Kent Tribune Tue, 24 May 2022 06:15:00 +0000 en-US hourly 1 Kent Tribune 32 32 Why is Tether still trading below a dollar? Tue, 24 May 2022 06:15:00 +0000

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The massive sale of technology stocks weighs on the value of start-ups Fri, 20 May 2022 22:37:00 +0000 The sharp sell-off in tech stocks has already had a severe impact on investors’ portfolios, and now it’s also causing considerable ripples in the venture capital market. Valuations of start-ups are reduced and venture capitalists are slowing down their commitments to new transactions. Barring a quick turnaround in market sentiment, conditions on Sand Hill Road are likely to get even tougher from here.

The statistics of public market carnage are sadly familiar by now. The tech-heavy Nasdaq Composite Index is down 27% this year, with many leading stocks…


(symbol: SHOP),



Interactive Platoon







(SNOW), and


(DASH): declines of 50% or more.

Meanwhile, the initial public offering market has stalled, SPAC issuers are struggling to find merger partners for their deals, and regulatory scrutiny is making it all but impossible for well-capitalized companies like


(FB) and


(GOOGL) to save start-ups through acquisitions.

The pain is less evident in the world of venture capital, where companies tend to operate out of the public eye. They are not required to communicate their results, nor to disclose the fate of the companies in their portfolio. Many early-stage deals fade from view, acquired for modest returns or simply closed.

While start-ups are shouting out loud about their new company rounds – you should see my email inbox – there’s a lot less shouting when there are down rounds or filings in chapter 11.

But in this market, even secrecy cannot hide the signs of trouble. the

Renaissance IPO

The exchange-traded fund (IPO), a portfolio of IPOs completed over the past two years, is down about 50% in 2022 — and new issuances have largely ceased.

In late March, grocery delivery startup Instacart slashed its reported valuation by around 40%, to $24 billion, reflecting the strong sell-off in shares of its publicly traded peers, like DoorDash and


(UBER). This sale only got worse in the weeks that followed.

Earlier this month,

SoftBank Group

(SFTBY) revealed that it lost almost $27 billion in its three major venture capital funds: Vision Fund, Vision Fund 2 and a Latin American venture capital fund. This partly reflects the reduced value of holdings that had previously gone public, such as


(CPNG) and

Global DiDi

(HAVE I GOT). But SoftBank has also taken hits on the holdings of private companies. There is no doubt that all venture capital funds suffer from reduced valuations. SoftBank, as a public company, is just one of the few venture capital firms required to disclose bad news.

A new report from research firm CB Insights shows a sharp slowdown in venture capital activity across the board, in particular a drop in funding and a slowdown in exits. The company expects there will be 6,904 total venture capital deals in the quarter, down 12% from a year ago and 22% from the first quarter.

And IPOs, the traditional venture capital exit, have all but dried up. There have been just 34 U.S. market IPOs so far in 2022, down 78% from the same point a year earlier, according to Renaissance Capital.

There are also signs of trouble in the secondary market for private equity.

Forging global holdings

(FRGE), which operates a marketplace that connects buyers and sellers of pre-IPO stocks, reports that the average transaction price fell 8.9% in the March quarter from the fourth quarter. That’s a steep drop, though it still pales in comparison to the 31% decline in the price of the Renaissance IPO ETF over the same period, a sign that prices in the private market remain a little more rigid. It is almost inevitable that the gap will soon begin to close.

Forge Global CEO Kelly Rodriques, whom I recently interviewed for a Barrons Live Event notes that most pre-IPO private equity trades are still occurring at prices above the last completed funding round, but the premium is shrinking. According to Forge, the average secondary trade in the first quarter presented a premium of 24% over the last round, compared to an average premium of 58% in the fourth quarter.

Forge is seeing a record number of sell-side “signs of interest”, coupled with an increasing spread between bid and ask – sellers want out, but buyers are increasingly price-conscious. With IPO exits slowing, the urgency to find ways to gain access to once-hot startups is diminishing.

Maybe it’s a good thing that the IPO markets are pretty much closed. New research from Manhattan Venture Partners, an investment bank focused on the secondary pre-IPO equity market, shows that venture capitalists have spent the last decade making hay from IPOs. Regular investors in the public markets? Not really.

According to Manhattan Venture Partners, companies that went public between 2010 and 2021 have produced annualized returns of around 60% for their early-stage investors. This uses a closing price six months after the IPO. Returns are even better for investors who have bought late-stage private companies. They enjoyed annualized average returns of around 80% in the six-month post-IPO period.

But public market buyers – people who bought stocks at the end of the first day of trading – saw average returns of -1% six months after the IPO.

Manhattan Venture analyst Santosh Rao concludes that buying IPOs in the public market “is a sucker bet.” This is something to keep in mind when IPOs finally make a comeback.

Write to Eric J. Savitz at

TherapeuticsMD Receives U.S. Food and Drug Administration (FDA) Approval for Supplemental New Drug Application (sNDA) for ANNOVERA® Fri, 20 May 2022 13:43:00 +0000

– ANNOVERA is the only procedure-free, durable, FDA-approved reversible contraceptive –

– With this approval, the Company expects a significant reduction in its manufacturing batch rejections and an increase in future product supply and will allow the Company to better meet customer demand in the short and long term. term –

BOCA RATON, Fla., May 20, 2022–(BUSINESS WIRE)–TherapeuticsMD, Inc. (NASDAQ: TXMD) (“TXMD” or the “Company”), an innovative and leading women’s health company, today announced the approval by the FDA of a Supplemental New Drug Application (sNDA) for ANNOVERA. The sNDA included minor revisions to the ANNOVERA in vitro release test specification that allowed for normal manufacturing variability.

With sNDA approval, the company estimates that approximately 7,000 additional rings will be able to enter our supply chain and be available to customers in the second and third quarters of 2022. sNDA approval of today will enable TherapeuticsMD to better meet both short-term and long-term customer demand.

“Today’s approval is an important milestone as it will allow us to more efficiently scale, manufacture and supply ANNOVERA to meet the growing demand from women who want a no-procedure reversible contraceptive and long-lasting,” said Hugh O’Dowd, President and CEO of TherapeuticsMD.

ANNOVERA was approved by the FDA in August 2018 as the only durable, reversible, procedure-free contraceptive.

Please see full prescribing information, including indication and boxed warning, for ANNOVERA (Segesterone Acetate and Ethinyl Estradiol Vaginal System) at

About TherapeuticsMD, Inc.

TherapeuticsMD, Inc. is a leading, innovative healthcare company focused on the development and commercialization of new products exclusively for women. Our products are designed to address the unique changes and challenges women face through the different stages of their lives with a therapeutic focus on family planning, reproductive health, and menopause management. The company is committed to advancing women’s health and promoting awareness of their health issues. To learn more about TherapeuticsMD, visit or follow us on Twitter: @TherapeuticsMD and on Facebook: TherapeuticsMD.

Forward-looking statements

This press release from TherapeuticsMD, Inc. may contain forward-looking statements. Forward-looking statements may include, but are not limited to, statements relating to TherapeuticsMD’s objectives, plans and strategies as well as statements, other than of historical fact, that address activities, events or developments that the company intends, plans, projects, believes or predicts that it will or may occur in the future. These statements are often characterized by terms such as “believes”, “hopes”, “may”, “anticipates”, “should”, “intends”, “plans”, “will”, “expects”. to”, “estimates”, “projects”, “positioned”, “strategy” and similar expressions and are based on assumptions and assessments made in light of management’s experience and its perception of historical trends, current conditions, expected future developments and other factors deemed appropriate. The forward-looking statements contained in this press release are made as of the date of this press release, and the company undertakes no obligation to update or revise such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, many of which are beyond the company’s control. Important factors that could cause actual results, developments and business decisions to differ materially from the forward-looking statements are described in the sections titled “Risk Factors” in the company’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as well as reports on Form 8-K, and include the following: the effects of the COVID-19 pandemic; how the proceeds from the sale of the company’s vitaCare business will be used; the company’s ability to maintain or increase sales of its products; the company’s ability to develop and market IMVEXXY®, ANNOVERA® and BIJUVA® and to obtain the additional financing necessary for this purpose; whether the company will be able to meet the covenants and conditions of its term loan facility and the company’s ability to refinance such facility; the effects of supply chain issues on the Company’s product sourcing; the potential for adverse side effects or other safety risks that could adversely affect the commercialization of the Company’s current or future approved products or prevent the approval of the Company’s future drug candidates; Company’s ability to protect its intellectual property, including with respect to any Paragraph IV notice letters Company has received regarding IMVEXXY; the duration, cost and uncertain results of future clinical trials; the company’s reliance on third parties to conduct its manufacturing, research and development, and clinical trials; the ability of the Company’s licensees to market and distribute the Company’s products; the ability of the Company’s marketing contractors to market ANNOVERA; the availability of reimbursement by governmental authorities and health insurance companies for the Company’s products; the impact of product liability lawsuits; the influence of extensive and costly government regulation; the impact of leadership transitions; the volatility of the company’s common stock price and the concentration of power in its shareholder base.

See the source version on


Investor Relations:

Lisa M. Wilson, On-Site Communications, Inc.
Such. : 212-452-2793

Pet sitters to educate pet owners on welfare and breed requirements Thu, 19 May 2022 09:45:00 +0000

A pilot project for Animal Welfare Stewards in selected local councils will be tasked with educating animal owners on legal requirements and reporting cases where animal abuse is suspected to animal welfare authorities .

The proposal is part of a draft National Animal Welfare Strategy for rules for animal breeders, pet shops, as well as boarding, training, grooming, veterinary and farrier services for a wide range of species in menageries and private zoos.

The policy asks potential pet owners to be informed of breed-specific requirements before owning or adopting animals to avoid abandonment, the policy says in its introduction.

“Increased monitoring through legally required microchipping and ID tag can also deter abandonment if owners are found and made responsible for the care and needs of their pets.”

“Prospective owners should be aware of the potential costs associated with owning certain breeds to avoid unsustainable financial burdens that would be detrimental to animal health. Breed-specific conditions range from hip dysplasia to spinal abnormalities, with brachiocephalic breeds having predispositions to heart and respiratory disease. Education campaigns on the importance of repatriation could be another area of ​​focus,” the policy document states.

This is the second such public consultation, after the Department of Agriculture failed to launch rules tackling Maltese zoos and the keeping of exotic animals in the face of resistance from keepers of zoo.

Minister Anton Refalo said the strategy will build partnerships with stakeholders and provide an effective and coherent national approach to improving animal welfare.

A national animal welfare education campaign and neutering program have already been launched, along with the establishment of cat cafes and dog parks in coordination with local councils.

“We tried to include stakeholders with diverse opinions who may not always agree with us, but who will help us create this strategy and vision for the next five years,” Refalo said.

Animal Welfare Parliamentary Secretary Alicia Bugeja said the strategy includes proposals for a pet cemetery.

“The further intention of this document is to stimulate a healthy debate between all stakeholders and consumers; in turn offering everyone the opportunity to actively participate in this public consultation process by submitting their experiences and proposals that could be considered important to include in the framework of the National Strategy for Animal Welfare.

Irregular Warfare in Ukraine – GIS Reports Thu, 19 May 2022 06:00:00 +0000

The fighting in Ukraine could turn into asymmetrical warfare, which would put Russian forces at a disadvantage.

Russia’s blatant brutality against civilians in Ukraine was a strategic mistake that could eventually lead to an all-out insurgency. ©Getty Images

In a word

  • Russia made crucial strategic mistakes during the invasion of Ukraine
  • Moscow underestimates the importance of irregular conflicts
  • Russian forces are unprepared for asymmetric warfare

What we have seen in Ukraine since February 24 can be described as a classic high-intensity conflict, in which no weapons of mass destruction have been used – until now.

Most likely, Russian President Vladimir Putin’s initial hope was to secure an almost immediate surrender from Ukrainian President Volodymyr Zelenskiy and put a pro-Russian puppet in charge of the cabinet. This would have made it possible to control the new kyiv government from Moscow, while leaving appearances almost unchanged. It is not certain, under such conditions, that an independence referendum was held in the Donbass region like the illegal one held in Crimea. In that case, there might not have been a need for it.

The Ukrainians, though outnumbered and outgunned, have clearly learned Western lessons from NATO trainers over the years.

However, this scenario did not materialize. The Russians found themselves mired in a bitter war, in difficult climatic conditions and on difficult terrain, faced with a population that was mostly hostile and determined not to yield a single centimeter of land. Old people, women and children fled in large numbers, leaving the men to fight. Most of Ukraine’s 44 million citizens are on the move. At least 5.4 million people have left for other countries and many of them have moved to safer areas inside the country. Others headed for the front line.

Calculation errors

Until now, the Russians faced the Ukrainian army and the national guard, which many civilians joined. After the lackluster performance of the Russian Armed Forces in Georgia in 2008, President Putin decided to implement sweeping reforms. This was a continuation of a trend started in 2006, with reductions in the number of conscripts and higher ranks in favor of a higher percentage of professional soldiers. But the reality on the ground today shows that there is a clear gap between ambitions and results. The Kremlin’s defense spending in 2019 was around $61 billion, which isn’t much compared to France’s $54.8 billion or the UK’s $52.3 billion, but if purchasing power parity is applied to these numbers, that brings the figure to around $150-180 billion.

Russia tested its capabilities in Ukraine in 2014 and Syria in 2015, but in both cases the clashes unfolded under different dynamics. In Syria, Russian forces moved freely, supported by the local dictator, waging war against the rebels in theory but against the general population in practice. Entire urban areas were flattened. Nothing has been spared, not even hospitals, which have become frequent targets in flagrant violation of all international laws. Similar tactics are applied today in Ukraine. Every urban landmark is devastated to inflict both a physical and psychological blow on civilians.

ukrainian soldier
Ukrainian troops have the advantage of being trained in NATO operations, while Russian forces have had no such experience. ©Getty Images

And this, in addition to the initial miscalculations of the Kremlin, was the big mistake of the Russian armed forces: hitting the population mercilessly, harassing them in every way possible, raping them, robbing them and killing them in the most horrible and leaving dead bodies in the streets, as the events in Bucha have shown.

This modus operandi not only aroused strong protests from international public opinion, but above all created widespread resentment among the Ukrainian population. President Zelensky himself, initially inclined towards talks and negotiations, has said in recent weeks that he no longer has any hope of reaching an agreement with President Putin. His intention is to fight to the last man to liberate his country and keep the territorial borders of February 2022 to a minimum.

The Ukrainians, though outnumbered and outgunned, have clearly learned Western lessons taught by NATO trainers over the years, notably in Afghanistan, where they routinely participated in operations against the Taliban. This experience, which the Russians did not have, left its mark. Moreover, thanks in part to foreign aid, they managed to create a stalemate which could prove tragic for Russia.

The first Russian attempt to break through the Ukrainian lines to push deep into the central-eastern sector of the country failed. Nor could the Kremlin prevent arms shipments from the West, which will play a key role in the coming weeks. The Russians are not even capable of locating them, let alone destroying them. For now, the situation does not seem favorable to the occupants.

Learn more about the Ukrainian crisis:

Still, the Russian armed forces are more numerous than the Ukrainians and have a much larger arsenal. It is therefore conceivable, if the conflict becomes a war of attrition, that the Ukrainian forces give in and that a compromise is found.

But after what happened to the people, peace is hard to imagine. Russians becoming more grounded could lead to more resistance. Ukrainian units have already started ambushes and a kind of “active defense” with numerous counterattacks against enemy forces, causing heavy casualties. Sources disagree but, at the time of writing, there are estimates of between 15,000 and 20,000 dead on the Russian side.


Moreover, attacks on energy infrastructure are taking place inside Russia, and little is known about what is happening in Belarus. There was at least one Ukrainian helicopter gunship raid that destroyed a major oil storage site in Russia. At least three other major sites were burned down. Whether it is drone attacks or direct sabotage remains to be determined. And if some sites have certainly been attacked, in other cases the explosions could be due to the terrible state of maintenance of Russian critical infrastructures. As the war drags on, there could be more and more attacks inside Russia against energy centers and transportation infrastructure, key bridges and intersections, especially railways and airports. , to impede or impede Russian forces from moving and resupplying. There may even be targeted assassinations of Russian military leaders associated with the appalling war crimes inflicted on the Ukrainian people.

In response to this and other operational difficulties, the Russians have already begun calling home mercenary units scattered around the world, particularly on the African continent. The famous Wagner Group seems to be increasingly used to make up for losses and there are persistent rumors that the company is organizing 10 battalion-sized units.

In war, numbers matter – and men matter more than guns. It is estimated that in an insurgency, the aggressor needs 10 soldiers for each insurgent. Simple calculations show that a counter-insurgency in Ukraine is unthinkable for the occupiers. And not only because the 44 million Ukrainian citizens are spread over a vast territory. The Russian army lacks the means to counter a long rebellion, lacks motivation and above all lacks training.

Should the conflict become erratic, the ill-prepared Russian contingent would face a crushing defeat.

Meanwhile, Ukrainian soldiers trained for 20 years of counterinsurgency in Afghanistan alongside NATO troops. And even Russian forces conducting professional irregular operations, like the Wagner Group, are not necessarily capable of handling what might happen inside Ukraine’s borders in the coming months, judging by past results.

In Africa, the Wagner Group served weak and corrupt regimes in an effort to control the population and preserve strategic locations. However, when it was no longer confronted with civilians but with well-trained troops, things changed, as evidenced by the events of February 7, 2018, in the Syrian area of ​​Deir ez-Zor near the Iraqi border. . About 500 Wagner units, in support of Syrian government forces, clashed with about 40 Delta Forces, Green Berets and Marines. The battle was a debacle for Russian and Syrian government forces and claimed hundreds of lives.

Sources have reported the presence of Russian mercenaries in Ukraine, even in Bucha, and according to some 3,000 of them are already dead. The use of these units has several advantages: in Russia, having been declared illegal, they claim to have no contact with the government; they are probably better trained to fight in an urban environment than, for example, regular troops made up of simple conscripts; and their losses fly under the radar of the media and public opinion.



These forces cannot replace those of an army trained for irregular operations, especially in a vast and densely populated territory like Ukraine. The importance of unconventional conflicts continues to be underestimated by Russian military leaders, who have learned little from operations in Afghanistan, Chechnya and Syria.

These experiences have not been adequately institutionalized by doctrine capable of addressing the tactical differences between conventional and irregular warfare, or of managing conventional and unconventional warfare simultaneously, as will almost certainly be the case. It is therefore extremely plausible that, should the conflict become irregular, the ill-prepared Russian contingent will face a crushing defeat.