WASHINGTON — Minnesota U.S. Sen. Amy Klobuchar recalled her husband’s and her father’s battles with COVID-19 Monday as she implored Americans to be vocal in their opposition to the “sham” confirmation hearings of Judge Amy Coney Barrett to the Supreme Court.

“It’s personal,” Klobuchar said in a widely seen statement on the opening day of the Senate Judiciary Committee’s hearings on Barrett, President Donald Trump’s pick to replace the late Justice Ruth Bader Ginsburg.

In a voice sometimes shaking with emotion, Klobuchar explained her opposition to Barrett by invoking the names of family members and fellow Minnesotans struck by the coronavirus, as well as of other state residents with pre-existing medical conditions.

Like other Democrats on the GOP-led panel, Klobuchar framed her opposition to Barrett in terms of her belief that the conservative judge would be a threat to women’s rights and the Obama-era Affordable Care Act, including its protections for people with pre-existing conditions.

She recalled her husband’s battle with COVID-19 early in the pandemic and her father’s fight with the virus in the nursing home in Minnesota.

While calling the hearing a “sham,” Klobuchar acknowledged that Democrats can do little to stop the Republican majority from confirming Barrett ahead of the Nov. 3 election. The “secret weapon,” she said, would be Americans “voting in droves” to show their disdain for a justice who could vote to kill the Affordable Care Act in the middle of a pandemic.

A GOP challenge to the health care law is expected before the high court in November.

Klobuchar, the only Minnesotan on the panel, criticized her Republican colleagues for forcing Barrett’s nomination through the approval process in short order. Democrats have argued that the same committee refused to consider Obama nominee Merrick Garland for nine months in 2016, saying they had to

InMed Pharmaceuticals, a clinical stage biotech developing cannabinoid-based products, announced terms for its IPO on Thursday.

The Vancouver, Canada-based company plans to raise $10 million by offering 2.4 million shares at $4.13, above the last close of its shares on the OTCQX (IMLFF) and the Toronto Stock Exchange (IN). The company is also offering warrants to purchase 2.4 million shares of common stock at an assumed exercise price of $4.13. At the proposed price, InMed Pharmaceuticals would command a market value of $32 million. Because the company is offering warrants and its market cap is below $50 million, InMed is no longer eligible for tracking and will be excluded from Renaissance Capital’s stats.

InMed Pharmaceuticals is developing an API using a synthetic cannabinoid named cannabinol, or CBN, and plans to develop its two products INM-755 for rare skin disease Epidermolysis Bullosa (EB) and INM-088 for glaucoma. INM-755 is currently in a Phase 1 trial in The Netherlands.

InMed Pharmaceuticals was founded in 2014 and plans to list on the Nasdaq under the symbol INM. Roth Capital is the sole bookrunner on the deal.

The article Canadian nano-cap biotech InMed Pharmaceuticals sets terms for $10 million Nasdaq uplisting originally appeared on IPO investment manager Renaissance Capital’s web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital’s research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital’s Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Spinal Elements Holdings (SPEL) intends to raise $108 million in an IPO of its common stock, according to an S-1 registration statement.

Carlsbad, California-based Spinal Elements was founded to design spinal medical devices and instruments that utilize less invasive surgical techniques.

Management is headed by co-founder, president and CEO Jason Blain, who has been with the firm since and was previously manager of Product Development at NuVasive (NUVA).

The company’s primary offerings include:

  • Spinal fixation systems
  • Interbody implants
  • Surgical instruments
  • Biologics

Management says its existing portfolio ‘can address approximately 95% of the spine surgery procedures performed worldwide in 2018…’

Spinal Elements has received at least $57 million from investors including Kohlberg Funds.

The company sells its products primarily via ‘a network of over 200 independent distributors and over 400 surgeons across more than 500 hospitals and ambulatory surgery centers.’

Selling, G&A expenses as a percentage of total revenue have increased as revenues have fluctuated, likely due to the Covid-19 pandemic’s effects.

The Selling, G&A efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Selling, G&A spend, swung to negative (0.1x) in the most recent reporting period.

According to a 2019 market research report by iData Research, the global market for minimally invasive spinal surgery is expected to see significant growth through 2025.

The fastest growing market segment in the U.S. and Europe is forecast to be the spine endoscopy market though it represents the smallest market in terms of the number of procedures and unit sales numbers.

Below is a chart showing the relative sizes and historical and forecast growth rate trends for the MIS market:

spinalmkt

The largest market for MIS procedures is expected to be the current baby boomer demographic of individuals over 60 years

Banks that had declined to take part in the program mentioned “their ability to provide credit to eligible borrowers without the MSLP, as well as unattractive key MSLP loan terms for lenders as reasons for not registering,” the report said.

The results revealed a wide gap between how banks view the Main Street program and how key Fed officials see it.

Eric Rosengren, president of the Boston Fed, which administers the program, said in a Sept. 23 speech that the terms “should be attractive to banks, both because of the fees collected” and because the Fed buys out 95% of every loan.

He then pointed a finger at larger institutions for not participating. “None of the nation’s largest banks, by this metric, are currently active in the program,” he said.

The Main Street program has come in for criticism and scrutiny from lawmakers for so far lending out only about $2 billion of its $600 billion capacity.

The survey also showed banks expect loan inquiries from businesses of an eligible size to increase over the next three months, but “only a modest share of banks expected their willingness to extend MSLP loans to increase over the same period.”

A majority of banks said that potential qualified borrowers had debt levels too high to meet the program’s thresholds, and the required certifications and covenants were too restrictive for borrowers. The loans’ interest rates, five-year maturity and payback schedule were not as important factors.

Some 68% of banks said the program’s $250,000 minimum loan size was not an important factor in rejecting loans or registering for the program. Several lawmakers pressed Fed Chair Jerome Powell, who testified before several congressional committees last week, to lower this amount, saying there was demand for smaller loans.

One potential reason for the lower demand for