Streetbeat News

Regulatory

AMZN

Amazon has significantly reduced its private-label operation to address antitrust scrutiny and enhance profitability. The company has decided to eliminate 27 out of its 30 clothing brands and is discontinuing private-label furniture. This move comes as Amazon's private-label business has been a focal point of regulatory investigations, with the FTC preparing an antitrust lawsuit against the company. Amazon's shares traded higher by 1.76% at $140.23 on the last check Thursday.

Portfolio Pulse from Anusuya Lahiri

August 10, 2023 | 2:37 pm

BYRN

META

Byrna Technologies Inc. (NASDAQ:BYRN) is appealing to Meta's CEO, Mark Zuckerberg, to reconsider the classification of its ads on Meta's platforms. Byrna's ads, which promote non-lethal self-defense products, have been rejected by Meta's social media networks, classifying them as contraband. Byrna is using billboards and social media announcements to make its appeal, arguing that people have the right to know about non-lethal self-defense options.

Portfolio Pulse from Happy Mohamed

August 10, 2023 | 2:19 pm

GRTX

Galera Therapeutics Inc's (NASDAQ:GRTX) New Drug Application for avasopasem manganese was rejected by the FDA, citing the need for another clinical study. In response, Galera is seeking a meeting with the FDA and considering partnership options for the drug's continued development. The company is also restructuring, reducing its staff by 70% to extend its financial lifespan. Galera's shares are down 83.40% at $0.37.

Portfolio Pulse from Vandana Singh

August 10, 2023 | 1:45 pm

AMZN

Amazon is reducing its private-label operation, eliminating 27 of its 30 clothing brands and phasing out private-label furniture brands. The move comes as the company faces antitrust scrutiny and aims to boost profits. Amazon's private-label business, which had 243,000 products across 45 house brands in 2020, accounts for just 1% of the company's total retail sales. The Federal Trade Commission is preparing an antitrust lawsuit against Amazon, with representatives from the company scheduled to meet with FTC commissioners next week.

Portfolio Pulse from Benzinga Newsdesk

August 10, 2023 | 1:30 pm

MOTS

Motus GI Holdings, Inc. (NASDAQ:MOTS) has received approval from the Israeli Ministry of Health to initiate commercial sales of the Pure-Vu EVS System in Israel. The Pure-Vu EVS System, which is already cleared by the U.S. FDA, integrates with standard and slim colonoscopes to improve visualization during colonoscopy. The system is designed to provide better-quality exams, especially for high acuity patients.

Portfolio Pulse from Happy Mohamed

August 10, 2023 | 1:10 pm

GOVX

GeoVax has announced the vaccination of the first patients in a Phase 2 clinical trial of its COVID-19 vaccine booster in patients with Chronic Lymphocytic Leukemia. The company is seeking to improve immune response compared to mRNA vaccines. Full patient enrollment is expected within six months.

Portfolio Pulse from Benzinga Newsdesk

August 10, 2023 | 1:08 pm

VTGN

AffaMed Therapeutics and its partner Vistagen Therapeutics (NASDAQ:VTGN) have reported positive top-line results from the Phase 3 PALISADE-2 trial of fasedienol nasal spray for social anxiety disorder. The trial met its primary and secondary endpoints, demonstrating a significant reduction in patient-reported distress and a significant difference in the proportion of responders compared to placebo. The companies plan to commercialize the product in China, South Korea, and Southeast Asia.

Portfolio Pulse from Happy Mohamed

August 10, 2023 | 1:02 pm

VRPX

Virpax Pharmaceuticals has filed a provisional patent application for its Epoladerm product, an over-the-counter diclofenac topical spray film for pain associated with Osteoarthritis. The company has completed its IND enabling trials for Epoladerm and expects the patent to expand protection and increase the patent life for this formulation.

Portfolio Pulse from Happy Mohamed

August 10, 2023 | 12:59 pm

GRTX

Galera Therapeutics has received a Complete Response Letter from the FDA for avasopasem manganese, causing its shares to trade lower.

Portfolio Pulse from Benzinga Newsdesk

August 10, 2023 | 12:53 pm

ZIMV

ZimVie announced that it has received FDA approval for its new Mobi-C implant, leading to a rise in its share prices.

Portfolio Pulse from Benzinga Newsdesk

August 10, 2023 | 12:51 pm