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RA Capital Management Announces Close of $1.4 Billion Acquisition of Aliada Therapeutics by AbbVieNEW YORK, Dec. 11, 2024 (GLOBE NEWSWIRE) -- Protara Therapeutics, Inc. (Nasdaq: TARA), a clinical-stage company developing transformative therapies for the treatment of cancer and rare diseases, today announced the closing of its underwritten public offering of 13,690,000 shares of its common stock at a public offering price of $6.25 per share and pre-funded warrants to purchase 2,325,372 shares of common stock at a price of $6.249 per pre-funded warrant, which represents the per share price for the common stock less the $0.001 per share exercise price for each such pre-funded warrant. In addition, Protara has granted the underwriters a 30-day option to purchase up to an additional 2,402,305 shares of common stock at the public offering price, less underwriting discounts and commissions. The gross proceeds from the offering were approximately $100 million before deducting underwriting discounts and commissions and offering expenses payable by Protara and excluding any exercise of the underwriters' option to purchase additional shares and the exercise of any pre-funded warrants. Protara intends to use the net proceeds received from the offering to fund the clinical development of TARA-002, as well as the development of other clinical programs. Protara may also use the net proceeds from the offering for working capital and other general corporate purposes. TD Cowen, Cantor, LifeSci Capital, Oppenheimer & Co. and Scotiabank acted as joint book-running managers of the offering. The shares of common stock and the pre-funded warrants were issued pursuant to an effective shelf registration statement on Form S-3 (File No. 333-275290) that was declared effective on November 14, 2023 by the U.S. Securities and Exchange Commission. The offering was made only by means of a prospectus supplement and the accompanying prospectus. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained from the offices of TD Securities (USA) LLC, 1 Vanderbilt Avenue, New York, New York 10017, by email at [email protected] or by telephone at (855) 495-9846; Cantor Fitzgerald & Co., 110 East 59th Street, 6th Floor, New York, New York 10022, Attention: Capital Markets, or by email at [email protected] ; or LifeSci Capital LLC, 1700 Broadway, 40th Floor, New York, New York 10019, or by email at [email protected] . This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the applicable securities laws of such state or jurisdiction. Forward-looking Statements Statements contained in this press release regarding matters that are not historical facts are "forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Protara may, in some cases, use terms such as "predicts,” "believes,” "potential,” "proposed,” "continue,” "designed,” "estimates,” "anticipates,” "expects,” "plans,” "intends,” "may,” "could,” "might,” "will,” "should” or other words or expressions referencing future events, conditions or circumstances that convey uncertainty of future events or outcomes to identify these forward-looking statements. Investors are cautioned that any forward-looking statements, including statements regarding the expected use of proceeds therefrom, are not guarantees of future performance or results and involve substantial risks and uncertainties. Actual results, developments and events may differ materially from those in the forward-looking statements as a result of various factors including Protara's expectations related to the use of proceeds from the offering. Additional important factors to be considered in connection with forward-looking statements, including additional risks and uncertainties, are described more fully under the caption "Risk Factors” and elsewhere in Protara's filings and reports with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made. Protara undertakes no obligation to update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise, except as required by law. Company Contact: Justine O'Malley Protara Therapeutics [email protected] 646-817-2836Three Indian American tech figures have spoken to Newsweek about the value of bringing skilled workers to the U.S. on H-1B visas amid MAGA attacks on the program. The "blowback reflects a deep misunderstanding of the value that skilled immigrant workers bring the U.S. economy," Prem Bhandari, an entrepreneur and philanthropist based in New York, told Newsweek. "Countries like India have a proven track record of producing top-tier talent in fields like engineering, technology, and medicine," he said, adding that the contributions of such talent "are not a threat, but a critical driver of innovation and economic growth in America." The comments come as a growing rift has emerged between factions of President-elect Donald Trump 's supporters over the H-1B visa program , which allows companies to employ foreign workers in specialist occupations. Billionaire Elon Musk and fellow entrepreneur Vivek Ramaswamy , who Trump has tasked with findings ways to cut the federal government , have defended the tech industry's need to bring in highly skilled foreign workers. Musk said there were not enough "super talented" engineers in the U.S. and Ramaswamy criticized American culture for venerating "mediocrity over excellence." The debate began when Laura Loomer , a far-right activist and Trump ally with a history of racist comments, criticized Trump's selection of Sriram Krishnan as an adviser on artificial intelligence policy in his incoming administration, saying Krishnan's views were "in direct opposition to Trump's America First Agenda." Krishnan has advocated for raising country-specific caps on green cards and bringing more skilled workers to the U.S. But it has grown into a MAGA civil war, exposing divisions between Trump's supporters in the tech world like Musk who believe skilled legal migration is necessary and boosts the U.S. economy and those in Trump's base who support his hard-line immigration policies and think the H-1B visa program comes at the expense of American workers and want it to be curtailed. Trump told The New York Post on Saturday that he supports H-1B visas . "I've always liked the visas, I have always been in favor of the visas. That's why we have them," he said. Bhandari told Newsweek that the anti-Indian and anti-immigrant sentiment from some Trump supporters could discourage some skilled workers from seeking opportunities in the U.S. "It risks alienating future talent who may perceive the U.S. as unwelcoming. To remain competitive, the U.S. needs to reaffirm its commitment to diversity and meritocracy, irrespective of political affiliations," he said. He added that skilled workers from abroad "fill critical gaps" in the U.S. workforce, ensuring the country maintains its competitive edge in industries like artificial intelligence, software development, and biotechnology. "This is not about replacing American workers, but complementing and strengthening the talent pool," he said. Bhandari said the H-1B visa program needs to be "modernized and expanded, not restricted. "It is essential to focus on merit-based reforms that ensure fairness while continuing to attract the best global talent," he said. "Simplifying processes, removing arbitrary caps, and addressing issues like green card backlogs would make the system more efficient and equitable." Entrepreneur B.G. Mahesh also told Newsweek that the H-1B program needs to be expanded, adding that most technology companies "cannot grow" without skilled foreign workers. "Any country needs the best of the best minds, irrespective of the country of origin," he said. "But it is important that those legal immigrants respect the local culture, which the Indian immigrants do." He noted the number of people allowed into the U.S. on H-1B visas is "minuscule" compared to the U.S. population, which is more than 330 million. The U.S. caps the number of H-1B visas at 65,000 new visas each year, but an additional 20,000 can be granted for those with a master's degree or higher. Sam Iyengar, a partner at MetaValue Advisors, a technology advisory and solutions company, told Newsweek that U.S. will continue to need more skilled workers "given that tech innovation lies at the heart of U.S. growth." He said he "didn't entirely agree" with Ramaswamy's comments about American culture. "Innovation is equally about a culture that values boldness, strong vision, deep conviction and independent thinking. Here India and Asia are way behind," he said. Iyengar said that he believes the H-1B visa program "must be selective, not for Indian IT body shoppers, but for qualified folks in specialized fields where the U.S. is falling short." He added that he believes the current online outrage over the program is a "storm in a teacup" that "will give way to a more thoughtful approach to doing what is right for the U.S., long term." Mahesh added that the U.S. needs to source the top talent from abroad to maintain its leading position in the technology sector—or risk losing those individuals to rival nations. "The U.S. economy is the largest in the world," he said. "That directly translates to jobs, especially tech jobs. With digitization on the rise all over the world, every country needs a lot more engineers, especially tech professionals. Engineers from India are largely in the tech field, very less in the non-tech sector." The U.S. wants "to attract the best minds year on year and local universities aren't generating sufficient numbers of engineers to meet their demand," he said. "America has always dominated the technology space and wants to maintain that position of leadership. It is in its best interest to seek and encourage the most talented professionals from across the globe to contribute, live and work in America."
John Fetterman Becomes First Senate Democrat On Truth SocialNASA radar picks up frozen, buried Cold War base Camp CenturyBy KEVIN FREKING WASHINGTON (AP) — National defense would see a 1% increase in spending this fiscal year under a Pentagon policy bill that also gives a double-digit pay raise to about half of the enlisted service members in the military. Related Articles National News | 'Technical issue' causes massive outage to Facebook, Instagram, other Meta apps National News | Arguments over whether Luigi Mangione is a ‘hero’ offer a glimpse into an unusual American moment National News | FBI Director Wray says he intends to resign at end of Biden’s term in January National News | High school exit exams dwindle to about half a dozen states National News | Anthony Weiner, ex-congressman jailed in sexting scandal, files to run for NYC City Council seat The measure is traditionally strongly bipartisan, but not this year as some Democratic lawmakers protest the inclusion of a ban on transgender medical treatments for children of military members if such treatment could result in sterilization. The bill is expected to pass the House Wednesday and then move to the Senate, where lawmakers had sought a bigger boost in defense spending than the $895.2 billion authorized in the compromise measure before them. Lawmakers are touting the bill’s 14.5% pay raise for junior enlisted service members and a 4.5% increase for others as key to improving the quality of life for those serving in the U.S. military. Those serving as junior enlisted personnel are in pay grades that generally track with their first enlistment term. Lawmakers said their pay has failed to remain competitive with the private sector, forcing many military families to rely on food banks and government assistance programs to put food on the table. The bill also provides significant new resources for child care and housing. “No service member should have to live in squalid conditions and no military family should have to rely on food stamps to feed their children, but that’s exactly what many of our service members are experiencing, especially the junior enlisted,” said Rep. Mike Rogers, R-Ala., chairman of the House Armed Services Committee. “This bill goes a long way to fixing that.” The bill sets key Pentagon policy that lawmakers will attempt to fund through a follow-up appropriations bill. The overall spending tracks the numbers established in a 2023 agreement that then-Speaker Kevin McCarthy reached with President Joe Biden to increase the nation’s borrowing authority and avoid a federal default in exchange for spending restraints. Many senators had wanted to increase defense spending some $25 billion above what was called for in that agreement, but those efforts failed. Sen. Roger Wicker, R-Miss., who is expected to serve as the next chairman of the Senate Armed Services Committee, said the overall spending level was a “tremendous loss for our national defense,” though he agreed with many provisions within the bill. “We need to make a generational investment to deter the Axis of Aggressors. I will not cease work with my congressional colleagues, the Trump administration, and others until we achieve it,” Wicker said. House Republicans don’t want to go above the McCarthy-Biden agreement for defense spending and are looking to go way below it for many non-defense programs. They are also focused on cultural issues. The bill prohibits funding for teaching critical race theory in the military and prohibits TRICARE health plans from covering gender dysphoria treatment for children under 18 that could result in sterilization. Rep. Adam Smith of Washington state, the ranking Democratic member of the House Armed Services Committee, said minors dealing with gender dysphoria is a “very real problem.” He said the treatments available, including puberty blockers and hormone therapy, have proven effective at helping young people dealing with suicidal thoughts, anxiety and depression. “These treatments changed their lives and in many cases saved their lives,” Smith said. “And in this bill, we decided we’re going to bar servicemembers’ children from having access to that.” Smith said the number of minors in service member families receiving transgender medical care is in the thousands. He said he could have supported a study asking medical experts to determine whether such treatments are too often used, but a ban on health insurance coverage went too far. He said Speaker Mike Johnson’s office insisted upon the ban. Rep. Chip Roy, R-Texas, called the ban a step in the right direction, saying “I think these questions need to be pulled out of the debate of defense, so we can get back to the business of defending the United States of America without having to deal with social engineering debates.” Smith said he agrees with Roy that lawmakers should be focused on the military and not on cultural conflicts, “and yet, here it is in this bill.” Rep. Hakeem Jeffries, the House Democratic leader, said his team was not telling Democrat how to vote on the bill. He said he was still evaluating the legislation as of Wednesday morning. “There’s a lot of positive things in the National Defense Authorization Act that were negotiated in a bipartisan way, and there are some troubling provisions in a few areas as well,” Jeffries said. The defense policy bill also looks to strengthen deterrence against China. It calls for investing $15.6 billion to build military capabilities in the Indo-Pacific region. The Biden administration had requested about $10 billion. On Israel, the bill, among other things, includes an expansion of U.S. joint military exercises with Israel and a prohibition on the Pentagon citing casualty data from Hamas. The defense policy bill is one of the final measures that lawmakers view as a must-pass before making way for a new Congress in January. The Senate is expected to take up the legislation next week. It then would move to President Joe Biden’s desk to be signed into law.
AI Isn’t Replacing Creators, It's Making Them More Powerful Than EverNorfolk and Suffolk Constabularies have been advised to review and update their guidance following a police chase where communication issues arose. The Independent Office for Police Conduct (IOPC) published their recommendations on December 19 following a pursuit involving the National Police Air Service (NPAS). The watchdog identified "organisational learning" after the force's control room asked the NPAS to take over commentary but their updates "did not relay key moments" over the radio. This meant, according to the report, the control room did not have all the information needed to "inform their risk assessments". In the published recommendations the IOPC said the issue was in part due to NPAS "not observing all the activities on the ground and due to radio signal issues" and added that officers said they did not provide updates to the radio channel as they believed NPAS had primacy and/or due to signal issues. NPAS staff said there is "no guidance" on the commentary expected of them during pursuit while officers said they had not had training on NPAS commentary. The IOPC recommended Norfolk and Suffolk Constabularies review and update, their force guidance and training on the role of the National Police Air Service (NPAS) to "ensure it is aligned with national guidance". The recommendation stated training should clarify the level of commentary expected from NPAS and from police units on the ground. Norfolk and Suffolk Pursuits training has since been reviewed and it has been discussed that National Learning objectives "do not cover the NPAS aspect". The published report continues to explain Mr Pooley, chief driving instructor, will be attending a national forum in January 2025 when this will be raised. "This opportunity and forum could provide some direction for discussions and possible recommendations going forward," the response reads. The report also identified issues with the technology used to downlink aerial images to the control room. NPAS aircrafts are fitted with Airborne Data Links which enable aircraft staff to downlink aerial images to the control rooms to give them a better understanding of what is going on. The report states: "Unfortunately, on the day of the incident, the downlink function had not been working and this was reportedly due to issues with its compatibility with Microsoft Edge." A meeting has since taken place with Mr Stratford, infrastructure engineering manager. The response explained that in mid-2024 Mr Stratford arranged for the system manufacturer to test the system and an issue was established which has now been rectified. Another fault was also identified but "operational capacity was maintained". "Testing is now undertaken on each of the aerials. There is a process of disconnecting one of the receivers to ensure that both are working," the response reads. A police spokesperson said: "The constabulary received the October 2024 recommendations from the IOPC in relation to a police pursuit. "We welcome any feedback and have taken steps to review the guidance, with new training already in place which incorporates the recommendations."