Thursday, 06 August, 2020


Kodak Pivots to Drug Production with $765M US Loan, Stock Skyrockets

Kodak lands loan to bolster facility in Minnesota and promote US-produced drug supply Kodak Will Help Make Drugs to Fight Covid, Says Trump
Conrad Doyle | 31 July, 2020, 18:55

Some of those drugs are even used in the fight against COVID-19.

Eastman Kodak Co on Tuesday announced plans to shift to production of pharmaceutical ingredients with a $765 million government loan under the Defense Production Act, CNB quoted James Continenza, CEO and executive chairman of Eastman Kodak, as saying in an interview.

"Our 33rd use of the Defense Production Act will mobilize Kodak to make generic, active pharmaceutical ingredients", Trump said in a press conference Tuesday evening.

Kodak will be adding 300 jobs in Rochester, and another 1,200 indirect support jobs to come along with it.

Kodak will produce pharmaceutical components that have been identified as essential but have since lapsed into chronic national shortage, as defined by the U.S. Food and Drug Administration.

"We must never be reliant on a foreign nation for America's medical or other needs", Trump said at the White House. The recent 1,300% increase in the stock price has recently enabled it to record a market capitalization of over $1.5 billion.

Just on Tuesday, the stock jumped 203% for its best day ever after the USA government awarded the company a $765 million loan. "By leveraging our vast infrastructure, deep expertise in chemicals manufacturing, and heritage of innovation and quality, Kodak will play a critical role in the return of a reliable American pharmaceutical supply chain".

The group plans to launch a pharmaceuticals division that will make essential drug components now in "chronic national shortage".

Among the generic drugs that Kodak will be producing ingredients for at its Rochester, New York, factory is hydroxychloroquine, the anti-malarial drug that President Trump has been touting as a treatment for COVID-19.

Why it matters: This is a lifeline for Kodak, which realized way too late that photography was going digital. Kodak Pharmaceuticals would balance that difference. The company expects its pharmaceutical ingredients to make up 30% to 40% of its business over time. "Once Kodak ramps up we will have the ability to tap into that capacity for domestic use".

Recommended

loading...
...
  • Hulkenberg expected to replace Perez for British GP

    Hulkenberg expected to replace Perez for British GP

    However, that post can no longer be found, because it has been removed by his wife after Perez's positive test. Sergio Perez tested positive for the coronavirus and that doesn't seem quite a surprise.
    85 new cases, 1 death in Douglas County

    85 new cases, 1 death in Douglas County

    All other reports in this post come from official news releases from area health departments and other authorities as stated. The Health Department says that's one of the key metrics in determining a pattern of increased, sustained COVID activity.
    Amir performs Eid Al-Adha prayer

    Amir performs Eid Al-Adha prayer

    Muslims sacrifice animals in commemoration of this intervention and share the meat with the poor and their relatives. From that day onwards, Muslims celebrate Eid al-Adha by sacrificing a goat, which is divided into three parts.
  • England records most virus excess deaths in Europe

    England records most virus excess deaths in Europe

    The move caught many British holidaymakers now in Spain - including the transport secretary Grant Shapps - by surprise. His government is extending the self-isolation period for those with symptoms of Covid-19 from seven days to 10.
    Killjoy is the New Valorant Agent: Skills and Features Unveiled

    Killjoy is the New Valorant Agent: Skills and Features Unveiled

    If paired well with her ultimate (Cage that can trap enemies inside), we may see a new defensive leader among the list of agents. One other certainly one of her skills grants her entry to a Nanoswarm grenade which deploys a "covert" swarm of nanobots.
    Dr Fauci Gives Important Advice Amid Evidence Coronavirus Can Get Into Eyes

    Dr Fauci Gives Important Advice Amid Evidence Coronavirus Can Get Into Eyes

    He continued: "It's not universally recommended, but if you really want to be complete, you should probably use it if you can". As of Thursday afternoon, that number has increased to 151,650 deaths, among more than 7.4 million cases of COVID-19.
  • Nadal and Djokovic featured on Cincinnati's 'entry list'

    Nadal and Djokovic featured on Cincinnati's 'entry list'

    The one-time staging of the tournament in NY instead of Cincinnati is in response to the COVID-19 pandemic. Williams, in search of her 24th career Grand Slam singles title, already said she will play in the U.S.
    Hong Kong may postpone September 6 elections amid surge in Covid-19

    Hong Kong may postpone September 6 elections amid surge in Covid-19

    Hong Kong is facing the most severe epidemic situation since January 2020, with a growing risk of major outbreak, Lam noted. Lam said she invoked the Emergency Regulations Ordinance to hold off the vote, adding the move is backed by Beijing.
    Alphabet Earnings: Google Cloud Revenue Run Rate Tops $12B

    Alphabet Earnings: Google Cloud Revenue Run Rate Tops $12B

    Alphabet added approximately 4,000 new employees, making the full-time workforce consist of 127,498 during the second quarter. Rival Amazon.com Inc.'s cloud unit, which is much bigger than Google's, grew 29% to $10.8 billion in the quarter.
  • Apple Delivers Blockbuster Quarter Despite Slow iPhone Sales

    Apple Delivers Blockbuster Quarter Despite Slow iPhone Sales

    Judging by similar delay announcements in the past from Apple , this could mean anything from early October to mid-December.
    NASA astronaut shares stunning view of sunrise from space

    NASA astronaut shares stunning view of sunrise from space

    Bob Bejnken, who flew SpaceX's Dragon Crew spacecraft last month, is now aboard the International Space Station. EDT Saturday, Aug. 1, for undocking of the Dragon "Endeavour" spacecraft from the space station and 2:42 p.m.
    School bells will be ringing in September

    School bells will be ringing in September

    The province is also spending tens of millions to increase cleaning at schools and hire more janitorial staff. Schools will also be putting out more hand sanitizer and encouraging more frequent hand washing.

Cards-Brewers game off after St Louis positives Cards-Brewers game off after St Louis positives This is the first game within the National League Central to be postponed because of COVID-19. The New York Yankees had games postponed against Philadelphia this week, too.

Ruth Bader Ginsburg ‘Resting Comfortably’ After Medical Procedure at Hospital Ruth Bader Ginsburg ‘Resting Comfortably’ After Medical Procedure at Hospital Ginsburg, known by supporters as " RBG ", had already been hospitalized for a potential infection earlier this month and in May. Earlier this month, Ginsburg said that she was being treated for a recurrence of cancer but will remain on the court.

Court Unseals Documents: Bill Clinton Alleged to Have Appeared on Epstein’s Island Court Unseals Documents: Bill Clinton Alleged to Have Appeared on Epstein’s Island She had not been seen in public since Epstein, her longtime associate, was arrested on sex trafficking charges previous year . Earlier that month Maxwell had been named by Virginia Roberts Giuffre, one of Epstein's victims, as a "madam" for Epstein .

U.S. national shot dead in Pakistan courtroom during blasphemy trial U.S.  national shot dead in Pakistan courtroom during blasphemy trial But attempts by successive governments to reform the laws have failed under pressure from Islamic groups in the country. Faced with death threats from Islamists upon her release, she flew to Canada to join her family past year .

Samsung Galaxy M31s with 64MP Intelli-Cam arrives in India Samsung Galaxy M31s with 64MP Intelli-Cam arrives in India The Galaxy Z Flip , on the other hand, is more like a flip phone, folding in half to become a smaller, more compact device. It also cited a "one-off gain" in the display business that analysts have linked to Apple .

NASA Launches Rover to Search for Ancient Life on Mars NASA Launches Rover to Search for Ancient Life on Mars The NASA rover will launch this afternoon from the Cape Canaveral Air Force Station. Further, it will demonstrate technology for future robotic and human exploration.

Saudi Arabia ends interest in buying Newcastle United Saudi Arabia ends interest in buying Newcastle United Thursday evening's news will of course be met with disappointment by all Newcastle United fans across the world. George, who is a solicitor, said the Premier League had to "shoulder some blame" for the deal falling through.

Huawei Becomes World's Top Smartphone Vendor in Q2, Thanks to COVID-19 Huawei Becomes World's Top Smartphone Vendor in Q2, Thanks to COVID-19 However, Huawei has grown to dominate its domestic market, boosting its Chinese shipments by 8% during the quarter. Meanwhile, second-placed Samsung shipped 53.7 million smartphones, a 30% fall against the second quarter of 2019.

Sushant's Sister Reveals Details About Spat Between Rhea And Her Brother Sushant's Sister Reveals Details About Spat Between Rhea And Her Brother The petitioner has filed a complaint at Santa Cruz police station in Mumbai against the death and rape threats. Actress Rhea Chakraborty finally opened up on her relationship with the late actor Sushant Singh Rajput .

Phillies-Blue Jays weekend series reportedly postponed over COVID-19 concerns Phillies-Blue Jays weekend series reportedly postponed over COVID-19 concerns The Toronto-Philadelphia series was originally set to begin Friday, but the opener was pushed back to Saturday afternoon. With three All-Star Games and six World Series under his belt, he is one of the most recognized umpires in the sport.

Virgin Galactic unveils space plane's cabin, poised for commercial flights Virgin Galactic unveils space plane's cabin, poised for commercial flights Virgin Galactic also released an "augmented reality enabled" mobile app, showcasing the cabin design and spaceflight experience. The displays will show live flight data including speed, g-force and remaining boost time.

Google Teases Pixel 4a Launch for 3rd August Google Teases Pixel 4a Launch for 3rd August The handset will most likely run Android 10 but should soon get the Android 11 update as soon as Google releases it. It has been leaked extensively over the past few months and we all expected it to be launched some time in May.

Victoria hits record daily infection rate as COVID-19 continues to soar Victoria hits record daily infection rate as COVID-19 continues to soar A crucial factor in containing the virus is cases of community transmission, which don't have a known source. Australia has posted its deadliest day on record since the COVID-19 pandemic began.

Duchess of Sussex must pay tabloid's legal fees after court battle Duchess of Sussex must pay tabloid's legal fees after court battle Camera IconPrince Harry and Meghan, Duchess of Sussex shortly before announcing they would step down from royal duties. Mr Justice Warby said he would give his decision on the duchess's application in writing at a later date.

NSW records 14 new cases, alerts issued for three flights NSW records 14 new cases, alerts issued for three flights It is understood the woman is in isolation and contact tracing is underway. This includes 24/7 gyms that are otherwise unstaffed at certain periods.