(The Paypers)

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, )

The value of what the United States loses because of the poorer health and earlier death experienced by the 41 million Americans who lack health insurance is estimated to be $65 billion to $130 billion every year, according to a first-ever economic analysis of the costs of uninsurance for society overall.

Nearly half of all American adults – 90 million people – have difficulty understanding and using health information, and there is a higher rate of hospitalization and use of emergency services among patients with limited health literacy, says a new report from the Institute of Medicine of the National Academies.

The high rate of premature births in the United States constitutes a public health concern that costs society at least $26 billion a year, according to a new report from the Institute of Medicine of the National Academies.

Medication errors are among the most common medical errors, harming at least 1.5 million people every year, says a new report from the Institute of Medicine of the National Academies.

The Gulf Research Program (GRP) of the National Academies of Sciences, Engineering, and Medicine today announced grant awards for seven new projects totaling $5.3 million.

The Gulf Research Program (GRP) of the National Academies of Sciences, Engineering, and Medicine today announced a new grant opportunity focused on enhancing coastal community resilience and well-being in the Gulf of Mexico region.

Recent gains against the burden of illness, injury, and disability and commitment to universal health coverage (UHC) are insufficient to close the enormous gaps that remain between what is achievable in human health and where global health stands today, says a new report from the National Academies of Sciences, Engineering, and Medicine.

The Gulf Research Program (GRP) of the National Academies of Sciences, Engineering, and Medicine today announced awards for nine new grant projects totaling $3.2 million.

Following recommendations from a National Academies of Sciences, Engineering, and Medicine report released earlier this year, the National Academies’ Gulf Research Program (GRP) is developing a long-term research campaign to improve understanding and prediction of the Gulf of Mexico Loop Current System (LCS).

The Gulf Research Program (GRP) of the National Academies of Sciences, Engineering, and Medicine today announced a new funding opportunity to provide up to $2.5 million in grants to foster innovative approaches that support its ongoing efforts to improve understanding and prediction of the Gulf of Mexico Loop Current System (LCS).

The Gulf Research Program (GRP) of the National Academies of Sciences, Engineering, and Medicine today announced a new funding opportunity under its Healthy Ecosystems Initiative.

The Gulf Research Program of the National Academies of Sciences, Engineering, and Medicine today announced $10.7 million in grant awards for four new projects focused on enhancing community resilience in the U.S. Gulf of Mexico region.

The Gulf Research Program (GRP) of the National Academies of Sciences, Engineering, and Medicine today announced $7.25 million in grant awards for eight projects focused on strengthening safety culture in the offshore oil and gas industry.

The Gulf Research Program (GRP) of the National Academies of Sciences, Engineering, and Medicine today announced $2 million in grant awards for seven new projects through its Understanding Gulf Ocean Systems (UGOS) Grants 2 competition.

Money talks ... in verse.

"Money is a kind of poetry," the poet Wallace Stevens once wrote. That might be so, but poems rarely pay the poet's bills. Still, poetry reading in the U.S. has skyrocketed in recent years, according to the National Endowment for the Arts' Survey of Public Participation in the Arts.

The Academy of American Poets announced Thursday that it has received a $4.5 million grant from The Andrew W. Mellon Foundation for the Poets Laureate Fellowship program — believed to be the largest-ever from a philanthropic institution for poetry. That's enough to fund the program for the next three years.

Poetry is like "the little engine that could ... with its outsized power, with its tremendous potency," Elizabeth Alexander, who is the president of the Mellon Foundation, tells NPR. As a poet, she believes the grant will help that engine "move a little faster."

Through fellowships to individual poets laureate, "we're able to create the conditions and open up the creativity of poets, not only to make their own poems, but also to think 'how can communities use poems? How can we let poetry be a way that we can explore what it means to be American in all these different places in real time?,'" Alexander says. (The Mellon Foundation is among NPR's recent financial supporters.)

"It's a game-changer," says poet and former NEA Chair Dana Gioia. He says that while multimillion-dollar grants to performing arts institutions is commonplace, the poetry world has made do on tiny grants from small funders. "Usually it's $25,000 and you're supposed to be grateful."

The Poets Laureate project began last year and provides grants from $50,000 to $100,000 to 13 poets around the country. Molly Fisk, the poet laureate of California's Nevada County, spearheaded workshops that encouraged more than 800 schoolchildren to write poems responding to devastating wildfires in the state. Ed Madden, poet laureate of Columbia, S.C., tells NPR he believes in "poetry as public art," including poetry readings on city buses. For his fellowship, he launched a youth and community workshop and interactive map called "Telling the Stories of the City."

Claudia Castro Luna, Washington state's poet laureate, held workshops at eight stops along the Columbia River — "places where cultural programming of the kind I am providing is rare," she tells NPR. Luna says the yearlong project One River, Many Voices "brought an injection of joy and beauty, an enthusiasm for words."

Academy of American Poets Chairman Michael Jacobs says in a statement that the organization is "thrilled that this extraordinary grant from the Mellon Foundation will help us continue to fulfill our mission and enable us to meaningfully fund poets who are involved in the civic life of their communities."

The $4.5 million grant is not the largest philanthropic gift to poetry. That distinction goes to Ruth Lilly who pledged an unrestricted $200 million to Chicago's Poetry Foundation in 2002. But it is believed to be the largest grant ever made by a philanthropic institution to support poets.

Gioia says having a large foundation like Mellon put real money toward the art form "is both visionary and practical," and a reflection of poetry's growing popularity among all age levels and backgrounds.

"Thirty years ago, I was seen as an eccentric for loving poetry. Now I'm just stating the obvious," he says. As Gioia's own poem Money puts it:

It greases the palm, feathers a nest, holds heads above water, makes both ends meet.

Guidelines for the 2020 round of fellowships are posted on the Academy of American Poets' website. Poets laureate "of a state, city, county, U.S. territory, or Tribal nation after having been formally appointed" are eligible.

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

As millions of Americans have lost their jobs, Congress is trying to figure out what to do to help those who have also lost their health insurance.; Credit: South_agency/Getty Images

Mayra Jimenez had just lost the job she loved — and the health insurance that went along with it.

The 35-year-old San Francisco server needed coverage. Jimenez has ulcerative colitis, a chronic condition. Just one of her medications costs $18,000 per year.

"I was just in panic mode, scrambling to get coverage," Jimenez said.

A recent estimate suggests the pandemic has cost more than 9 million Americans both their jobs and their health insurance.

"Those numbers are just going to go up," MIT economist Jon Gruber said. "We've never seen such a dramatic increase in such a short period of time."

House Democrats introduced a bill in mid-April to help the millions of people, like Jimenez, who find themselves unsure of where to turn.

The Worker Health Coverage Protection Act would fully fund the cost of COBRA, a program that allows workers who leave or lose a job to stay on their former employer's insurance plan. COBRA currently requires workers to pay for their entire premium, including their employer's share.

The Worker Health Coverage Protection Act is one bill being considered as Congress tries to figure out what to do about the very real health care gap for those millions who have lost their jobs. Sponsors of the COBRA legislation say they hope their plan gets rolled into the next relief bill. But it's unclear when, how and whether the problem will get addressed in upcoming coronavirus relief measures.

Jimenez learned COBRA would run her $426 a month.

"I was kind of shocked to hear the number," she said. "That's almost half my rent."

The idea of allowing laid-off workers to stick with their coverage at no cost in a pandemic has clear appeal, says Gruber.

But he warns, "COBRA is expensive, and for many employees, it won't be there."

Only workers who get insurance through their employer are eligible for COBRA, leaving out more than half of the 26 million who have lost jobs in the last few weeks. Many of the industries hit hardest by COVID-19, including retail and hospitality, are among those least likely to offer employees insurance.

And even if someone had insurance through work, the person loses COBRA coverage if the former employer goes out of business.

Funding COBRA costs, federal dollars also wouldn't go as far as they could. Unpublished Urban Institute estimates show that an employer plan costs, on average, about 25% more than a Gold plan on the Affordable Care Act exchanges.

"We need to be all hands on deck, spending whatever we can to help people," Gruber said. "But that doesn't mean we shouldn't be thinking about efficient ways to do it."

Congress has tried this move before. In response to the Great Recession, lawmakers tucked a similar COBRA subsidy into the massive stimulus bill a decade ago. That legislation paid for 65% of COBRA premiums, leaving laid-off workers to cover the rest.

A federally commissioned study found that COBRA enrollment increased by just 15%. Mathematica senior researcher and study co-author Jill Berk said workers skipped the subsidy for two main reasons.

First, only about 30% of eligible workers even knew the subsidy existed.

"For those that were aware," Berk said, "their overwhelming response was that COBRA was still too expensive."

At that time, the average premium for a single worker — even with the subsidy — ran about $400 per month for a worker with family coverage.

"When you're actually facing those choices, choosing between rent and food and other bills," Berk said, "that COBRA bill looks quite high."

Berk's team also discovered that people who reported using the subsidy were four times more likely to have a college degree and a higher income than those who passed on it. In other words, Berk found that the COBRA subsidy was least helpful to those with the greatest need.

Several economists, including Gruber, and some Democrats in Washington are kicking around alternatives to COBRA. Among their ideas is a plan to have the federal government pick up more of a person's premium and other expenses on the Affordable Care Act exchanges. Another proposal would extend ACA subsidies to people who earn too much to qualify for any aid and to lower-income people who live in states yet to expand Medicaid.

Compared with funding COBRA, beefing up ACA subsidies could potentially help millions more people, including the pool of laid-off workers who did not get health insurance from their employer.

The ACA ties subsidies to people's income, giving more help to those at the bottom end of the wage scale and spending less on those who are better off. In contrast, the current COBRA plan would cover 100% of COBRA for everyone, regardless of the person's income.

There are some downsides to this approach. Making ACA subsidies more generous could end up costing the federal government more overall, because it gives more help to a lot more people.

Chris Holt from the American Action Forum, a conservative think tank, points out that the ACA already increases federal support when people's earnings fall and questions how much more of the tab Washington should pick up.

"If that subsidy would have been good enough for someone six months ago, why is it not good enough now?" he asked.

Maybe the biggest challenge to building on the ACA: The 10-year-old law remains a political football.

"There's just so much both emotion and, frankly, bitterness tied up in debates," Holt said, adding that this makes it hard to move anything forward.

Holt notes that COBRA is not free of political hang-ups either. He expects a fight over whether subsidy money can be spent on employer plans that cover abortion services, for example.

Holt and Gruber agree that perhaps the easiest idea is to leave the ACA alone with one minor tweak: allow people to take the ACA subsidy they're already eligible for and use it on COBRA if they choose.

As for Jimenez, she did not have time to wait for Congress. She brought in too much from unemployment to qualify for Medicaid. And she couldn't afford COBRA, so she picked out a plan on the ACA exchange, where she's eligible for generous existing subsidies. It will cost her $79.17 per month, and she gets to keep her doctors. Not everyone does.

This is the first time she has ever purchased insurance on her own, rather than gotten it through work — and that has delivered one other unexpected benefit.

"Freedom," Jimenez said. "It feels so freeing to take charge of my health care and to know that no one can take this away from me. I don't have to rely on a job to give me what they want to give me. I can make my own choices."

Policymakers, providers, employers and health-industry executives have been fighting over whether the United States should tie insurance to work since the end of World War II.

Subsidizing COBRA preserves the status quo, while doubling down on the ACA might just start to drive a real wedge between work and health insurance.

As states begin reopening businesses, some laid-off workers will get back their jobs, as well as their insurance. But many will remain unemployed and uninsured. A decade ago, faced with the same challenge, Congress chose to subsidize COBRA. It proved to be a narrow solution with limited impact.

Lawmakers now have the ACA at their disposal, a tool that may be a better fit for this moment. Whether they choose to use it may be a choice grounded more in political realism than policy idealism.

Dan Gorenstein is the creator and co-host of the Tradeoffs podcast, and Leslie Walker is a producer on the show, which ran a version of this story on April 23.

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

Two workers approach the entrance to Life Care Center in Kirkland, Wash., on March 13. An association that represents nursing homes is asking for billions of dollars in federal relief funds to cope with the coronavirus crisis.; Credit: Ted S. Warren/AP

With more than 11,000 resident deaths, nursing homes have become the epicenter of the COVID-19 crisis. Now, they're asking the federal government for help — $10 billion worth of help.

The American Health Care Association, the trade organization for most nursing homes, called the impact on long-term care facilities "devastating." In a letter sent this week to the Federal Emergency Management Agency and Health and Human Services Secretary Alex Azar, they ask for the federal government to designate relief funding from the CARES Act for nursing homes the way it has for hospitals.

The money would be used for personal protective equipment, salaries for expanded staff, and hazard pay. In addition, some of the funds would make up lost revenue for nursing homes that have been unable to admit new residents because of the outbreak.

The AHCA also wants nursing homes to have more access to testing and some members of Congress want that too. This week, 87 members of the House of Representatives sent their own letter to Azar, as well as to Seema Verma, the administrator of the Centers for Medicare and Medicaid Services, which regulates nursing homes. The letter asks those agencies to direct states — which have received billions of dollars for increased testing — to give priority to long-term care facilities.

The letter also notes that nursing homes are now required to report their numbers of COVID-19 infections and deaths to the Centers for Disease Control and Prevention, but that they can't meaningfully do this unless they can test everyone in the facility.

Democrats in both the House and the Senate have also introduced legislation intended to make things safer for both nursing home staff and residents. The bill would require nursing homes to take a range of actions, from providing better infection prevention, to supplying sufficient protective gear, to protecting a resident's right to return to the nursing home after they've been treated for COVID-19 at a hospital.

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

; Credit: smartboy10/Getty Images

A for-profit college received millions of dollars from the federal government to help low-income students whose lives have been upended by the coronavirus outbreak, but that same school, Florida Career College (FCC), is also accused of defrauding students.

A federal class-action lawsuit filed on behalf of students in April calls FCC "a sham" and alleges that, long before the pandemic, the college was targeting economically vulnerable people of color. The plaintiffs say the vocational school enticed them with false promises of career training and job placement — but spent little on instruction while charging exorbitant prices and pushing students into loans they cannot repay.

The lawsuit comes as thousands of colleges across the country are receiving federal emergency relief in response to the coronavirus pandemic. Through the CARES Act, FCC has been allotted $17 million. The law requires that at least half of that money goes directly to students, but makes few stipulations for the rest of it.

Experts say the complaint against FCC raises serious concerns about the college's ability to safeguard taxpayer dollars, as well as its ability to serve its own students.

In a statement to NPR, Florida Career College General Counsel Aaron Mortensen says: "This lawsuit is baseless legally and factually. Though we cannot comment because the matter is in litigation, we will aggressively fight these false allegations."

Equipment was "at best limited, and at worse, nonexistent"

Plaintiff Kareem Britt was working as a cook when he noticed a Facebook ad for FCC.

"Are you tired of working minimum wage jobs? Eating ramen noodles?" the ad asked. "Are you ready to step up to steak? HVAC degrees make $16 to $23/hr."

An FCC representative told Britt that a degree could change his life and that the school would help him land a job. He qualified for a $6,000 federal Pell Grant and an FCC "scholarship loan" for $3,000. Britt decided to enroll in the HVAC training program.

After classes began, though, Britt says equipment necessary to learn the trade was in short supply. "Tools, machinery, and other learning devices were at best limited, and at worse, nonexistent," according to the complaint.

When it came time for the school to help Britt find a job, he says, FCC found him just two, two-week placements, and he failed to find HVAC work on his own. Making matters worse, once he'd finished school, Britt learned that he had also taken on federal loans worth $9,500, which he must now pay back as a hotel cook, the same kind of job he'd held before enrolling.

Reverse redlining

The complaint alleges that Florida Career College, along with its parent company, specifically targets economically vulnerable people of color.

"They are recruiting at majority Black high schools," says Toby Merrill, director of the Project on Predatory Student Lending at the Legal Services Center of Harvard Law School, one of the organizations representing the plaintiffs. "They are putting up billboards in towns where the population is mostly Black. And they're doing a lot of advertising on social media where you can choose to target your ad essentially by race."

Stephen Stewart is Jamaican and says he was drawn to an FCC ad on Instagram. He decided to visit campus, and says one word captures his experience: "pressure."

Like Britt, Stewart was considering FCC's HVAC program. After his tour, when a representative told him the program would cost more than $20,000, Stewart balked. He remembers the representative pushed, telling him: "'I know so many students that have went here... I'm talking about people with five, six kids in a worse situation than you're in.'" Stewart was 20 at the time and childless. "'You're telling me that they can go through this, make their payments and pay off their tuition, and you can't?'"

Stewart enrolled in FCC's HVAC program after being promised that, within a year, the school would find him a job in his field.

The complaint takes aim at these recruiting practices. It alleges that FCC is selling the promise of a career and financial success to cash-strapped communities of color where college feels out of reach, "discriminating against students on the basis of race by inducing them to purchase a worthless product by taking on debt they cannot repay."

According to Education Department data, 85% of FCC's students are people of color.

This practice of discriminating by targeting students of color has a name: Reverse redlining — a reference to the historical practice of excluding African-American families from home ownership and denying them access to services. Reverse redlining is illegal, and it's what sets this suit apart from previous legal battles over alleged predatory practices by for-profit colleges.

"In a weekly memo to my board last Friday, I said, 'So the new angle of attack against our sector is that we are predatory to minority communities,'" says Steve Gunderson, head of Career Education Colleges and Universities, an organization that serves as the national voice for career education schools like FCC.

"We have always celebrated the fact that approximately 45 to 50% of the students in our schools are African American and Hispanic," he says. "We're proud of that."

"Classes were a scam"

Long before the federal government granted FCC $17 million in pandemic relief, the school was already largely government-dependent. According to federal data, the lion's share of FCC's revenue — 86% — comes from federal financial aid funds, namely Pell Grants and student loans.

At the same time, federal data also suggest that the college fails to prepare many students for their chosen professions. Under an Obama-era rule known as "gainful employment," schools could lose access to federal aid if graduates don't earn enough income to repay their student debts. According to the complaint, 16 of the 17 FCC programs evaluated under the gainful employment rule failed that metric, meaning graduates weren't able to repay their loans. (The gainful employment rule was repealed in 2019.)

The median annual earnings of FCC graduates who ultimately found employment ranged from $8,983 to $32,871, according to the suit, which helps explain why, according to the most recent federal data, just 23% of FCC students have been able to pay down any of their loans' original balance within three years of leaving.

"Classes were a scam, a waste of time," says Stephen Stewart. The equipment was "limited" and "outdated," he says, and the instructor admitted to the class that he had little experience with HVAC. Stewart's worst day, though, came near the end of his nine-month program when he visited the career services department to ask when they'd help him find a job as they had promised.

Stewart says he was given a list of possible HVAC companies and told, "'You gotta get your job.'" So he did, with no help. But Stewart says it was clear that FCC hadn't given him the skills he needed to keep up in the job, let alone succeed, and he ultimately left. Today, Stewart is $15,000 in debt and says he feels "shattered" by the whole experience.

"The thing that upsets me the most about this is how much it preys upon people's hopes and dreams," says Ben Miller, who studies higher education accountability at the left-leaning Center for American Progress. "You know, you have a lot of folks who want to make a better life for themselves. They have maybe one shot at college, and you rip them off and basically ruin it."

But Gunderson takes a very different view, as head of the national association for postsecondary career colleges.

"[This lawsuit] is so frustrating, because this is nothing more than an organized national effort to destroy the reputation of the [career college] sector," he says.

Gunderson insists that career colleges, including FCC, have been held to unrealistic standards. He points to the gainful employment rule, which he says measured students' incomes relatively soon after graduation. "You've got to go into the five- or 10-year mark before most of these occupations have what you and I would call our respectable salaries."

But federal data also show that, even 10 years after enrolling in FCC, more than half of its students still didn't earn more than the typical high school graduate.

Gunderson says this lawsuit is just the latest salvo in a decade-long fight to discredit for-profit, career colleges — a fight he calls "monotonous and disappointing."

"Even if you're doing a terrible job"

The law requires that at least half of the $17 million FCC is receiving through the CARES Act must go directly to students, but makes few stipulations for the rest of those funds. In a letter, U.S. Education Secretary Betsy DeVos said institutions have "significant discretion" on how to award the assistance to students.

"We stand ready to deliver these funds," said Fardad Fateri, the head of FCC and its parent company, International Education Corporation, in a press release. "It is important we get these grants into the hands of our students right away, so they can better deal with this crisis."

FCC's $17 million is a small piece of the more than $14 billion lawmakers set aside in the CARES Act to help colleges and vulnerable students during the coronavirus pandemic. But Ben Miller says, in Congress' haste to help schools that serve low-income students, lawmakers are giving money to many schools with questionable records like FCC's.

"When there's no consideration of quality or outcomes, it's potentially a big award, even if you're doing a terrible job," Miller says.

Meanwhile DeVos has also championed separate policies that have made it easier for schools like FCC to continue to enroll students and receive federal student aid even as their graduates struggle. In 2019, DeVos repealed the Obama-era gainful employment rule that would have denied low-performing schools access to federal student aid.

Under the Trump administration, the Education Department has also changed the College Scorecard, a website meant to help prospective students compare colleges by price and performance. The department has removed easy access to schools' loan repayment rates. In 2018, it also removed another important metric: How the earnings of a school's graduates compared to the earnings of high school grads.

"Rather than highlighting institutions that show the best employment and loan repayment outcomes for students, this administration has made a concerted effort to hide this information from students with no explanation as to why," says Michael Itzkowitz, who was director of the College Scorecard during the Obama administration. "What's become more transparent is their willingness to prioritize certain institutions — namely for-profits — even if those aren't the best options for students choosing to pursue a postsecondary education."

The Education Department did not respond in time to requests for comment.

When students filed suit against the now-defunct for-profit Corinthian Colleges, claiming, like Britt and Stewart, that their schools had made promises about job placement and future earnings that they simply did not keep, DeVos revised another rule, known as "borrower defense," to make it more difficult for defrauded borrowers to get their money back. But the revision was so strict that 10 Senate Republicans joined with Democrats in March to rebuke the education secretary and reverse her decision.

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

'California Mountain Lions,' Episode 7: Human Interaction

; Credit: smartboy10/Getty Images

A for-profit college received millions of dollars from the federal government to help low-income students whose lives have been upended by the coronavirus outbreak, but that same school, Florida Career College (FCC), is also accused of defrauding students.

A federal class-action lawsuit filed on behalf of students in April calls FCC "a sham" and alleges that, long before the pandemic, the college was targeting economically vulnerable people of color. The plaintiffs say the vocational school enticed them with false promises of career training and job placement — but spent little on instruction while charging exorbitant prices and pushing students into loans they cannot repay.

The lawsuit comes as thousands of colleges across the country are receiving federal emergency relief in response to the coronavirus pandemic. Through the CARES Act, FCC has been allotted $17 million. The law requires that at least half of that money goes directly to students, but makes few stipulations for the rest of it.

Experts say the complaint against FCC raises serious concerns about the college's ability to safeguard taxpayer dollars, as well as its ability to serve its own students.

In a statement to NPR, Florida Career College General Counsel Aaron Mortensen says: "This lawsuit is baseless legally and factually. Though we cannot comment because the matter is in litigation, we will aggressively fight these false allegations."

Equipment was "at best limited, and at worse, nonexistent"

Plaintiff Kareem Britt was working as a cook when he noticed a Facebook ad for FCC.

"Are you tired of working minimum wage jobs? Eating ramen noodles?" the ad asked. "Are you ready to step up to steak? HVAC degrees make $16 to $23/hr."

An FCC representative told Britt that a degree could change his life and that the school would help him land a job. He qualified for a $6,000 federal Pell Grant and an FCC "scholarship loan" for $3,000. Britt decided to enroll in the HVAC training program.

After classes began, though, Britt says equipment necessary to learn the trade was in short supply. "Tools, machinery, and other learning devices were at best limited, and at worse, nonexistent," according to the complaint.

When it came time for the school to help Britt find a job, he says, FCC found him just two, two-week placements, and he failed to find HVAC work on his own. Making matters worse, once he'd finished school, Britt learned that he had also taken on federal loans worth $9,500, which he must now pay back as a hotel cook, the same kind of job he'd held before enrolling.

Reverse redlining

The complaint alleges that Florida Career College, along with its parent company, specifically targets economically vulnerable people of color.

"They are recruiting at majority Black high schools," says Toby Merrill, director of the Project on Predatory Student Lending at the Legal Services Center of Harvard Law School, one of the organizations representing the plaintiffs. "They are putting up billboards in towns where the population is mostly Black. And they're doing a lot of advertising on social media where you can choose to target your ad essentially by race."

Stephen Stewart is Jamaican and says he was drawn to an FCC ad on Instagram. He decided to visit campus, and says one word captures his experience: "pressure."

Like Britt, Stewart was considering FCC's HVAC program. After his tour, when a representative told him the program would cost more than $20,000, Stewart balked. He remembers the representative pushed, telling him: "'I know so many students that have went here... I'm talking about people with five, six kids in a worse situation than you're in.'" Stewart was 20 at the time and childless. "'You're telling me that they can go through this, make their payments and pay off their tuition, and you can't?'"

Stewart enrolled in FCC's HVAC program after being promised that, within a year, the school would find him a job in his field.

The complaint takes aim at these recruiting practices. It alleges that FCC is selling the promise of a career and financial success to cash-strapped communities of color where college feels out of reach, "discriminating against students on the basis of race by inducing them to purchase a worthless product by taking on debt they cannot repay."

According to Education Department data, 85% of FCC's students are people of color.

This practice of discriminating by targeting students of color has a name: Reverse redlining — a reference to the historical practice of excluding African-American families from home ownership and denying them access to services. Reverse redlining is illegal, and it's what sets this suit apart from previous legal battles over alleged predatory practices by for-profit colleges.

"In a weekly memo to my board last Friday, I said, 'So the new angle of attack against our sector is that we are predatory to minority communities,'" says Steve Gunderson, head of Career Education Colleges and Universities, an organization that serves as the national voice for career education schools like FCC.

"We have always celebrated the fact that approximately 45 to 50% of the students in our schools are African American and Hispanic," he says. "We're proud of that."

"Classes were a scam"

Long before the federal government granted FCC $17 million in pandemic relief, the school was already largely government-dependent. According to federal data, the lion's share of FCC's revenue — 86% — comes from federal financial aid funds, namely Pell Grants and student loans.

At the same time, federal data also suggest that the college fails to prepare many students for their chosen professions. Under an Obama-era rule known as "gainful employment," schools could lose access to federal aid if graduates don't earn enough income to repay their student debts. According to the complaint, 16 of the 17 FCC programs evaluated under the gainful employment rule failed that metric, meaning graduates weren't able to repay their loans. (The gainful employment rule was repealed in 2019.)

The median annual earnings of FCC graduates who ultimately found employment ranged from $8,983 to $32,871, according to the suit, which helps explain why, according to the most recent federal data, just 23% of FCC students have been able to pay down any of their loans' original balance within three years of leaving.

"Classes were a scam, a waste of time," says Stephen Stewart. The equipment was "limited" and "outdated," he says, and the instructor admitted to the class that he had little experience with HVAC. Stewart's worst day, though, came near the end of his nine-month program when he visited the career services department to ask when they'd help him find a job as they had promised.

Stewart says he was given a list of possible HVAC companies and told, "'You gotta get your job.'" So he did, with no help. But Stewart says it was clear that FCC hadn't given him the skills he needed to keep up in the job, let alone succeed, and he ultimately left. Today, Stewart is $15,000 in debt and says he feels "shattered" by the whole experience.

"The thing that upsets me the most about this is how much it preys upon people's hopes and dreams," says Ben Miller, who studies higher education accountability at the left-leaning Center for American Progress. "You know, you have a lot of folks who want to make a better life for themselves. They have maybe one shot at college, and you rip them off and basically ruin it."

But Gunderson takes a very different view, as head of the national association for postsecondary career colleges.

"[This lawsuit] is so frustrating, because this is nothing more than an organized national effort to destroy the reputation of the [career college] sector," he says.

Gunderson insists that career colleges, including FCC, have been held to unrealistic standards. He points to the gainful employment rule, which he says measured students' incomes relatively soon after graduation. "You've got to go into the five- or 10-year mark before most of these occupations have what you and I would call our respectable salaries."

But federal data also show that, even 10 years after enrolling in FCC, more than half of its students still didn't earn more than the typical high school graduate.

Gunderson says this lawsuit is just the latest salvo in a decade-long fight to discredit for-profit, career colleges — a fight he calls "monotonous and disappointing."

"Even if you're doing a terrible job"

The law requires that at least half of the $17 million FCC is receiving through the CARES Act must go directly to students, but makes few stipulations for the rest of those funds. In a letter, U.S. Education Secretary Betsy DeVos said institutions have "significant discretion" on how to award the assistance to students.

"We stand ready to deliver these funds," said Fardad Fateri, the head of FCC and its parent company, International Education Corporation, in a press release. "It is important we get these grants into the hands of our students right away, so they can better deal with this crisis."

FCC's $17 million is a small piece of the more than $14 billion lawmakers set aside in the CARES Act to help colleges and vulnerable students during the coronavirus pandemic. But Ben Miller says, in Congress' haste to help schools that serve low-income students, lawmakers are giving money to many schools with questionable records like FCC's.

"When there's no consideration of quality or outcomes, it's potentially a big award, even if you're doing a terrible job," Miller says.

Meanwhile DeVos has also championed separate policies that have made it easier for schools like FCC to continue to enroll students and receive federal student aid even as their graduates struggle. In 2019, DeVos repealed the Obama-era gainful employment rule that would have denied low-performing schools access to federal student aid.

Under the Trump administration, the Education Department has also changed the College Scorecard, a website meant to help prospective students compare colleges by price and performance. The department has removed easy access to schools' loan repayment rates. In 2018, it also removed another important metric: How the earnings of a school's graduates compared to the earnings of high school grads.

"Rather than highlighting institutions that show the best employment and loan repayment outcomes for students, this administration has made a concerted effort to hide this information from students with no explanation as to why," says Michael Itzkowitz, who was director of the College Scorecard during the Obama administration. "What's become more transparent is their willingness to prioritize certain institutions — namely for-profits — even if those aren't the best options for students choosing to pursue a postsecondary education."

The Education Department did not respond in time to requests for comment.

When students filed suit against the now-defunct for-profit Corinthian Colleges, claiming, like Britt and Stewart, that their schools had made promises about job placement and future earnings that they simply did not keep, DeVos revised another rule, known as "borrower defense," to make it more difficult for defrauded borrowers to get their money back. But the revision was so strict that 10 Senate Republicans joined with Democrats in March to rebuke the education secretary and reverse her decision.

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

Bad actors accessed a range of personally identifiable information, including names, dates of birth and a lot more

The post Marriott hacked again, 5.2 million guests affected appeared first on WeLiveSecurity

The median loss to fraudulent schemes that exploit the global health crisis is almost US$600

The post Americans report US$13 million in losses from coronavirus scams appeared first on WeLiveSecurity

Even accounts belonging to banks and educational institutions were found on lists plastered across various hacker forums

The post Half a million Zoom accounts for sale on the dark web appeared first on WeLiveSecurity

An unknown threat actor is exploiting vulnerabilities in plugins for which patches have been available for months, or even years

The post Almost a million WordPress websites targeted in massive campaign appeared first on WeLiveSecurity

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, )

The last two decades have seen a series of new construction waste policies management in Hong Kong. One of the most significant is an offsite construction waste sorting (CWS) programme which, since its implementation in 2006, has separated 5.11 million tonnes of construction waste into different materials. The researchers suggest that the study provides an important reference for other countries working to minimise construction waste.

The most comprehensive glacier assessment yet reveals that glacier melt was responsible for 27mm of sea level rise between 1961 and 2016. Ice loss from glaciers is now the second biggest contributor to rising sea levels after warming water. If glaciers continue to melt at current rates, most — including many in central Asia, central Europe, western Canada and the USA — will vanish during the second half of this century.

Scientists from the Universities of Bristol and Málaga have proposed that the long extinct marsupial lion hunted in a very unique way - by using its teeth to hold prey before dispatching them with its huge claws.

read more

When most people hear the word "pollinator," they think of bees and butterflies. However, certain beetles are known to pollinate plants as well, and new fossil evidence indicates that they were doing so 20 million years ago.

read more

The fossil remains of a new tiny species of marsupial lion which prowled the lush rainforests of northern Australia about 18 million years ago have been unearthed in the Riversleigh World Heritage Area of remote north-western Queensland.

read more

An extinct reptile related to crocodiles that lived 212 million years ago in present day New Mexico has been named as a new species, Vivaron haydeni, in a paper published this week by Virginia Tech's Department of Geosciences researchers.

read more

A new World Health Organisation (WHO) study has estimated that the health impact of environmental noise in western Europe could be up to 1.6 million healthy life years lost annually through ill health, disability or early death.

Exposure to environmental noise levels above recommended levels results in 1169 cases of dementia, 788 strokes and 542 heart attacks every year in the UK alone, new research suggests. Valuing a year of healthy life at £60 000 (€74 002) means that these health impacts together have a ‘cost’ of £1.09 billion (€1.34 billion), the study’s authors conclude.

Deep-water fish living along the Irish-UK continental slope remove more than a million tonnes of CO2 from the atmosphere each year, according to a recent study. Continental slope ecosystems play an important role in carbon sequestration, which should be considered before exploiting deep-water resources, say the researchers.

The center of the Milky Way galaxy is currently a quiet place where a supermassive black hole slumbers, only occasionally slurping small sips of hydrogen gas. But it wasn't always this way. A new study shows that 6 million years ago, when the first human ancestors known as hominins walked the Earth, our galaxy's core blazed forth furiously. The evidence for this active phase came from a search for the galaxy's missing mass.

read more

Seagrass meadows are worth around €78 million every year to commercial fishing in the Mediterranean, a new study estimates. Their annual value to recreational fishing is even bigger, at an estimated €112 million. The researchers say that marine policies should consider the socioeconomic effects of the loss of seagrass, which provides habitat for many fishery species.

5G will cover more than 20 percent of the global population six years from now, according to the latest Ericsson Mobility Report

The Akshaya Patra Foundation reduced the process time taken from planning the menu to delivery to schools by using mobility solution and automation.

Google blocked and removed 2.7 billion bad ads more than 5,000 bad ads per minute and suspended nearly 1 million advertiser accounts for policy violations, the company announced on Thursday.

The video-conferencing app has seen a global usage during the coronavirus lockdowns.

Unacademy said that basic information related to 11 million learners had been compromised but no sensitive information such as financial data, location, or passwords had been leaked

The advent of new rules for social media applications - like Instagram, Twitter, Facebook and WhatsApp - could spell the end for privacy in the Indian internet space. Despite push back from major internet companies, the Indian government is all set to go ahead with the new regulations. The rules are a bid to quell the spread of fake news and trace anti-social elements in the Indian internet ecosystem faster.

Facebook said that when people saw those warning labels, 95% of the time they did not go on to view the original content. To date, the social media giant also removed hundreds of thousands of pieces of misinformation that could lead to imminent physical harm.

There are more than 30,000 microwave ovens, AC and washing machines which needs repair at a time when Indians are locked indoors and doing household chores themselves due to the lockdown.

Reliance and Facebook know a friction-less payments service is key to successful online commerce — but so are mom and pop shops. JioMart and WhatsApp’s embryonic Mumbai service is intended to first get Indians accustomed to messaged transactions with local businesses known as kirana: the tiny neighborhood stores where most Indians buy daily essentials.

Microsoft Corp. said on Friday it would create its first datacentre region in Italy under a $1.5 billion investment plan as the U.S. company expands its cloud computing services to more locations across the world.

Microsoft Corp. said on Friday it would create its first datacentre region in Italy under a $1.5 billion investment plan as the U.S. company expands its cloud computing services to more locations across the world.