Peter Thiel Joins Board of Enriched Uranium Startup General Matter
After more than a year searching for companies that could produce enriched uranium for the growing nuclear power sector, Scott Nolan, a partner at venture capital firm Founders Fund, decided to build his own.
His new startup, General Matter, has raised $50 million in a funding round led by the firm to make high-assay low-enriched uranium, or HALEU. As part of the deal, Founders Fund partner Peter Thiel is joining the board, an unusual move for the billionaire investor. The Los Angeles-based startup — which has been operating largely under the radar until now — aims to bolster the nation's nuclear energy industry, and adds to the stable of Founders Fund partners who have started their own companies.
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Hamilton Spectator
14 minutes ago
- Hamilton Spectator
Defence spending boost can only go so far to lessen U.S. reliance: experts
MONTREAL - In early 2002, Glenn Cowan touched down in Kandahar province as part of the first wave of regular Canadian Army troops deployed to Afghanistan, serving in a U.S.-led brigade combat team. After joining Canada's elite special operations unit Joint Task Force 2 in 2003, he spent the next 13 years collaborating with American soldiers on raids, rescues and reconnaissance missions. 'If you're going to get into a fight with someone, you want the Americans on your side,' said Cowan, founder of ONE9. His Ottawa-based venture capital firm focuses on national security investments. The same might be said of the gear Canadian troops use, and the industry behind it. An infusion of fresh defence funding is poised to flood parts of Canada's aerospace, manufacturing and information technology sectors in a bid to reduce reliance on the United States, but experts say this country will remain firmly fastened to its neighbour as a military-industrial partner by necessity. While not a military powerhouse, Canada has expertise in areas ranging from flight simulation and shipbuilding to armoured vehicles and artificial intelligence. The $9.3-billion in additional defence spending announced by Prime Minister Mark Carney on Monday is poised to boost those sectors, with the goal of greater procurement from domestic companies. 'We're too reliant on the United States,' Carney said. 'We will ensure that every dollar is invested wisely, including by prioritizing made-in-Canada manufacturing and supply chains. We should no longer send three-quarters of our defence capital spending to America.' But a massive cash injection means Canada will have to scale up fast, including via foreign suppliers, said Jim Kilpatrick, in charge of global supply chain and network operations at Deloitte. 'Defence supply chains can often go 10 or 11 tiers deep,' he said, stressing their complex international reach. 'Canada will not be self-sufficient in defence products required by our military.' The country's relatively small production capacity means it will continue to shell out money on American equipment, technology and aircraft, including 88 U.S.-built F-35 fighter jets at a cost of tens of billions of dollars, experts say. However, some of that spending will go to American military giants that have a big presence on Canadian soil, even if the profits end up in pockets south of the border. General Dynamics churns out light armoured vehicles bristelling with turreted mortars and assault guns in London, Ont., as well as tactical communications systems in Ottawa. Lockheed Martin works on 'advanced technology systems' such as naval command software in five provinces. Defence contractor Raytheon counts 8,500 employees and 2,500 suppliers in Canada. 'The wider Canadian economy features a lot of branch plants,' noted David Perry, CEO of the Canadian Global Affairs Institute. While high-tech weapons and machinery come to mind at the mention of defence procurement, much of the extra funding this year may well go to more mundane items. Housing and infrastructure upgrades for Canadian troops make up some of the biggest priorities for Chief of the Defence Staff Gen. Jennie Carignan, she told Quebec radio host Patrick Lagacé on Thursday. Perry also highlighted the ripple effects of that spending for myriad business types beyond the purely military realm. 'Some of it is done through the big stuff — we think about fighter jets. But a lot of it pays for office furniture, software licenses, electricity contracts, snow removal, grass cutting.' Taking a step back, Perry framed defence investment in terms the prime minister, formerly the head of the Bank of Canada and the Bank of England, could appreciate. 'If you think of our defence relationships as an investment portfolio, the PM is saying we're way over-indexed in the Dow Jones and the S&P,' he said. 'Diversify.' This report by The Canadian Press was first published June 13, 2025.
Business Upturn
an hour ago
- Business Upturn
Merck Presents Results on Efficacy and Safety of Enpatoran in Systemic Lupus Erythematosus (SLE) at EULAR 2025
Darmstadt, Germany: Cohort B of the Phase 2 study indicates all doses of enpatoran were associated with higher BICLA response rates compared with placebo, though the primary endpoint of BICLA dose-response relationship at Week 24 was not met Data show encouraging efficacy in a large subgroup of SLE patients with active cutaneous manifestations at baseline, including improved response rates in key disease activity measurements There is a substantial unmet treatment need for the estimated 70-80% of SLE patients who experience active cutaneous manifestations, which can profoundly impact quality of life1 Not intended for UK-, US- or Canada-based media Merck, a leading science and technology company, today announced the presentation of detailed results from Cohort B of the global Phase 2 WILLOW study (NCT05162586) evaluating enpatoran, an investigational, oral, novel TLR7/8 inhibitor in systemic lupus erythematosus (SLE). Although it did not meet the primary endpoint of dose-response relationship, when compared to placebo, enpatoran demonstrated improvements in measures of both systemic and cutaneous disease activity in prespecified SLE subpopulations despite standard of care (SoC), including those with active cutaneous manifestations at baseline [(CLASI-A) ≥8], and was overall well tolerated. These findings will be presented in a late-breaking oral presentation at the 2025 European Congress of Rheumatology (EULAR) in Barcelona (Abstract # LB0004). 'Analyses of Cohort B contribute to our understanding of enpatoran's potential to address the critical unmet needs for patients living with lupus, including those experiencing significant skin manifestations. These manifestations are often part of the systemic activity or flare, which can be painful and have a considerable impact on quality of life,' said principal investigator Prof. Eric Morand, from Monash University and Monash Health. 'The improvements observed in key disease measures represent a meaningful advancement in our ongoing investigation of the TLR7/8 inhibition approach for patients insufficiently managed by current therapies.' WILLOW is a global, multicenter, randomized, placebo-controlled Phase 2 study evaluating three doses of oral enpatoran taken twice daily (25 mg, 50 mg and 100 mg) versus placebo plus SoC over 24 weeks. The study features a unique design across two lupus cohorts, including both patients with active SLE and cutaneous lupus erythematosus (CLE). Cohort B of the study was designed to evaluate the dose-response relationship of enpatoran in reducing disease activity, based on the British Isles Lupus Assessment Group (BILAG)-based Composite Lupus Assessment (BICLA) response rate at Week 24 and enrolled SLE patients who had moderate or severe active disease despite SoC. Cohort B showed positive results in secondary and exploratory endpoints and within prespecified patient subpopulations. In patients with active skin disease (CLASI-A ≥8), BICLA response rates were up to 58.6% while placebo response rates were 31.7%, and up to 60.5% of patients receiving enpatoran showed a CLASI-70 response, compared with 26.8% for placebo, at Week 24. In addition, the subgroups of patients with high corticosteroid (prednisone-equivalent ≥10 mg/day) use and those with high interferon gene signature (IFN-GS) at baseline also showed higher and relevant BICLA response rates for enpatoran compared to placebo. As presented earlier this year at LUPUS 2025, Cohort A analyses from the WILLOW study showed clinically meaningful improvement in disease activity in patients with CLE and mild SLE with active lupus rash at Weeks 16 and 24. Overall, for skin-related signs and symptoms, comparable improvements were observed in Cohort B relative to Cohort A, reinforcing the potential efficacy of enpatoran in patients with cutaneous manifestations of lupus erythematosus with or without systemic disease. 'The efficacy and tolerability results from Cohort B, including among those with active skin involvement—a manifestation that affects most lupus patients—are consistent with our observations from Cohort A. The lupus rash is not only a visible symptom but is also closely linked to the underlying systemic activity of lupus,' said Jan Klatt, Head of Development Unit Neurology & Immunology for the Healthcare business of Merck. 'We are set to initiate regulatory discussions with key health authorities to determine the most effective pathway for bringing enpatoran to patients.' Enpatoran was well-tolerated and exhibited a manageable safety profile consistent with previous studies, with no new safety signals identified. Rates of treatment-emergent adverse events (TEAEs) were comparable between all enpatoran arms and placebo, ranging from 60.6% to 64.2%, and the most frequently reported TEAEs were infections and infestations. These results further support the anticipated favorable safety profile of enpatoran. About Enpatoran Enpatoran is a selective Toll-like receptor (TLR)7/8 inhibitor under investigation for the treatment of systemic lupus erythematosus (SLE) and cutaneous lupus erythematosus (CLE). By inhibiting TLR7/8 activation, enpatoran may help reduce pro-inflammatory cytokines and autoantibody production, potentially addressing underlying mechanisms of chronic inflammation and disease progression in lupus. With its novel proposed mechanism of action and oral administration, enpatoran has the potential to be a first-in-class treatment for patients across lupus conditions. Enpatoran is currently under clinical investigation and is not approved for any use anywhere in the world. About the Phase 2 WILLOW Clinical Study WILLOW (NCT05162586) is a randomized, double-blind, placebo-controlled Phase 2 proof of concept and dose-finding study designed to evaluate the efficacy and safety of enpatoran in patients with systemic lupus erythematosus (SLE) and cutaneous lupus erythematosus (CLE). The study incorporates a basket design, including two cohorts – Cohort A including patients with CLE or SLE with active lupus rash and Cohort B including patients with active SLE. The WILLOW study aims to advance the understanding of enpatoran's therapeutic potential and to help address significant unmet needs in lupus treatment. About Lupus Erythematosus Lupus erythematosus is a chronic autoimmune disease that can affect various parts of the body, including the skin, joints, kidneys, and other organs. It occurs when the immune system mistakenly attacks healthy tissues, leading to inflammation, pain, and potential organ damage. There are multiple types of lupus, with systemic lupus erythematosus (SLE) and cutaneous lupus erythematosus (CLE) being two primary forms. Symptoms can range from mild to life-threatening, often including fatigue, joint pain, rashes, and organ involvement. Lupus disproportionately impacts women and people of color, and despite available treatments, many patients experience unmet needs due to limited efficacy or side effects. Merck in Neurology and Immunology Merck has a long-standing legacy in neurology and immunology, with significant R&D and commercial experience in multiple sclerosis (MS). The company's current MS portfolio includes two products for the treatment of relapsing MS – Rebif® (interferon beta-1a) and MAVENCLAD® (cladribine tablets). Merck aims to improve the lives of patients by addressing areas of unmet medical needs. In addition to Merck's commitment to MS, the company also has a pipeline focusing on discovering new therapies that have potential in other neuroinflammatory and immune-mediated diseases, including systemic lupus erythematosus (SLE), cutaneous lupus erythematosus (CLE) and generalized myasthenia gravis (gMG). About Merck Merck, a leading science and technology company, operates across life science, healthcare and electronics. More than 62,000 employees work to make a positive difference to millions of people's lives every day by creating more joyful and sustainable ways to live. From providing products and services that accelerate drug development and manufacturing as well as discovering unique ways to treat the most challenging diseases to enabling the intelligence of devices – the company is everywhere. In 2024, Merck generated sales of € 21.2 billion in 65 countries. The company holds the global rights to the name and trademark 'Merck' internationally. The only exceptions are the United States and Canada, where the business sectors of Merck KGaA, Darmstadt, Germany, operate as MilliporeSigma in life science, EMD Serono in healthcare and EMD Electronics in electronics. Since its founding in 1668, scientific exploration and responsible entrepreneurship have been key to the company's technological and scientific advances. To this day, the founding family remains the majority owner of the publicly listed company. All Merck press releases are distributed by e-mail at the same time they become available on the Merck website. Please go to to register online, change your selection or discontinue this service. 1 Cojocaru M, Cojocaru IM, Silosi I, Vrabie CD. Manifestations of systemic lupus erythematosus. Maedica (Bucur). 2011 Oct;6(4):330-6. PMID: 22879850; PMCID: PMC3391953. View source version on Disclaimer: The above press release comes to you under an arrangement with Business Wire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash
Yahoo
an hour ago
- Yahoo
Exclusive-Ivory Coast workers say Unilever is violating their union rights amid share sale, documents show
By Richa Naidu LONDON/ABIDJAN (Reuters) -Unilever workers in Ivory Coast say the global consumer goods giant is violating their collective bargaining agreement in refusing to ensure severance pay if layoffs take place after the company sells its business there, documents show. British-based Unilever is selling all of its shares in its struggling Ivory Coast unit, which employs some 160 people, to a local consortium of investors led by wholesale distributor Société de Distribution de Toutes Marchandises Côte d'Ivoire (SDTM). Unilever Cote d'Ivoire manages the consumer giant's domestic and international brands in Ivory Coast, but SDTM will only take over Unilever's domestic brand business, according to an internal memo dated April 8. Unilever has not said how its international brands will be sold in Ivory Coast in future. Workers began staging protests at Unilever offices in Abidjan on April 25, fearing the unit's falling turnover in recent years and the loss of the international brand business will trigger layoffs after the sale, which is expected to close by June 20. Their collective bargaining agreement with Unilever, seen by Reuters, states that in the event of layoffs associated with disposing of its Ivory Coast business, Unilever will give employees severance pay equal to "one month of average gross salary per year of seniority, with a maximum of 18 months." The bargaining agreement, dated from 2004, was confirmed by management in 2007 and remains valid, according to Lex Ways lawyer Soualiho Lassomann Diomande, who represents local staff. The agreement also pledges "medical coverage for a maximum period of six months." A Unilever spokesperson did not comment on the agreement. However, in a meeting at the Labor Inspectorate in Abidjan on April 25, the head of Unilever Cote d'Ivoire, Arona Diop, stated that workers' rights and salaries would be decided by SDTM, and not regulated by the collective bargaining agreement, according to minutes of the meeting reviewed by Reuters. Unilever confirmed it was selling the Ivory Coast unit but said in a statement to Reuters: "the proposed transaction is by way of a sale of shares, which does not result in the termination of employees' contracts." "Severance pay is not therefore relevant, as employment continues," it added. Unilever's international brand portfolio has accounted for more than 60% of Unilever Cote d'Ivoire's turnover, according to three Ivory Coast employees, which totalled 34.6 billion CFA Franc in 2023. Since the share sale excludes the most important brands, job security is at risk, said Diomande. Moreover, under article 16.6 of the Ivorian Labor Code, any substantial modification of an employment contract requires the prior agreement of the employee, Diomande added. "No assurances have been given regarding job security," said a Unilever Ivory Coast employee, who did not wish to be named. CONTRAST WITH EUROPE The severance rights Unilever guaranteed under the collective bargaining agreement are a lot more generous than required under Ivory Coast labour law, according to Diomande as well as two workers interviewed by Reuters. According to the International Labor Organization's EPLex database website, workers in Ivory Coast are entitled to severance pay equal to 30% of their gross monthly wage per year for those who have worked up to five years. The percentage rises to 35% from the sixth to the 10th year and 40% for above 10 years of service. Unilever said early last year it would axe 7,500 jobs globally as part of a turnaround to save about 800 million euros ($913.12 million). Diomande said Unilever's treatment of its Ivory Coast staff contrasted sharply with how it treated staff in Europe. Last month Unilever agreed to guarantee its ice cream workers' employment terms in Europe and Britain for at least three years after the business' spin-off, Reuters reported, tripling the usual period in such deals despite no legal requirement to do so. The generous terms agreed in Europe reflect the power of local unions and strict labour laws on the continent. Workers in the Ivory Coast told Reuters they had asked Unilever to guarantee the same conditions, including severance pay, for two years, one less than what was granted to roughly 6,000 Unilever workers affected by the ice cream spin off in Europe and Britain. "Not applying the same conditions in Ivory Coast is unequal treatment and negative discrimination," Diomande said. "This is a serious injustice." ($1 = 571.0000 CFA francs) ($1 = 0.8761 euros)
