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Hindustan Times
3 days ago
- Politics
- Hindustan Times
A lost ledger of Delhi's history of diplomacy
On a December afternoon in 1955, Soong Ching-ling – known better as the 'Mother of Modern China' – stood beneath the high grand Victorian Edwardian-style arches of Chandni Chowk's Town Hall, bathed in the warmth of applause. The Town Hall's visitors' book with the signature of Queen Elizabeth. 'India, China. Two nations resurgent. Peking, New Delhi. The new Asia arising. Peace, Friendship. One Billion Pairs of hands. Your protectors! Hindi-Chini Bhai Bhai. Hindi-Chini Bhai,' she wrote in the Town Hall's visitors' book in Chinese, sealing the moment with the optimism of the short-lived Hindi-Chini friendship of the 1950s. Soong, an honorary president of the People's Republic of China and a revolutionary figure in her own right, had come to New Delhi in the dawn years of India's independence. Back then, Delhi's Town Hall was more than a civic building – it was the city's diplomatic salon. Under its colonnades, mayors welcomed presidents, poets, and heads of state. Civic receptions were staged with the gravity of statecraft: symbolic keys to the city exchanged hands, garlands draped over shoulders, abhinandan patra (formal letters of congratulations) read aloud as cameras clicked. For decades, those encounters seemed to live only in fading photographs, and in the faint memories of dignitaries and of the officials who were part of these meetings. Marshal Tito of Yugoslavia, in the centre, flanked by DMC president Ram Niwas Agarwal on right and Jawaharlal Nehru on left, in Delhi in November 1956. (Photo courtesy: Mahika Agarwal) Then, during a routine record room cleanup last year, a municipal heritage team stumbled upon a piece of history. A battered, leather-bound visitors' book. Its spine cracked, its pages foxed and crumbling, the ledger held in its hand-inked lines the ghost of an era — signatures, messages, and sketches from foreign dignitaries who passed through Delhi from the 1950s to the 1980s. 'It's a treasure,' said a senior official from the Indira Gandhi National Centre for the Arts (IGNCA), which is now restoring the book. 'Every page tells you what the world thought of India in those formative years, and how Delhi presented itself to that world.' The first pages record Soong Ching-ling's flourish in 1955, followed by a neat November 1956 note from Zhou Enlai, China's premier. He wished for the 'peaceful construction' and 'long friendship' of two nations, ending with 'Hindi Chini Bhai Bhai' in carefully brushed Chinese characters — hope inked just years before the 1962 border war would shatter it. Two lines down, a royal signature: Haile Selassie, the Ethiopian emperor whose reign bridged the colonial and post-colonial worlds. His 1956 visit was steeped in solidarity. Ethiopia still remembered India's support during Italy's brutal occupation two decades earlier. Selassie came to speak with then Prime Minister Jawaharlal Nehru about African and Asian decolonisation, Delhi at that moment being the nerve centre of what is now known as the Global South. On India's foreign policy through the 1950s and '60s, the Indian Council for World Affairs (Sapru House) publication on '75 years of Indian foreign policy' writes: 'The colonial experience also helped India in that sense to develop an independent approach to international relations. And the significance that was attached, for example, to anti-racial campaigns, anticolonial campaigns, anti-apartheid, those struggles, and, of course, the complete focus on decolonisation..' These grand gestures often unfolded under the watch of Ram Niwas Agarwal, president of the Delhi Municipal Committee from 1954 until 1958, just before the creation of the unified Municipal Corporation of Delhi (MCD). His granddaughter, Mahika Agarwal, has preserved photographs in a family album she calls Bauji's Delhi: her grandfather alongside Nehru and Marshal Tito of Yugoslavia; her grandmother welcoming Soraya, the Empress of Iran, in February 1956; her grandfather greeting Queen Elizabeth. Also among these photographs are of Zhou signing the book, flanked by Nehru and a young Dalai Lama in 1956 – three years before the Tibetan leader fled to India and sought refuge. In the visitors' book, Tito's own words appear – a typewritten note from November 15, 1956, during the UNESCO General Conference held in Delhi: 'The days which we spend in New Delhi will remain as an unforgettable memory in our minds. The warm and cordial reception given to our delegation by the citizens of this beautiful and blooming city has left a deep and pleasant impression on us.' DMC president Ram Niwas Agarwal greets Soraya, the Empress of Iran, in Delhi in February 1956. (Photo courtesy: Mahika Agarwal) The 1956 UNESCO conference, which was the first to be held east of the Mediterranean, transformed Delhi into a diplomatic amphitheatre. For a month, global faces, ministers and intellectuals debated science, education, and culture even as the Suez Crisis and Hungarian Revolution shook the world. Tito's friendship with India would later be immortalised in the naming of Josip Broz Tito Marg in south Delhi. The ledger, which became a chronicler of that historic summit, reads like a roll call of mid-century history. There is Nehru's own signature in 1955, then President Rajendra Prasad's in the same year, Japanese PM Nobusuke Kishi in 1957, Harold Macmillan and his wife in 1958, New Zealand's PM Keith Holyoake, and Mohammad Zahir Shah, the last king of Afghanistan, in February 1958. In 1959, Edwina Mountbatten – the last Vicereine of India – signed her name during a visit from then Burma, a reminder of the colonial past still within living memory. The Town Hall's embrace was not limited to politics. On November 21, 1957, Marian Anderson – the celebrated African American contralto whose voice became a weapon against segregation – is found mentioned as well. Anderson was a poignant figure in American civil rights movement. Two decades earlier, barred from performing before an integrated audience in Washington, Anderson had sung instead on the steps of the Lincoln Memorial in a concert arranged by Eleanor Roosevelt. By 1957, she was a goodwill ambassador for the US State Department, touring Asia. In Delhi, under the gaze of Gandhi's statue behind Town Hall, she performed 'Lead Kindly Light' – the first Westerner to sing at his memorial. Archival footage shows Delhiites in woollen shawls, rapt and still as her voice rose into the winter air. Some entries, meanwhile, are more surprising, especially in hindsight. In 1974, a young Saddam Hussein – the then deputy leader of Iraq's Revolutionary Command Council – filled half a page in Arabic, praising 'shared experiences and historic relationships' between the two nations. At that moment, he was a rising regional figure; decades later, his name would be synonymous with war and dictatorship. By the late 1970s, the tone of the book changes. Many entries are signed not by presidents and premiers but by committee members, bureaucrats, and cultural delegations. Pages are missing, torn, or water-damaged. Officials suspect the gaps conceal other major visits – or perhaps that they were lost during Delhi's political upheavals in the 1980s and '90s, when the municipal corporation itself was suspended for years. Today, about 140 pages have been painstakingly restored. Conservators humidify the brittle paper, flatten creases, and reinforce torn corners with Japanese tissue. The fragile handwriting – from elegant calligraphy to hurried scrawls to foreign scripts – is being digitised, each name cross-referenced with municipal archives, newspaper clippings, and family collections. Photographs and, where possible, film footage are being sourced to accompany the book in a planned municipal museum gallery. Saroj Kumar Pandey, a conservator working on the conservation project, said that such brittle papers with handwritten notes using ink require extra care. 'Paper has not strengthened and torn pages are are filled in with Japanese rice paper. We use gluten-free starch as an adhesive. Each paper is tested through bleeding test and ink signatures are stabilised using chemicals after removing stains.' Since then, the visitors book has been sent back to the MCD. 'This was a time when the city, through its mayor, was part of international diplomacy,' said a municipal heritage official. 'Receptions were held not just in Town Hall, but at Ram Lila grounds, even at the Red Fort. These events were grand, with schoolchildren, music, and pageantry – they were meant to tell the world what Delhi stood for.' In Chandni Chowk, Town Hall stands restored on the outside, its mustard-yellow façade bright against the jostle of traders and rickshaws. Inside, the council chambers are silent. But in the ledger's pages, Delhi's voice is vivid – hopeful, confident, eager to be seen. The rediscovered visitors' book is more than civic memorabilia. It is an atlas of mid-century diplomacy mapped onto one city's address book. And in that sense, the book is not only a record of who came to Delhi, but of how Delhi imagined itself – as a Capital not just of India, but the epicentre of the post-colonial world.
Business Wire
4 days ago
- Business
- Business Wire
RenovoRx Reports Commercial Revenue Growth in the Second Quarter 2025 and Announces Positive Independent Data Monitoring Committee Recommendation to Continue Pivotal Phase III TIGeR-PaC Trial Based on Interim Data Review
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- RenovoRx, Inc. ('RenovoRx' or the 'Company') (Nasdaq: RNXT), a life sciences company developing innovative targeted oncology therapies and commercializing RenovoCath, a novel, FDA-cleared drug-delivery device, today announced its financial results and business update to shareholders for the second quarter ended June 30, 2025. 'We are pleased to report second quarter 2025 revenue of over $400,000. This growth highlights the strong clinical need and market demand for our patented RenovoCath device as a standalone targeted drug-delivery product among both new and existing customers. We are proud of the initial organic revenue growth over the first two full quarters since launching RenovoCath commercial sales, especially since this was achieved without a dedicated sales and marketing team. With the recent hiring of Phil Stocton as our Senior Director of Sales and Market Development, our goal is to stay lean, while also continuing to build commercialization momentum. We will continue to gather important data about our market (such as such as sales cycles, activation times, individual customer preferences and other commercial matters), as we seek to grow our customer base, fulfill repeat RenovoCath orders, and position ourselves for commercial growth over the long term,' said Shaun Bagai, CEO of RenovoRx. 'At the same time, we are very excited to report that the independent Data Monitoring Committee (DMC) for our ongoing Phase III TIGeR-PaC trial recently completed their review of our second pre-planned interim analysis and has recommended that we continue the study. This is great news, as we believe the DMC's recommendation is an expression of confidence in the potential for a positive outcome in the trial overall,' continued Mr. Bagai. 'With a view towards preserving the integrity of the TIGeR-PaC trial for FDA purposes, and following our review of general FDA guidance, discussions with the DMC, and consultation with regulatory advisors, we are deferring publishing our second interim data. Outside of our Chief Medical Officer, Dr. Ramtin Agah, who has been speaking directly with the DMC, our entire team will remain blinded to the interim data. We will revisit publishing the actual second interim data, most likely upon completion of the study as is common for pivotal Phase III trials. As of August 12, 2025, 95 patients have been randomized and 61 events have occurred, putting us on target to complete enrollment this year or early next year,' concluded Mr. Bagai. RenovoCath Commercialization Update RenovoRx continued its RenovoCath commercialization progress, with thirteen cancer center customers approved to purchase the device, including several high-volume, National Cancer Institute (NCI)-designated academic and community centers, an increase from five centers in the first quarter of 2025. Four of these thirteen cancer centers have used the device in patients, and all have made repeat purchase orders subsequently. RenovoRx believes that many of the 18 cancer centers that have used RenovoCath as part of its ongoing, pivotal Phase III TIGeR-PaC trial could also be potential customers for RenovoCath after the completion of TIGeR-PaC enrollment, which is expected later this year or early next year. All of this is being accomplished in-house by RenovoRx without a dedicated sales and marketing team. RenovoRx plans to strategically add a small number of sales personnel in the second half of 2025 as it looks to widen market penetration in 2026. RenovoRx believes that the initial total addressable market (TAM) for RenovoCath as a stand-alone device represents an estimated initial $400 million peak annual U.S. sales opportunity. Beyond historical RenovoCath usage, RenovoRx commercial efforts are already indicating the adoption of RenovoCath technology for the treatment of other solid tumors. This serves as the basis for our belief in the potential for a several-billion-dollar TAM as we expand into additional applications. Ongoing Pivotal Phase III TIGeR-PaC Trial Update In the TIGeR-PaC trial, RenovoRx is evaluating its first investigational drug-device combination oncology product candidate which uses the proprietary Trans-Arterial Micro-Perfusion (TAMP™) therapy platform enabled by RenovoCath for the treatment of locally advanced pancreatic cancer (LAPC). RenovoRx's combination product candidate utilizes RenovoCath for the intra-arterial administration of the chemotherapy gemcitabine (or IAG). The current protocol and statistical analysis plan for the Phase III TIGeR-PaC trial requires 114 randomized patients, with 86 events, or deaths, necessary to complete the final analysis. In the second quarter of 2025, the 52 nd death triggered the second pre-planned interim analysis to be reviewed by the independent Data Monitoring Committee. The DMC has concluded its review and has recommended that the Company continue with the trial. To avoid compromising the integrity of the trial with the FDA, and after discussions with the DMC and consultation with its regulatory advisors, RenovoRx elected to defer publishing the interim data. RenovoRx will revisit publishing the actual second interim data, most likely upon completion of the study as is common for pivotal Phase III trials. Second Quarter 2025 and Subsequent Key Highlights During the second quarter of 2025, RenovoRx increased production of the RenovoCath device to meet increased demand for the targeted delivery of diagnostic and/or therapeutic agents from oncologists and interventional radiologists. The principal manufacturer of RenovoCath devices is Medical Murray Inc., based in the U.S. in North Barrington, IL. RenovoRx highlighted strong progress in its commercialization efforts. Since launching its commercial efforts in December 2024, RenovoRx has established commercial momentum for RenovoCath, with thirteen cancer center customers approved to purchase the device, including several high-volume, National Cancer Institute (NCI)-designated academic and community centers, an increase from five centers in the first quarter of 2025. Four of these thirteen cancer centers have used the device in patients, and all have made repeat purchase orders subsequently. This momentum highlights the growing clinical demand across the United States for novel, localized solid tumor drug-delivery options beyond methods like systemic intravenous delivery of chemotherapy. RenovoRx believes that many of the 18 cancer centers that have used RenovoCath as part of its ongoing, pivotal Phase III TIGeR-PaC trial could also be potential customers for RenovoCath after the completion of TIGeR-PaC enrollment, which is expected later this year or early next year. To coordinate, execute, and expand its commercial efforts for RenovoCath, subsequent to the quarter, RenovoRx hired Philip Stocton as Senior Director of Sales and Market Development. Mr. Stocton brings over 25 years of experience in MedTech sales, marketing, and leadership from various commercial positions at Terumo, Johnson & Johnson, Varian (acquired by Siemens), and, most recently, Sirtex Medical. Over the past 10 years, he has specialized in interventional oncology in both domestic and international roles. Prior to his hiring, Mr. Stocton had been consulting for RenovoRx in connection with its RenovoCath commercial launch planning efforts. During the quarter, RenovoRx initiated patient enrollment with Johns Hopkins Medicine for the Phase III TIGeR-PaC clinical trial, becoming the newest addition to a distinguished network of clinical cancer sites across the United States participating in the trial. RenovoRx also received an Issue Notification from the U.S. Patent and Trademark Office (USPTO) indicating that U.S. patent No. 12,290,564 became effective on May 6. This patent, titled 'Methods for Treating Tumors,' expands protection of methods for drug delivery with RenovoRx's TAMP therapy platform, enabled by RenovoCath. The patent covers new methods for treating a tumor by delivering drugs locally to a region of an artery or blood vessel that is near the tumor after treating this region to reduce the microvasculature. The new patent provides protection through November of 2037. Subsequent to the quarter, RenovoRx launched a multi-center post-marketing registry study to follow patients undergoing cancer treatment delivered by its RenovoCath device to solid tumors. The PanTheR study is an important initiative aimed at evaluating the safety and effectiveness of RenovoCath in real-world clinical settings. This multi-center, post-marketing observational registry study is designed to assess long-term safety and survival outcomes in patients with solid tumors who receive targeted drug delivery via RenovoCath. By collecting real-world data on the use of RenovoCath across a broader range of tumor types, PanTheR aims to provide valuable insights into patient outcomes and support the generation of additional safety data. Financial Highlights for the Second Quarter Ended June 30, 2025 Revenue: RenovoRx reported second quarter revenues of approximately $422,000 from commercial sales of the RenovoCath device, driven by new customer purchase orders and early repeat orders from our initial sites. June 30, 2025 marked our second full quarter of revenue generation from RenovoCath sales. Cash Position: As of June 30, 2025, the Company had $12.3 million in cash and cash equivalents. The Company's plan is for revenues from RenovoCath sales to reduce its burn rate over time. The Company believes that cash as of June 30, 2025 will fully fund both ongoing RenovoCath scale-up efforts and additional progress towards the completion in the Phase III TIGeR-PaC trial. R&D Expenses: Research and development expenses were $1.4 million, for the quarter ended June 30, 2025, compared to $1.5 million for the quarter ended June 30, 2024. The $0.1 million decrease was primarily driven by a decrease in other clinical and regulatory expenses including an allocation of selling, general and administrative expenses to research and development of $0.2 million. This decrease was offset by an increase in non-recurring engineering costs to scale manufacturing and the development of our next generation RenovoCath delivery system by $0.1 million to support and expand our commercial program. SG&A Expenses: Selling, general, and administrative expenses were approximately $1.5 million, for the quarter ended June 30, 2025, remaining relatively unchanged from the same period in the prior year. Net Loss: Net loss was $2.9 million for the quarter ended June 30, 2025, compared to a net loss of $2.4 million for the quarter ended June 30, 2024. The $0.5 million increase was primarily due to the change in the fair value of the warrant liability of $0.9 million offset by a decrease in loss from operations of $0.4 million. Shares Outstanding: As of August 11, 2025, shares of common stock outstanding totaled 36,645,884. Conference Call Details For interested individuals unable to join the conference call, a dial-in replay of the call will be available until September 14, 2025, and can be accessed by dialing 1-844-512-2921 (U.S. Toll Free) or 1-412-317-6671 (International) and entering replay pin number: 13754672. A question and answer session will occur at the end of the call, and a link to the recording of this presentation will be available on RenovoRx's Investor Relations website after the event. RenovoRx, Inc. Selected Statement of Operations Data (Unaudited) (in thousands, except for share and per share amount) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenues $ 422 $ - $ 619 $ - Cost of revenues 152 - 246 - Gross profit $ 270 $ - $ 373 $ - Operating expenses: Research and development 1,426 1,542 3,068 2,799 Selling, general and administrative 1,522 1,492 3,093 2,711 Total Operating expenses 2,948 3,034 6,161 5,510 Loss from operations (2,678 ) (3,034 ) (5,788 ) (5,510 ) Change in fair value of warrant liability (350 ) 507 234 1,870 Interest and dividend income 133 138 239 175 Total other (expense) income, net (217 ) 645 473 2,045 Net loss $ (2,895 ) $ (2,389 ) $ (5,315 ) $ (3,465 ) Net loss per share, basic and diluted $ (0.08 ) $ (0.10 ) $ (0.16 ) $ (0.18 ) Weighted-average shares of common stock outstanding, basic and diluted 36,576,567 34,000,539 19,498,306 Expand About RenovoCath Based on its FDA clearance, RenovoCath ® is intended for the isolation of blood flow and delivery of fluids, including diagnostic and/or therapeutic agents, to selected sites in the peripheral vascular system. RenovoCath is also indicated for temporary vessel occlusion in applications including arteriography, preoperative occlusion, and chemotherapeutic drug infusion. For further information regarding our RenovoCath Instructions for Use ('IFU'), please see: About RenovoRx, Inc. RenovoRx, Inc. (Nasdaq: RNXT) is a life sciences company developing innovative targeted oncology therapies and commercializing RenovoCath ®, a novel, U.S. Food and Drug Administration (FDA)-cleared local drug-delivery device, targeting high unmet medical needs. RenovoRx's patented Trans-Arterial Micro-Perfusion (TAMP™) therapy platform is designed for targeted therapeutic delivery across the arterial wall near the tumor site to bathe the target tumor, while potentially minimizing a therapy's toxicities versus systemic intravenous therapy. RenovoRx's novel approach to targeted treatment offers the potential for increased safety, tolerance, and improved efficacy, and its mission is to transform the lives of cancer patients by providing innovative solutions to enable targeted delivery of diagnostic and therapeutic agents. In addition to the RenovoCath device, RenovoRx is also evaluating its novel drug-device combination oncology product candidate (intra-arterial gemcitabine via RenovoCath, known as IAG) in the ongoing Phase III TIGeR-PaC trial. IAG is being evaluated by the Center for Drug Evaluation and Research (the drug division of the FDA) under a U.S. investigational new drug application that is regulated by the FDA's 21 CFR 312 pathway. IAG utilizes RenovoCath, the Company's patented, FDA-cleared drug-delivery device, indicated for temporary vessel occlusion in applications including arteriography, preoperative occlusion, and chemotherapeutic drug infusion. The combination product candidate, which is enabled by the RenovoCath device, is currently under investigation and has not been approved for commercial sale. RenovoCath with gemcitabine received Orphan Drug Designation for pancreatic cancer and bile duct cancer, which provides seven years of market exclusivity upon new drug application approval by the FDA. RenovoRx is also actively commercializing its TAMP technology and FDA-cleared RenovoCath as a stand-alone device. In December 2024, RenovoRx announced the receipt of its first commercial purchase orders for RenovoCath devices. Additionally, several of these customers have already initiated repeat orders in parallel to RenovoRx expanding the number of medical institutions initiating new RenovoCath orders, including several esteemed, high-volume National Cancer Institute-designated centers. To meet and satisfy the anticipated demand, RenovoRx will continue to actively explore further revenue-generating activity, either on its own or in tandem with a medical device commercial partner. For more information, visit Follow RenovoRx on Facebook, LinkedIn, and X. Cautionary Note Regarding Forward-Looking Statements This press release and statements of the Company's management made in connection therewith contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, including but not limited to statements regarding (i) our pre-clinical and clinical trials and studies, including the overall timing and timing for additional interim data readouts and timing for full enrollment for our ongoing TIGeR-PaC Phase III clinical trial study in LAPC, (ii) the potential of RenovoCath ® or TAMP™ as standalone commercial products, our anticipated timing and levels of for revenue generation from RenovoCath sales, and our commercialization plans in general, (iii) the potential for our product candidates to treat or provide clinically meaningful outcomes for certain medical conditions or diseases and (iv) our efforts to explore commercialization strategies utilizing our TAMP technology. Statements that are not purely historical are forward-looking statements. The forward-looking statements contained herein are based upon our current expectations and beliefs regarding future events, many of which, by their nature, are inherently uncertain, outside of our control and involve assumptions that may never materialize or may prove to be incorrect. These may include estimates, projections and statements relating to our research and development plans, commercial plans, intellectual property development, clinical trials, our therapy platform, business plans, financing plans, objectives and expected operating results, which are based on current expectations and assumptions that are subject to significant known and unknown risks and uncertainties that may cause actual results to differ materially and adversely from those expressed or implied by these forward-looking statements. These statements may be identified using words such as 'may,' 'expects,' 'plans,' 'aims,' 'anticipates,' 'believes,' 'forecasts,' 'estimates,' 'intends,' and 'potential,' or the negative of these terms or other comparable terminology regarding RenovoRx's expectations strategy, plans or intentions, although not all forward-looking statements contain these words. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, that could cause actual events to differ materially from those projected or indicated by such statements, including, among other things: (i) the risk that our execution of our commercial strategy for RenovoCath or our TAMP technology may not lead to viable or repeating revenue generating operations; (ii) circumstances which would adversely impact our ability to efficiently utilize our cash resources on hand or raise additional funding, (iii) the timing of the initiation, progress and potential results (including the results of interim analyses) of the Phase III TIGeR-PaC trial and any other preclinical studies, clinical trials and our research programs; (iv) the possibility that interim results may not be predictive of the outcome of our clinical trials, which may not demonstrate sufficient safety and efficacy to support regulatory approval of our product candidate, (v) that the applicable regulatory authorities may disagree with our interpretation of the data; research and clinical development plans and timelines, and the regulatory process for our product candidates; (vi) future potential regulatory milestones for our product candidates, including those related to current and planned clinical studies; (vii) our ability to use and expand our therapy platform to build a pipeline of product candidates; (viii) our ability to advance product candidates into, and successfully complete, clinical trials; (ix) the timing or likelihood of regulatory filings and approvals; (x) our estimates of the number of patients who suffer from the diseases we are targeting and the number of patients that may enroll in our clinical trials; (xi) the commercialization potential of our product candidates, if approved; (xii) our ability and the potential to successfully manufacture and supply our product candidates for clinical trials and for commercial use, if approved; (xiii) future strategic arrangements and/or collaborations and the potential benefits of such arrangements; (xiv) our estimates regarding expenses, future revenue, capital requirements and needs for additional financing and our ability to obtain additional capital; (xv) the sufficiency of our existing cash and cash equivalents to fund our future operating expenses and capital expenditure requirements; (xvi) our ability to retain the continued service of our key personnel and to identify, and hire and retain additional qualified personnel; (xvii) the implementation of our strategic plans for our business and product candidates; (xviii) the scope of protection we are able to establish and maintain for intellectual property rights, including our therapy platform, product candidates and research programs; (xix) our ability to contract with third-party suppliers and manufacturers and their ability to perform adequately; (xx) the pricing, coverage and reimbursement of our product candidates, if approved; and (xxi) developments relating to our competitors and our industry, including competing product candidates and therapies. Information regarding the foregoing and additional risks may be found in the section entitled 'Risk Factors' in documents that we file from time to time with the Securities and Exchange Commission. Forward-looking statements included herein are made as of the date hereof, and RenovoRx does not undertake any obligation to update publicly such forward-looking statements to reflect subsequent events or circumstances, except as required by law.
The National
5 days ago
- Politics
- The National
Egypt to start training 5,000 Palestinian officers for postwar Gaza
Egyptian Foreign Minister Badr Abdelatty said on Wednesday that lists had been finalised for about 5,000 Palestinian officers to begin training in the country to help fill the security vacuum in a postwar Gaza Strip. Mr Abdelatty told local broadcaster DMC TV that Egypt was working with Jordan to prepare Palestinian police to manage and administer the war-ravaged enclave after Israel's war. Cairo will host an international conference for Gaza's reconstruction, during which Egypt's vision for administering the strip will be announced, he said. Despite no major breakthrough in ceasefire talks, there has been increasing speculation on postwar Gaza, with different plans and names circulated in Arab and Israeli media. Mr Abdelatty said an agreement had been reached on 15 prominent figures from Gaza to administer the enclave in the first six months. The Palestinian Authority was the only legitimate body to do so, he added. The broader plan for Gaza, adopted by the Arab League during a summit in Cairo in March, is for Hamas to step aside and a technocratic committee to take over for six months. Samir Hulileh, a US nominee to lead postwar-Gaza, told The National that the civilian transitional rule could last up to a year. 'This is a transitional phase which might last for six months or a year and it's not going to be long,' he said. Conditions for Mr Hulileh to implement his rule include a comprehensive ceasefire and the withdrawal of Israeli forces. The matter, currently being discussed in Egypt in co-operation with Qatar and the US, is being complicated by Israeli Prime Minister Benjamin Netanyahu reiterating plans to reoccupy the enclave and 'allow' Palestinians to leave. On Monday, Mr Netanyahu announced that the strip would be governed by a 'non-Israeli civilian administration' following the occupation of Gaza city. This administration would be managed by third parties and 'neither Hamas nor the Palestinian Authority', he said, without providing more detail.
Indian Express
6 days ago
- Business
- Indian Express
Opening India's agriculture to a free-for-all would have serious repercussions for the sector
It is not enough to say that agriculture contributes only 16 per cent to India's GDP. Nor is it sufficient to state that small farmer households earn about one lakh rupees annually. These statistics do not capture the full extent of the story. For those, particularly outside India, who are unfamiliar with the agricultural and rural heartlands of India, this data conceals a larger narrative. I say this both as a farmer and as a former finance minister: The impacts go far beyond the economy. What is at risk is social stability and what it could bring is a cultural upheaval that we are not prepared for. For instance, 250 million people are directly dependent on farming, and there are 700 million Indians who are directly or indirectly connected to farming and the rural sector. Protecting the farm sector is not just a policy. It is a survival mechanism for millions, crucial to maintaining economic, social, political and cultural stability. The argument around agricultural subsidy and tariffs often centres on the Minimum Support Price (MSP) provided to select crops. In the US and much of the EU, the terminoogy and approach vary, but the issue remains the same. If India has MSP, the US has ERP, PLC, ARC and DMC. Let me elaborate. ERP is the Effective Reference Price, analogous to the MSP. In the US, farmers receive direct payments from the government if market prices fall below this level, and it is called PLC or Price Loss Coverage. Both PLC and ARC (Agriculture Risk Coverage) cover 22 major crops, ranging from wheat and corn to soybean and cotton. These systems are not restricted to farming alone as they also extend to the dairy sector under the Dairy Margin Coverage (DMC) programme. The EU's Common Agricultural Policy (CAP) provides income support via direct payments if prices fall below intervention levels, which are akin to MSPs. The crucial difference is that, while in India, the government procures crops at the MSP, in the US the government does not procure crops but instead pays farmers directly if prices fall below the minimum. Given the literacy levels, or lack thereof, and the paperwork involved with enrolling in these various EU and US policies, asking Indian farmers to transition to these systems would create another level of bureaucracy. Moreover, rolling out the US and EU models in India would take years, if not decades. The pressure on India to dismantle its farm mechanisms, whether MSP or tariffs, and open up to international market forces would be justifiable, if the US and EU were not subsidising their own agricultural sectors. The US spends about $20 billion and the EU about $50 billion on agricultural subsidies. In fact, many of these subsidies remain hidden, while the Indian MSP system is much more transparent. The focus of US subsidies is large farms, whereas Indian farm policy centres on small farmers. US policy priorities include market stabilisation, income protection, and climate adaptation, while India focuses on supporting small farmers and landholderscol, ensuring regular upliftment of the rural economy. EU subsidies are targeted more toward income support, environmental goals, climate and biodiversity targets. In the US and much of Europe, 80 per cent of subsidies go to large farms, while in India, it is the reverse with 80 per cent going to small and medium farmers. The EU, in its latest budget provisions, is trying to move away from the US approach towards the Indian model, by targeting small farmers. In fact, the EU's latest provision in its Common Agricultural Policy (CAP) is 387 billion euros ($451 billion) for 2021-2027, and as recently as last month, they proposed a cap of 1,00,000 euros per year per farmer, in an attempt to shift support from larger farmers to smaller ones. That translates to a cap of one crore of subsidy per farmer. For India, the real issue is that of equitable and development-centred agreements. Just as the Indian MSP is clear, transparent and focused on the Indian context, the alphabet soup of CAP, ERP, PLC, ARC and DMC is tailored to the US and EU contexts. This perspective arises not only from economics, but also from society, politics and culture. Opening the entire agriculture sector to a free-for-all, when US and EU subsidies distort the market in their favour, would create a kind of asymmetric warfare, with tumultuous consequences for Indian society. The upheaval would be massive. This stance has been clearly articulated at the highest levels. As Prime Minister Narendra Modi recently said: 'For us, the interest of our farmers is top priority. India will never compromise on the interests of its farmers, dairy farmers and fishermen. I know I will personally have to pay a heavy price but I am prepared for it.' The writer is the former Finance Minister of Punjab
The Star
6 days ago
- Business
- The Star
Electrical component maker Hubbell to buy peer DMC Power for $825 million
U.S. Dollar banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration (Reuters) -Hubbell said on Tuesday it will acquire smaller peer DMC Power for $825 million in cash, as the electrical equipment maker bolsters its critical components portfolio to meet an expected boom in power demand. DMC designs and makes connector technology systems for high-voltage power infrastructure, and complements Hubbell's existing substation and transmission connector solutions, the acquiring firm said. Growing demand for artificial intelligence has fueled investments into modern data centers, in turn boosting the requirement for power infrastructure and components, and benefiting manufacturers like Hubbell and DMC Power. "As load growth, datacenter buildouts and aging infrastructure drive highly visible utility substation and transmission investment over the next several years, the acquisition of DMC Power expands Hubbell's strong presence in these attractive markets," said Hubbell CEO Gerben Bakker. Last month, Hubbell raised its annual profit forecast banking on strong demand for its products. DMC has more than 350 employees and two manufacturing facilities along with multiple distribution facilities located across North America, Hubbell said. Hubbell expects the deal to close by the end of this year, and boost its adjusted earnings per share in 2026. It plans to finance the transaction with a combination of cash on hand and debt. (Reporting by Anshuman Tripathy in Bengaluru; Editing by Leroy Leo)
