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  • Stocks Rebound Modestly as Testing Month Begins: Markets Wrap

    Stocks Rebound Modestly as Testing Month Begins: Markets Wrap

    (Bloomberg) — US stock futures staged a small rebound from a technology-led selloff, setting a steadier tone as a testing month begins with markets near record highs.

    S&P 500 and Nasdaq 100 contracts advanced 0.2%, with cash trading in US stocks and Treasuries closed for the Labor Day holiday. The dollar was little changed.

    Europe’s Stoxx 600 rose 0.2%. BAE Systems Plc and Rheinmetall AG led advances in defense shares after the Financial Times reported that Europe is working on detailed plans for potential post-conflict deployments in Ukraine. Asian equities were mixed, with a 19% surge in Alibaba Group Holding Ltd. contrasting with a slump in chipmaking shares.

    In commodity markets, silver rose above $40 an ounce for the first time since 2011. Gold inched closer to an all-time high as optimism grew for an interest rate cut by the Federal Reserve this month.

    Wall Street’s rally to all-time highs faces a crucial stretch, with jobs numbers, inflation data and the Fed’s rate call all landing within the next three weeks. The flurry of events will help determine whether stocks can extend gains or lose momentum as traders navigate what is historically the weakest month of the year for US markets.

    Tariff tensions and questions over the Fed’s independence are compounding the risks.

    “The bar to derail a Fed Rate cut on Sept. 17 appears high,” Deutsche Bank AG economist Peter Sidorov wrote. “But with Fed funds futures now pricing over 140 basis points of easing by the end of 2026, markets are expecting an amount of easing that since the 1980s has only occurred around recessions.”

    Evercore ISI strategists led by Julian Emanuel argue that investors shouldn’t be unsettled by a bull-market pullback, projecting a 20% gain in the S&P 500 by the end of 2026. They add that market “scares” are to be expected, and view short-term turbulence as an opportunity to increase exposure.

    European bonds weakened broadly, with a week to go before a confidence vote that could topple France’s government. The French-German 10-year spread, a key measure of risk, was little changed at 79 basis points. The gauge closed at 82 on Aug. 27, the highest since January.

    “I wouldn’t be surprised to see the spread between Germany and France test 100 basis points,” said Alexandre Baradez, chief market analyst at IG in Paris. “This could encourage further profit selling in European banking stocks, moreover since the European Central Bank seems to be on pause when it comes to rate cuts.”

    What Bloomberg Strategists Say…

    “A holistic indicator of market-based risks in France is wider than it’s been since June last year when President Macron called a snap election. That’s in contrast to the go-to measure for risk in France, government bond yield spreads with Germany, which are only as wide as they were in November when Michel Barnierresigned as Prime Minister. Spreads only capture one aspect of market-based risk, however.”

    —Simon White, Macro Strategist. Click here to read the full analysis

    A stronger economic outlook is set to help European equities escape their narrow trading range, according to top Wall Street strategists.

    Goldman Sachs Group Inc. expects the Stoxx 600 to climb about 2% to 560 by year-end, supported by improving growth prospects, light positioning, and relatively attractive valuations. JPMorgan Chase & Co. strategist Mislav Matejka sees the recent loss of momentum as a “healthy” development.

    Elsewhere, Indonesian stocks tumbled the most in nearly five months as political risks flared, with President Prabowo Subianto canceling a China trip after deadly unrest over living costs and inequality. Stress also was evident in the bond market, with yields on the nation’s 10-year government note rising to the highest in almost three weeks.

    Corporate News:

    Revolut Ltd. has kicked off a process for some employees to sell their shares in the company at a $75 billion valuation. McLaren Racing Ltd., the owner of the Formula One team currently leading the championship, will be valued at more than £3 billion ($4.1 billion) in a stake sale, according to two people familiar with the matter. New World Development Co.’s controlling shareholder, the billionaire Cheng family, is considering injecting capital into the debt-laden builder as early as the end of the year, Bloomberg News has reported. Banca Monte dei Paschi di Siena SpA called a board meeting on Monday to decide whether to raise its $18 billion bid for rival Mediobanca SpA, Bloomberg News has reported. Equinor ASA said it intends to subscribe for new shares in wind developer Orsted A/S, the first major investor after the Danish government to back the sale. OpenAI is seeking to build a massive new data center in India that could mark a major step forward in Asia for its Stargate-branded artificial intelligence infrastructure push. Some of the main moves in markets:

    Stocks

    S&P 500 futures rose 0.2% as of 3:24 p.m. New York time Nasdaq 100 futures rose 0.2% The MSCI Asia Pacific Index rose 0.1% The MSCI Emerging Markets Index rose 0.6% Ibovespa Index fell 0.2% S&P/BMV IPC was little changed Currencies

    The Bloomberg Dollar Spot Index was little changed The euro rose 0.2% to $1.1710 The British pound surged 0.3%, more than any closing gain since Aug. 22 The Japanese yen was little changed at 147.19 per dollar The offshore yuan slipped 0.2%, more than any closing loss since July 30 The Mexican peso was little changed at 18.6526 per dollar Cryptocurrencies

    Bitcoin rose 0.2% to $109,306.67 Ether fell 2.1% to $4,362.57 Bonds

    The yield on 10-year Treasuries was little changed at 4.23% Germany’s 10-year yield advanced two basis points to 2.75% Britain’s 10-year yield advanced three basis points to the highest since May 22 Commodities

    West Texas Intermediate crude rose 0.9% to $64.61 a barrel Spot gold rose 0.8% to the highest on record This story was produced with the assistance of Bloomberg Automation.

    –With assistance from Sagarika Jaisinghani, Michael Msika and Sebastian Boyd.

    ©2025 Bloomberg L.P.

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  • Julia Roberts does her best, but After the Hunt feels like a pointless provocation – The Irish Times

    Julia Roberts does her best, but After the Hunt feels like a pointless provocation – The Irish Times

    After the Hunt

        

    Director: Luca Guadagnino

    Cert: None

    Genre: Drama

    Starring: Julia Roberts, Ayo Edebiri, Andrew Garfield, Michael Stuhlbarg, Chloë Sevigny

    Running Time: 2 hrs 19 mins

    Thank goodness for the insistent score from Trent Reznor and Atticus Ross. It throws modernist shapes, with panicked strings and urgent brass, in a film otherwise entirely devoid of momentum.

    That’s not to say that Nora Garrett’s #MeToo script for Luca Guadagnino’s new feature, shown at Venice International Film Festival, doesn’t work awfully hard to push buttons. Conveniently set against the fraught contemporary environs of Yale University’s philosophy department, After the Hunt offers a dull retread of the PC-gone-mad arguments that have dominated the culture wars since the 1990s.

    Characters announce, with all the subtlety of a brick to the face, that they are “terrified because of the climate in higher education these days”. Others wonder why their generation – Gen Z – is fair game for their elders in a film that consistently has Gen Z in the crosshairs.

    Julia Roberts attempts to marshal this muddle into an acceptable dramatic shape. She plays Alma Imhoff, an inexplicably sexy philosopher – white pantsuits! – worshipped by Hank (Andrew Garfield), a mentee turned doctoral colleague, and by Maggie (Ayo Edebiri), a promising student. Her asshole husband, Frederik (Michael Stuhlbarg), watches wryly from the sidelines and plays opera scores by John Adams as his wife basks in glory.

    Then double disaster strikes in a wild conflation of coincidences. Maggie accuses Hank of sexual impropriety on the same evening she discovers sensitive documents relating to Alma’s past. The aftermath is not unlike getting stuck at a dinner party for dullards. Hank rages against the “privileged coddled hypocrites” whom he teaches; Alma frets about the “business of optics” and warns Maggie not to talk to the press – “You will become radioactive.”

    This ought to coalesce into Roberts’s Tár moment. For about 15 minutes her character has a punishing meltdown of similar dimensions to Cate Blanchett’s conductor. But for the rest of the film she’s playing an entirely different part, a study of froideur and stoicism with a voguish opioid-abuse habit.

    How ironic that MGM – which, through Margaret Booth, codified the fluid Hollywood style of editing – is credited on a film that unsuccessfully attempts to tear up that rule book. In this spirit, every aspect of Guadagnino’s film feels like a pointless provocation, from the Woody Allen-inspired opening credits to the use of Morrissey on the soundtrack.

    The cinematographer Malik Hassan Sayeed, so brilliant on Spike Lee’s Girl 6 and He’s Got Game, makes Godardian choices in a film that can’t offer similarly stimulating dialogue. A final meeting between Alma and Maggie is framed like the Pacino-De Niro restaurant meet-up in Heat. But that’s not the underpowered film we’ve been watching.

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  • Samsung Galaxy A17 5G rolls out to more European markets

    Samsung Galaxy A17 5G rolls out to more European markets

    Samsung’s affordable A series phone, the Galaxy A17 5G, is now available for purchase in additional European countries. The handset first made its appearance online in early August and subsequently went on sale in the UK. It was also launched in India late last month.

    The Galaxy A17 5G is now available in Germany, the Netherlands, and several other EU countries. In Germany, the handset is priced at €229 ($270) for the 128 GB variant. The 256 GB storage option will cost you €309 (​​$360).

    Customers planning to buy the Galaxy A17 before September 18 via the Samsung online store in Germany or the Samsung shop app will be eligible to receive a free SmartTag 2. Notably, signing up for the Samsung Members loyalty program will give users a 10 percent discount on the handset.

    Galaxy A17 sports a 6.7-inch Super AMOLED display with Full HD+ resolution and a refresh rate of 90Hz. At the front, the phone has a 13 MP camera for selfies.

    Samsung Galaxy A17 5G rolls out to more European markets

    The handset is equipped with the Exynos 1330 SoC and packs a 5,000 mAh battery with 25W fast charging support. The Galaxy A17 5G gets a triple rear camera setup that consists of a 50 MP main camera, a 5 MP ultrawide unit, and a 2 MP macro lens.

    Samsung Galaxy A17 5G

    Other features of the Samsung Galaxy A17 5G include a side-mounted fingerprint sensor, IP54 rating, Android 15-based One UI 7, and a microSD card slot for storage expansion.

    Source

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  • Tailored risk-based treatment does not improve outcomes in atrial fibrillation

    Tailored risk-based treatment does not improve outcomes in atrial fibrillation

    An individually tailored multidimensional risk-based treatment strategy was not associated with improvements in clinical outcomes compared with usual guideline-based care in patients with atrial fibrillation (AF), according to late-breaking research presented in a Hot Line session today at ESC Congress 2025.

    Patients with AF are at increased risk of stroke and are often treated with oral anticoagulant (OAC) therapy, mainly direct OACs or warfarin. While OACs substantially reduce the risk of stroke, they may also increase the risk of bleeding events. ESC Guidelines recommend that a risk-based approach is used to make decisions on OACs and other treatments for stroke prevention in patients with AF.

    Several biomarker-based risk scores for stroke and bleeding have been developed. These include the biomarker-based ABC-AF-stroke score (Age, Biomarkers [NT-proBNP and hs-troponin T] and Clinical history of stroke/transient ischaemic attack) and the ABC-AF-bleeding score (Age, Biomarkers [growth differentiation factor 15, haemoglobin and hs-troponin T] and Clinical history of bleeding).

    Principal Investigator, Professor Jonas Oldgren from Uppsala University, Uppsala, Sweden, explained why and how implementation of these risk scores was assessed in the ABC-AF trial: “While novel biomarker-based risk scores have been validated in different populations, the clinical utility of risk scores to guide treatment decisions and improve clinical outcomes has rarely been prospectively evaluated. We performed a pragmatic registry-based trial to evaluate whether the tailoring of treatment recommendations based on patients’ ABC-AF risk scores improves clinical outcomes as compared with usual guideline-based care in patients with AF.”

    This open-label registry-based, randomised controlled study enrolled patients from 39 Swedish sites. Eligible patients were adults with a diagnosis of AF, including newly or previously diagnosed AF, with or without current OAC treatment. Patients were randomised 1:1 to either an ABC-AF risk score-guided treatment strategy or to standard of care. Plasma samples were obtained at randomisation and ABC-AF risk scores were automatically calculated based on the ABC-AF-stroke variables and the ABC-AF-bleeding variables. The investigator received a visual presentation of the ABC-AF risk scores along with specific treatment recommendations tailored to each individual patient. Based on this information, the investigator decided on medical treatments and other interventions. Patients in the control arm were managed in accordance with usual practices at the discretion of the investigator, without measurements of any ABC-AF risk score biomarkers and without individual treatment recommendations. The primary outcome was a composite of stroke or death. Data for study outcomes were retrieved from mandatory national registers with complete coverage of all in-patient care at Swedish hospitals and vital status for all Swedish residents. Enrolment was prematurely terminated owing to safety concerns with a trend towards higher mortality in patients with CHA2DS2-VASc scores of 3 or above.

    The intention-to-treat population comprised 3,933 patients who had a median age of 73.9 years and 33.6% were women. In total, 51.3% had paroxysmal AF, 11.2% had prior stroke or transient ischaemic attack and 85.7% had OAC treatment.

    After randomisation, the proportion of patients receiving any OAC increased to 97.8% in the active arm and 92.6% in the control arm (p<0.0001). In the active group, there were changes in the use of some direct OACs – increased use of apixaban and dabigatran, and reductions in rivaroxaban – and reductions in the use of warfarin. In the control group, there was increased use of apixaban, edoxaban and rivaroxaban, and reductions in the use of warfarin. In both study groups, the proportion of patients on antiplatelet treatment was halved and statin treatment increased.

    Over a median follow-up of 2.6 years, the primary outcome occurred at a similar rate between the groups: 3.18/100 patient-years (100PY) in the active group and 2.67/100PY in the control group (hazard ratio [HR] 1.19; 95% confidence interval [CI] 0.96 to 1.48; p=0.12).

    There were no significant differences in the active vs. control groups in the rate of stroke (0.87/100PY vs. 0.74/100PY; HR 1.18; 0.78 to 1.79; p=0.44) or death (2.44/100PY vs. 2.02/100PY; HR 1.21; 0.94 to 1.55; p=0.13).

    Major bleeding events occurred at a similar rate in the active vs. control group (2.82/100PY vs. 2.61/100PY; HR 1.08; 95% CI 0.86 to 1.36; p=0.50).

    We found no benefit of individually tailored, multidimensional treatment recommendations based on ABC-AF-stroke and ABC-AF-bleeding risk scores compared with usual guideline-based care in this study population who had lower-than-expected event rates. Due to premature termination of recruitment, the study was underpowered for its primary objective, but we will continue to follow-up randomised patients to assess any long-term effects. Overall, the results emphasise the need for prospective testing of the utility of risk stratification and precision medicine tools in different clinical settings before being implemented for tailoring of treatment in routine clinical care.”


    Professor Jonas Oldgren, Uppsala University, Uppsala, Sweden

    Source:

    European Society of Cardiology (ESC)

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  • Oil prices get a boost from weaker dollar and Russian turmoil

    Oil prices get a boost from weaker dollar and Russian turmoil

    Global benchmark Brent crude oil settled one per cent higher on Monday, as concerns mounted that intensifying airstrikes in Russia and Ukraine could lead to supply disruptions, and as a weaker dollar lent additional support.

    Brent crude futures settled up 67 cents, or one per cent, at $68.15 a barrel. The US benchmark, the West Texas Intermediate futures contract, was up 67 cents, or 1.1 per cent at $64.68 by 14:15 ET.

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  • Hyaluronidase-enhanced subcutaneous delivery of bNAbs: a phase 1 randomized controlled clinical trial in HIV-uninfected women

    Hyaluronidase-enhanced subcutaneous delivery of bNAbs: a phase 1 randomized controlled clinical trial in HIV-uninfected women

    Study design and participants

    This phase 1 trial was conducted at the CAPRISA eThekwini Clinical Research Site in Durban, South Africa. The protocol was reviewed and approved by the University of KwaZulu-Natal BREC and the SAHPRA and is available at https://www.caprisa.org/Pages/EDCTP-funded%20studies. The trial was registered on the Pan African Clinical Trial Registry, PACTR202003767867253. Volunteers were recruited from Durban and surrounding areas within KwaZulu-Natal using BREC-approved study materials. Written informed consent was obtained from all participants prior to their enrollment in the study, in accordance with ethical guidelines and regulatory requirements. Following successful eligibility assessments, 57 participants (median age 25 years; BMI range 18.1–39.3 kg/m2) were enrolled into one of four groups (Supplementary Table 2)6.

    The data included in this study are derived exclusively from HIV-uninfected participants (n = 57). At the time of this analysis, the HIV-positive groups remain in follow-up, and no complete datasets from these participants were available for inclusion. This analysis was exploratory in nature and focused specifically on evaluating the pharmacokinetic impact of co-administering recombinant human hyaluronidase (EDP) among HIV-negative individuals. The objective was to better understand how EDP influences the pharmacokinetic profile of the administered bNAbs.

    Fifty-seven HIV-negative women aged 18–40 years were included in this study and received bNAbs formulated with ENHANZE™ drug product (EDP) and without EDP (Supplementary Table 2). Because abdomen-site limitations required equivalent injection volumes, only the 20 mg kg cohorts were dosed with identical antibody combinations ± EDP, permitting a like-for-like comparison. Five participants in each 20 mg/kg cohort (total n = 10), therefore, comprised the pre-specified sub-analysis used for direct EDP versus no-EDP evaluation. All other HIV-uninfected groups (n = 57) contributed to population PK modeling (Fig. 4).

    Fig. 4: Consort diagram for the CAP012B study.

    The dosing groups evaluating different administration strategies for bNAbs. CAP256V2LS and VRC07-523LS were delivered subcutaneously, both with and without recombinant human hyaluronidase (ENHANZE™ Drug Product, or EDP).

    Pharmacokinetic analysis cohort: PK model and dose-normalized comparison

    A total of 57 participants were enrolled across all study arms, and plasma concentration-time data from all 57 participants were included in the development of the population PK model. For the dose-normalized PK comparison, a subset of 42 participants was included—comprising individuals who received EDP (n = 20) or non-EDP regimens (n = 22) (Supplementary Table 1). Participants in Groups 1A and 1B were originally assigned to the non-EDP arm at 5 mg/kg and 10 mg/kg IV dosing, respectively. However, only three participants from these groups were included in the dose-normalized PK analysis. Two participants—one from Group 1A and one from Group 1B—were excluded due to end-of-infusion sampling times occurring later than 1 h post-dose. Repeat dosing groups from Group 2 were also excluded. These exclusions were made a priori to maintain consistency in PK parameter estimation.

    Study product administration

    CAP256V2LS and VRC07-523LS were individually mixed with EDP in the clinic pharmacy, and each antibody was provided as a single individual dose. Each antibody was administered sequentially at different sites of the abdomen to allow distinction of local reactogenicity. For the subcutaneous groups that utilized EDP, the product was administered into the abdomen at a single site via an infusion pump at a rate of 1 ml per minute. For the subcutaneous group without EDP, the product was given as a manual syringe injection technique with a maximum of 2.5mls per syringe, or the product was administered into the abdomen at a single site via an infusion pump at a rate of 15 ml per hour.

    Determination of bNAb serum levels

    A quantitative electrochemiluminescence sandwich immunoassay technique was performed on the MSD platform to individually determine CAP256V2LS and VRC07-523LS concentrations in plasma samples. The amount of CAP256V2LS and VRC07-523LS sandwiched by the anti-ID and anti-human IgG antibodies was directly proportional to the concentration of reactive CAP256V2LS and VRC07-523LS in each sample. Measurements were taken from distinct samples. Sample concentrations were interpolated from standard curves using Excel and GraphPad Prism Software 9.2.0 (GraphPad Software, La Jolla, CA, USA). A non-compartmental analysis on the PK was performed using WinNonLin (Certara, Princeton, NJ).

    Immunogenicity testing for the detection of anti-rHuPH20 antibodies

    This study employed a validated electrochemiluminescence (ECL) immunoassay to detect and quantify anti-rHuPH20 antibodies in plasma samples, conducted at Labcorp Bioanalytical Services. A total of 173 primary samples and 289 backup samples were received, stored at −60 to −80 °C, and handled according to the study protocol. Controls, including positive, negative, and immunodepletion controls, were used across all runs. All controls were validated within known stability parameters and prepared under controlled conditions. The assay was conducted on a 96-well streptavidin-coated plate platform, using biotin-conjugated rHuPH20 as the primary detection reagent and SULFO TAG-conjugated rHuPH20 for secondary detection. The ECL assay was conducted on the MSD platform with Sulfo-tagged reagents for precise antibody detection through relative light unit (RLU) readings. In the screening phase, samples with RLU values above the set threshold were flagged as potential positives. Confirmatory testing involved reassaying positive samples with additional controls to validate the results. Samples that confirmed positive were subsequently titered to quantify the concentration of anti-rHuPH20 antibodies. Eleven analytical runs were accepted, while three runs were rejected due to control criteria not being met. Data from rejected runs were not included in the final analysis. Nineteen samples were reassayed due to normal tier escalation. Fourteen of the nineteen initially screened positive samples confirmed positive. The analysis confirmed a low incidence of ADA development.

    Pharmacokinetics analysis

    A two-compartment model was developed using NONMEM version 7.5 (ICON Clinical Research LLC, Blue Bell, PA, USA) for population pharmacokinetic analysis. The non-linear mixed effect model (NLME) approach was utilized to account for inter-individual variability. R® V4.4 (or higher), along with a comprehensive R archive network and Certara packages, was used for dataset preparation, exploratory data analysis, visualization, and calculation of individual Bayesian posterior exposure levels.

    Population pharmacokinetic model

    The pharmacokinetic model development for CAP256V2LS involved analyzing data from participants who had received at least one dose of CAP256V2LS and had one measurable concentration sample (n = 57, Fig. 4). Concentrations below the lower limit of quantitation (BLQ) were excluded. Initially, data exploration guided the structural model development, using standard statistical criteria such as the −2 log-likelihood and graphical diagnostics, including plots of observed vs. predicted values. A stepwise covariate analysis was performed to identify factors influencing CAP256V2LS PK. Continuous covariates were scaled relative to the median value, while categorical covariates were referenced against the most common group. The stepwise forward addition and backward elimination procedure with predefined significance levels (0.05 for inclusion and 0.01 for removal) helped refine the model, ensuring physiologically and pharmacologically relevant covariates were included. The final model was assessed using standard diagnostic plots and visual predictive checks, simulating concentration-time profiles based on 1000 replicates for comparison with observed data to validate the model’s predictive accuracy.

    Anti-drug antibody assay

    A three-tiered approach was used to evaluate ADAs using an MSD ECL bridging assay (tiers 1 and 2) and a neutralization assay (tier 3). Briefly, for the tier 1 assay, we incubated serially diluted sera with a fixed amount of SULFO TAG CAP256V2LS or VRC07-523LS and corresponding biotinylated CAP256V2LS or VRC07-523LS. The mixture was added to streptavidin-coated MSD plates and analyzed with an MSD Sector instrument. ECL intensity higher than the pre-determined positivity cut-off point was considered positive. Positive sera were then evaluated in the tier 2 assay, where samples were pre-incubated with and without unlabeled CAP256V2LS or VRC07-523LS and evaluated for a reduction of ECL intensity. We used a tier 3 confirmatory HIV-1 neutralization assay to functionally characterize samples that were tier 2 positive. For this assay, we added unlabeled CAP256V2LS or VRC07-523LS to the serum sample at the antibody IC80 concentration of the DU156·12 pseudovirus. Any neutralization readout lower than 50% neutralization by the spiked sample was reported to have functional ADA.

    Statistics and reproducibility

    The CAPRISA 012B study was divided into four distinct groups evaluating different administration strategies for bNAbs (Fig. 4). CAP256V2LS and VRC07-523LS were delivered subcutaneously, both with and without recombinant human hyaluronidase (ENHANZE™ Drug Product, or EDP).

    Group 1 involved a dose-escalation of CAP256V2LS administered intravenously. Group 2 assessed subcutaneous dose-escalation of CAP256V2LS. Group 3 evaluated the subcutaneous co-administration of CAP256V2LS and VRC07-523LS in a dose-escalation format. Detailed findings for these groups have been reported by Mahomed et al.6

    In Group 4, participants received fixed doses of antibodies with or without EDP, divided into three subgroups: 1200 mg CAP256V2LS or placebo (4a), 1200 mg VRC07-523LS or placebo (4b), and 1200 mg CAP256V2LS followed by 1200 mg VRC07-523LS or placebo (4c). Each subgroup included five participants in a 4:1 ratio of active treatment to placebo.

    Participants were excluded based on factors relating to retention, clinical decision, and declined enrollment (Fig. 4).

    Summary statistics were presented as medians and interquartile ranges for continuous variables, while categorical variables were summarized using frequencies and percentages.

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  • Givaudan completes the acquisition of majority stake in Vollmens Fragrances

    Givaudan completes the acquisition of majority stake in Vollmens Fragrances

    Givaudan, the global leader in Fragrance and Beauty, today announced that it has successfully acquired a majority stake in Vollmens Fragrances Ltda, an award-winning Brazilian fragrance house located in Saltinho (São Paulo, Brazil), in line with its strategy to expand its presence among local and regional customers. This company serves not only the Latin American market but also extends its operations to Central America, Africa, and North America.

    With dedicated professionals, Vollmens Fragrances Ltda is committed to delivering innovative, high-quality products with agility and excellence. The founding family executives, Nestor Francisco Mendes and Rinaldo José Mendes, will continue to lead Vollmens going forward, as part of the agreement with Givaudan. 

    Gilles Andrier, CEO of Givaudan said: “I am very delighted to welcome the Vollmens team into the Givaudan family. Thanks to their great creativity and knowledge of the local market, this partnership will further strengthen our business in the high growth markets of Latin America and we look forward to working together.” 

    Maurizio Volpi, President of Givaudan’s Fragrance & Beauty said: ”This is a great achievement for Givaudan to complete this acquisition, marking the beginning of a promising new chapter. By combining our creative and innovation capabilities, we will leverage the complementary strengths of both Givaudan and Vollmens Fragrances to deliver the best fragrances for customers and partners across the region.” 

    Nestor Mendes and Rinaldo José Mendes, Founders and Co-CEOs of Vollmens Fragrances Ltda, commented: “We are delighted to become part of Givaudan, a company that shares our commitment to innovation and excellence in the fragrance industry. Together, we will combine our local knowledge with their global expertise reaching customers across Brazil and further afield.”

    While the terms of the deal will not be disclosed, Vollmens Fragrances Ltda’s business would have represented approximately CHF 25 million of incremental sales to Givaudan’s results in 2024 on a proforma basis. Givaudan plans to fund the transaction from existing resources. Under the terms of the agreement, Givaudan and the founding family of Vollmens have the option to further increase Givaudan’s shareholding in the future.


    About Givaudan
    Givaudan is a global leader in Fragrance & Beauty and Taste & Wellbeing. We celebrate the beauty of human experience by creating for happier, healthier lives with love for nature. Together with our customers we deliver food experiences, craft inspired fragrances and develop beauty and wellbeing solutions that make people look and feel good. In 2024, Givaudan employed over 16,900 people worldwide and achieved CHF 7.4 billion in sales with a free cash flow of 15.6%. With a heritage that stretches back over 250 years, we are committed to driving long-term, purpose-led growth by improving people’s health and happiness and increasing our positive impact on nature. This is Givaudan. Human by nature. Discover more at: www.givaudan.com.

    About Givaudan Fragrance & Beauty
    Givaudan Fragrance & Beauty crafts inspired fragrances to perfume lives and memories, and develops innovative beauty and wellbeing solutions that make people look and feel good all over the world. Nature is both our responsibility and our most precious muse. We are just as committed to sustainability as we are to creating innovative products that satisfy consumer needs and anticipate their desires. With a collaborative approach that favours co-creation, we have built a diverse portfolio across personal care, fabric care, hygiene, home care, fine fragrances, and beauty, reflecting our multidisciplinary expertise. This is Givaudan. Human by nature. Learn more at www.givaudan.com/fragrance-beauty.

    About Vollmens Fragrances
    For over 20 years, Vollmens – an award-winning Brazilian fragrance house – has been crafting scents that inspire, captivate, and transform everyday moments. Since its first fragrance, the brand has been recognised for embracing excellence by bringing together perfumery masters, a talented and passionate team of experts and cutting-edge technology, in order to transform tradition and innovation into unique sensory experiences. We turn dreams into reality with creations that reflect global trends while being carefully tailored to each business across the fine perfumery, personal care, home care, and pet care markets. To learn more, please visit https://vollmensfragrances.com.br/


    For further information please contact
    Claudia Pedretti, Head of Investor and Media Relations
    T +41 52 354 0132
    E claudia.pedretti@givaudan.com

    Pauline Martin, Fragrance & Beauty Communications
    E pauline.martin.pm1@givaudan.com

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  • Shrews Shrink and Regrow Brains, Offering Clues for Human Diseases

    Shrews Shrink and Regrow Brains, Offering Clues for Human Diseases

    Summary: Scientists used non-invasive MRI to study shrews that seasonally shrink and regrow their brains, uncovering water loss as the key driver of this rare phenomenon. Despite losing about nine percent of their brain volume in winter, shrew brain cells remain alive, with aquaporin-4 proteins playing a key role in regulating water movement.

    This discovery parallels mechanisms seen in human brain diseases, where brain volume loss typically leads to irreversible damage. Researchers hope studying how shrews regrow their brains could inspire novel approaches to treating neurodegenerative disorders.

    Key Facts:

    • Brain Shrinkage: Shrews lose about 9% of brain volume in winter without cell death.
    • Water Balance: Aquaporin-4 proteins move water out of cells, preventing damage.
    • Human Link: Mechanisms resemble Alzheimer’s and Parkinson’s, offering potential medical insights.

    Source: Max Planck Institute

    Common shrews are one of only a handful of mammals known to flexibly shrink and regrow their brains. This rare seasonal cycle, known as Dehnel’s phenomenon, has puzzled scientists for decades.

    How can a brain lose volume and regrow months later without sustaining permanent damage?

    A study using non-invasive MRI has scanned the brains of shrews undergoing shrinkage, identifying a key molecule involved in the phenomenon: water.

    “Our shrews lost nine percent of their brains during shrinkage, but the cells did not die,” says first author Dr. Cecilia Baldoni, a postdoctoral researcher from the Max Planck Institute of Animal Behavior in Germany. “The cells lost water.”

    Normally, brain cells that lose water become damaged and ultimately die, but in shrews, the opposite happened.

    “The cells remained alive and even increased in number,” says Baldoni.

    This finding solves a mystery—and opens up potential pathways for the treatment of human brain disease.

    “We see that brain shrinkage in shrews matches closely what happens in patients suffering from Alzheimer’s, Parkinson’s, and other brain diseases,” says Associate Prof. John Nieland, an expert in human brain disease at Aalborg University, Denmark.

    The study also shows that a specific protein known for regulating water—aquaporin 4—was likely involved in moving water out of the brain cells of shrews. “We see this same protein present in higher quantities in the diseased brains of humans, too,” says Nieland.

    That the shrunken brains of shrews share characteristics with diseased human brains makes the case that these miniature mammals, with their ability to reverse brain loss, could also offer clues for medical treatments.

    “The next step is to learn how shrews regrow their brains so that we might find ways to teach human brains to do the same,” Nieland adds.

    Peering inside a shrinking brain

    Dehnel’s phenomenon, or reversible brain shrinkage, is rare among animals. Up until now, it is known only in European moles, stoats and weasels, and some species of shrews. Among these, common shrews are the most studied. When undergoing Dehnel’s, their brains become smaller from summer to late winter, then regrow in spring.

    Scientists call this reversible resizing “brain plasticity,” and it is thought to help shrews conserve energy when food is scarce.

    “These tiny mammals, which are no bigger than your thumb, have to eat every few hours, whether it’s in summer when there’s lots to eat or in winter when there’s very little,” says Dina Dechmann, a group leader at the Max Planck Institute of Animal Behavior who has studied Dehnel’s phenomenon for over 13 years.

    The researchers used high-resolution MRI to scan the brains of wild common shrews caught in Germany in summer and then recaptured in winter. The medical imaging technique allowed the scientists to non-invasively see inside the brains of living animals over seasons.

    “In this way, we could track how the brains of individuals changed as they experienced shrinkage from summer to winter,” says senior author Prof. Dominik von Elverfeldt from the Faculty of Medicine at the University of Freiburg, Germany, who led the imaging.

    They also compared these scans to microscopic examination of brain tissue in summer and winter to determine the number of cells at each stage.

    How shrews pull off Dehnel’s

    Overall, the brains of shrews in the study lost around nine percent volume in winter, which the team observed to be due to the movement of water out of brain cells. But when the team zoomed in on different brain regions, they noticed that not all areas shrank equally.

    This uneven effect could explain Dehnel’s phenomenon’s great ecological paradox: how do animals survive with smaller brains?

    “Shrews still need to find food, escape predators, and go about their daily lives all winter, which they manage to do with a smaller brain,” says Baldoni.

    By human standards, says Nieland, “it’s astonishing what these shrews accomplish with brain loss of almost ten percent. We commonly see Alzheimer’s patients suffering from the same percentage brain reduction, and the loss of function in these patients is tremendous.”

    The study’s neuroimaging results point to a potential answer. Most brain regions shrank in winter and exhibited consistent shifts in water balance characterized by less water inside the cells and more water surrounding them. However, the neocortex and cerebellum deviated from this general pattern, keeping a more stable balance of water inside and outside their cells.

    “These regions are responsible for cognitive skills such as memory as well as motor control,” says Baldoni.

    “The shrews seem to be adjusting their brains for winter like we might adjust heating in a house, keeping the essential rooms heated while dropping power in areas where we can afford to reduce operations.”

    For the ecologists, the study explains the mechanism behind a rare seasonal strategy and raises new questions.

    “Now that we understand the physiology better, we are keen to link this to the behavioral consequences of Dehnel’s phenomenon,” says Baldoni.

    “How does having a smaller brain affect behavior? Can shrews solve the same navigational and coordination challenges in winter as they can in summer?”

    Potential path to medical treatment?

    For the neurologists, the story of what shrews can offer human medicine has just begun. Many brain diseases—Multiple Sclerosis, Parkinson’s disease, Amyotrophic Lateral Sclerosis (ALS), and Alzheimer’s disease—involve brain volume decline due to water loss. But for humans, this loss progresses in only one direction.

    “So far, there is no treatment for any brain disease that can prevent or reverse this loss of brain volume,” says Nieland.

    “We have now discovered, in shrews, an animal that is getting human-like symptoms of brain disease, but has biological tools not only to stop this process, but to reverse it too.”

    The next step for the team is to study the second phase of Dehnel’s—the brain’s regrowth from winter to summer. By doing so, they hope to unlock clues for treating brain diseases.

    Adds Nieland: “The idea that we might have a model animal that can help us learn how to treat diseases that are currently incurable is the most exciting thing I can think of.”

    About this neuroscience and neuroplasticity research news

    Author: Carla Avolio
    Source: Max Planck Institute
    Contact: Carla Avolio – Max Planck Institute
    Image: The image is credited to Neuroscience News

    Original Research: Open access.
    “Programmed seasonal brain shrinkage in the common shrew via water loss without cell death” by Cecilia Baldoni et al. Current Biology


    Abstract

    Programmed seasonal brain shrinkage in the common shrew via water loss without cell death

    Brain plasticity, the brain’s inherent ability to adapt its structure and function, is crucial for responding to environmental challenges but is usually not linked to a significant change in size.

    A striking exception to this is Dehnel’s phenomenon, where seasonal reversible brain-size reduction occurs in some small mammals to decrease metabolic demands during resource-scarce winter months.

    Despite these volumetric changes being well documented, the specific microstructural alterations that facilitate this adaptation remain poorly understood.

    Our study employed diffusion microstructure imaging (DMI) to explore these changes in common shrews, revealing significant alterations in water diffusion properties such as increased mean diffusivity and decreased fractional anisotropy, leading to decreased water content inside brain cells during winter.

    These findings confirm that brain-size reduction correlates with a decrease in cell size, as our data indicate no reduction in cell numbers, showcasing a reorganization of brain tissue that supports survival without compromising brain function.

    These findings extend our understanding of neuronal resilience and may inform future research on regenerative mechanisms, particularly during the spring regrowth phase, offering potential strategies relevant to neurodegenerative disease.

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  • Leptospirosis and Respiratory Syncytial Virus (RSV) Co-infection: Diagnostic and Management Challenges

    Leptospirosis and Respiratory Syncytial Virus (RSV) Co-infection: Diagnostic and Management Challenges


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  • Research finds no added benefit from routine CT imaging after left main coronary intervention

    Research finds no added benefit from routine CT imaging after left main coronary intervention

    Routine coronary computed tomography (CCT)-based follow-up after percutaneous coronary intervention (PCI) of the left main coronary artery did not reduce death, myocardial infarction (MI), unstable angina or stent thrombosis compared with symptom-based follow-up, according to late-breaking research presented in a Hot Line session today at ESC Congress 2025.

    The left main coronary artery supplies a large proportion of the heart muscle and significant left main coronary artery disease is associated with high morbidity and mortality. The introduction of coronary stents along with the improvements in technology and pharmacological management has increased the use of PCI in these high-risk patients with similar results achieved compared with coronary artery bypass grafting.

    Detrimental complications, such as stent restenosis, and recurrent ischemic events can occur after left main PCI; however, the optimal surveillance strategy remains a subject of debate. In recent years, CCT has emerged as a valuable tool for diagnosis and monitoring, providing accuracy comparable to invasive angiography, while minimising procedural risks and reducing healthcare costs. We conducted the first randomized trial to evaluate the potential benefit of routine CCT-based follow-up at 6 months compared with standard symptom- and ischemia-driven management in patients after PCI for left main disease.”


    Doctor Ovidio De Filippo, trial presenter, from Hospital Citta Della Salute e della Scienza di Torino, Turin, Italy

    PULSE was an open-label, blinded-endpoint, investigator-initiated, randomized trial conducted at 15 sites in Europe and South America.

    Participants were consecutive patients with critical stenosis undergoing PCI for left main coronary artery disease. Participants were randomized 1:1 to either a CCT-guided follow-up at 6 months (experimental arm) or standard symptom and ischemia-driven management (control arm). Participants were followed for an additional 12 months (total follow-up 18 months).

    In the CCT arm, if significant left main in-stent restenosis was detected, patients underwent invasive coronary angiography followed by target lesion revascularisation if in-stent restenosis was confirmed. If any significant stenosis was detected in a different site, management was conducted according to the current guidelines. In the standard-of-care arm, patients were managed per clinical guidelines and according to each centre’s standard practice. The primary endpoint was a composite of all-cause death, spontaneous MI, unstable angina or definite/probable stent thrombosis at 18 months.

    A total of 606 patients were randomized who had a mean age of 69 years and 18% were female. CCT was performed in 89.8% of patients in the experimental arm at a median of 200 days.

    A primary-endpoint event occurred in 11.9% of patients in the CCT arm and 12.5% of patients in the control arm at 18 months (hazard ratio [HR] 0.97; 95% confidence interval [CI] 0.76 to 1.23; p=0.80).

    There was a reduced risk of spontaneous MI in the CCT arm vs. the control arm (0.9% vs. 4.9%; HR 0.26; 95% CI 0.07 to 0.91; p=0.004). An increase in imaging-triggered target-lesion revascularisation was observed in the CCT arm compared with the control arm (4.9% vs. 0.3%; HR 7.7; 95% CI 1.70 to 33.7; p=0.001); however, the incidence of clinically driven target-lesion revascularisation was similar between the arms (5.3% vs. 7.2%; HR 0.74; 95% CI 0.38 to 1.41; p=0.32).

    Summing up the main findings, Principal Investigator, Professor Fabrizio D’Ascenzo, also from Hospital Citta Della Salute e della Scienza di Torino, said: “Systematic 6-month CCT-based follow-up did not result in a reduction in 18-month all-cause death, spontaneous MI, unstable angina and stent thrombosis. While universal CCT-based follow-up may not be useful, the marked reduction in spontaneous MI and identification of obstructive lesions requiring repeat PCI suggest this approach may be worth investigating further in selected patients with complex anatomies and over longer follow-up.”

    Source:

    European Society of Cardiology (ESC)

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