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A new study shows that graphene sheets can block the signals mosquitoes use to identify a blood meal, potentially enabling a new chemical-free approach to mosquito bite prevention. Researchers showed that multilayer graphene can provide a twofold defense against mosquito bites. The ultra-thin yet strong material acts as a barrier that mosquitoes are unable to bite through. At the same time, experiments showed that graphene also blocks chemical signals mosquitoes use to sense that a blood meal is near, blunting their urge to bite in the first place. The findings suggest that clothing with a graphene lining could be an effective mosquito barrier.

Image credit: Hurt Lab/Brown University

Source: Streetwise Reports   05/04/2020

Stemline Therapeutics Inc. (STML:NASDAQ), which is focused on developing and commercializing novel oncology therapeutics, today announced that it has entered into a definitive agreement to be acquired by private Italian pharmaceutical and diagnostics company Menarini Group in a transaction valued up to $677 million.

The companies advised that the transaction has already been unanimously approved by both companies' Boards of Directors and that the transaction is expected to close in Q2/20 subject to customary closing conditions, regulatory approvals and a tender of at least 50% of the outstanding Stemline shares by shareholders. Menarini stated that it plans to fund the purchase by using existing cash resources.

The firms outlined that purchase details and advised that "under the terms of the agreement, a wholly owned subsidiary of the Menarini Group will commence a tender offer for all outstanding shares of Stemline, whereby Stemline shareholders will be offered a total potential consideration of $12.50 per share, consisting of an upfront payment of $11.50 in cash and one non-tradeable Contingent Value Right (CVR) that will entitle each holder to an additional $1.00 in cash per share upon completion of the first sale of ELZONRIS in any EU5 country after European Commission approval."

The report explained that ELZONRIS is a novel targeted therapy directed to the interleukin-3 (IL-3) receptor-α (CD123) and was developed by Stemline for treatment of blastic plasmacytoid dendritic cell neoplasm (BPDCN) in adult and pediatric patients. The firm stated that the U.S. Food and Drug Administration (FDA) approved that drug in the U.S. in December 2018. A marketing authorization application (MAA) has already been submitted and is presently under review by the European Medicines Agency. Post acquisition, Menarini expects to obtain approvals and expand distribution of ELZONRIS to Europe and emerging markets.

Stemline Therapeutics' Chairman, CEO and Founder Ivan Bergstein, M.D., commented, "Joining Menarini represents a unique opportunity for Stemline to advance the commercialization of ELZONRIS across the globe and to accelerate the development of our pipeline of oncology assets. ...We are excited to be combining with a like-minded organization in Menarini, in a transaction that will deliver immediate and significant cash value to our shareholders, while also allowing our shareholders to participate in the future upside of ELZONRIS's European launch."

Elcin Barker Ergun, CEO of Menarini Group, remarked, "Stemline is an excellent fit for Menarini, enabling us to expand our presence in the U.S. with an established biopharmaceutical company focused on developing oncology therapeutics. Through this acquisition, we will continue to strengthen our portfolio and pipeline of oncology assets and deliver novel therapies around the world."

The company described BPDCN, formerly blastic NK-cell lymphoma, as "an aggressive hematologic malignancy, often with cutaneous manifestations, with historically poor outcomes which typically presents in the bone marrow and/or skin and may also involve lymph nodes and viscera."

Stemline Therapeutics is a commercial-stage biopharmaceutical company headquartered in New York that develops and markets oncology therapeutics. The firm stated that its "ELZONRIS^® (tagraxofusp) is a targeted therapy directed to CD123 and is FDA-approved and commercially available in the U.S. for the treatment of adult and pediatric patients, two years and older, with BPDCN." Stemline noted that ELZONRIS is also being currently being evaluated in clinical studies for other indications including chronic myelomonocytic leukemia, myelofibrosis and acute myeloid leukemia.

The Menarini Group is an international pharmaceutical company based in Italy which operates and sells its products in more than 100 countries. The company stated that it has $4.2 billion in sales annually. The company's medicines address many areas of illnesses including cardiovascular, gastroenterology, metabolic, infectious diseases and anti-inflammatory/analgesic therapeutic areas and oncology.

Stemline Therapeutics began the day with a market capitalization of around $249.2 million with approximately 54.27 million shares outstanding and a short interest of about 11.3%. STML shares opened nearly 150% higher today at $11.81 (+$7.06, +148.63%) over Friday's closing price of $4.75. The stock has traded today between $1.81 and $12.35 per share and is currently trading at $12.10 (+$7.35, +154.74%).

Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.
6) This article does not constitute medical advice. Officers, employees and contributors to Streetwise Reports are not licensed medical professionals. Readers should always contact their healthcare professionals for medical advice.

( Companies Mentioned: STML:NASDAQ, )

Source: Streetwise Reports   05/05/2020

Commercial-stage biotechnology company Portola Pharmaceuticals Inc. (PTLA:NASDAQ), which focuses on blood-related disorders, and global biopharmaceuticals firm Alexion Pharmaceuticals Inc. (ALXN:NASDAQ) announced that they have entered into a definitive merger agreement for Portola to be acquired by Alexion.

The acquisition is said to provide a key addition to Alexion's diversified commercial portfolio. The report indicated that the merger agreement has already been unanimously approved each of the company's boards of directors.

The report explained that "Portola's commercialized medicine, Andexxa^® [coagulation factor Xa (recombinant), inactivated-zhzo], marketed as Ondexxya^® in Europe, is the first and only approved Factor Xa inhibitor reversal agent, and has demonstrated transformative clinical value by rapidly reversing the anticoagulant effects of Factor Xa inhibitors rivaroxaban and apixaban in severe and uncontrolled bleeding."

Portola's President and CEO Scott Garland commented, "In developing and launching Andexxa, Portola has established a strong foundation for changing the standard of care for patients receiving Factor Xa inhibitors that experience a major, life-threatening bleed. Andexxa rapidly reverses the pharmacologic effect of rivaroxaban and apixaban within two minutes, reducing anti-Factor Xa activity by 92 percent...Given their enhanced resources, global footprint and proven commercial expertise, we look forward to working with Alexion to maximize the value of Andexxa. With their commitment to commercial excellence, together, we will be able to drive stronger utilization of Andexxa, increase penetration and accelerate adoption in the critical care setting."

Ludwig Hantson, Ph.D., CEO of Alexion, remarked, "The acquisition of Portola represents an important next step in our strategy to diversify beyond C5. Andexxa is a strategic fit with our existing portfolio of transformative medicines and is well-aligned with our demonstrated expertise in hematology, neurology and critical care...We believe Andexxa has the potential to become the global standard of care for patients who experience life-threatening bleeds while taking Factor Xa inhibitors apixaban and rivaroxaban. By leveraging Alexion's strong operational and sales infrastructure and deep relationships in hospital channels, we are well positioned to expand the number of patients helped by Andexxa, while also driving value for shareholders."

The firms advised that "under the terms of the merger agreement, a subsidiary of Alexion will commence a tender offer to acquire all of the outstanding shares of Portola's common stock at a price of $18 per share in cash." Alexion plans to fund the purchase with existing cash on hand and the transaction is expected to close in Q3/20. The purchase is subject to approval by a majority interest of Portola's common stockholders tendering their shares along with ordinary closing conditions and regulatory approvals. The company noted that "following successful completion of the tender offer, Alexion will acquire all remaining shares not tendered in the offer at the same price of $18 per share through a merger."

Alexion is a global biopharmaceutical company based in Boston, Mass., with offices in 50 countries worldwide. The company states that it has been "the global leader in complement biology and inhibition for more than 20 years and that it has developed and commercializes two approved complement inhibitors to treat patients with paroxysmal nocturnal hemoglobinuria and atypical hemolytic uremic syndrome, as well as the first and only approved complement inhibitor to treat anti-acetylcholine receptor antibody-positive generalized myasthenia gravis and neuromyelitis optica spectrum disorder."

Portola is headquartered in South San Francisco, Calif., and is a commercial-stage biopharmaceutical company focused on treating patients with serious blood-related disorders. Specifically, the company is engaged in developing and commercializing novel therapeutics in order to advance the fields of thrombosis and other hematologic conditions. The firm listed that its first two commercialized products are Andexxa^® and Bevyxxa^® (betrixaban), and that it is also advancing and developing cerdulatinib, a SYK/JAK inhibitor for use in treatment of hematologic cancers.

Portola Pharmaceuticals started off the day with a market capitalization of around $609.0 million with approximately 78.5 million shares outstanding and a short interest of about 23.0%. PTLA shares opened 130% higher today at $17.85 (+$10.09, +130.03%) over yesterday's $7.85 closing price. The stock has traded today between $17.71 and $17.91 per share and is currently trading at $17.83 (+$10.07, +129.77%).

Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.
6) This article does not constitute medical advice. Officers, employees and contributors to Streetwise Reports are not licensed medical professionals. Readers should always contact their healthcare professionals for medical advice.

Source: Streetwise Reports   05/07/2020

Oil and gas technology services and solutions company ION Geophysical Corp. (IO:NYSE) yesterday afternoon announced financial results for Q1/20 ending March 31, 2020.

The firm reported total net revenues of $56.4 million in Q1/20, which represented a 53% increase over $37.0 million in Q1/19. The company advised that the increase was due primarily to an increase in 2D multi-client data library sales.

For Q1/20, the firm additionally reported operating income of $6.3 million, compared to an operating loss of $15.9 million in Q1/19. The company further indicated that in Q1/20, it posted a net loss of $2.3 million, or ($0.16) per share, compared to a net loss of $21.4 million, or ($1.52) per share in Q1/19.

The company's President and CEO Chris Usher commented, "We achieved the best first quarter performance in six years despite challenges from both coronavirus and oil price volatility...Our strong revenues of $56 million generated positive operating income and $23 million in Adjusted EBITDA, and, as a result, we expect our liquidity position to improve as revenues are collected in the second quarter. Our first quarter results reflect the value of our offshore data library and validate the combined effectiveness of our strategic refocus and over $20 million cost reductions. Our team creatively closed a number of large multi-client contracts, some of which were delayed from the fourth quarter, even after E&P market dynamics changed. I remain confident in ION's value proposition to cost-effectively support customers' data-driven decision-making in this lower-for-longer exploration and production environment."

The company indicated that it has maintained a strong liquidity position in the face of energy market turmoil and the COVID-19 situation. The firm stated that as of March 31, 2020, it had total liquidity of $53.8 million, which consisted of $42.7 million in cash and $11.1 million remaining available balance under its $50.0 million revolving credit line.

ION Geophysical Corp. is a technology-focused company headquartered in Houston, Tex. that provides geophysical technology, services and solutions to the global oil and gas industry. Its products and technical services are designed to help oil and gas exploration and production companies obtain images of the earth's subsurface.

ION Geophysical started off the day with a market capitalization of around $25.1 million and an enterprise value of $115.7 million with approximately 15.03 million shares outstanding and a short interest of about 6.40%. IO shares opened more than 100% higher today at $3.37 (+$1.70, +101.80%) over yesterday's $1.67 closing price. The stock has traded between $2.84 to $4.36 per share today and is currently trading at $2.88 (+$1.21, +72.46%).

Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

( Companies Mentioned: IO:NYSE, )

No single approach -- technical, legal, economic, or educational -- will be sufficient to protect children from online pornography.

To meet the bodys daily energy and nutritional needs while minimizing risk for chronic disease, adults should get 45 percent to 65 percent of their calories from carbohydrates, 20 percent to 35 percent from fat, and 10 percent to 35 percent from protein.

Good morning. On behalf of the National Academies and my colleagues on the committee, I welcome those of you in the room as well as those listening to the live audio webcast.

The federal government should not rely on polygraph examinations for screening prospective or current employees to identify spies or other national-security risks because the test results are too inaccurate when used this way.

Eleven questions that should shape the next decade of geographical sciences research were identified today in a new report by the National Research Council.

Rates of physical and sexual abuse of children have declined over the last 20 years, but for reasons not fully understood, says a new report from the Institute of Medicine. Yet, reports of psychological and emotional child abuse have risen in the same period, and data vary significantly as to whether child neglect is increasing, decreasing, or remaining constant.

Myalgic Encephalomyelitis/Chronic Fatigue Syndrome -- commonly referred to as ME/CFS -- is a legitimate, serious, and complex systemic disease that frequently and dramatically limits the activities of affected individuals, says a new report from the Institute of Medicine.

While scientists have made remarkable advancements in astronomy and astrophysics since the beginning of this decade – notably the first detection of gravitational waves and the discovery of distant Earth-like planets – unforeseen constraints have slowed progress toward reaching some of the priorities and goals outlined in the Academies’ 2010 decadal survey of these disciplines, says a new report from the National Academies of Sciences, Engineering, and Medicine.

Increasing energy demands and expanding industrial and agricultural activities worldwide are changing the composition of the atmosphere and contributing to major global challenges like climate change and air pollution. The study of atmospheric chemistry plays a key role in understanding and responding to these challenges, and research in this field has been successful in guiding policies to improve air quality in urban areas and reduce acid rain and stratospheric ozone depletion.

A new report from the National Academies of Sciences, Engineering, and Medicine recommends substantial changes to U.S. graduate education in science, technology, engineering, and mathematics (STEM) in order to meet the evolving needs of students, the scientific enterprise, and the nation.

Given the current state of quantum computing and the significant challenges that still need to be overcome, it is highly unlikely that a quantum computer that can compromise public-key cryptography – a basis for the security of most of today’s computers and networks – will be built within the next decade, says a new report by the National Academies of Sciences, Engineering, and Medicine.

The National Academy of Medicine today announced Daniel Weinberger is the recipient of the 2019 Rhoda and Bernard Sarnat International Prize in Mental Health, for his fundamental role in elucidating the biological origins and genetic expressions of schizophrenia, and for transforming how clinicians, researchers, and the public understand mental illness.

NASA, NSF, and NOAA have made substantial progress in implementing the programs recommended in the 2013 decadal survey on solar and space physics (heliophysics) despite a challenging budgetary landscape, says a new midterm assessment from the National Academies of Sciences, Engineering, and Medicine.

Today the National Academies of Sciences, Engineering, and Medicine released its review of the National Toxicology Program’s (NTP) draft monograph Systematic Review of Fluoride Exposure and Neurodevelopmental and Cognitive Health Effects.

Research by NAM Pharmacy Fellow Dima M. Qato has shed light on “pharmacy deserts” and closures that reduce people’s access to medications.

A cleaning crew disinfects a New York City subway train on May 4, 2020 in New York City. ; Credit: Stephanie Keith/Getty Images

As of Monday afternoon, L.A. County has at least 1,260 deaths and 26,238 confirmed cases of coronavirus. The United States has more than a million cases of the virus with more than 67,000 deaths. Meanwhile, new models put together by FEMA project that we could see up to 200,000 new cases a day by the end of the month, according to the New York Times. 

The L.A. Times reports that scientists have discovered a new strain of the deadly coronavirus that is even more contagious. The study finds that the new strain first appeared in February in Europe and has been the dominant strain across the world since mid-March. Plus, some COVID-19 patients are experiencing issues with blood clotting even after respiratory issues have died down. Today on AirTalk, we get the latest with an infectious disease specialist who will take your questions. Call 866-893-5722 to join the conversation. 

With files from LAist. Read the full story here.

Guest:

Dean Blumberg, M.D., professor of medicine and chief of Pediatric Infectious Diseases at UC Davis Children’s Hospital

This content is from Southern California Public Radio. View the original story at SCPR.org.

Amoeba Music store, a Hollywood landmark is closed amid the COVID- 19 pandemic, on May 7, 2020, in Hollywood, California. ; Credit: VALERIE MACON/AFP via Getty Images

The City and County of Los Angeles began the process today of reopening some parts of the economy that had been shuttered due to COVID-19. 

Starting today, businesses including book stores, toy stores, sporting goods stores, florists and other “low-risk” retailers will be allowed to reopen for curbside service only. All other shopping will still need to be done over the phone or online. Businesses will also have to have strategies in place for stemming the spread of COVID-19 on site, which will need to include employee training, sanitation protocols and even screening measures. Offices, dine-in restaurants and shopping malls remain closed, as do beauty salons, barbershops, live event venues and other places where people might be in close proximity. Meanwhile, in Orange County, the final stretches of coastline were approved to reopen on Thursday, though they are under the same “active use” rules that the other beaches in OC have implemented in order to prevent people from congregating on beaches and in parking lots.

Today on AirTalk, we’ll talk about the specifics of what is and is not reopening today in L.A. City and County, get an update from the Los Angeles Flower Market in downtown, and find out about the latest on Orange County Beaches.

Guests:

Emily Guerin, reporter for KPCC covering small businesses; she tweets @guerinemily

Lisa Brenner, associate editor at LAist; she tweets @lisa_brenner

Laylan Connelly, beaches reporter for The Orange County Register; she tweets @ocbeaches

Candice Kim, whose parents owns a flower shop in Downtown LA that reopened today.

This content is from Southern California Public Radio. View the original story at SCPR.org.

The L.A. Philharmonic will be the new operator of the John Anson Ford Theatre, the smaller outdoor venue near  the 101 Freeway across from the Hollywood Bowl, under a plan approved by the Los Angeles County Board of Supervisors.  

L.A.  funding sustains the Ford, and the county recently spent $80 million renovating the 1,200  seat amphitheater.  But attendance has been lackluster — and Supervisor Sheila Kuehl hopes the L.A. Philharmonic can change that. 

“The Ford will be able to take advantage of the natural synergies in marketing, capacity-building and program resources that simply haven’t been available to the Ford as an independent institution," she  said.

The move by the L.A. County  blindsided many local artists.  They say the Ford is an important incubator for diverse talent.  They also worry ticket prices will increase.  Prompted by their criticism, the Supervisors will require the Phil to meet with artists and annually review the diversity of the Ford’s shows with county officials.

This content is from Southern California Public Radio. View the original story at SCPR.org.

A woman wearing a mask walks past closed store fronts in the Astoria neighborhood of Queens on April 15 in New York City. States are beginning to implement phased reopening plans, in part to help businesses hit hard by the coronavirus.; Credit: Johannes Eisele/AFP via Getty Images

President Trump wants states to begin relaxing stay-at-home orders and reopen businesses after the spread of the coronavirus pummeled the global economy and killed millions of jobs.

The White House coronavirus task force released guidelines on April 16 to encourage state governors to adopt a phased approach to lifting restrictions across the country. Some states have moved ahead without meeting the criteria.

The task force rejected a set of additional detailed draft recommendations for schools, restaurants, churches and mass transit systems from the Centers for Disease Control and Prevention that it considered "overly prescriptive."

A number of states have already begun to lift restrictions, allowing for businesses including hair salons, diners and tattoo parlors to once again begin accepting customers. Health experts have warned that reopening too quickly could result in a potential rebound in cases.

States are supposed to wait to begin lifting any restrictions until they have a 14-day "downward trajectory" of influenza-like illnesses and confirmed virus cases, as well as sufficient hospital capacity and testing for health care workers.

Below is a summary of the three phases as outlined by the task force (read the full guidance here):

Don't see the graphic above? Click here.

This content is from Southern California Public Radio. View the original story at SCPR.org.

Patt Morrison and Stephen Hawking at Cal-Tech. ; Credit: Dave Coelho/KPCC

The renowned physicist, cosmologist and lover of Indian food is at Caltech for his annual dinner and lecture visit. I broke naan across from him Thursday at dinner, which was cooked by a class of adept Caltech students.

I had a short interview with him, and with the student-chefs, which will be airing on “Off-Ramp” soon. As we took the photograph, I had just made a little joke, which accounts for his smile [producer Dave Coelho didn’t get a smile, but maybe he’s not as funny nor as glamorous as I am].  

This content is from Southern California Public Radio. View the original story at SCPR.org.

AB 2293 bans drivers from using their personal policies and mandates that drivers have to be covered from the moment they turn on their app and look for customers.; Credit: Photo by Daniel X. O'Neil via Flickr Creative Commons

Amid all the talk about cutting-edge technology, much of Uber and Lyft’s success actually owes to that fact the ride-sharing companies have been able to exploit a basic loophole: The companies foist the cost of insurance on their drivers, but the drivers' insurance companies don’t know they are underwriting cars for hire, and even if drivers wanted to be honest and get a policy that would cover ride-sharing, they couldn’t, because no such policy exists.

AB-2293, introduced by Assemblywoman Susan Bonilla (D-Concord) and signed into law Wednesday by Governor Jerry Brown, tries to close the loophole by paving the way for insurance companies to offer hybrid personal/commercial policies by next summer.

Uber once derided the bill as a backroom deal between insurance companies and trial lawyers.

"The bill does nothing to enhance safety, yet compromises the transportation choices and entrepreneurial opportunities Uber offers Californians," the company wrote in a June blog post that encouraged customers to contact their representatives opposing the bill.

However, the company backed down and supported the legislation when Bonilla insurance requirements were lowered.

AB 2293 also specifically bans drivers from using their personal policies and mandates drivers have to be covered from the moment they turn on their app and look for customers, which is a response to the tragic accident on New Year's Eve in San Francisco when an UberX driver hit and killed a six year old child.

Uber argued that because the driver was waiting for a fare he wasn't working for the company at the time, so he wasn't covered by the company's insurance.