Monthly Archives: April 2022

Sportradar: A Sports Betting Industry Leader With Growth And Profitability – Seeking Alpha

Posted: April 11, 2022 at 5:59 am

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Sportradar Group AG (NASDAQ:SRAD) is a leading global technology platform and solutions provider enabling next generation engagement in sports and sports content. The company is currently the top provider of B2B solutions to the global sports betting industry based on revenue. SRAD provides mission-critical software, data and content via subscription and revenue share arrangements to sports leagues, betting operators and media companies. SRAD also offers sports entertainment and gaming solutions, as well as live streaming services for online, mobile, and retail sports betting. Its software offerings cover the full sports betting value chain, from traffic generation and advertising technology to data collecting, processing, and extrapolation, as well as visualization and risk management solutions and platform services.

Per the annual report, core offerings are listed below:

"For Betting Operators: Our offerings include pre-match data and odds, live data and odds, as well as sports audiovisual content. Our full-suite of software solutions includes managed trading services, managed platform services, betting entertainment tools, virtual games and programmatic advertising solutions.

For Sports Leagues: We provide access to over 900 sports betting operators and over 500 media companies to distribute their data and content globally. We give them greater reach and serve as an intermediary to the highly regulated betting industry. We also provide leagues with a range of tech-enabled solutions including fraud and manipulating monitoring, anti-doping, professional sports team technology and services, and OTT production and technology.

For Media Companies: Sportradar provides a range of services to media companies including data feeds and APIs, sports audiovisual content, broadcasting solutions, digital services, research and analytics, OTT streaming solutions and programmatic advertising solutions." Source: Company Annual Report

Company Earnings Presentation

Sportradar was founded in 2001. Over the last 20 years, the company has gone from being a niche industry player to being a global provider of sports technology and media solutions. Along the way, SRAD has built a strong business model with recurring revenue streams, proprietary technology offerings based on a history of innovation, and a global network of customers. These and other factors form a strong investment thesis for SRAD.

Compared to other sports betting industry players, SRAD is a truly global company operating in many diversified markets. Today, the company counts over 1,700 customers in 123 countries globally. Further, its operations include partnerships with 900 sports betting operator customers, and coverage of over 890,000 events annually across 92 sports, including live data coverage of 790,000 events across 32 sports. From a coverage standpoint, this is almost the triple amount of events covered annually by its nearest competitor. SRAD also serves 250 sports league partners and more than 500 media customers. With this global scale, SRAD has been able to carve a "core" position in the sports industry ecosystem.

Beyond market positioning, the company has built what is arguably the deepest and most sophisticated portfolio of sports data and content across the world. SRAD's offerings are fine tuned to provide low-latency, accurate, real-time, structured data 24/7 and 365 days a year. The company works with over 8,300 independently contracted data journalists which use SRAD's proprietary technology tools to collect live data from events globally. Additionally, SRAD has been at the forefront of deploying innovative solutions to capture in-game data. SRAD is deploying computer and machine vision systems to capture in-play data in real-time and then leveraging machine learning and artificial intelligence solutions to distribute advanced data to leagues, betting and media customers around the globe. The commentary from management below illustrates the strength of SRAD's data solutions:

We also operate five data collection centers which are strategically located around the world to provide 24/7 uptime and supported by over 799 full time equivalent data experts, with all processes being ISO 9001 certified for Quality Management. These data collection processes are enhanced by in-stadium verification technology and augmented by direct feeds from sports leagues, computer vision and AI technology. The proof that our system works is in the numbers-up to 30 million odds changes per minute, across more than 40 languages served, and with 99.9% proven accuracy-and underpins our market leadership. Source: Company Annual Report

SRAD's data lakes can be an important source of competitive advantage going forward. With its proprietary datasets, the company can analyze user behavior to further drive customer interactions and potentially even provide personalized experiences. These investments enrich the data collected, reduce the cost of data collection through automation, reduce latency and enable new AI use cases. This data feeds into a large collection of proprietary, in-depth specific odds models for a wide variety of sports, setting SRAD apart from competitors by making the company essential to sports betting operators who cannot achieve this in-house for all the sports they cover. In the long run, the company hopes its real-time data and analytics for in-play betting will enable experiences that are similar to stock and bond trading for online brokerages.

With a complete technology stack that provides software solutions to address the entire sports betting value chain, from traffic generation and advertising technology, to the collection, processing and extrapolation of data and odds, to visualization solutions, risk management and platform services, SRAD has built a platform which is benefitting from significant network effects. The more betting operators and media companies are brought onto their platform, the broader distribution SRAD gets globally. This attracts new sports leagues to partner with and, in turn, with each new league partner comes more events, deeper sports data and insights, and new opportunities for betting operators and media companies to engage fans. For SRAD, this creates a revenue flywheel effect that should benefit the company and shareholders for years to come.

SRAD's revenue model is another area that is core to the investment thesis. Management has built a revenue model that includes both recurring features and usage-based upside. The revenue model is primarily structured as follows:

"We generate revenue primarily via two types of contracts: subscription and revenue sharing. We believe this mix of subscription-based revenue and revenue sharing provides us with a stable, predictable base of revenue and allows us to participate in the upside from growing betting volume around the world, especially in more nascent geographies. Typically our contracts related to Betting services are renewed every year, while RoW AV contracts tend to be longer in duration as they are frequently linked to the duration of our major AV rights. Revenue generated from subscription contracts are priced based on the amount of matches, data and the types of products received and include surcharge components based on scale or usage where relevant." Source: Company Annual Report

SRAD definitely seems to be finding success with this structure. As of Q4 2021, the company reported a Dollar Based Net Revenue Retention rate 125% globally.

In addition to the factors above, growth opportunities for SRAD appear to be numerous and could lead to a significant boost in long-term valuation if the company can successfully execute. To start with, it's worth highlighting that industry analysts believe global sports betting is a $49 billion market today that will grow to $128 billion by 2030.

While it's nice to have this industry tailwind, there are many other growth areas SRAD is targeting. For starters, the company is a leader in virtual sports. SRAD has built one of the most realistic virtual sports products around that is designed to simulate actual matches and races on the back of Sportradar's data expertise in real sports, AI and machine learning capabilities, and advanced 3D graphics technology. This virtual sports technology could become much more widely adopted as bettors look for more sophisticated simulation solutions to improve their betting capabilities.

Additionally, management has moved quickly into the e-sports betting markets as well. Although global e-sports betting remains just a fraction of the market today, SRAD's first mover capabilities in this space could pay off handsomely down the road. Further, the company is also exploring interactive content, augmented reality and gamification solutions which could greatly enhance the user experience. Although these types of opportunities may be smaller today, SRAD management is planning for the future and trying to enhance its "revenue flywheel."

Also core to SRAD's growth strategy is the ability to expand its B2B service offerings. Management is bullish here, noting that:

"Expand Offerings in B2B Products and Services For example, our Radar360 data research platform is used by leagues and is increasingly being utilized by broadcasters to provide pundits with reliable, accurate data. Logs show that our Analytics Engine over the last six months did over 55 million queries and provided a response within milliseconds. Providing more innovative solutions will further strengthen our relationships with leagues, enabling us to cost-effectively secure access to official rights and position ourselves favorably for the expected opening of new segments, such as college sports in the United States." Source: Company Annual Report

Lastly, as part of the investment case, it's important to highlight the strength of the company's leadership. SRAD's Founder and Chief Executive Officer, is Carsten Koerl, a successful entrepreneur in the sports betting market and is the driving force behind its vision, mission and culture. Koerl founded the online betting platform, betandwin Interactive Entertainment, in 1997 and led the company through a successful listing on the Vienna stock market in 2000. Over the last 20 years, Koerl has built SRAD into a global sports and media technology enterprise. Outside of the leadership team, SRAD has also secured a prominent network of sports industry investors and advisors such as Mark Cuban and Michael Jordan.

The investment case above certainly offers a number of bullish themes for potential investors to evaluate. Although the investment thesis for SRAD is strong, there are several risks that investors will want to watch as well.

In the 2021 annual report, management disclosed a material weakness in its financial reporting. According to the company, the material weakness is related to insufficient design and implementation of controls, IT systems and segregation of duties. SRAD is rolling out new ERP systems to address this issue, though there could be integration and transition complexity over the next couple of years. As a newly public company, management will need demonstrate that this weakness is remedied or risk possible significant losses of investors if there's little faith in the financials.

Control and corporate governance are other watch areas. As of December 31, 2021, the Founder, Carsten Koerl, holds all of the issued and outstanding shares of the Class B ordinary shares, which, together with his outstanding Class A ordinary shares, constitutes approximately 81.7% of the total voting power of the outstanding share capital. Investors considering SRAD need to be aware that the company's future will largely be defined by Koerl's ambitions and that investors may not have the opportunity to bring alternative proposals up for evaluation.

Much of SRAD's future is largely dependent on 2 key areas - the company will need to maintain its global portfolio of sports data rights and also drive further end - user usage of its products and solutions in order to benefit from the upside of sports betting. Loss of data rights from Tier 1 sports leagues (NBA, MLB, NHL, UEFA, etc.) could lead to material revenue reductions. The company will also need to continue to innovate around its user experiences to help continue to drive more business, data, and users through its platform. Although SRAD is in a strong position today, continuing to grow will require significant innovation and flexibility from management.

The betting and data markets are characterized by a vast number of rules, regulations and licensing procedures. Failure to comply with regulatory requirements in a particular jurisdiction, or the failure to successfully obtain a supplier license or authorization applied for in a particular jurisdiction, could impact SRAD's ability to execute on its strategic vision.

On a macro level, investors will also want to keep an on the global economic outlook. Lowered demand for some of SRAD's solutions is likely to result during worsening economic times, with consumers having less disposable income and pulling back on discretionary activities like sports betting. COVID also presents a somewhat unique risk for SRAD, as many of its sports league partners are located in international areas where significant lockdowns occurred and stopped sporting events.

M&A activity and integrations are also a risk for SRAD. Since 2010, the company has completed 13 acquisitions. Although management has successfully navigated these transactions to date, SRAD is a much larger company now with more operational areas that it must juggle alongside of any M&A activity.

From a competitive standpoint, SRAD primarily competes with Genius Sports Limited (GENI), privately held Stats-Perform, and IMG Arena (EDR). It likely will not be easy for new competitors to enter this market, as these 4 companies largely have locked up the most valuable sports data rights for many years to come. However, among these 4, competition is quite strong. Management summed up the competitive landscape very well in the 2021 annual report:

"Certain competitors could use strong or dominant positions in one or more markets to gain a competitive advantage against us, such as by integrating competing platforms or features into products they control such as search engines, web browsers, mobile device operating systems or social networks; by making acquisitions; by making access to our platform more difficult; or by employing more aggressive bidding strategies with our sports league partners. Further, current and future competitors could choose to offer a different pricing model or to undercut prices in the market or our prices in an effort to increase their market share. Failure to compete effectively against any of these or other competitive threats could adversely affect our business, financial condition or results of operations." Source: Company Annual Report

In recent years, SRAD has demonstrated strong financial execution. 2021 revenue grew 39% and reached 561 million euros. However, the company may have benefitted from easy YOY comps as 2020 was impacted by COVID. Moving down the income statement, SRAD has gross profit margins of 49% in 2021. The significant costs of sales/goods reported are largely due to the costly sports data rights SRAD requires to run its business. In 2021, net margin was 2.3%. While these margins are ahead of many of the company's competitors, it should also be noted that net margins have largely been stuck in the 2-3% range since 2019.

Having recently gone public, it's not surprising to see that SRAD reported having 743 million euros of cash on the balance sheet at YE 2021. A portion of this cash will undoubtedly go to paying off some of its 411 million euros of long-term debt, as well as its 253 million euros of current liabilities (including sports rights payments). Overall debt seems manageable, as SRAD has a debt to equity ratio of 0.55 at YE 2021.

According to Seeking Alpha data, free cash was 61.3 million euro in 2021, up 19% YOY. In the coming years, I'll be looking to see both growth in FCF, as well as an improved FCF yield.

Looking ahead to 2022, the company is guiding to revenue of 665 million to 700 million euros, representing a 20-23% increase. According to analyst projections, the company will maintain a 20% growth rate for 2023 and achieve revenue of 800 million euros.

For 2021, return on total capital clocked in at 3.64%. This is less than half SRAD's sector median of 7.91%.

When valuing SRAD, there are a lot of factors to consider. Value enhancers include its strong market positioning, end-2-end product offering, global operations, revenue/growth optionality, innovative and proprietary technology, experienced leadership and revenue flywheel. Value detractors include a very competitive market, slowing growth, weak profitability and weak financial comps as company that desires to be valued in the SaaS category. In my view, valuing SRAD on a price-to-sales basis is the right methodology since profitability is low and the future free cash flow outlook is unclear at this time.

SRAD has a current market cap of $4.9 billion, meaning that it's trading at 8.0x TTM sales and 6.0x 2022 sales. For comparison, DraftKings (DKNG) currently trades at 5.0x 2022 sales. At the moment, I'd argue SRAD appears to be fairly valued for a company that's growing its topline at 20% per year. Some may feel that SRAD deserves a higher multiple as a SaaS company, but current growth makes it difficult to justify this premium and the content rights costs also make it hard to consider SRAD as a true SaaS. Using the 6.0x multiple and 2023 sales of $890M SRAD could hit a valuation of $5.3 billion in 2023.

While there's much to like about SRAD's strategic positioning, including its proprietary data and technology solutions, customer relationships and global positioning, there does not appear to be enough growth at the moment to rate the company a buy today. For the time being, a neutral / hold rating is fair, though, given the quality of the overall company, there's a strong case for keeping SRAD on the watchlist to see if growth re-accelerates in the future. Alternatively, a market cap closer to $4 billion would offer a much safer entry point for potential for improved returns.

SRAD is a high quality company, with a proven business model, strong leadership and growth potential. However, there's likely a better entry point for this stock, especially given current market volatility.

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Sportradar: A Sports Betting Industry Leader With Growth And Profitability - Seeking Alpha

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A quote about Rupert Murdoch and white men attributed to New Zealand’s prime minister is bogus – Poynter

Posted: at 5:59 am

If youre a fan of Fox News, you may be a little upset with a quote going around about its founder, media mogul Rupert Murdoch.

According to social media posts, New Zealand Prime Minister Jacinda Ardern recently said that her country doesnt have an issue with the rage of older white men because it has never allowed Murdoch to start a media company there.

Asked why New Zealand does not suffer from the rage of older white men like in other western Anglo countries, PM Jacinda Adern replied, Because weve never allowed Rupert Murdoch to set up a media outlet here. The guy has wreaked havoc on civil society in (the) US,a tweet re-shared on Instagramsays.

The post was flagged as part of Facebooks efforts to combat false news and misinformation on its News Feed. (Read more about ourpartnership with Facebook.)

The tweet, which misspells Arderns name, is wrong. We could find no record of Ardern saying this in searches of news archives or inmeeting transcriptsfrom New Zealands House of Representatives.

Arderns office said the quote lacks legitimacy.

The Prime Minister did not make this statement. I have no idea who made it up, Andrew Campbell, Arderns spokesperson, told PolitiFact in an email.

The quote may have been re-appropriated from a statement about Murdoch made by David Cormack, a former policy and communications director for New Zealands Green Party.

Cormack told the Guardianin October 2020 that a huge reason that our politics is not so extremely polarised and so far out there is because we no longer have Murdoch-owned press in New Zealand, and its never taken a foothold.

The statement wasnt about the rage of older white men. And Cormack didnt claim that New Zealand never allowed Murdoch to set up shop there. The Murdoch-owned News Corphas had stakesin New Zealand media companies in the past.

Cormack acknowledged that his quote was being misattributed on Twitter several times, at one pointwriting, New Zealand, i am @jacindaardern now. Im sorry. I dont make the rules.

Social media posts claim that Ardern said New Zealand doesnt have issues with the rage of older white men because the country never allowed Rupert Murdoch to start a media outlet there.

There is no evidence that Ardern, or anyone else, said this. A similar statement about Murdoch was made by a former New Zealand Green Party communications director, but its not the same quote.

We rate these posts False.

This fact check was originally published by PolitiFact, which is part of the Poynter Institute. It is republished here with permission. See the sources for this fact check hereand more of their fact checkshere.

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Covid 19 Omicron outbreak: PM Jacinda Ardern to speak to media after today’s Covid update and resignations of Ashley Bloomfield, Caroline McElnay -…

Posted: at 5:59 am

Photo by Mark Mitchell: Prime Minister Jacinda Ardern during her standup at Parliament, Wellington. 05 April, 2022. NZ Herald photograph by Mark Mitchell

Prime Minister Jacinda Ardern says the sanctions New Zealand has put on Russia are working, and it's important for Aotearoa to play its part.

It comes after Foreign Minister Nanaia Mahuta and Trade and Export Growth Minister Damien O'Connor announced on Wednesday the Government will apply 35 per cent tariffs to all imports from Russia.

In a press conference on Thursday, Ardern said the Government had stayed in regular contact with Ukraine about what the needs are.

She said economic sanctions were a priority and the Government had moved on that, and was also considering on a rolling basis other requests for assistance.

Ardern was also asked about the Greens call for a rent freeze and said the priority was ensuring there was enough supply because that was a big driver of rent prices. She said more house building had contributed to rental stability prices in Auckland.

She added the Government has already changed tenancy laws and restricted when landlords could increase rentals, and brought in measures to make renting easier for tenants such as the healthy home standards.

"In looking at some of these options in the past, one of the concerns is it could stifle supply and that would make things worse," she said of rent freezes.

The Prime Minister spoke to media today from Auckland as she visits businesses ahead of re-starting her international travel agenda.

She spoke soon after director general of health Dr Ashley Bloomfield and director general of Public Health Dr Caroline McElnay started the day's Covid-19 press conference in Wellington.

That will be McElnay's final press conference: her last day at the Ministry of Health is tomorrow.

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Yesterday Bloomfield also announced he was resigning and will leave at the end of July, a year before his term was due to end.

Public Health deputy director Dr Niki Stefanogiannis is also leaving on Friday she and McElnay leave a big hole at the top of the Public Health unit. One of the factors in the departures is believed to be burnout after dealing with Covid-19.

In his press conference yesterday, Bloomfield referred to the gendered nature of the negative criticism faced by the women helping lead the Covid-19 response compared to the criticism he had faced, saying it needed to be addressed.

Concerns are also rising about the number of Covid-19 cases that are being missed by rapid antigen tests, as the Omicron outbreak continues.

Ardern could also be questioned about the Government proposal to ban soft drinks and other sugary drinks in schools after Education Minister Chris Hipkins put out a consultation paper on it today.

Ardern will speak while visiting businesses in Auckland as she prepares for her first international travel in more than two years.

Her first trip will be in the Asia region, and Ardern will take a business delegation, followed by export and trade-related trips to Europe and North America.

New Zealand is still in negotiations for a free trade agreement with the European Union.

Meanwhile, the upgraded free trade agreement with China came into effect today. Trade Minister Damien O'Connor said China had continued to be an important market during Covid-19, with goods and services exports reaching $21.5 billion in 2021.

He said the UK free trade agreement would also add up to $1 billion to New Zealand's GDP.

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Covid 19 Omicron outbreak: PM Jacinda Ardern to speak to media after today's Covid update and resignations of Ashley Bloomfield, Caroline McElnay -...

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Jacinda Ardern and Christopher Luxon’s letters to each other revealed – New Zealand Herald

Posted: at 5:59 am

Ukrainian foreign minister makes a plea for support before attacks, retailers hike prices after most fail to meet targets and the number of vehicles towed from Parliament protest revealed in the latest New Zealand Herald headlines. Video / NZ Herald

Nearly four years ago, a successful chief executive partnered with the Prime Minister to help solve some of New Zealand's economic problems like infrastructure, training and excessive regulation.

The Prime Minister was "delighted" with the executive's appointment, and the pair appeared to get on well. Four years later, that chief executive, Air New Zealand's Christopher Luxon, is vying for Prime Minister Jacinda Ardern's job, while she tries to argue the advice she once welcomed would, in fact, be bad for the country.

Luxon and Ardern corresponded regularly before he became a politician. In 2018, he was appointed to lead the Prime Minister's Business Advisory Council, a post he resigned when he left Air New Zealand a year later, expressing an interest to enter politics.

Two years of that correspondence has been released to the Herald under the Official Information Act.

The result is mostly what you'd expect. Ardern's correspondence is warm and occasionally effusive in its praise. Luxon's is dry and to the point - at one point he attaches a 68-page report from management consultancy McKinsey on "harnessing automation for a more productive and skilled New Zealand".

Writing to Luxon in October 2018, appointing him to the council, Ardern praised him for offering his "time and energy", writing "I look forward to exchanging ideas and working together on policies that will help us transform the New Zealand economy."

Less than a year later, after Luxon left the council, Ardern wrote again, addressing Luxon with a more familiar "Dear Chris", having previously written to him as "Christopher" (a small mistake on her part, Luxon expresses no public preference against "Chris" but he's "Christopher" to his family and those close to him).

"I would like to thank you and your colleagues from Air New Zealand for the enormous effort you have put into establishing and chairing the Prime Minister's Business Advisory Council in its first year of operation.

"I have very much appreciated the enthusiasm and engagement of Council members on policy issues affecting businesses both small and large in New Zealand," Ardern wrote.

She added a handwritten "Thanks again, Chris!" to her letter.

The council's concerns ran the gamut of business concerns with government, from excessive regulation to New Zealand's infrastructure deficit.

As chairman, Luxon was responsible for feeding these concerns back to the Government (writing to Ardern, he adopted the more formal "Dear Prime Minister").

On infrastructure, Luxon said the system that "sits beneath effective and sustainable infrastructure development in our country is fundamentally broken".

"We also have a proclivity as a nation to focus on the short term and on individual projects as a means of addressing our challenges rather than addressing the system itself".

Luxon told Ardern the country was at an "infrastructure crisis point", but said it "is not ... the fault of the current Government".

"These issues are multi-generational and systemic. However, we believe your Government has the opportunity to begin resetting our systems and to address this crisis."

As for fixes, Luxon said he wanted to encourage the Government to "be bolder and think bigger".

Luxon, who has been critical of growing the size of the public service since becoming leader (he told the Herald he has a "major issue with the cost that's going into our civil service at the moment. I think we're adding a huge amount of centralisation, a massive amount of bureaucracy and we're not getting better outcomes"), proposed to create a whole new ministry for planning and cities.

"New Zealand should establish a Ministry of Cities, Urban Development and Population," Luxon wrote.

"This new portfolio could incentivise locally developed, long-term and tangible strategies and execution through to the administration of City Deals. This would include allowing local authorities to capture part of the value created through their own successful strategies and initiatives," Luxon told Ardern.

He also suggested the establishment of "a civil service academy for local and central government" to build "needed capacity in commissioning and managing projects of national significance".

Luxon said the Government should review the Resource Management Act (RMA), the Local Government Act (LGA) and the Land Transport Act (LTA), perhaps through a commission of inquiry. The Government did review the RMA, and has proposed rolling functions of the LGA and LTA into legislation that will replace the RMA.

When it came to just how these infrastructure projects should be paid for, Luxon hewed to the centre. His advice noted there would be a need for "debt-funded" infrastructure, but also urged a "philosophical shift" to embrace "public private partnerships" (PPPs).

"Government needs to ask itself whether there is any great social benefit in the state owning certain assets, especially when that comes at the expense of other government priorities and responsibilities," Luxon wrote.

Labour is open to the use of PPPs in transport (but not in health or education), however its experience with Transmission Gully has meant no transport PPPs have been greenlit under its watch.

Luxon suggested the Government should immediately greenlight the 12 road projects, known as Roads of National Significance the Government had iced when it shifted transport funding away from highways in 2018.

Luxon said that projects should be "opened to private investment" and progressed.

"New Zealand cannot simply rely on the market to deliver projects of scale that are of national significance," Luxon wrote, suggesting the Government should draw up a "national master plan", or "New Zealand Prospectus", of what it wanted to build.

Despite being critical of the cancelled roads, Luxon was supportive of the idea of multi-modal transport, which is where the Government decided to direct its attention after axing those 12 roads.

"... our transport infrastructure solution is not a binary choice between rail or roads, but a comprehensive scaled-up solution of rail and roads and coastal shipping and other modes," Luxon wrote.

"Our system must be totally integrated and agnostic as to mode of transport as each region will have different needs."

He suggested the Government amalgamate the way it funded road, rail, and shipping - which the Government has subsequently done in part.

He said the fund that pays for transport projects with fuel tax and road user charge revenue should be supplemented with general tax revenue "to pay for social and environmental outcomes from investment in rail, walking and cycling".

A list of ten policy priorities from Infrastructure NZ was attached to that letter. One of the priorities included was to establish national three waters entities, taking water services from councils - a policy National now firmly opposes. It is not clear from the correspondence, whether Luxon endorsed every part of the Infrastructure NZ advice he was sending to Ardern.

It is not clear either, whether the Prime Minister ever had the time to drill into the 68 page McKinsey report, however one person who did was then-Economic Development Minister David Parker, whose passion for dry economic literature, particularly Thomas Piketty, is well-known in Parliament.

In June of 2019, he wrote back to Luxon saying the Government was developing an "Industry Strategy" for 10 different sectors of the economy.

He said this was in part thanks to the advice of the Council and the McKinsey report it had sent the Government.

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New Zealand PM’s COVID Restrictions Ruled ‘Gross Violation of Human Rights’ By High Court – OutKick

Posted: at 5:59 am

In February, New Zealand Prime Minister Jacinda Ardern was advised by a High Court ruling that her rigid COVID restrictions were a gross violation of human rights after workers were denied a right to work over skipping the vaccine.

By April, New Zealand lifted its vaccine mandate and urged its unvaccinated workforce, who have given decades of service to their community, to return to duty previously suspended for their personal health decision.

Since the restrictions were contested back in February, PM Ardern has changed her tune on touting the guidelines and stated that she was continually in favor of lifting the vaccine mandate.

Opponents of the PM have considered her claim baseless and a warped view of her long advocacy for the stringent procedures.

Members of the New Zealand Defence Force and police force were among the groups that lost workers over the vaccine rule, with many claiming religious or personal exemption but still subject to suspension.

The associated pressure to surrender employment involves a limit on the right to retain that employment, which the above principles suggest can be thought of as an important right or interest recognized not only in domestic law but in the international instruments, stated New Zealand Justice Francis Cooke.

He added, An obligation to receive the vaccine which a person objects to because it has been tested on cells derived from a human fetus, potentially an aborted fetus, does involve a limitation on the manifestation of a religious belief.

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New Zealand PM's COVID Restrictions Ruled 'Gross Violation of Human Rights' By High Court - OutKick

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Derek Cheng: Jacinda Ardern’s underlying message in the decision to stay in red – New Zealand Herald

Posted: at 5:59 am

Politics

4 Apr, 2022 05:00 PM3 minutes to read

New Zealand stays at red, warning as the world hurtles to the climate danger zone and why Russias retreating Ukraines capital city in the latest New Zealand Herald headlines. Video / NZ Herald

ANALYSIS:

Yesterday's decision on traffic light settings was a first glimpse at Prime Minister Jacinda Ardern's appetite for risk with the Omicron peak in the rear-view mirror.

She could have reasonably moved Auckland to orange on the basis of falling case and hospital numbers, and on the back of increased protection from natural immunity following Omicron sweeping through the city's population.

It would have also sent a message that the million or so eligible Kiwis - a third of them in Auckland - who are yet to get a booster have had long enough.

She did a similar move in the Delta outbreak, when she ditched the 90 per cent double-dose bottom line because those who had bothered to get vaccinated didn't deserve to be held up by those who'd decided not to.

Instead, she delivered the opposite message.

"We do still want to ask that of people, yes," she said when asked about whether those who were yet to be boosted were still worth waiting for.

The unboosted were disproportionately represented in hospitals, she added.

"I worry that people hear the message that it's a mild to moderate illness and they think they don't need to bother. They do. Boosters make a difference."

Why? Because they meaningfully reduce the chances of serious illness, which reduces the chances of more hospitalisations.

These have dropped considerably in recent weeks, from 600-odd (out of 2700-odd ward beds across Auckland) in mid-March to 350 yesterday.

But they are still at the high end of the modelled median outbreak scenario, which topped out at just over 300. Strain on the healthcare workforce also continued to be a factor in Auckland.

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Ardern's underlying message was that restrictions needed to stay at their peak until more people were protected.

She didn't say how many more needed to be boosted, or what hospitalisation numbers needed to drop to.

Health boss Dr Ashley Bloomfield added that it wasn't about a number but the trend, which is definitely going down.

Yesterday the number of recorded cases in Auckland was 1835 (with 350 in Auckland's hospitals), down from 2300 (473 in hospitals) a week before that, 3279 (594 in hospitals) a week before that, and 4730 a week before that (605 in hospitals).

It still would have been a bold move to move Auckland to orange, given the public health advice to stay in red.

But Ardern dangled an Easter carrot - a review of traffic light settings on April 14.

By then, hospitalisation trends across the whole country might be falling. Only six DHB regions had hospitalisation numbers higher yesterday than they were a fortnight earlier - Lakes, Taranaki, Nelson Marlborough, South Canterbury, West Coast and Southern.

But the booster trend is also dropping. Yesterday there were only 866 booster doses administered, down from 1101 a week before that, 2244 the week before that, and 3199 the week before that.

Ardern will be hoping that, by the Easter D-Day, any nervousness about a potential move to orange might have moved some on the booster fence into action.

In this Covid-age of more personal responsibility, there's only so much political capital she can spend on those who are still deciding.

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Derek Cheng: Jacinda Ardern's underlying message in the decision to stay in red - New Zealand Herald

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Live Updates | EU ministers assessing bloc’s response to war – Yahoo! Voices

Posted: at 5:59 am

MOSCOW The Russian military says it has destroyed a shipment of air defense missile systems provided by the West.

Russian Defense Ministry spokesman Maj. Gen. Igor Konashenkov said the military used sea-launched Kalibr cruise missiles to destroy four S-300 air defense missile launchers on the southern outskirts of the city of Dnipro. He said about 25 Ukrainian troops were also hit by the strike on Sunday.

Konashenkov said in a statement Monday that Ukraine had received the air defense systems from a European country that he didnt name. Konashenkovs claim couldnt be independently verified.

Last week, Slovakia said it had handed over its Soviet-designed S-300 air defense systems to Ukraine, which has pleaded with the West to give it more weapons, including long-range air defense systems.

Slovakias prime minister office issued a statement late Sunday calling the news that the S-300 system given to Ukraine was destroyed disinformation. It was unclear, however, whether both sides are referring to the same airstrike. The Russians have targeted missile defense systems in three different locations in recent days.

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KEY DEVELOPMENTS IN THE RUSSIA-UKRAINE WAR:

Ukrainian defenders dig in as Russia boosts firepower

Biden, Modi to speak as US presses for hard line on Russia

Ukrainian nuns open their monastery doors to the displaced

US doubts new Russian war chief can end Moscows floundering

Analysis: War, economy could weaken Putins place as leader

Go to https://apnews.com/hub/russia-ukraine for more coverage

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OTHER DEVELOPMENTS:

BRUSSELS Austrias foreign minister says Chancellor Karl Nehammer is taking very clear messages of a humanitarian and political kind to a meeting with Russian President Vladimir Putin in Moscow.

Foreign Minister Alexander Schallenberg said Monday that Nehammer decided to make the trip after meeting in Kyiv on Saturday with Ukrainian President Volodymyr Zelenskyy and following contacts with the leaders of Turkey, Germany and the European Union.

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Schallenberg said ahead of a meeting with his EU counterparts in Luxembourg that we dont want to leave any opportunity unused and must seize every chance to end the humanitarian hell in Ukraine.

He added that every voice that makes clear to President Putin what reality looks like outside the walls of Kremlin is not a wasted voice.

Schallenberg said that Nehammer and Putin will meet one-on-one without media opportunities. He insisted that Austria has done everything to ensure that the visit isnt abused, and I think he (Putin) himself should have an interest in someone telling him the truth and really finding out whats going on outside."

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BRUSSELS Germanys foreign minister says Ukraine needs heavy weapons to defend itself and this is no time for excuses.

Ukraines president has warned that his country faces a crucial time and that Russian troops will step up operations in the east.

German Foreign Minister Annalena Baerbock said as she arrived for a meeting with her European Union counterparts Monday: What is clear is that Ukraine needs further military material, above all heavy weapons, and now is not the time for excuses -- now is the time for creativity and pragmatism.

Germany broke with a foreign policy tradition after Russias invasion to supply arms to Ukraine but has faced criticism from Kyiv for perceived hesitancy and slowness in providing material.

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BRUSSELS European Union foreign ministers are meeting to weigh the effectiveness of the blocs response to the Russian invasion of Ukraine amid concern about Moscows preparations for a major attack in the east.

The ministers will hold talks with the International Criminal Courts Prosecutor-General Karim A.A. Khan as Western pressure mounts to hold to account those responsible for any war crimes in Ukraine.

EU foreign policy chief Josep Borrell, who is chairing Mondays meeting in Luxembourg, deplored what he called the brutal, brutal aggression of Russian troops.

Borrell, who was in Ukraine over the weekend, says further EU sanctions against Russia are always on the table.

He says hes afraid the Russian troops are massing on the east to launch an attack on the Donbas, region in the east after Moscow withdrew its forces from around the capital Kyiv last week.

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LONDON Britains Ministry of Defense says Ukraine has beaten back several assaults by Kremlin forces in the Donetsk and Luhansk regions, resulting in the destruction of Russian tanks, vehicles and artillery.

In an intelligence update released Monday morning, the ministry says Russian shelling in the two eastern regions is continuing.

Russias continued reliance on unguided bombs decreases their ability to discriminate when targeting and conducting strikes, while greatly increasing the risk of civilian casualties, the ministry said.

The ministry also said Russias prior use of phosphorus munitions in the Donetsk region raises the possibility they may be used in Mariupol as the battle for the city on Ukraines south coast intensifies.

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WELLINGTON, New Zealand New Zealand will send a military transport plane and a support team of 50 to Europe, as well as give money to Britain to buy weapons, as it significantly steps up its response to the war in Ukraine.

Prime Minister Jacinda Ardern said Monday that the C130 Hercules plane would travel throughout Europe to carry much-needed equipment and supplies to key distribution centers. She said the plane wouldnt fly directly into Ukraine as most military equipment is transported into the country by land.

Ardern said her government would also spend an additional 13 million New Zealand dollars ($9 million) on military and human rights support, including NZ$7.5 million for Britain to buy weapons and ammunition. Ardern said that brings New Zealands total contribution to the war effort to NZ$30 million ($20 million) with 67 people deployed.

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LVIV, Ukraine Ukraines president warned his nation Sunday night that the coming week would be as crucial as any in the war.

Russian troops will move to even larger operations in the east of our state, Volodymyr Zelenskyy said in his nightly address.

He accused Russia of trying to evade responsibility for war crimes.

When people lack the courage to admit their mistakes, apologize, adapt to reality and learn, they turn into monsters. And when the world ignores it, the monsters decide that it is the world that has to adapt to them. Ukraine will stop all this, Zelenskyy said.

The day will come when they will have to admit everything. Accept the truth, he said.

He again called on Western countries, including Germany, to provide more assistance to Ukraine. During talks with German Chancellor Olaf Scholz, Zelenskyy said he discussed how to strengthen sanctions against Russia and how to force Russia to seek peace.

I am glad to note that the German position has recently changed in favor of Ukraine. I consider it absolutely logical, Zelenskyy said.

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BERLIN -- Austrian Chancellor Karl Nehammer said he will meet Russian President Vladimir Putin in Moscow on Monday.

The Austria Press Agency reported that Nehammer told reporters in Vienna on Sunday that he plans to make the journey. It follows a trip on Saturday to Kyiv, where he met Ukrainian President Volodymyr Zelenskyy.

APA reported that Nehammer aims to encourage dialogue between Ukraine and Russia and also address war crimes in his meeting with Putin.

Austria is a member of the European Union and has backed the 27-nation blocs sanctions against Russia, though it so far has opposed cutting off deliveries of Russian gas. The country is militarily neutral and is not a member of NATO.

Nehammer said he was taking the trip on his own initiative, and that he had consulted with the European Unions top officials. He said that he also informed Zelenskyy and German Chancellor Olaf Scholz.

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Ardern and Clark’s next pandemic will be horrid – The Spectator Australia

Posted: at 5:59 am

Helen Clark and Jacinda Ardern have been very mean to the worlds Covid Cinderella, New Zealand. Just when we thought we were off to the Ball of Normality with the rest of the world, the wicked stepmother (in the form of the World Health Organisations General Tedros) has waved his wand.

His advisor, Helen Clark, wants lockdowns. Masks. Social distancing. Contact tracing. Testing. Isolation. Quarantines. Greater surveillance powers for the WHO. A one size fits all for global health architecture costing $31 billion per year.

The World Health Organisation which youd think by now would be an international laughing stock but apparently not intends to take complete control of world health spending, funded by the G7 countries, to the tune of $US19 billion for the strengthening of health systems. This means more power to Dr Doomfield/Bloomfield/Gloomfield and Arderns apparatchiks it is their moment to swoop down on the nation with the infamous COVID-19 Response Act, lock us all up, and jab the lot of us to their hearts content.

Tedros reckons the world needs stronger government (aaargh! Ardern et al. even stronger?) and a common approach. It is integral to The Great Reset.

According to Helen Clark, we have a proven menu to stop transmission. Could she possibly be referring to the clueless, catastrophic carry-on conducted by Dr Bloomfield/Doomfield et al? Yep, yep She is.

Clark wants the WHO to have authority (weve got the chills already) to publish information on outbreaks with pandemic potential immediately, without the approval of governments. As Ardern probably wants Clarks job at the WHO or something similar, she wont be making any objection. The WHO should be given authority (that word again) to set benchmarks for healthcare around the world.

Imagine it. Tedros in charge of your healthcare

Clarks wishlist is a long one. A universal health and preparedness review to control healthcare in countries. She means all countries.

The WHO has failed to address the side effects of the approved drugs Remdesivir and Midazolam. Not to mention the statistically unusual sudden-death and/or collapse of sports players worldwide.

What happened to freedom of medical choice? Just where are all the fems and their chorus of My body, my choice?

Where are they?

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Ardern and Clark's next pandemic will be horrid - The Spectator Australia

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Nearly halfway through the term, parties start to stake out territory – Stuff

Posted: at 5:59 am

OPINION: Its 18 months in and, as we near the likely halfway point for this majority Labour Government, the issues of the election are tentatively taking shape as parties begin to jostle for position.

The Government has now almost cleared the decks of its major Covid-19 policies. Mondays announcement that the traffic light settings would remain in red seemed a bit out-of-step with where the country was at. You can argue over whether the settings should already have changed, but the likelihood is that they will near the end of the coming week.

Besides, a mixture of the big sick and self-imposed restrictions are hitting business activity. Ask anyone in a central city.

Ministerial staffers who previously spent their days doing Covid-related work are now finding that, all of a sudden, they are back to doing what they were previously getting on with work that their bosses are actually in charge of. This as director-general of health Ashley Bloomfield announced that he was leaving.

ROBERT KITCHIN/Stuff

David Seymours ACT is pushing National from the right, claiming to have been the more effective opposition party over the past year.

READ MORE:* Green Party co-leaders keen to stay on through next election* Election 2020: Crunch time as referendum results come in and Labour concludes talks with the Greens * Election 2020: Decision on Government to come on Friday, with Greens given one chance to agree on deal

One of the more interesting dynamics playing out now is the relationship between the two major parties and their smaller, more ideologically pure, fellow travellers.

So, while Labour was busy making diesel vehicles cheaper to run this week by reducing road-user charges following on from petrol tax cuts a couple of weeks ago the Greens have been aggressively accusing Labour of subsidising fossil fuels, something on which it spent a fair bit of its Apec agenda trying to reach a deal.

Of course, reducing road-user charges isnt a subsidy for diesel, but it does make the fossil fuel cheaper.

Similarly, the Greens are also now pushing hard on rent controls. Its a good retail politics issue for the Greens: superficially, rent controls look like a good idea especially to those paying through the nose for often dank accommodation.

Under co-leaders Marama Davidson and James Shaw, the Greens hit a remarkable political achievement in 2020 increasing the partys vote at the same time that Labour massively increased its. The centre-left vote was grown, rather than Labour or the Greens cannibalising each other for the same votes.

ROBERT KITCHIN/Stuff

Prime Minister Jacinda Ardern stops to answer questions from reporters in the halls of Parliament.

But now the Greens see renewed opportunity. Despite being sort of in government with Labour, providing two ministers in Shaw and Davidson, they are chafing against what they view as Labour arrogance and high-handedness.

Jacinda Ardern came to power promising that she was going to sort housing, poverty, inequality and climate change. The issues remain decidedly unsorted. For those on the left who would like to see Labour crank out a fiscal cannon and spray the joint with money, the Government has been a disappointment. There have been big increases in spending, but not the sorts of direct intervention in the economy the Greens favour. Next election, you would expect the far-left party to pick off some of Labours vote.

ROBERT KITCHIN/Stuff

Greens co-leader Marama Davidson is pushing the Government hard from the left about rent controls, while the party is also accusing it of subsidising fossil fuels.

Meanwhile, on the right, a quite different thing is going on. In the House this week, National shifted from talking about the cost of living to lack of delivery. The party thinks there is fertile ground here, in the same way that the cost of living crisis seemed little more than just a repetitive and slightly quixotic campaign before inflation ticked up and it really took off.

National figures reckon that this will become a weak point for Labour, because of its tendency to present inputs (money) as an outcome or achievement. On this basis, National thinks it will be able to identify a lot of waste where the Government has announced money for something that doesn't seem to have delivered much by way of outcomes. Mental health is a good example: despite more money being announced, little has been achieved and, in some cases, there is little evidence the money has even been spent.

Time will tell.

National is also firmly getting back into law and order, specifically crime in Auckland. Police Minister Poto Williams is certainly a weak link in the Governments front bench, and National is honing in on her. Crime is an issue, like inflation, where politics usually follows real life: if there is a problem with crime, voters know it they also know if there isnt. Gangs are a slightly different issue, but law and order is potent.

ACT, meanwhile, is doing its best to hold up its vote by putting daylight between itself and National on key issues. Climate and co-governance are two on which it is trying to win votes by having a clearer, more free-market and less costly position than National. Its policy on co-governance is simple: it is against it.

The party released a poll it conducted in Tauranga, showing that half of all voters think ACT, not National, has been the most effective opposition party over the past year. For ACT, retaining its vote in the 8 per cent to 10 per cent range into the next election is about cementing itself as a consistent and credible party to the right of National.

ROBERT KITCHIN/Stuff

The Budget is fast approaching.

The Government keeps on. A Budget is fast approaching on May 19, when we will get a sense of what is coming over the next few months. It will be what sets Labour up for next year and reveals how politically bold it is including on climate change.

There are a bunch of changes still to come this term: fair pay agreements, the new Three Waters legislation and reform, the emissions reduction plan, centralising the health system, and possibly reforming the Resource Management Act.

Whether a National/ACT government would repeal some, all, or any of these changes is an open question. When it comes to Three Waters, just about every opposition party professes to be into localism before it gets into government.

Balancing the politics of the now, while successfully clearing the decks of the big changes, will be crucial to Labours re-election chances.

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Gennao Bio Presents Promising New Results from its Gene Monoclonal Antibody (GMAB) Platform at the American Association for Cancer Research (AACR)…

Posted: at 5:58 am

HOPEWELL, N.J.--(BUSINESS WIRE)--Gennao Bio, a privately held genetic medicines company developing first-in-class, targeted nucleic acid therapeutics, today announced promising preclinical results of its proprietary, non-viral gene monoclonal antibody (GMAB) platform in multiple solid tumor models at the American Association for Cancer Research (AACR) 2022 Annual Meeting. The findings from these studies were reported and discussed in an oral presentation by Elias Quijano, M.D./Ph.D. candidate in the laboratory of Dr. Peter Glazer at the Yale School of Medicine, and co-founder of Gennao Bio, entitled, Systemic targeting of therapeutic RNA to cancer via a novel, cell-penetrating and nucleic acid binding, monoclonal antibody.

The preclinical results demonstrated GMABs ability to form non-covalent complexes with and systemically target and deliver 3p-hpRNA, a potent activator of the immune signaling RIG-I pathway, to solid tumors, including orthotopic mouse models of human pancreatic cancer (KPC) and medulloblastoma (DAOY). GMABs highly specific delivery into tumors is independent of the endocytic pathway and is uniquely enabled by targeting ENT2, a nucleoside transporter that is overexpressed in many tumors. In vitro studies of GMAB/3p-hpRNA demonstrated that delivery of a RIG-I agonist to tumor cells triggers an immune stimulating type-1 interferon response and triggers direct tumor cell death.

These positive results further reinforce our strong belief in the broad therapeutic potential and diverse application of our GMAB platform in treating cancers with substantial unmet need, said Stephen Squinto, Ph.D., chief executive officer and chair of the board of Gennao Bio. We expect to advance the humanized version of GMAB/3p-hpRNA, GMAB-7001, into Investigational New Drug (IND)-enabling studies in the second half of 2022 and will continue to assess additional oncology pipeline programs.

In the KPC pancreatic cancer model, multiple doses of GMAB/3p-hpRNA resulted in a significant survival benefit, driven in part by long-term increases in tumor-infiltrating lymphocytes, including CD45+, CD8+, CD4+, and CD19+ cells. GMAB/3p-hpRNA treatment also showed a statistically significant increase in tumor cell necrosis compared to the control group. Previous studies of a single dose administration of GMAB/3p-hpRNA in an orthotopic model of medulloblastoma demonstrated its ability to penetrate the central nervous system, reduce intracranial tumor burden by 50%, and prevent spinal metastases.

The GMAB platform has the potential to address the challenges faced by alternative methods of delivery of immunostimulatory nucleic acids to tumors, which have been associated with systemic toxicities or rely on suboptimal intra-tumoral injections. Studies of single and multiple intravenous doses of GMAB/3p-hpRNA have shown targeted payload tumor delivery and resultant tumor growth suppression in several preclinical models of difficult-to-treat forms of cancer, said Mr. Quijano. These promising monotherapy results, and the new data generated in a difficult-to-treat pancreatic cancer model, warrant continued research of the GMAB platform and development of this new class of targeted nucleic acid therapeutics for cancer.

A copy of the AACR presentation can be found under the News section on the Companys website, http://www.gennao.com.

About Gennao Bio

Gennao Bio is a privately held genetic medicines company developing first-in-class targeted nucleic acid therapeutics utilizing a proprietary gene monoclonal antibody (GMAB) platform technology. GMAB is an adaptive technology that uses a novel, cell-penetrating antibody to non-covalently bind to, and deliver therapeutic levels of a wide variety of nucleic acid payloads, to select cells. This non-viral delivery platform is differentiated from traditional gene delivery systems as it can deliver multiple types of nucleic acids, allows for repeat dosing, and employs well-established manufacturing processes. Gennao Bio is developing this delivery system with an initial focus on addressing significant unmet needs in oncology and rare monogenic skeletal muscle diseases.

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Gennao Bio Presents Promising New Results from its Gene Monoclonal Antibody (GMAB) Platform at the American Association for Cancer Research (AACR)...

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