and a half later, Sablan’s determined play and hard work have earned him recognition at the next level. Sablan, who plays midfielder for the Linfield College Wildcats in McMinnville, Oregon, has been named to the All-Northwest Conference (NWC) second team. “I am blessed to be able to perform at the rate that I am. The endless support of God, my family, my teammates and coaches is what keeps me going and inspired to perform well throughout the season,” Sablan said. “Getting nominated for All-NWC second team is just the beginning of my journey. Although I am grateful, I am not satisfied, as I want to achieve bigger and better things.” Sablan told The Guam Daily Post that he enjoys being a midfielder, a position where he can make the greatest difference and showcase his skills as both a defender and an offensive playmaker. “I do enjoy being a midfielder. It gives me the opportunity to compete in the middle of the field, where, in my opinion, games are won,” he said. “I am not too eager to be a striker because, as a midfielder, I get to express myself - finding opportunities to score but also assisting my teammates and getting everyone involved.” Midway through the 2024 season, during a game against the University of Puget Sound Loggers, Sablan found his footing and delivered a breakout performance. Although Linfield trailed 3-0 and eventually lost 3-2, Sablan scored both of the Wildcats’ goals. “This was one of the best experiences I’ve had in my collegiate career,” Sablan said. “The endless fight my team showed is what makes it one of my proudest moments in my Linfield career.” Over the two years Sablan has played for the Wildcats - an NCAA Division III team in the Northwest Conference - the team has recorded an 8-27-5 record. Despite being part of a struggling program, Sablan remains positive and optimistic. "My experience with Linfield soccer has been nothing but good,” he said. “Although the results aren’t what we wanted or expected, I’m just truly blessed to be able to play the sport I love and continue my journey. Every time I step on the field, I’m one step closer to playing professionally and giving back to the community that raised me.”The utilization of glass substrates in micro OLED production brings several advantages. Glass substrates provide better thermal conductivity, which helps in maintaining consistent display performance and prolonging the lifespan of the devices. Additionally, glass substrates offer higher transparency, enabling brighter and more vibrant display outputs. Samsung's shift towards glass-based micro OLED production underlines its commitment to delivering top-notch display solutions to its customers.
Oscar, a Labrador Retriever, was trained and certified as a guide dog to assist individuals with visual impairments. His gentle demeanor, intelligence, and dedication to his work made him a beloved figure in the community. He helped his owner navigate the bustling streets of Shenzhen, ensuring their safety and independence.Coastal Carolina 73, SC-Upstate 51
One of the factors contributing to China's leading position in the number of intangible cultural heritage projects is the country's long history and profound cultural heritage. China boasts a civilization dating back thousands of years, resulting in a vast array of traditions, customs, and art forms that have been passed down through generations. From traditional festivals and folk performances to craftsmanship and craftsmanship techniques, China's intangible cultural heritage embodies the wisdom and creativity of its people.
In a world that is constantly changing and evolving, Wen Yongsan's face remains a constant, a beacon of beauty that stands the test of time. Her features are a testament to the enduring allure of classic beauty and the timeless appeal of Hong Kong style. With her face perfectly suited for film photography, Wen Yongsan embodies the spirit of a Hong Kong beauty that will never fade.
NEW YORK (AP) — President-elect Donald Trump’s recent dinner with Canadian Prime Minister Justin Trudeau and his visit to Paris for the reopening of the Notre Dame Cathedral were not just exercises in policy and diplomacy. They were also prime trolling opportunities for Trump. Throughout his first term in the White House and during his campaign to return, Trump has spun out countless provocative, antagonizing and mocking statements. There were his belittling nicknames for political opponents, his impressions of other political figures and the plentiful memes he shared on social media. Now that's he's preparing to return to the Oval Office, Trump is back at it, and his trolling is attracting more attention — and eyerolls. On Sunday, Trump turned a photo of himself seated near a smiling first lady Jill Biden at the Notre Dame ceremony into a social media promo for his new perfume and cologne line, with the tag line, “A fragrance your enemies can’t resist!” The first lady’s office declined to comment. When Trudeau hastily flew to Florida to meet with Trump last month over the president-elect's threat to impose a 25% tax on all Canadian products entering the U.S., the Republican tossed out the idea that Canada become the 51st U.S. state. The Canadians passed off the comment as a joke, but Trump has continued to play up the dig, including in a post Tuesday morning on his social media network referring to the prime minister as “Governor Justin Trudeau of the Great State of Canada.” After decades as an entertainer and tabloid fixture, Trump has a flair for the provocative that is aimed at attracting attention and, in his most recent incarnation as a politician, mobilizing fans. He has long relished poking at his opponents, both to demean and minimize them and to delight supporters who share his irreverent comments and posts widely online and cheer for them in person. Trump, to the joy of his fans, first publicly needled Canada on his social media network a week ago when he posted an AI-generated image that showed him standing on a mountain with a Canadian flag next to him and the caption “Oh Canada!” After his latest post, Canadian Immigration Minister Marc Miller said Tuesday: “It sounds like we’re living in a episode of South Park." Trudeau said earlier this week that when it comes to Trump, “his approach will often be to challenge people, to destabilize a negotiating partner, to offer uncertainty and even sometimes a bit of chaos into the well established hallways of democracies and institutions and one of the most important things for us to do is not to freak out, not to panic.” Even Thanksgiving dinner isn't a trolling-free zone for Trump's adversaries. On Thanksgiving Day, Trump posted a movie clip from “National Lampoon’s Christmas Vacation” with President Joe Biden and other Democrats’ faces superimposed on the characters in a spoof of the turkey-carving scene. The video shows Trump appearing to explode out of the turkey in a swirl of purple sparks, with the former president stiffly dancing to one of his favorite songs, Village People’s “Y.M.C.A." In his most recent presidential campaign, Trump mocked Florida Gov. Ron DeSantis, refusing to call his GOP primary opponent by his real name and instead dubbing him “Ron DeSanctimonious.” He added, for good measure, in a post on his Truth Social network: “I will never call Ron DeSanctimonious ‘Meatball’ Ron, as the Fake News is insisting I will.” As he campaigned against Biden, Trump taunted him in online posts and with comments and impressions at his rallies, deriding the president over his intellect, his walk, his golf game and even his beach body. After Vice President Kamala Harris took over Biden's spot as the Democratic nominee, Trump repeatedly suggested she never worked at McDonalds while in college. Trump, true to form, turned his mocking into a spectacle by appearing at a Pennsylvania McDonalds in October, when he manned the fries station and held an impromptu news conference from the restaurant drive-thru. Trump’s team thinks people should get a sense of humor. “President Trump is a master at messaging and he’s always relatable to the average person, whereas many media members take themselves too seriously and have no concept of anything else other than suffering from Trump Derangement Syndrome,” said Steven Cheung, Trump’s communications director. “President Trump will Make America Great Again and we are getting back to a sense of optimism after a tumultuous four years.” Though both the Biden and Harris campaigns created and shared memes and launched other stunts to respond to Trump's taunts, so far America’s neighbors to the north are not taking the bait. “I don’t think we should necessarily look on Truth Social for public policy,” Miller said. Gerald Butts, a former top adviser to Trudeau and a close friend, said Trump brought up the 51st state line to Trudeau repeatedly during Trump’s first term in office. “Oh God,” Butts said Tuesday, “At least a half dozen times.” “This is who he is and what he does. He’s trying to destabilize everybody and make people anxious,” Butts said. “He’s trying to get people on the defensive and anxious and therefore willing to do things they wouldn’t otherwise entertain if they had their wits about them. I don’t know why anybody is surprised by it.” Gillies reported from Toronto. Associated Press writer Darlene Superville contributed to this report.
