TGOD Prepares for Legal Battle with City of Hamilton

One of the most recent cannabis producers to join the Toronto Stock Exchange (TSX) is currently facing opposition into its expansion plans from a small community in Ontario.

A request for the expansion of a greenhouse facility for the growth of medical cannabis by The Green Organic Dutchman (TSX:TGOD) was shut down during a Hamilton, Ontario city council meeting on Friday (July 13).

The final vote was 9-4 against the motion, which had received support from the local city planner and had also been recommended for approval by city staff.

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According to a report from The Hamilton Spectator, several opposing city councillors noted the city had just voted to confirm the limit for medical cannabis facilities allowed would be 24,000 square feet.

The company was looking to develop a 150,000 square foot greenhouse production facility and is now facing the possibility of only developing a 24,000 square foot growing and research facility.

The producer issued a statement in response to the result on Saturday (July 14) announcing it would challenge the decision with the Local Planning Appeal Tribunal (LPAT). TGOD indicated the proposed phase two represented a 6.5 percent of the total planned production.

Brian Athaide, CEO of TGOD said the company is proud of its roots in Hamilton and hopes to have a larger presence in the community.

The proposed appeal is speculated to take anywhere between months to over year. In light of this, TGOD warned if a resolution isn’t obtained in a “timely fashion” it will move the planned expansion of the Hamilton facility to the neighbouring province of Quebec. The company indicated it still had approval for its 24,000 square foot facility.

TGOD has a 1,107,000 square foot site in Valleyfield, currently under development. In its statement the company made a point of highlighting its production capabilities and the tech planned for this new facility in Quebec.

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The cannabis producer signed a strategic partnership with Aurora Cannabis (TSX:ACB), which involved support for the construction of the Quebec site. Aurora even participated in the initial public offering (IPO) of TGOD in May.

Cam Battley, chief corporate officer for Aurora told the Financial Post the ruling did not concern them “overly much.” Battley, who also serves as a board member for TGOD’s board of directors explained the Ancaster facility is not “the big one.”

The decision created concern of legal fees to some city councillors with one even telling The Hamilton Spectator the city would most likely lose the appeal. TGOD said it is confident its appeal to the LPAT will succeed.

Public market reacts to vote against TGOD

News from the decision broke on Friday and, as such, the stock for TGOD began to drop. After reaching a day low price of C$ 5.66, stock for the company rallied closing the day at a price of C$ 6.04 representing an actual gain of 0.17 percent for the day.

During Monday’s (July 16) trading session the company’s share price has dropped 4.97 percent and reach a price point of C$ 5.75 per share to finish the day.

Don’t forget to follow us @INN_Cannabis for real-time news updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

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Strike Bites Mount Polloy’s Copper Output

The owners of the Mount Polloy copper mine in the Cariboo region of British Columbia have reported a 31.8-percent fall in copper production this quarter as a result of ongoing strike action.

In May, Imperial Metals (TSX:III) reported that its unionized employees at the mine, best known for the 2014 mine disaster, had gone on strike after the company and the union came to what Imperial described as “an impasse” on a collective agreement.

Strike action has now been ongoing for almost seven weeks, since May 23, and according to Imperial is the sole reason behind a fall in production.

“Processing operations have been continued with staff operating the mill, but mining operations have been suspended and only low grade stockpiles have been processed,” said the company in a release, which explained that grades were significantly lower.

Copper grades were 0.18 percent in Q2 2018, down 0.212 percent year-on-year. Meanwhile, gold was 0.261 grams per tonne (g/t) in Q2 2018, down from 0.334 g/t in Q2 2017.

“Metal production was 3.82 million pounds copper and 9,110 ounces gold, a decrease of 31.8 percent and 34.7 percent respectively from the 5.6 million pounds copper and 13,958 ounces gold produced in the June 2017 quarter. Mill throughput averaged 17,395 tonnes per calendar day, down about 11 percent from the comparable 2017 quarter.”

The company said that discussions with unionized employees are due to resume this week.

Speaking with local media, United Steelworkers Local 1-2017 business agent Dan Wil said that this will be the second round of meetings, “we met with the company a few weeks ago in Vancouver, but nothing developed, but they are going to meet again tomorrow and Wednesday (July 18).”

Wil also said morale was ok given that striking workers had been attending picket lines at access points to the mine for seven weeks. “It wears on people.”

Imperial Metal’s other mine, the Red Chris mine in northern British Columbia also reported a fall in copper production in Q2, with operations hampered by a mechanical failure that resulted in 6 days of mill downtime in May. However, Imperial reported gold production was up.

“Red Chris second quarter metal production was 11.51 million pounds copper and 8,614 ounces gold, a decrease of 25.4 percent and an increase of 39.9 percent respectively from 15.42 million pounds copper and 6,159 ounces gold produced in the June 2017 quarter.”

The company also reported progress on drilling at Red Chris reviewing the “potential for utilizing block cave methods to mine the deep mineralization”, with one of five geotechnical holes completed, and the others deferred to a later date.

On the Toronto Stock Exchange Imperial Metals was trading down 4.52 percent on Monday, at C$ 1.69.

Fortunes for the company’s value have been mixed since the strike action was reported, with the current share price 7.14 percent below what it was trading on May 23, however during June, Imperial reached C$ 2.25.

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Securities Disclosure: I, Scott Tibballs, hold no direct investment interest in any company mentioned in this article.

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Top-gaining Cannabis Stocks of Q2 2018

With the second quarter of 2018 officially wrapped up and as cannabis investors prepare up for the challenges the second half of 2018 has in store for them, the Investing News Network (INN) counts the top performing stocks of Q2.

As explained in INN’s Q2 2018 cannabis update, the industry has continued a path of maturity in the public markets and de-risking thanks to the entrance of large Canadian banks.

During the quarter the industry started to recover from a dip seen throughout the market due to a market correction.

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“We had a significant dip down from January to April, I would say, and then again we are starting to move back up as we get closer to legalization,” Yasmin Gordon, senior investment advisor with Canaccord Genuity told INN.

Here’s a look at the top gainers per Canadian exchange during Q2. For a look into the top performing stocks in Q1 2018, click here to read our first quarter stock list.

All the figures and percent changes were obtained with Google Finance and Yahoo Finance for Q2. Stock prices and market caps are current as of market closure on Friday (July 13).

CSE

iAnthus Capital Holdings (CSE:IAN)

Q2 percentage increase: 107.84 percent; market cap: $ 317.55 million; stock price C$ 6.57

iAnthus is a cannabis operator focussed in the US market. The company has assets and interests in legal states like Florida, Massachusetts, New York and Colorado.

During the second quarter of 2018, iAnthus reported its Q1 results which resulted in US$ 3.2 million of revenue for the company’s operations.

Choom Holdings (CSE:CHOO)

Q2 percentage increase: 40.66 percent; market cap: $ 159.506 million; stock price C$ 1.38

Choom is a cannabis company looking to offer a branding-heavy effort in the cannabis space. The company is a retail operator as it looks to open, where the provinces may allow it, cannabis dispensaries offering legal adult-use product.

During the last quarter the company announced it had secured 10 new retail locations for cannabis shops in Alberta and B.C.

CannaRoyalty (CSE:CRZ)

Q2 percentage increase: 27.18 percent; market cap: $ 250.76 million; stock price C$ 4.86

CannaRoyalty is another US focused operator raising capital in Canada through the Canadian Securities Exchanges (CSE). CannaRoyalty’s main operations are in California, a state in which it had announced revenue of US$ 840,000 during the month of April.

The company has continued to pursue businesses and operations in the legal states it operates in to add to its portfolio of cannabis products. During Q2 the company announced its investee company, Anandia Labs, would be getting acquired by Aurora Cannabis (TSX:ACB)

TSXV

WeedMD (TSXV:WMD)

Q2 percentage increase: 44.93 percent; market cap: $ 159.87 million; stock price C$ 1.59

WeedMD has been a medically focused LP of cannabis, but as Canada moves closer to the legalization of recreational cannabis, the company has detailed more of its approach into that market.

During the second quarter the company signed a deal to merge with Hiku Brands (CSE:HIKU) and complement each other’s approach to the cannabis space. The merger proposal was terminated after Canopy Growth (TSX:WEED; NYSE:CGC) offered to acquire Hiku outright in July. WeedMD obtained a C$ 10 million termination fee.

In June the company signed a supplier agreement with Shoppers Drug Mart for medical cannabis to be sold by the retailer. The company also signed onto a joint venture with Phivida Holdings (CSE:VIDA) to develop infused beverages with cannabis.

Organigram Holdings (TSXV:OGI)

Q2 percentage increase: 35.88 percent; market cap: $ 620.59 million; stock price C$ 4.82

Organigram is a medical cannabis producer seeking to expand its business as legalization comes to Canada. The company unveiled its branding efforts of the recreational space during this past quarter.

Organigram also has an interest for the international market as it has started expanding into Australia and Germany. During the quarter the company obtained a permit for the export of medical cannabis into Australia.

ICC Labs (TSXV:ICC)

Q2 percentage increase: 10 percent; market cap: $ 183.12 million; stock price C$ 1.42

ICC Labs is a company raising capital in Canada while its operations are in South America. The company holds interests in Uruguay and expanded its presence in Colombia throughout the second quarter of 2018.

The company is also seeking to export medical cannabis into Germany thanks to an initial deal with CanPharma GmbH, a licensed importer and wholesaler in the European country.

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TSX

MedReleaf (TSX:LEAF)

Q2 percentage increase: 59.42 percent; market cap: $ 2.87 billion; stock price C$ 29.56

MedReleaf is a cannabis licensed producer with a focus into the medical market. This year the company unveiled its recreational brands meant to target the adult-use consumers of cannabis.

MedReleaf stunned the public market after it was first rumored the company was seeking a potential buyer. Finally in May the company confirmed an agreement with Aurora Cannabis, in which Aurora would buy the producer and its shares.

Canopy Growth (TSX:WEED)

Q2 percentage increase: 20.02 percent; market cap: $ 7.89 billion; stock price C$ 37.77

Canopy remained on its path of dominance throughout the public markets with a constant flow of deals and collaborations within the industry in Q2.

During the second quarter of 2018, the company became the first cannabis company to list its stock on the New York Stock Exchange under the ticker symbol “CGC.” Since it started trading on the NYSE, Canopy’s share price has increased 11.16 percent to reach a price of US$ 29.59.

Hydropothecary (TSX:HEXO)

Q2 percentage increase: 37.31 percent; market cap: $ 843.99 million; stock price C$ 4.66

Hydropothecary is one of the latest cannabis LPs to join the Toronto Stock Exchange (TSX), having upgraded to the premier stock exchange from the TSX Venture Exchange in June.

The company also revealed its intentions to introduce a recreational brand named HEXO while Hydropothecary will remain active for its medical cannabis market brand.

Don’t forget to follow us @INN_Cannabis for real-time news updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

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BlackRock exploring crypto

BlackRock exploring crypto: The CEO of the world’s largest exchange-traded fund (ETF) provider, BlackRock, just announced that his company has assembled a group to look into cryptocurrencies, such as Bitcoin (BTC).

BlackRock Exploring Crypto

Larry Fink told Reuters that he does not see “massive investor demand” currently, but his company will continue to look into cryptocurrency regardless.

Fink didn’t have much to add to his statement, but any news regarding BlackRock potentially making moves into the cryptocurrency space is good news. As of June 30th, the company has managed nearly $ 6.4 trillion in assets. …

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Blockchain Update: Q2 2018 in Review

Much like the first quarter of the year, Q2 2018 posed some challenges in the blockchain and cryptocurrency spaces. That being said, the growth the overarching industry has seen is second-to-none and is indicative that it is here to stay for the long run.

In terms of the cryptocurrencies, bitcoin dipped to a 2018 low towards the end of the quarter, dropping to a staggering US$ 5,826.41 on June 24. In a previous interview with the Investing News Network (INN), David Drake–founder and chairman of LDJ Capital–said that with the rise in over-the-counter trading desks it’s not surprising that bitcoin has been down in 2018.

“[Over-the-counter desks] can easily manipulate the [bitcoin] price and push it down,” Drake told INN and explained that there are now over 100 OTC desks when there used to be only six major desks.

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Bitcoin ended the quarter at roughly US$ 6,376.62 on June 30, an overall 7.9 percent decrease from US$ 6,924.49 at the end of Q1 on March 31, 2018.

Looking at the blockchain market, big tech companies making investments in the space was a key highlight during the quarter, further solidifying the significance blockchain will have in our every day lives.

As such, with Q2 officially over and Q3 2018 well under way, here INN is taking a look back at some of the biggest trends that happened during the quarter, and what investors can expect for the rest of the year.

Blockchain Q2 2018 update: cryptocurrencies slide

As noted above, cryptocurrencies struggled throughout much of the quarter, with bitcoin itself having its worst Q2 to date dipping below the US $ 6,000 threshold “as the whole crypto market took a beating,” Abdul Wahid, principal analyst at BIS Research told INN.

“I expected a bull market, that obviously didn’t happen,” David Mondrus, CEO of Trive told INN. “Crypto[s] follow a pattern, and the pattern is that sometimes things are up and sometimes things are down. When things are down, it gets really quiet.”

Similarly, Reality Shares CEO Eric Ervin said that while there was a lot of volatility during the quarter on the cryptocurrency side, it appears to be stabilizing so far in Q3.

“[Cryptos] were down quite a bit off the highs back in the January [and] February timeframe,” Ervin told INN. “In any given day, [cryptos] are up or down by $ 200-$ 300.”

Meanwhile the overall market cap for cryptocurrencies also took a massive hit during the quarter despite an initial increase in the early goings. According to data from Coinmarketcap.com, the overall market cap for cryptos reached a quarterly high just over US$ 470 billion on May 5, but by June 30 that number had dropped off significantly to US$ 255 billion.

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Blockchain Q2 2018 update: EOS dominates

Cryptocurrency EOS made headlines towards the end of the quarter when it officially entered the cryptocurrency market with its smashing US$ 4 billion initial coin offering (ICO) on June 1–without even having a working product, which Mondrus said is something that certainly stood out to him.

According to CNBC, EOS’ ICO, which was done by a company called Block.one, surpassed even the largest initial public offerings in 2018, but noted that the product still wasn’t live at the time. The project spent a year fundraising to develop open source software, and launched on June 10.

By June 15, the EOS blockchain had officially gone live, according to Coindesk, after obtaining more than 150 million votes required to “determine the individuals or entities that will maintain the distributed network, the world’s fifth largest by total value.”

“It’s very, very early days of it,” Ervin told INN. “This is a huge project.”

CNBC explained that the EOS system “will support more efficient operations for ‘decentralized applications’ than existing platforms such as ethereum.”

“[There will[ probably [be] a lot of good things that come out of EOS,” Ervin added.

Blockchain Q2 2018 update: tech giants in focus

A number of tech mammoths made their intentions clear in the blockchain sector with top names making investments in the blockchain industry.

Google (NASDAQ:GOOGL) invested roughly US$ 550 million into JD.com (NASDAQ:JD) as part of a strategic partnership, the company announced on June 18, with an aim of exploring the “creation of next generation retail infrastructure solutions.”

Ervin told INN that the reason for all the logistics and supply chain power is because of JD.com’s blockchain initiatives. JD.com, which is an e-commerce company based in China, launched its accelerator, AI Catapult, to develop artificial intelligence and blockchain technologies in February.

“[It’s] notable when you see a company like Google investing in a publicly traded company because this publicly traded company has such a valuable supply chain management system that has built up blockchain,” Ervin said.

Other tech giants like IBM (NYSE:IBM) also made headlines, albeit shortly after Q2, when it received an AUD$ 1 billion contract to develop a blockchain solution for the Australian government. 

Meanwhile Microsoft (NASDAQ:MSFT) released the public preview of the Azure Blockchain Workbench on May 7, which “makes it easy to integrate blockchain workflows with existing systems.”

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Blockchain Q2 2018 update: what’s ahead

According to Wahid, blockchain is “poised to wave through essentially every major industry” while having a significant impact on “nearly every corporation” over the coming years.

“Blockchain is likely to show greater levels of integration and implementation across all industry verticals, including healthcare, energy, financial, gaming and security,” Wahid said.

Wahid explained that regulatory experimentation with blockchain will “even in the presence of high administrative scrutiny across the world,” with banks and financial services continue to heavily invest in projects and start-ups that are working on blockchain-based solutions.

Blockchain in the cybersecurity industry “will be the next big thing in [the] security industry” thanks to a rise in security breaches like Equifax, signifying that these corporations “cannot protect current identity data systems” and require a more protected blockchain-based identity approach.

Overall, Wahid said that moving ahead into the rest of the year, the blockchain industry will see the development of regulatory framework circling blockchain-based solutions and its infrastructure begin to unfold.

“We will continue to see more enterprise businesses getting into blockchain and using blockchain,” Ervin said. “[Companies] who have been in [blockchain] for awhile will start to see more revenue announcements.”

In terms of industries adapting blockchain, Wahid said that banking, finance, and security are areas that are “early adopters” of the technology and will benefit significantly from blockchain in the future.

“Blockchain technologies are really in its initial stage and only just getting started,” Wahid explained.

When taking cryptocurrencies into consideration, making predictions on their pricing is somewhat difficult given the volatile year it’s had to date.

“The market is just so weird at the moment,” Mondrus said, stating that when it comes to making predictions, he’ll “just have to wait” before doing so.

With bitcoin stabilizing above US$ 6,000 as of the time of this writing, Ervin said it’s possible that it will start trending higher towards year-end.

“I don’t think there’s going to be another huge [dip],” Ervin said. “It’s such a volatile asset class, so who knows what’s going to happen in the next couple of years.”

Don’t forget to follow us @INN_Technology for real-time news updates!

Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article. 

The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence. 

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Crypto Daily News: Charles Hoskinson Wins Crypto World Cup & American Express Explores Blockchain

Crypto daily news

In today’s edition of Crypto Daily News, we’ll cover the winner of the Crypto World Cup, BlackRock eyeing Bitcoin, and the details of American Express’s blockchain exploration.

Charles Hoskinson/France Wins it All

This Saturday, France duked it out against Croatia in the World Cup, and France won 4-2. Here at CryptoCurrencyNews.com, we held our own ‘Crypto World Cup’ in which we randomly paired cryptocurrency celebrities with countries competing in the global tournament.

The Crypto World Cup ended up being a phenomenal event, and we’d like to congratulate Charles Hoskinson/France for coming out on top! …

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Stock Market Uptrend Continues, But…

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Anthony Milewski: Why Cobalt Still Has a Bright Future

The Investing News Network caught up with Anthony Milewski, CEO of Cobalt 27 Capital (TSXV:KBLT), at this year’s Lithium Supply and Markets conference to get more insight on the cobalt market.

Speaking about cobalt supply, Milewski said he expects a number of cobalt projects to come on stream in the next few years, which will help supply the demand from the electric car sector.

“The key risk from my perspective is not price, it’s not “is there enough cobalt?” Instead, it’s just simply risk associated with concentration and concentration in a difficult place namely the Democratic Republic of Congo (DRC),” he added.

Most of the world’s cobalt production is mined in the DRC, a politically-unstable country where mining has been often linked with human right abuses and child labor.

“I think that the industry is going to have to develop a solution for monitoring cobalt all the way back to really the first shovel of dirt in order to give confidence to the entire supply chain that we’re not actually putting this conflict cobalt into our devices,” he said.

Milewski also shared his thoughts on the ongoing debate over a change in technology and chemistry in lithium-ion batteries.

“I think it’s much ado about nothing, so much air time and noise gets given to this topic but if you actually are able to sit down with battery makers and really talk with them off the record, we hear the same thing over and over and over again which is the overwhelming majority of CAPEX is going into the nickelmanganese-cobalt (NMC) battery,” he said.

Cobalt 27’s CEO also mentioned some of the factors that cobalt-focused investors should keep an eye out for in the next few months.

“If you’re an automaker and one of your competitors, whether it’s directly or through the battery maker, secures its basic material, raw material needs, I think it starts to put pressure on you and so, I anticipate that one of the drivers of interest for Q3 and Q4 this year is going to be long term agreements from battery makers and carmakers starting to come into the market,” Milewski said.

Listen to the interview above to learn his thoughts on electric cars, cobalt recycling and what’s ahead for his company in 2018. And don’t forget to check out the Investing News Network’s other Lithium Supply and Markets conference interviews.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in contributed article. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

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What Is In-Licensing?

As mergers and acquisitions of pharmaceutical companies have been prominent so far in 2018, it could be a good idea  to watch them grow through acquisitions and licensing agreements instead of just in-house research and development. These licensing agreements can prove to be very fruitful for both pharmaceutical companies and their respective stock prices.

In fact, licensing deals might be pharma’s preferred mode of business development these days—perhaps even more so than outright acquisitions. The strategy is likewise attractive to investors: licensing drugs expedites corporate development while also mitigating risk, which can cause for confusion. So, let’s clear up some common questions around the strategy:

What exactly does it mean to license a drug? How do royalties affect returns? In what ways does a license differ from an acquisition?

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Investors need to understand the intricacies of this process, so that they can interpret a company’s subsequent actions correctly—and elect to buy or sell at the right time.

In-licensing, explained

In mid-February, Santhera Pharmaceuticals (SWX:SANN) licensed a clinical-phase cystic fibrosis asset from Polyphor, a private Swiss biotech company.

While Santhera is using this to expand its own pipeline and now owns worldwide rights to develop and commercialize the drug, Polyphor will receive US$ 6.5 million upfront and another US$ 121million if the drug licensed passes specific milestones. Polyphor will receive royalty payments from the future net sales of the drug.

These types of deals are known as in-licensing: a company takes on some of the financial or technological burdens associated with developing a product, then gets to share in its returns.

Santhera is just one of the micro-cap companies making use of the strategy. Some other large-cap companies dabbling in licensing are Biogen (NASDAQ:BIIB) and Alkermes (NASDAQ:ALKS) who will develop and commercialize a multiple sclerosis treatment. There’s also Alnylam Pharmaceuticals (NASDAQ:ALNY), the leading RNAi therapeutics company, and Sanofi (NYSE:SNY) announced a restructuring earlier this year so Alnylam will receive global development and commercialization rights to its investigational RNai therapeutics programs and Sanofi will receive royalties.

Sanofi’s vaccine division, Sanofi Pasteur, additionally signed a licensing agreement for flu vaccine technology from SK Chemicals (KRX:285130) to develop broadly protective vaccines.

In-licensing is becoming more and more commonplace, in part because of the influx of small biotech companies on the market. These early stage pharmaceutical companies are a key source of promising product candidates, which pharmaceutical companies then license certain rights to.

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Benefits of in-licensing

Licensing is cost-effective, since the financial burden of product development is shared. It’s also lower risk for the company buying in: they can make deals based on promising preclinical or clinical results. Compare that to the traditional drug discovery process, where a company embarks on a project, investing heavily in its development, all with little data to back up expectations.

Licensing also holds significant appeal when compared to straight acquisitions or mergers. As Aaron Smith wrote for CNN Money, “With licenses, drug companies purchase only the rights for the experimental drugs they’re interested in, and they don’t have to take on another company’s problems or unwanted technologies.”

All of that means in-licensing can hold major appeal for pharmaceutical companies and investors alike. But as mentioned above, it can also generate confusion—confusion which can lead to ill-informed decisions on the part of investors.

Understanding in-licensing

Just as pharmaceutical companies are always looking for the next blockbuster drug, investors are looking for the company who will develop it. In-licensing agreements, then, can appear somewhat off-putting: even if a drug proves wildly successful, its profits will need to be split between two pharmaceutical companies, and therefore two groups of shareholders.

Such was the case with Eliquis, an anticoagulant jointly developed by Pfizer (NYSE:PFE) and Bristol-Myers Squibb (NYSE:BMY). Discovery and clinical advancement was completed by the latter, who joined forces with Pfizer only when entering late stage trials.

This puzzled some investors—after all, the drug seemed like a potential blockbuster. It would be a novel entrant to the market, and benefit a wide number patients. Why split the profits with another company—and one coming late to the game?

As John LaMattina explains in Forbes, there was still plenty of question about the success of Eliquis. The anticoagulant drug market is a competitive one, and there was no guarantee this drug would prove more effective than like products also in development.

Besides, Phase III trials are costly: this one would cost hundreds of millions of dollars. And Bristol-Myers Squibb was already contending with a tight R&D budget.

In the case of Pfizer, Bristol Myers Squibb which distributed the risk involved and eased the financial burden of getting Eliquis approved. It took a long time to roll out the drug, but today, it’s a top earner, bringing in profits for both pharmaceutical companies.

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On the books

Licensing deals also complicate financial statements. “They are not typically recorded as an asset on the balance sheet,” Jeff Margolis, VP of RespireRx (OTCQB:RSPI), explained to the Investing News Network (INN). “They are considered ‘in process research and development’ and the expenditures are considered expenses on the profit and loss statement, typically creating large losses.”

That means the uninitiated investor may misinterpret a company’s financial statement, since it does not “truly account for the value of the licenses.” As Margolis said “the asset is ‘intangible.’”

RespireRx: a case study

The VP of RespireRx, Margolis is intimately familiar with the ins and outs of in-licensing. His company has licensed the rights to dronabinol from the University of Illinois, and is developing the drug as a treatment for obstructive sleep apnea. The drug is currently in Phase II of the company’s product pipeline.

The University of Illinois published a project report on dronabinol, which was paid for by the National Heart, Lung and Blood Institute. RespireRx did not conduct the study and does not control data analysis, but the results—which have not yet been unblinded—will obviously have a major impact on them.

This brings us to another question that can arise with in-licensing. RespireRx submitted an 8K filing for the publication, but less experienced investors may wonder why they have not yet officially taken a position on the study, or published a press release—especially considering the study showed significant clinical differences among treatment groups, for three out of four main outcome variables.

“The Project Report … does not contain any information generated by RespireRx nor any opinion of RespireRx about the content or what it may mean and is entirely the work of the principal investigators,” Margolis told INN. “It does contain a significant amount of information that RespireRx believes investors and prospective investors may wish to know about.” The company will comment on the study once it has been unblinded.

Here again then, we see how in-licensing can be confusing: investors have to understand this process in order to understand RespireRx’s choice to delay its response.

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Sustainable, but not traditional

As pharmaceutical manufacturers move more toward in-licensing, they tend to reduce their massive R&D budgets. This can perturb investors accustomed to the traditional pharmaceutical growth model: drug discovery leads to products, which leads to profits.

But remember that drug discovery also leads to major losses. Pharmaceutical companies spend millions on development, yet only one in ten product candidates ever make it to market. In-licensing can offer an opportunity to cut down that expense and share the burden of risk.

Plus, as pharmaceutical investors are becoming increasingly aware, blockbuster drugs are few and far between these days. “The industry is the victim of its own previous successes,” Dan Hurley explains in an article for The New York Times. “In order to thrive, it must come up with drugs that work better than blockbusters of the past.”

In-licensing may not be traditional, but it could be a more sustainable method of pharmaceutical growth. As the major pharmaceutical companies embrace this model, investors must adjust their own mindset too. The old rules might not apply any longer, and it’s important to reconsider investment strategies in light of industry changes.

Now that you know a bit more about in-licensing, will it affect how you invest in pharmaceutical companies, and why? Let us know in the comments below.

This is an updated version of an article originally published by the Investing News Network in 2016.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I Amanda Kay, hold no direct investment interest in any company mentioned in this article.

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“More Education is Always Good” – Crypto and Blockchain on 2019 CFA Exam

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2019 CFA exam: “We saw the field advancing more quickly than other fields,” says Stephen Horan, the GE managing director at the CFA Insitute. “This is not a passing fad.”

CFA Institute is one of the world’s most famous nonprofits, focusing on investment professionals specifically, and offering various certifications in the field, like the Investment Foundations Certificate.

It offers a three-level program, which covers a range of topics, from machine learning to artificial intelligence. Some 150,000 financial professionals have received training through this program.

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How Crazy It Is to Short Gold with RSI Close to 30

Article posted at The Market Oracle http://www.marketoracle.co.uk/Article62713.html
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Wheaton Acquires Gold and Palladium Stream

Wheaton Precious Metals’ (TSX:WPM, NYSE:WPM) wholly-owned subsidiary, Wheaton Precious Metals International, is set to acquire gold and palladium equal to a fixed percentage of production from the Stillwater and East Boulder mines, collectively referred to as Stillwater, from Sibanye Gold (JSE: SGL; NYSE: SBGL).

As quoted in the press release:

Wheaton International will pay Sibanye-Stillwater upfront cash consideration of US$ 500 million upon closing. In addition, Wheaton will make ongoing payments equal to 18 percent of the spot gold price and spot palladium price until the reduction of the advanced payment to nil, and 22 percent of the spot gold price and spot palladium price thereafter. The precious metals stream is effective July 1, 2018.

Highlights are as follows:

  • Adds to Wheaton’s existing high-quality portfolio
    • Wheaton International will receive an amount of gold equal to 100 percent of the Stillwater gold production for the life of mine.
    • Wheaton International will initially receive an amount of palladium equal to 4.5 percent of Stillwater palladium production, decreasing to 2.25 percent and then 1 percent based on defined delivery thresholds, for the life of mine.
    • Stillwater is one of the lowest cost platinum group metals mines globally and is located in Montana in the United States.
    • Subsequent to the closing of this acquisition, Wheaton’s estimated proven and probable gold reserves increase by 410 thousand ounces (“Koz”) and inferred gold resources increase by 920 Koz. And, for the first time, Wheaton will have estimated proven and probable palladium reserves of 610 Koz and inferred palladium resources of 430 Koz.
  • Adds long-term production and exploration upside potential
    • For the 10 years starting in 2019, production is forecast to average approximately 14.5 Koz of gold and 29 Koz of palladium per year, or approximately 37 Koz of gold equivalent per year.
    • For the 20 years starting in 2019, production is forecast to average approximately 14.7 Koz of gold and 24 Koz of palladium per year, or approximately 33 Koz of gold equivalent per year.
    • Declared current reserves are sufficient to support mining activities at Stillwater until 2041, but this could be significantly extended should inferred resources be upgraded.
    • Significant exploration potential exists both regionally and at depth below current mineral reserves and resources. Of significance is the 12.2 kilometre undeveloped mineralized section between the currently producing Stillwater and East Boulder mines.
  • Immediate production and cash flow
    • This acquisition increases Wheaton’s production profile with attributable sales starting July 1, 2018 with expected production in the second half of 2018 forecast to be approximately 5.4 thousand gold ounces and 10.4 thousand palladium ounces.

Randy Smallwood, Wheaton president and CEO commented:

Stillwater is another accretive addition to Wheaton’s portfolio of assets that is expected to contribute both production and cash flow for decades to come. What mainly attracted us to this opportunity was the quality and size of the J-M Reef deposit, coupled with the ongoing expansion at the Blitz project.”

Click here to read the full Wheaton Precious Metals (TSX:WPM, NYSE:WPM) press release.

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Atalaya Mining Releases Q2 Operations Update

Atalaya Mining (LSE:ATYM,TSX:AYM) has announced its operations update for the second quarter of 2018.

According to the company,

Copper production at Proyecto Riotinto (Spain) for Q2 2018 has increased to 10,446 tonnes from 9,058 tonnes reported in Q2 2017, and 9,441 tonnes in Q1 2018, representing an increase of 15 percent and 11 percent respectively. This quarter’s copper production replaces Q1 2018’s as the second highest quarterly production on record.

In terms of ore milled, 2.5 million tonnes were processed in the quarter, the highest ever quarterly throughput. Copper head grade was in line with expectations. The increase in copper production during the quarter is mainly attributable to the high volume of ore milled with above-budgeted metallurgical recovery rates, averaging 87.31 percent. Processing throughput was better than expected mainly due to high utilization rates.

The company maintains its previously stated copper production guidance for 2018 of 37,000 – 40,000 tonnes.

Click here to read the full Atalaya Mining (LSE:ATYM,TSX:AYM) press release.

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Stellar (XLM) and Cardano (ADA) Among Five Coins Coinbase is Considering

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Coinbase updating coins: Three days ago the largest cryptocurrency exchange operating in the United States announced that it is exploring five new cryptocurrencies to add to its platform, including Stellar (XLM) and Cardano (ADA).

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— Coinbase (@coinbase) July 13, 2018

Coinbase Updating Coins? Stellar (XLM) and Cardano (ADA) Take Center Stage

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