| CytoDyn (OTCQB: CYDY) Treats First Patient in Its Phase 2b/3 Trial for COVID-19 |
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CytoDyn (OTCQB: CYDY), a late-stage biotechnology company developing leronlimab (PRO 140), a CCR5 antagonist with the potential for multiple therapeutic indications, announced the treatment of the first patient with leronlimab in its Phase 2b/3 trial for severe and critical COVID-19 indications.
Why It Matters: The Company recently received clearance from the FDA to commence enrollment in this Phase 2b/3 clinical trial for severe and critically ill COVID-19 patients. The Phase 2b/3 trial is for 390 patients, double blinded with 2:1 ratio (active drug to placebo ratio). Patients enrolled in this trial are expected to be administered leronlimab for two weeks with the primary endpoint being the mortality rate at 28 days and a secondary endpoint of mortality rate at 14 days. The Company will perform an interim analysis on the data from 50 patients.
Key Quote: “We continue to support the medical community’s increasing demand for leronlimab and are pleased for the severely ill patients now enrolling in our Phase 2b/3 trial. We are hopeful that they will experience like therapeutic benefits demonstrated by many similar patients treated under EINDs. We are humbled by the dedication and courage exhibited by our medical professionals every day in their tireless efforts to combat this horrific pandemic.” – Nader Pourhassan, Ph.D., President & CEO
The Backstory: About 30 patients have been administered leronlimab under Emergency Investigational New Drug (EIND) authorizations granted by the U.S. Food and Drug Administration (FDA) and about 15 patients have been enrolled in our current Phase 2b mild-to-moderate COVID-19 patients. Concurrently with its Phase 2b/3 trial, the Company has about 15 patients enrolled in its Phase 2 randomized clinical trial for mild-to-moderate COVID-19 population in the U.S. Thus far, over 30 COVID-19 patients have been treated with leronlimab in hospitals and clinics throughout the country.
Disclosure
CytoDyn (CYDY) is a client of RedChip Companies, Inc. CYDY agreed to pay RedChip Companies, Inc., a $20,000 quarterly cash fee, beginning in February 2020, for RedChip investor awareness services.
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| Esports Entertainment Group (NASDAQ: GMBL) Closes Above Market $8.4 Million Public Offering and Uplists to Nasdaq |
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Esports Entertainment Group (NASDAQ: GMBL), a licensed online gambling company with a focus on esports wagering and 18+ gaming, announced the closing of its previously announced underwritten public offering of 1,980,000 units at a price to the public of $4.25 per unit. Concurrent with the financing, Esports Entertainment’s shares began trading on NASDAQ.
Why it Matters: Esports Entertainment Group is the first US-based iGaming (online gambling) company to list on the NASDAQ, and the company intends to leverage this status to execute an aggressive rollup M&A strategy in the highly fragmented esports and online gambling markets. An LOI was already signed to acquire the first target, which generates approximately $12 million in revenue. Organic sales growth is expected to scale rapidly, driven by a vast network of affiliate marketing partners (190+ esports teams and 600+ industry influencers). Globally, esports betting is already significantly larger than the esports economy itself and is projected to exceed $23 billion in 2020. GMBL is well positioned to capitalize on this opportunity and emerge as a leader in esports betting.
The Backstory: Esports Entertainment Group is a licensed online gambling company with a specific focus on esports wagering and 18+ gaming. Esports Entertainment offers fantasy, pools, fixed odds and exchange style wagering on esports events in a licensed, regulated and secure platform to the global esports audience at vie.gg. In addition, Esports Entertainment intends to offer users from around the world the ability to participate in multi-player mobile and PC video game tournaments for cash prizes. Esports Entertainment is led by a team of industry professionals and technical experts from the online gambling and the video game industries, and esports. The Company holds a license to conduct online gambling and 18+ gaming on a global basis in Curacao, Kingdom of the Netherlands. The Company maintains offices in Malta.
Disclosure
Esports Entertainment Group, Inc. (GMBL) is a client of RedChip Companies, Inc. GMBL agreed to pay RedChip Companies, Inc. a $4,000 monthly cash fee, beginning in June 2018, and 225,000 shares of Rule 144 stock for RedChip investor awareness services.
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| Genetic Technologies (NASDAQ: GENE) Develops COVID-19 Testing Plan and Capacity |
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Genetic Technologies (NASDAQ: GENE), has developed a detailed implementation plan to enable a temporary transition of our genetic testing laboratory to a high-throughput COVID-19 testing laboratory, should it be required by Government agencies to assist with demand. Initial work to identify laboratory workflows, instrument modification, laboratory compliance for biologics and contaminated materials handling has commenced. Secure supply chain of test reagents has been confirmed.
Why It Matters: Genetic Technologies’ COVID-19 testing implementation plan has been developed as a result of the Company’s expectation of an increase in demand for COVID-19 testing and is not based on any existing agreement to provide COVID-19 testing. The Company currently has clear capacity to provide additional testing services and the proposed transition of our genetic testing laboratory to a high-throughput COVID-19 testing laboratory will not negatively impact the Company’s capacity to continue its current testing activities.
Key Quote: ““We are prepared to transition our laboratory for the purpose of fighting the COVID-19 Pandemic subject to Government and Community needs.” – Dr. George Muchnicki, interim-CEO
The Backstory: Genetic Technologies is a diversified molecular diagnostics company. GTG offers cancer predictive testing and assessment tools to help physicians proactively manage patient health. The Company’s lead products GeneType for Breast Cancer for non-hereditary breast cancer and GeneType for Colorectal Cancer are clinically validated risk assessment tests and are first in class.
Disclosure
Genetic Technologies (GENE) is a client of RedChip Companies, Inc. GENE agreed to pay RedChip Companies, Inc. a $7,500 monthly cash fee, beginning in March 2019, for six (6) months of RedChip investor awareness services.
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| Medalist Diversified REIT (NASDAQ: MDRR) Announces Series A Preferred Stock Cash Dividend |
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Medalist Diversified REIT (NASDAQ: MDRR), a Virginia-based real estate investment trust that specializes in acquiring, owning and managing value-add commercial real estate in the Southeast region of the U.S., announced that its Board of Directors authorized and the Company declared a dividend for the first quarter of 2020 on its 8.0% Series A Cumulative Redeemable Preferred Stock in the amount of $0.3722 per share. The Series A Dividend will be payable in cash on April 27, 2020 to holders of record of Series A Preferred Stock as of April 24, 2020.
The Backstory: Medalist Diversified REIT is a Virginia-based real estate investment trust that specializes in acquiring, owning and managing value-add commercial real estate in the Mid-Atlantic and Southeast regions. The Company’s strategy is to focus on value-add and opportunistic commercial real estate which is expected to provide an attractive balance of risk and returns. Medalist utilizes a rigorous, consistent and replicable process for sourcing and conducting due diligence of acquisitions. The Company seeks to maximize operating performance of current properties by utilizing a hands-on approach to property management while monitoring the middle market real estate markets in the southeast for acquisition opportunities and disposal of properties as considered appropriate.
Disclosure
Medalist Diversified REIT (MDRR) is a client of RedChip Companies, Inc. MDRR agreed to pay RedChip Companies, Inc. a monthly cash fee of $4,250 for four (4) months followed by a monthly cash fee of $8,500 for eight (8) months of RedChip investor awareness services, beginning in August 2019. The CEO of RedChip Companies owns 3350 shares of MDRR.
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| Quote of the Week |
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"The single most important way we attempt to manage risk, in any environment, is by seeking to buy stocks very cheaply—we never want to pay too much."
- Bill Hench, Portfolio Manager, Royce Opportunity Funds |
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