ADAG

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Clinical Trial Results: Adagene Inc. reported a 33% overall response rate in its Phase 2 trial of muzastotug (ADG126) for microsatellite stable colorectal cancer, with plans to expand the study to include patients with liver metastases and earlier lines of therapy.

Financial Overview: The company has a cash balance of $85.2 million, expected to fund operations into late 2026, while reporting a net loss of $33.4 million for 2024, reflecting a focus on research and development of its SAFEbody technology.

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Clinical Trial Results: The anti-CTLA-4 SAFEbody ADG126, in combination with pembrolizumab, demonstrated a 33% overall response rate in microsatellite stable colorectal cancer patients, with no severe treatment-related adverse events reported.

Therapeutic Potential: Adagene's innovative masking technology enhances the safety and efficacy of ADG126, positioning it as a promising candidate for treating metastatic colorectal cancer while minimizing toxicity to healthy tissues.

Investor Sentiment on Adani Group: Despite concerns over bribery allegations against the Adani Group, global investors remain optimistic about India's long-term economic prospects, with a notable rise in the Nifty 50 index since the news broke.

Market Outlook and Governance Concerns: While foreign investors may become more cautious regarding governance practices in India, they continue to seek higher allocations in the market, driven by supportive government policies and structural growth opportunities.

Impact of Adani Group Allegations: Global investors believe that while the bribery charges against the Adani Group may temporarily affect sentiment in India, they do not undermine the long-term attractiveness of the Indian market, which continues to show resilience and growth potential.

Investor Outlook and Market Trends: Despite recent volatility and scrutiny over governance practices, foreign investors remain optimistic about India's economic prospects, with expectations for recovery in earnings and continued interest in high-quality stocks amidst ongoing structural reforms.

Adani Group's Share Recovery: Shares of the Adani Group rose on Monday after CFO Jugeshinder Singh stated that none of its publicly listed companies faced U.S. charges of bribery and fraud, following a significant drop in share prices due to indictments against Chairman Gautam Adani and others.

Response to U.S. Charges: Adani denied the U.S. criminal charges as "baseless," clarifying that the indictment was related to a single contract with Adani Green Energy, which constituted only 10% of its business, while broader Indian stocks also saw gains.

Adani Group Share Decline: Shares of Adani Group companies dropped for the second consecutive day following U.S. prosecutors' charges against billionaire chairman Gautam Adani for alleged bribery and fraud, with losses ranging from 3% to 10% across various subsidiaries.

Market Impact and Project Cancellation: The market value of Adani Group companies decreased by approximately $27 billion, and Kenya's president canceled a significant airport project with the conglomerate in response to the indictments.

U.S. Allegations Against Adani Group: The U.S. authorities have accused Gautam Adani and others of a bribery scheme involving over $250 million to secure government contracts for solar power projects, leading to significant stock declines in Adani Group companies.

Impact on Market and Future Plans: Following the allegations, Adani Enterprises and other listed firms experienced sharp drops in share prices, contributing to a decline in India's Nifty 50 index, while also complicating Adani's international expansion and debt issuance plans.

Clinical Advancements: Adagene Inc. presented data at the SITC 39th Annual Meeting demonstrating that their drug ADG126 shows improved safety and efficacy profiles compared to ipilimumab, particularly in combination with pembrolizumab for treating advanced Metastatic Microsatellite-stable Colorectal Cancer (CRC).

Research Recognition: The clinical poster detailing these findings was selected as a 'Top 100' abstract out of 1439 submissions, highlighting the significance of CTLA-4's role in enhancing immune response and the promising therapeutic potential of ADG126.

Adagene's Upcoming Presentations: Adagene Inc. will present two posters at the SITC 39th Annual Meeting in Houston on November 9, 2024, focusing on their lead clinical program ADG126 (muzastotug), a masked anti-CTLA-4 SAFEbody, and its combination with anti-PD-1 therapy for advanced colorectal cancer.

Company Overview: Adagene is a biotechnology company utilizing computational biology and AI to develop novel antibody-based cancer immunotherapies, emphasizing their SAFEbody technology to enhance safety and efficacy in targeting tumors while minimizing toxicity to healthy tissues.

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Exicure Stock Surge: Exicure, Inc. shares rose 49.3% to $2.39 in pre-market trading after entering debt-for-equity exchange agreements and regaining Nasdaq compliance.

Other Notable Movers: NuCana plc gained 94.4%, Dermata Therapeutics rose 73.4%, and several other stocks experienced significant gains or losses in pre-market trading, reflecting a volatile market.

Upcoming Investor Conferences: Adagene Inc. will participate in several investor conferences in New York City, including the Morgan Stanley Global Healthcare Conference on September 6, H.C. Wainwright Investment Conference on September 9, and Cantor Fitzgerald Global Healthcare Conference on September 18, where CEO Peter Luo will present.

Company Overview: Adagene is a clinical-stage biotechnology company focused on developing novel antibody-based cancer immunotherapies using its SAFEbody technology to enhance safety and targeting of treatments, with its lead program ADG126 currently in clinical trials for colorectal cancer.

Adani Group's Share Selloff: The Adani Group experienced a significant share selloff following allegations from Hindenburg Research, which claimed the head of India's market regulator has ties to offshore funds linked to the group. Despite a loss of $2.43 billion in market value, shares showed some recovery after earlier losses exceeded $13 billion.

Regulatory and Political Reactions: Madhabi Puri Buch, chair of SEBI, dismissed the allegations as baseless and accused Hindenburg of character assassination. Political responses varied, with ruling party members defending SEBI while opposition leaders expressed concerns over its integrity amidst ongoing investigations into the Adani Group.

Adani Group Shares Decline: Shares of Adani Group companies fell significantly after Hindenburg Research accused India's securities regulator of a conflict of interest related to offshore funds tied to the conglomerate, leading to ongoing investigations by SEBI.

Denial of Allegations: Adani Group and SEBI chairperson Madhabi Puri Buch denied the allegations, with Buch stating her investments predated her appointment, while the Adani Group rejected claims of stock manipulation and money laundering as recycled accusations.