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Chicago Tribune
17-07-2025
- Business
- Chicago Tribune
Carpentersville annexes nearly 150 acres as it moves forward with plans for new TIF district
Carpentersville has annexed 147.9 acres along the Randall and Huntley roads with an eye towards creating a new Tax Increment Financing district to spur development. Agreements for the most recent two annexations were approved this week by the Carpentersville Village Board. Other parcels have already been brought into the village with earlier votes, officials said. 'We cannot create a TIF district outside of our municipal jurisdiction so a prerequisite of even discussing the economic incentives the TIF district will offer was conditional on the properties annexing into the village,' Village Manager Brad Stewart said. Having control of the property and being able to offer financial inducements through a TIF means 'expanding our opportunities to bring in meaningful development,' Stewart said. The first annexation approved at Tuesday's meeting was of a 9.94-acre parcel south of the Grandview Drive and Randall Road intersection. The property lies east of Randall Road. Property owner RTW Properties has no immediate plans for development but wants to be part the TIF district Carpentersville is putting together, Stewart said. When the owner is ready to develop, they will be seeking commercial zoning, which would benefit the village by expanding, strengthening and diversifying the village's property tax base, he said. RTW's property is already within Carpentersville's planning jurisdiction because of a boundary agreement the village has with Algonquin, Stewart said. Any future development on the site would still require village approval, he said. The second property consists of six parcels for a total of 84.73 acres. A single-family home and storage barns are located on three acres and the rest is undeveloped. A majority of the land is between Randall Road to the east and Huntley Road to the west. Owner L&H Farm LTD Partnership doesn't development plans yet but would seek mixed zoning when it does, Stewart said. As is the case with the other property, Carpentersville would need to sign off on future use. 'Some of the property owners and the village have already had some discussions with some interested developers,' Stewart said. 'This all really ties together very nicely.' That said, there are also some development challenges: wetlands, infrastructure deficiencies and flooding plains make some of the land difficult to build on, he said. That's where a TIF district creating economic incentives will help, Stewart said. In January, the village hired Johnson Research Group to do a TIF Eligibility Study and Redevelopment Plan for 138 acres of land along Randall and Huntley roads. 'The study strongly supports that a TIF district is appropriate for this area,' Stewart said. One criteria is if an area has water drainage issues or a significant amount of wetlands, he said. Mitigating those issues requires a huge investment and can't be resolved simply by pouring concrete over the land, he said. 'Quite the opposite. Any developer is responsible not only for maintaining some open spaces and the natural environment but also for ensuring stormwater drainage is managed with no (negative) effect on other properties in our community,' Stewart said. The village's discussion of a creating a new TIF district has encouraged some property owners to voluntarily come into the village, he said. Last year, Carpentersville annexed about 150 acres in the area off Huntley Road. If approved, a Randall/Huntley Road TIF would be the village's fourth district. It already has TIFs covering property in Old Town, Meadowdale and the area surrounding the former Spring Hill Mall. On Tuesday, trustees moved forward with plans to conduct a Sept. 2 public hearing for the proposed district. It will be held during a regular village board meeting at which time more details are to be released. Stewart said there's already one developer who is considering a parcel on Randall Road, north of the former Dominick's site, for a 300-unit luxury townhome subdivision once the TIF is in place. 'We have continued to talk with that particular developer, who remains highly interested in proceeding,' Stewart said. The economic incentives tied to the TIF district would have to be in place before they can proceed, he said. All told, the village has expanded to add 300 new acres to its borders through annexation in the last 18 months, Stewart said. 'It's very exciting to be in that sort of growth mode because that growth is what gives us the opportunity to have meaningful development,' he said.
Business Upturn
11-07-2025
- Business
- Business Upturn
Milestone Pharmaceuticals Announces FDA Acceptance of the Company's Response to the CRL for CARDAMYST™ (etripamil) Nasal Spray
New PDUFA Action Date of December 13, 2025 $75 Million Royalty Purchase Agreement Payment from RTW Extended Through 2025 MONTREAL and CHARLOTTE, N.C., July 11, 2025 (GLOBE NEWSWIRE) — Milestone® Pharmaceuticals Inc. (Nasdaq: MIST) (Milestone) today announced that the U.S. Food and Drug Administration (FDA) has accepted for review Milestone's response to issues raised in the Complete Response Letter (CRL) for CARDAMYST™ (etripamil) nasal spray, an investigational, novel therapy for the treatment of patients with paroxysmal supraventricular tachycardia (PSVT). The FDA has assigned a new Prescription Drug User Fee Act (PDUFA) target action date of December 13, 2025. Concurrent with the FDA acceptance, Milestone is also announcing today the extension of its $75.0 million purchase and sale agreement (Royalty Purchase Agreement) with existing shareholder, RTW Investments, LP and certain of its affiliates (RTW) until December 31, 2025. The proceeds from the Royalty Purchase Agreement are expected to aid a successful planned launch of CARDAMYST in PSVT following expected FDA approval and satisfaction of other customary closing conditions. 'The FDA's acceptance for review of our response to the CRL is a key milestone for CARDAMYST and we look forward to working with the Agency toward a potential approval decision later this year,' said Joe Oliveto, President and Chief Executive Officer of Milestone Pharmaceuticals. 'We are also pleased to amend our Royalty Purchase Agreement with RTW, underscoring their ongoing commitment to Milestone. The anticipated funds will position us well to execute on the commercial launch as we work to get CARADMYST into the hands of patients with PSVT in need of a new treatment.' Amendment of Royalty Purchase Agreement with RTW In March 2023, Milestone entered into the Royalty Purchase Agreement with RTW, pursuant to which RTW agreed to purchase, following the FDA approval (subject to certain conditions) of etripamil on or prior to September 30, 2025 (Approval Date), the right to receive a tiered royalty payments on the annual net product sales of etripamil in the United States, in exchange for a purchase price of $75.0 million. On July 10, 2025, Milestone has amended its Royalty Purchase Agreement (the Amendment) to provide for a three-month extension of the Approval Date. Pursuant to the Amendment, in order to receive the $75 million purchase price, Milestone must receive marketing approval of etripamil from the FDA on or prior to December 31, 2025, satisfy the other customary closing conditions. This represents a contingent future source of funding for Milestone. Milestone Response to the CRL Milestone received a Complete Response Letter (CRL) from the FDA in March 2025. A Type A meeting was held with the Agency in early June 2025 to clarify the outstanding items and reach alignment with the FDA on the requirements for the Company's response to the CRL. Informed by the FDA meeting, Milestone submitted the response to the CRL on June 13, 2025. Included in that response were the results of additional in-vitro studies conducted to meet the updated FDA guidance on nitrosamines, which had been updated since the original NDA submission. Further, in response to the FDA's need to conduct a pre-approval inspection of a manufacturing testing facility, Milestone transferred the duties of that facility to other contracted vendors that have a relatively recent inspection history with FDA. The FDA has not raised any concerns regarding the clinical section of the NDA. About Etripamil Etripamil is Milestone's lead investigational product. It is a novel calcium channel blocker nasal spray under clinical development for frequent and often highly symptomatic episodes of PSVT and AFib-RVR. It is designed as a self-administered rapid response therapy for patients, thereby bypassing the need for immediate medical oversight. If approved, etripamil is intended to provide health care providers with a new treatment option to enable on-demand care and patient self-management. This portable, self-administered treatment may provide patients with active management and a greater sense of control over their condition. CARDAMYST™, the conditionally approved brand name for etripamil nasal spray, is well studied with a robust clinical trial program that includes a completed Phase 3 clinical-stage program for the treatment of PSVT and Phase 2 trial for the treatment of patients with AFib-RVR. About Milestone Pharmaceuticals Milestone Pharmaceuticals Inc. (Nasdaq: MIST) is a biopharmaceutical company developing and commercializing innovative cardiovascular solutions to improve the lives of people living with complex and life-altering heart conditions. Milestone's focus on understanding unmet patient needs and improving the patient experience has led us to develop new treatment approaches that provide patients with an active role in self-managing their care. Milestone's lead investigational product is etripamil, a novel calcium channel blocker nasal spray that is being studied for patients to self-administer without medical supervision to treat symptomatic episodic attacks associated with PSVT and AFib-RVR. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as 'believe,' 'continue,' 'could,' 'demonstrate,' 'designed,' 'develop,' 'estimate,' 'expect,' 'may,' 'pending,' 'plan,' 'potential,' 'progress,' 'will', 'intend' and similar expressions (as well as other words or expressions referencing future events, conditions, or circumstances) are intended to identify forward-looking statements. These forward-looking statements are based on Milestone's expectations and assumptions as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties. Actual results may differ materially from these forward-looking statements. Forward-looking statements contained in this press release include statements regarding: the outcomes of future interactions with the FDA; CARDAMYST's potential as a novel treatment option to help patients with PSVT; the timing and expectations related to the PDUFA date; the satisfaction of customary closing conditions of the $75 million purchase price under the Royalty Purchase Agreement; and other statements not related to historical facts. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, whether our future interactions with the FDA will have satisfactory outcomes; uncertainties related to the timing of initiation, enrollment, completion, evaluation and results of our clinical trials; risks and uncertainty related to the complexity inherent in cleaning, verifying and analyzing trial data; and whether the clinical trials will validate the safety and efficacy of etripamil for PSVT or other indications, among others, general economic, political, and market conditions, including deteriorating market conditions due to investor concerns regarding inflation, Russian hostilities in Ukraine and ongoing disputes in Israel and Gaza and overall fluctuations in the financial markets in the United States and abroad, risks related to pandemics and public health emergencies, and risks related to the satisfaction of customary closing conditions of the $75 million purchase price under the Royalty Purchase Agreement, the sufficiency of Milestone's capital resources and its ability to raise additional capital in the current economic climate. These and other risks are set forth in Milestone's filings with the U.S. Securities and Exchange Commission (SEC), including in its annual report on Form 10-K for the year ended December 31, 2024, under the caption 'Risk Factors,' as such discussion may be updated from time to time by subsequent filings Milestone may make with the SEC. Except as required by law, Milestone assumes no obligation to update any forward-looking statements contained herein to reflect any change in expectations, even as new information becomes available. Contact: Investor Relations Kevin Gardner, [email protected] Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash
CairoScene
06-07-2025
- Lifestyle
- CairoScene
Egyptian RTW Label Rigash Releases Leather Orchid-Adorned Flip Flops
Rigash's first venture into footwear is fun, flirty and versatile. Jul 06, 2025 It's an orchid summer – we're curating our environment, being patient, and surviving in indirect sunlight. So it's only natural we see the beautiful flower intricately embroidered, printed or modelled on all kinds of clothes and accessories. RTW Egyptian label Rigash is bringing the delicate flower to life in an elegant leather flip-flop with a 3D flower accessory. 'From day one, Rigash was always envisioned as a full-look brand — a place where you could build your entire outfit, head to toe,' Lamia Rady, founder of Rigash, tells Scene Styled 'There's a real gap in the market for local brands offering cool, fashion-forward shoes, and we felt it was time to fill that space.' As their first venture into footwear, Rigash's leather flip-flops make perfect sense – they're both stylish and versatile, and can be dressed up for a night out or dressed down for a fun brunch moment. The square toe is structured yet soft, and the colour palette – white, black and pink - connects to pieces from past Rigash collections. The orchid detail, as beautiful as it is, is removable, so you can alternate between classy and playful looks. 'I imagine them worn to the beach with a satin set from our new collection — something breezy yet elevated — or styled in the city with tailored capri pants for a chic daytime look. The thin straps keep them minimal, but they still make a statement. They're just as perfect for a morning coffee run as they are for a sunset dinner or a summer night out. Stylish without trying too hard — that's the vibe.'
Fashion Network
27-06-2025
- Business
- Fashion Network
Vera Wang in major Batra deal for new contemporary RTW in UK, Europe
Vera Wang owner WHP Global has announced a new license deal with the Batra Group to launch an 'advanced contemporary ready-to-wear collection' for women, followed by a men's line, under the Vera Wang brand across the UK and Europe. New York-based brand management firm WHP said it's the first major licensing deal since it acquired Vera Wang earlier this year 'This is an entirely new experience for Vera Wang as we have never before offered product at this price point, for this segment of the market, and at this level of geographical penetration,' said Wang herself. 'I look forward to partnering with Batra Group in creating a collection of specific pieces that reflect my love for wardrobing with a sophisticated, nonchalant and versatile attitude, one that resonates across all age groups, cultures and borders.' Batra was founded in India and now has operations across the subcontinent, the UK, Europe, North Africa, and the Middle East. The Vera Wang deal is via its new luxury division that's based in London and that will oversee the development, production, and distribution of the RTW collection. It has plans to launch across premium retail partners, speciality boutiques, and dedicated Vera Wang flagship locations throughout the region. WHP founder and chairman Yehuda Shmidman said he sees the partnership with Batra as an 'integral step' in the global expansion of Vera Wang — 'one of three core pillars in our long-term growth strategy for the brand. This strategy includes geographic expansion, media initiatives, and the introduction of hospitality projects — all centred around the powerful brand that Vera Wang built'. Batra Group manages a portfolio of more than 25 brands, collaborates with over 400 partners, and its products are available via more than 5,000 retail doors. Its brand portfolio includes Reebok, Fila, Juicy Couture, Russell Athletic, Hunter Boots, Hi-Tec, Hoodrich, Pony, Sergio Tacchini and Dirty London.
Fashion Network
27-06-2025
- Business
- Fashion Network
Vera Wang in major Batra deal for new contemporary RTW in UK, Europe
owner WHP Global has announced a new license deal with the Batra Group to launch an 'advanced contemporary ready-to-wear collection' for women, followed by a men's line, under the Vera Wang brand across the UK and Europe. New York-based brand management firm WHP said it's the first major licensing deal since it acquired Vera Wang earlier this year 'This is an entirely new experience for Vera Wang as we have never before offered product at this price point, for this segment of the market, and at this level of geographical penetration,' said Wang herself. 'I look forward to partnering with Batra Group in creating a collection of specific pieces that reflect my love for wardrobing with a sophisticated, nonchalant and versatile attitude, one that resonates across all age groups, cultures and borders.' Batra was founded in India and now has operations across the subcontinent, the UK, Europe, North Africa, and the Middle East. The Vera Wang deal is via its new luxury division that's based in London and that will oversee the development, production, and distribution of the RTW collection. It has plans to launch across premium retail partners, speciality boutiques, and dedicated Vera Wang flagship locations throughout the region. WHP founder and chairman Yehuda Shmidman said he sees the partnership with Batra as an 'integral step' in the global expansion of Vera Wang — 'one of three core pillars in our long-term growth strategy for the brand. This strategy includes geographic expansion, media initiatives, and the introduction of hospitality projects — all centred around the powerful brand that Vera Wang built'. Batra Group manages a portfolio of more than 25 brands, collaborates with over 400 partners, and its products are available via more than 5,000 retail doors. Its brand portfolio includes Reebok, Fila, Juicy Couture, Russell Athletic, Hunter Boots, Hi-Tec, Hoodrich, Pony, Sergio Tacchini and Dirty London.
