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Supporters of the late educator and civil rights advocate Sal Castro are working to keep his Chicano Youth Leadership Conference alive.; Credit: Crystal Marie Lopez/Flickr

When he died in 2013, Sal Castro drew praise as a Southern California civil rights leader who championed educational opportunities for generations of students of Mexican descent.

While a high school teacher in 1968, he helped thousands of students stage massive walkouts in Los Angeles' east side to protest high dropout rates and poor schooling that ignored their cultural background.

Supporters say his most influential legacy is the Chicano Youth Leadership Conference that he founded in 1963 as a weekend camp in the Santa Monica mountains. The gathering functioned as a cultural pep rally and intensive college application session.

“There was quite a large group of people that knew that this is not something that could die with him. That is when we had the idea to form a foundation to make sure that we keep his legacy alive,” said Myrna Brutti, the conference’s director.

Castro struggled to raise money for the conference, which counts among its alumni such well-known leaders as former Los Angeles Mayor Antonio Villaraigosa and filmmaker Moctesuma Esparza.

The Sal Castro Foundation typically spends about $60,000 to pay for the camp, including food and bus transportation. The group raises the money so that students can attend for free.

Applications to the next conference on March 6 have been sent to LAUSD high school campuses, targeting low-income Latinos, with a Feb. 20 deadline. Organizers hope in years ahead to open the conference to other Southland schools.

Brutti, a middle school principal, said she sees many more college application and high school to college bridge programs today. But a large group of high school students still go without college counseling, she said.

“These are 4.0, 3.7, 3.9, 4.2 [grade-point average] students that graduate from high school and go directly into the workforce because no one has taken the time to really go in depth on…what is available to them,” Brutti said.

The conference gives students like high school junior Savannah Pierce a broader view of their post-graduation choices. She attended the conference in October.

“I never really gave much thought to getting a doctorate degree,” Pierce said. “I thought I was going to do my four years of undergraduate and maybe graduate school. I never realized how many options and opportunities there were.”

When Castro talked to students of Mexican descent, he often transitioned seamlessly between English and Spanish, giving brief lessons on Mexican history and notable Mexicans. The current conference leaders are keeping that tradition alive.

“I never realized how deep and important my culture is and how rich it is with knowledge, and how hard people have worked in the past to get me where I am today,” Pierce said.

Other resources for students seeking help with college applications include:

1. California college and career planning

2. The College Board’s college planning helper

3. The Princeton Review’s college helper

This content is from Southern California Public Radio. View the original story at SCPR.org.

UTLA says it is at an impasse with the Los Angeles Unified School District over a new contract for its 31,000 teachers. ; Credit: File photo by Letsdance Tonightaway/Flickr Creative Commons

The United Teachers Los Angeles declared an impasse Wednesday in its talks with the Los Angeles Unified School District.

The action opens the way for a mediator to be brought in to help bring about a settlement.

Contract talks have been ongoing since July, UTLA said on its website.

"There is still a significant gap between the two sides on compensation," the union stated. UTLA is seeking an 8.5 percent, one-year increase; LAUSD has offered a 5 percent increase. 

The union said the district is "refusing to bargain in good faith on student learning conditions, and threatening educator layoffs as a scare tactic."

LAUSD Superintendent Ramon Cortines said in a statement that the district agrees the talks are at an impasse.

"I've been disappointed and frustrated by the lack of progress toward an agreement," he said. "It's my hope that the appointment of a mediator will lead to an expeditious settlement that ultimately supports our students and the District at large."

UTLA represents 31,000 members, including teachers and health and human service professionals.

The differences between the two sides amount to more than $800 million, the district said in its statement. Cortines has maintained that the district is facing a deficit. The union insists the district has money.

Other issues dividing the two sides include class room size and teacher evaluations.

This content is from Southern California Public Radio. View the original story at SCPR.org.

Parents of students at Miramonte Elementary School escort children out of school on Feb. 6, 2012.; Credit: Grant Slater/KPCC

A lawyer representing 58 students who settled a lawsuit related to the Miramonte sex abuse scandal two years ago said his clients are owed more money because another group of students who settled their lawsuit last fall for $139 million may be paid more, and that violates the terms of the first group's settlement. 

A total of more than 100 students and parents sued the district after former Miramonte Elementary School teacher Mark Berndt was charged with 23 counts of committing lewd acts, including feeding students cookies laced with semen. Berndt is serving 25 years in prison. 

Attorney Paul Kiesel's clients were among the first group of students who settled in 2013 for $470,000 each, a total of $30 million. In a claim submitted to the district on Feb. 6, Keisel argues that settlement prohibits other students from receiving more than his clients.

The settlement for Kiesel's group states that it is the intent of the parties that any future Miramonte-related settlements pay less per plaintiff than the $470,000 figure.  In the case of the suit that was settled for $139 million, a judge is deciding how much each plaintiff will receive; it is expected that some of the students will receive more than $470,000.

Kiesel's complaint seeks the difference between what his clients were paid and the highest amount awarded to students in the second group.

The $139 million settlement was the largest of its kind in Los Angeles Unified School District history. 

If Kiesel's clients prevail, the district's overall tab for the Miramonte case could significantly increase from the $170 million in settlements awarded so far. 

The school district has yet to respond to the claim and declined to comment for this story. 

Kiesel would not discuss the claim in greater detail, but attorney Raymond Boucher, who also represented students in the initial settlement, characterized its language limiting the size of future settlements as a "fairness clause.

"We are talking about a number of young children and you want to make sure they are all treated fairly and equally," Boucher told KPCC. 

Attorney Vince William Finaldi, who represented some of the students in the group that settled for $139 million last November, argued that the earlier settlement would need to include a "most favored nation clause" to prevail in court. 

"It needs to have two elements," Finaldi said. "The first element is a statement by the settling party that 'we agree not to pay anyone else more than X amount.' It also needs a second clause which states, 'in the event we do pay someone more than X amount, then we'll pay you Y amount," Finaldi said. 

The settlement for Kiesel and Boucher's clients does not include language stipulating what would happen if a future settlement pays out more money per plaintiff.

If L.A. Unified rejects Kiesel's claim, then he could ask a mediator or a court to resolve the dispute.

This content is from Southern California Public Radio. View the original story at SCPR.org.

LAUSD Superintendent Ramon Cortines commented Thursday on teacher contract talks that have been ongoing since July.; Credit: Benjamin Brayfield/KPCC

A budget deficit is preventing the Los Angeles Unified School District from offering teachers more than a 5 percent raise, Superintendent Ramon Cortines said Friday.

"I want some resolution," Cortines told reporters, but he said the district is now projecting a shortfall of $160 million heading into the next school year.

United Teachers Los Angeles, the union representing 31,000 teachers, declared an impasse Thursday in the contract negotiations. The two sides have been bargaining since July.

The teachers haven't had a pay increase in eight years, and their salaries are below that of neighboring districts. 

"You are not going to recruit and retain the quality teachers you need," UTLA President Alex Caputo-Pearl told KPCC's AirTalk this week. The union is seeking an 8.5 percent raise as well as smaller class sizes, more counselors and nurses, and revised teacher evaluations.

Cortines said the district's pay raise offer of 5 percent, retroactive to July 2014, would help make salaries more competitive. But he said the projected deficit is why LAUSD can't afford more.

Projections for the deficit have changed over the months. Last October, it was $365 million; in January, $88 million; and this month, $160 million. 

Teachers union representatives said California schools are receiving more money this year than any time since the recession. Gov. Jerry Brown's Local Control Funding process, which gives local districts more resources for education, is projected to garner the district $240 million more next school year. 

Cortines said he hopes to reach an agreement and he cautioned against any walkout.

"You talk about a budget deficit? It will exacerbate the budget deficit, because parents have other options," Cortines said. "They can go to other schools, private, parochial schools, they can go to charter schools, etc."

Cortines said a mediator is being called into the talks to help resolve the impasse.

The superintendent also repeated his doubts that the district can currently afford to put a computer in the hands of every district student. The program, a key initiative of his predecessor, John Deasy, used bond funds to pay for iPads and other devices.

Cortines said a statement elaborating on his remarks to reporters that "as we are reviewing our lessons learned, there must be a balanced approach to spending bond dollars to buy technology when there are so many brick and mortar and other critical facility needs that must be met."

This content is from Southern California Public Radio. View the original story at SCPR.org.

La Librería co-founders, Chiara Arroyo (left) and Celene Navarrete (right) at the opening of their brick and mortar store on West Washington Blvd in Mid-City, Feb 21, 2015. The store sells children literature in Spanish. ; Credit: Deepa Fernandes / KPCC

A new Mid-City store specializing in Spanish-language books for children may help chip away at a problem facing public schools expanding their dual-language programs and parents working to raise bilingual children: a lack of books beyond translations of "Curious George."

La Librería, the first children’s Spanish-language literature store in Los Angeles, opened Feb. 21 at a location on West Washington Boulevard. The brick-and-mortar is the dream of two moms who started out selling their volumes at book fairs.

When they first started out, co-founders Celene Navarrete and Chiara Arroyo couldn’t believe the lack locally of good, Spanish-language literature for children.

"Especially in Los Angeles, it was shocking to see the books that I read in Mexico, in my hometown, many of them were not available here," said Navarrete.

So Navarrete and Arroyo began traveling to Mexico, Guatemala, Colombia, and Spain to find authentic, Spanish-language children's books.

"We found the classics, we found the books that we read when we were little," she said.

Although 64 percent of Los Angeles' children are Latino, locating children's works in Spanish beyond translations of popular books in English isn't easy.

This matters to educators who say young children need to read and hear language-rich stories to expand their vocabulary and engage with characters in settings they recognize.

“I’ve been a bilingual educator since the '80s, and as an educator you’re always striving to look for authentic literature,” said Norma Silva, principal of the UCLA Lab School, a dual-language pre-kindergarten and elementary school attached to the university's Graduate School of Education.

By authentic literature, Silva means books originally written in Spanish, using the “luscious language” of rich descriptions and vivid characters. These writings often come from Spanish-speaking countries.

Books translated from English to Spanish aren't enough, Silva said. Besides rich language, Silva looks for books from different countries — "because it’s important that we’re able to delve deeply in understanding differences,” she said. Silva believes books need to reflect the diversity among the children and their families.

Since books from Mexico use different language and tell different tales than books from Guatemala, Colombia or Spain, Silva wants the children at her school to experience them all.

So that’s what adults want.  

According to Scholastic, one of the largest sellers in the U.S. of children's books in Spanish, kids have strong opinions about what they want to read. In a just completed survey, Scholastic found 91 percent of kids aged 6 to 17 said their favorite books were ones they picked themselves.

And kids age 6 to 8 are more likely to want characters that look like them than older kids.

The majority of the Spanish-language books in the March Scholastic catalog are translations of popular English language books, with a few books written in Spanish. The March catalog includes "Clifford the Dog" and stories about Sophia, the Disney princess, in Español.

"Kids who are Latino, they don’t just want to read books that are Latino or by Latino authors or with Latino characters — they want to be exposed to the diverse literature that is out there," said Mariel Lopez, who directs Scholastic's Spanish section.

Lopez adds that teachers in dual language immersion schools request Spanish language books which are translated from English so they can use the same book in both languages.

Luis Orozco, who has represented authors of books for Latino children for years, said changes in the publishing industry haven't helped writers of original Spanish-language works.

"As a result of the advent of technology, a lot of our [U.S.] publishers were forced to consolidate. So a book about a popular character that did well in English was easy to translate," he said.

But Orozco believes there is a major market among people who are eager for their kids to succeed and want more book choices for their children.

“They come to this country because they have better opportunities here," he said. "And the fact of the matter is that the traditional channels of distribution don’t have sales people that speak their language, that can speak to the authenticity of that product.”

At a recent presentation to parents, Orozco talked about the story, “Del Norte al Sur,” written by one of his authors, Rene Colato Lainez. It tackles the issue of family separation due to deportation.

After his talk, he said he sold out of every book.

Navarrete and Arroyo have scoured the Internet and traveled to Spanish-speaking countries to find authentic literature to sell. They found them, to their delight.

“There is this explosion of small independent [children’s] publishers in Spain, in Latin American countries,” Navarrete said. The two carefully selected books that would resonate with kids growing up in Los Angeles, and brought them back to stock their shelves.

At their store's grand opening on Feb. 21, parents and kids flooded in, devouring the books. One mother, bouncing her 10-month-old in a baby carrier, asked if the store had books from Guatemala.

To her surprise, the answer was "yes."

Arroyo and Navarrete hope eventually they can find a way for children to borrow their books for free, like a library. They said their goal is to break down barriers so that any child can read a book that speaks to them.

4 tips for finding and reading Spanish-language literature

1. Look for small or independent publishers that promote Latino authors and illustrators. Here are a few to start with:

• Lee & Low books
• Cinco Puntos Press
• Academia Cultural

2. Rich language matters. Browse for language in books that is rich and expressive. Children are never too young to be exposed to words heavy in imagery, that have double-meanings, or are alliterative. Through vivid descriptions, children can learn words to explain their own feelings and experiences.

3. Engage your children with the language as much as you engage them with the story. Explain the complex words and talk about context and meaning. Rich language can also help early readers with social emotional development, said Norma Silva of UCLA’s Lab School.

4. Besides books in hard copy, look for audio books. There is a long tradition of oral storytelling in many Latin American countries. Stories are told and passed on through generations, and today some Latino writers are also performers. Author Jose-Luis Orozco produces music, rhythms and basic literacy in addition to his stories.

This content is from Southern California Public Radio. View the original story at SCPR.org.

A Washington, D.C., think tank issued a report that says California Virtual Acadmies, a major online school network, has had more dropouts than graduates in most years.; Credit: Jeff J Mitchell/Getty Images

A report released Thursday by a labor group-affiliated Washington think tank is questioning the education provided by an online public school program that says it is in a union fight.

The report by In the Public Interest, a group funded by unions, says the thousands of students enrolled in the California Virtual Academies online public school known as CAVA are receiving a  substandard education by most measures.

"So in every year since CAVA began graduating students, with the exception of 2013, it has produced more dropouts than graduates,” said Shahrzad Habibi, who authored the report.

She said state test score data show that 71 percent of California public schools performed better than the virtual academies.

The report calls on California officials to investigate the online schools’ administration and finances.

California Virtual Academies enrolls about 14,000 kindergarten to 12th grade students through 11 sites, including those in Los Angeles, San Diego, and Fresno. It is run by a national for-profit company called K12 Inc.

In a written statement, California Virtual Academies did not dispute the reported low student performance numbers, but denied other allegations in the study, which it called “inaccurate and deeply flawed.”

“The report relies primarily on misinformation from the California Teachers Association — the union currently engaged in a coordinated and well-funded distortion campaign to unionize the eleven independent California Virtual Academies charter schools.”

In the Public Interest, which supports the work of labor unions, partnered with the American Federation of Teachers last year on a website to track for-profit charter school companies.

This content is from Southern California Public Radio. View the original story at SCPR.org.

Vaishnavi Ananthanarayanan
Apr 17, 2020; 133:jcs245928-jcs245928
Meeting Report

Simon L. Bullock
Apr 6, 2020; 133:jcs245134-jcs245134
Meeting Report

Changing lifestyles are causing city workers to ignore the positive experiences of urban green spaces during their working week. A recent study suggests city planners could do more to promote the benefits of going outdoors to city dwellers.

As society changes, it places new demands on its surroundings. New research has found that some EU countries are better able to manage the undesirable expansion of cities, the concept known as ‘urban sprawl’, because they have a flexible spatial planning policy that can easily adapt to changes. Urban sprawl is a term used to describe the expansion of residential suburbs around city centres, driven by peoples’ desire to live in larger houses and the ease of transport made possible by cars.

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After 16 years of dedicated planning and engineering, scientists at the U.S. Department of Energy's (DOE) Brookhaven National Laboratory have completed a 3.2 gigapixel sensor array for the camera that will be used in the Large Synoptic Survey Telescope (LSST), a massive telescope that will observe the universe like never before. The digital sensor array is composed of about 200 16-megapixel sensors, divided into 21 modules called "rafts." Each raft can function on its own, but when combined, they will view an area of sky that can fit more than 40 full moons in a single image. Researchers will stitch these images together to create a time-lapse movie of the complete visible universe accessible from Chile. Currently under construction on a mountaintop in Chile, LSST is designed to capture the most complete images of our universe that have ever been achieved. The project to build the telescope facility and camera is a collaborative effort among more than 30 institutions from around the world, and it is primarily funded by DOE's Office of Science and the National Science Foundation.

Image credit: SLAC National Accelerator Laboratory

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Earth's magnetic field seems steady and true -- reliable enough to navigate by. Yet, largely hidden from daily life, the field drifts, waxes and wanes. The magnetic North Pole is currently shifting toward Siberia, forcing the Global Positioning System that underlies modern navigation to update its software sooner than expected. Every several hundred thousand years, the magnetic field dramatically shifts and reverses its polarity. Magnetic north flips to the geographic South Pole and, eventually, back again. This reversal has happened countless times over Earth's history, but scientists' understanding of why and how the field reverses is limited. The researchers find that the most recent field reversal 770,000 years ago took at least 22,000 years to complete, several times longer than previously thought. The results call into question controversial findings that some reversals could occur within a human lifetime.

Image credit: Brad Singer

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The Maya of Central America are thought to have been a kinder, gentler civilization, especially compared to the Aztecs of Mexico. At the peak of Mayan culture some 1,500 years ago, warfare seemed ritualistic, designed to extort ransom for captive royalty or to subjugate rival dynasties, with limited impact on the surrounding population. Only later, archeologists thought, did increasing drought and climate change lead to total warfare -- cities and dynasties were wiped off the map in so-called termination events -- and the collapse of the lowland Maya civilization around 1,000 A.D. (or C.E., current era). New evidence unearthed by National Science Foundation-funded researchers call all this into question, suggesting that the Maya engaged in scorched-earth military campaigns -- a strategy that aims to destroy anything of use, including cropland -- even at the height of their civilization, a time of prosperity and artistic sophistication. The finding also indicates that this increase in warfare, possibly associated with climate change and resource scarcity, was not the cause of the disintegration of the lowland Maya civilization.

Image credit: Francisco Estrada-Belli/Tulane

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Many wild southern sea otters in California are infected with the parasite Toxoplasma gondii, yet the infection is fatal for only a fraction of sea otters, which has long puzzled the scientific community. A National Science Foundation-funded study identifies the parasite's specific strains that are killing southern sea otters, tracing them back to a bobcat and feral domestic cats from nearby watersheds. The study marks the first time a genetic link has been clearly established between the Toxoplasma strains in felid hosts and parasites causing fatal disease in marine wildlife. The study's results highlight how infectious agents like Toxoplasma can spread from cat feces on land to the sea, leading to detrimental impacts on marine wildlife.

Image credit: Trina Wood/UC Davis

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Machine learning algorithms can sometimes do a great job with a little help from human expertise, at least in the field of materials science. In many specialized areas of science, engineering and medicine, researchers are turning to machine learning algorithms to analyze data sets that have grown too large for humans to understand. In materials science, success with this effort could accelerate the design of next-generation advanced functional materials, where development now usually depends on old-fashioned trial and error. By themselves, however, data analytics techniques borrowed from other research areas often fail to provide the insights needed to help materials scientists and engineers choose which of many variables to adjust -- and the techniques can't account for dramatic changes such as the introduction of a new chemical compound into the process. In a new study, researchers explain a technique known as dimensional stacking, which shows that human experience still has a role to play in the age of machine intelligence. The machines gain an edge at solving a challenge when the data to be analyzed are intelligently organized based on human knowledge of what factors are likely to be important and related. "When your machine accepts strings of data, it really does matter how you are putting those strings together," said Nazanin Bassiri-Gharb, the paper's corresponding author and a scientist at the Georgia Institute of Technology. "We must be mindful that the organization of data before it goes to the algorithm makes a difference. If you don't plug the information in correctly, you will get a result that isn't necessarily correlated with the reality of the physics and chemistry that govern the materials."

Image credit: Rob Felt/Georgia Tech

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Bridges make travel faster and more convenient, but, in an earthquake, these structures are subject to forces that can cause extensive damage and make them unsafe. Now civil and environmental engineer Petros Sideris of Texas A&M University is leading a National Science Foundation (NSF)-funded research project to investigate the performance of hybrid sliding-rocking (HSR) columns. HSR columns provide the same support as conventional bridge infrastructure columns but are more earthquake-resistant. HSR columns are a series of individual concrete segments held together by steel cables that allow for controlled sliding and rocking. This allows the columns to shift without damage, while post-tensioning strands ensure that at the end of an earthquake the columns are pushed back to their original position. Conventional bridges are cast-in-place monolithic concrete elements that are strong but inflexible. Structural damage in these bridge columns, typically caused by a natural disaster, often forces a bridge to close until repairs are completed. But bridges with HSR columns can withstand large earthquakes with minimal damage and require minor repairs, likely without bridge closures. Such infrastructure helps with post-disaster response and recovery and can save thousands in taxpayer dollars. In an earthquake, HSR columns provide "multiple advantages to the public," Sideris said. "By preventing bridge damage, we can maintain access to affected areas immediately after an event for response teams to be easily deployed, and help affected communities recover faster. In mitigating losses related to post-event bridge repairs and bridge closures, more funds can be potentially directed to supporting the recovery of the affected communities." According to Joy Pauschke, NSF program director for natural hazards engineering, "NSF invests in fundamental engineering research so that, in the future, the nation's infrastructure can be more resilient to earthquakes, hurricanes, and other forces of nature."

Image credit: Texas A&M University

Source: Streetwise Reports   05/04/2020

Stemline Therapeutics Inc. (STML:NASDAQ), which is focused on developing and commercializing novel oncology therapeutics, today announced that it has entered into a definitive agreement to be acquired by private Italian pharmaceutical and diagnostics company Menarini Group in a transaction valued up to $677 million.

The companies advised that the transaction has already been unanimously approved by both companies' Boards of Directors and that the transaction is expected to close in Q2/20 subject to customary closing conditions, regulatory approvals and a tender of at least 50% of the outstanding Stemline shares by shareholders. Menarini stated that it plans to fund the purchase by using existing cash resources.

The firms outlined that purchase details and advised that "under the terms of the agreement, a wholly owned subsidiary of the Menarini Group will commence a tender offer for all outstanding shares of Stemline, whereby Stemline shareholders will be offered a total potential consideration of $12.50 per share, consisting of an upfront payment of $11.50 in cash and one non-tradeable Contingent Value Right (CVR) that will entitle each holder to an additional $1.00 in cash per share upon completion of the first sale of ELZONRIS in any EU5 country after European Commission approval."

The report explained that ELZONRIS is a novel targeted therapy directed to the interleukin-3 (IL-3) receptor-α (CD123) and was developed by Stemline for treatment of blastic plasmacytoid dendritic cell neoplasm (BPDCN) in adult and pediatric patients. The firm stated that the U.S. Food and Drug Administration (FDA) approved that drug in the U.S. in December 2018. A marketing authorization application (MAA) has already been submitted and is presently under review by the European Medicines Agency. Post acquisition, Menarini expects to obtain approvals and expand distribution of ELZONRIS to Europe and emerging markets.

Stemline Therapeutics' Chairman, CEO and Founder Ivan Bergstein, M.D., commented, "Joining Menarini represents a unique opportunity for Stemline to advance the commercialization of ELZONRIS across the globe and to accelerate the development of our pipeline of oncology assets. ...We are excited to be combining with a like-minded organization in Menarini, in a transaction that will deliver immediate and significant cash value to our shareholders, while also allowing our shareholders to participate in the future upside of ELZONRIS's European launch."

Elcin Barker Ergun, CEO of Menarini Group, remarked, "Stemline is an excellent fit for Menarini, enabling us to expand our presence in the U.S. with an established biopharmaceutical company focused on developing oncology therapeutics. Through this acquisition, we will continue to strengthen our portfolio and pipeline of oncology assets and deliver novel therapies around the world."

The company described BPDCN, formerly blastic NK-cell lymphoma, as "an aggressive hematologic malignancy, often with cutaneous manifestations, with historically poor outcomes which typically presents in the bone marrow and/or skin and may also involve lymph nodes and viscera."

Stemline Therapeutics is a commercial-stage biopharmaceutical company headquartered in New York that develops and markets oncology therapeutics. The firm stated that its "ELZONRIS^® (tagraxofusp) is a targeted therapy directed to CD123 and is FDA-approved and commercially available in the U.S. for the treatment of adult and pediatric patients, two years and older, with BPDCN." Stemline noted that ELZONRIS is also being currently being evaluated in clinical studies for other indications including chronic myelomonocytic leukemia, myelofibrosis and acute myeloid leukemia.

The Menarini Group is an international pharmaceutical company based in Italy which operates and sells its products in more than 100 countries. The company stated that it has $4.2 billion in sales annually. The company's medicines address many areas of illnesses including cardiovascular, gastroenterology, metabolic, infectious diseases and anti-inflammatory/analgesic therapeutic areas and oncology.

Stemline Therapeutics began the day with a market capitalization of around $249.2 million with approximately 54.27 million shares outstanding and a short interest of about 11.3%. STML shares opened nearly 150% higher today at $11.81 (+$7.06, +148.63%) over Friday's closing price of $4.75. The stock has traded today between $1.81 and $12.35 per share and is currently trading at $12.10 (+$7.35, +154.74%).

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( Companies Mentioned: STML:NASDAQ, )

Source: Streetwise Reports   05/07/2020

Streetwise Reports: Let's start with gold, which has seen an impressive rise in the last few months as the broader markets have declined on the back of the coronavirus pandemic. What do you think is ahead for the metal?

Frank Holmes: There is a short-term view and a long-term view. What's really hard for so many investors and asset allocators to recognize is that gold bullion since 2000 has far outperformed the S&P 500. In fact, of the last 20 years, in 16 of those years gold has been positive. So if we look at the numbers, it's double what the S&P 500 has done for the past 20 years.

With gold, there's the fear trade and the love trade. The love trade is 60% of the demand and it is long-term demand. The fear trade is short-term demand, and it's about 40%. Right now, we're living with fear that's really dominating the markets. The two factors that go with that are negative real interest rates and the amount of debt being printed by the government. So whenever you have the combination of a rising Fed balance sheet with Quantitative Easing 1, 2 and 3, buying junk bonds, whatever they're doing in the stock markets to try and provide liquidity, as that flows dramatically so does the price of gold.

Typically and most significant, in every country in the world we have found that when you have negative real interest rates, gold goes up in that country's currency. Take the yield on 10-year government bonds and subtract the monthly Consumer Price Index (CPI) number; if it's a positive return, gold is not attractive as an asset class. But if it's a negative real rate of return, gold appreciates in that country's currency.

When gold went to $1,900 in September of 2011, the 10-year government bond had a negative real rate of return of -300 basis points. Then five years later, the price of gold went down to $1,100 and real interest rates were +2% over the CPI number. So you had a variant swing from -3 to +2, which is 500 basis, and that's why gold corrected. Since then, we've had these periods now, and particularly in the past year, of negative real interest rates in America. That's how gold started staging a rally, which started about this time last year, peaked in August, sold off and now it's coming back again.

The Federal Reserve said recently it's going to keep rates basically at 0. The CPI is still running more than 1%. In fact, we could get big food inflation, the way it looks, for beef, chicken, etc. Inflation could have a big impact on negative real interest rates, and gold is moving higher.

So short term, it's all about real negative interest rates. As long as they stay negative, then we're going to see gold go up in the U.S. dollar. It could go up against the euro, against any country's currency.

I mentioned earlier that 60% of gold demand is love, and it predominantly comes from China and India. China and India are 40% of the world's population, and if you throw in the Middle East and Southeast Asia, we're now talking about 50% of the world's population. They give gold for weddings and for birthdays, and there's a strong correlation of rising gross domestic product (GDP) per capita in those countries for the past 20 years, and rising gold consumption.

China and India comprise approximately 50% of the world's gold demand GDP per capita. Indian women wear six times the amount of gold on their bodies than what is in Fort Knox, and they predominantly wear 24 karat, minimum 22 karat, gold jewelry. It's protected them from bad governments and bad government policies.

SR: What do you see happening with silver?

FH: Silver has more industrial applications than gold, so silver is like a warrant on gold. If a stock takes off and there's an option or a warrant in the money, it explodes and goes up much more percentage-wise. It has greater volatility. Every 10% move in gold usually translates to a 15% move in silver, up or down. And with this fear that's been taking place with negative interest rates and the calamity of money printing around the world, what we see now is that silver didn't move at first. Silver has always lagged.

SR: Do you recommend that the individual investor hold gold bullion?

FH: Yes. I think the easiest way is the SPDR Gold Trust (GLD). Or if you want to buy the physical gold insured, go to a reliable site like Kitco, and you can take physical delivery.

There is a company called Mene Inc. (MENE:TSX.V; MENEF:OTCMKTS) at mene.com. It sells 24-karat gold jewelry with only a 10% markup. And it will buy back your gold jewelry at a 10% discount to the price of gold if you ever want to sell it back. That's the business model. It will deliver throughout the U.S., I think using Brinks for delivery of simple gold jewelry.

SR: Let's talk about bitcoin for a moment and how that fits into a portfolio.

FH: I am the chairman of HIVE Blockchain, which became the first real cryptomining company. We are mining using green energy, surplus energy in Iceland, Sweden and now Quebec, which sells electricity to New York state. Quebec has a surplus of it. So we started mining these coins.

What I found is that the Bitcoin is very different than Ethereum. Bitcoin is going to become, to me, like Andy Warhol's art. If you look at the original paintings of Marilyn Monroe or Elvis Presley, when he came out with his prints in different colors, they came out at $1,000, went up to $10,000, fell, went up to $50,000, fell, went up to $100,000 and went to $125,000—because there are just more people, widened GDP, over time, and then they become art collectors. I think that if you have an original Bitcoin that's never been traded, it's going to be in that space.

The other part is that cryptocurrency is very new, and digital money is going to only grow. Blockchain technology is a superior piece of technology. What we saw was that Bitcoin bottomed a little over a year ago. Then it rallied, it went up to $14,000. All the central banks got worried. They knocked it down, and it's making a comeback.

Bitcoin, in mid-May, is going to halve production. There's a limited number of Bitcoins allowed to be ever created. The methodology when you mine them is you get new Bitcoins. They're called genesis or virgin coins. The number of coins you get every time you mine is going to halve. So the supply is going to shrink dramatically. A thought process with that is that Bitcoin will trade higher, probably above $10,000. Bitcoin is very speculative, just like buying Andy Warhol's art early.

I think that anyone who looks at Bitcoin or Ethereum must recognize that the daily volatility is four times the S&P 500 and gold. Thirty percent of the time gold or the S&P can go up or down 1%. For Bitcoin and Ethereum, it's 4–5%. Cryptocurrency is a huge secular trend, but it's going to be volatile.

SR: How do you feel about gold stocks? Are you looking at seniors or juniors or both? What should investors be looking at?

FH: For the first time in a long time, I'm becoming very bullish on gold stocks. I've been very negative on gold mining companies for over a decade now, for raising capital and actually destroying value per share. But over the decade, new boards of directors and new chief executive officers have come on, and there's become a greater discipline on cash flow returns rather than on cash flow, revenue per share growth, cash flow per share growth, rising dividends, all the normal things you buy a Starbucks or any great company for. It's the capacity to have revenue growth. Mining companies did a lot of silly mergers and acquisitions work, with which they destroyed capital, but that has changed.

During this past decade I've been a big advocate of royalty companies, such as Franco-Nevada Corp. (FNV:TSX; FNV:NYSE), Wheaton Precious Metals Corp. (WPM:TSX; WPM:NYSE), Royal Gold Inc. (RGLD:NASDAQ; RGL:TSX). These three had the highest revenue per employee in the world.

Franco-Nevada has a royalty on Newmont Goldcorp Corp. (NEM:NYSE) and Barrick Gold Corp.'s (ABX:TSX; GOLD:NYSE) joint venture assets in Nevada. The revenue per employee at Franco-Nevada is over $20 million. For Barrick or Newmont, it's $500,000 of revenue per employee. Goldman Sachs has $1 million of revenue per employee. So these royalty firms are very efficient companies. If you look at the past decade, Franco-Nevada has far outperformed Berkshire Hathaway. It has far outperformed any gold stock. It's because it's showing revenue per share growth, cash flow per share growth, over the rolling one year over three years on a consistent basis.

What's now happening is we have new management for these other gold stocks. The big move in gold stocks occurs when the generalists start to buy the sector. They've not been owning the underweight gold stocks because of the bad discipline by management and boards or silly acquisitions. Now what we're seeing, for the past three years, through the end of March, we're going to see the one year revenue growth over two years strong. Now you get 36 months of a strong growth in revenue and cash flow from the industry, and all of a sudden, generalists show up. When you start seeing more and more of the stocks in that industry showing free cash flow, the generalists start to show up.

The coronavirus this past quarter hurt the S&P 1500 stocks because the majority of them had free cash flow yields of about 4%, and they got evaporated, obliterated, because of this global shutdown. But the gold stocks didn't. They actually have rising free cash flow. They're going to show this quarter the price of gold is up, some of them had shut-ins for very temporary periods of time but their revenue, their cash flow, as a whole is going to truly outshine the overall industry. And when the quants and the fundamentalists start looking at where their growth is, these stocks are going to show up.

I did an analysis of only looking at free cash flow and picked the 10 gold stocks every quarter that had the highest free cash flow yield. And I sold them and bought them every quarter. I far outperformed any gold index. So that discipline shows up as a key metric to attract the quant fund or the generalist. When I look at my data—the two-year number is so important—I'm becoming very bullish on gold stocks.

When we talk about the names, my bias is U.S. Global GO GOLD and Precious Metal Miners ETF (GOAU). I launched this several years ago as a smart quant approach to picking gold stocks. It has three royalty companies that we talked about, Franco-Nevada, Wheaton Precious and Royal Gold. They're 30% of that ETF. They rebalance every quarter.

Then all the other names, they go down to a $200 million market cap but they have to be able to show the highest cash flow returns on invested capital. Once they do something silly or stupid, they're thrown out. Back testing, that model has outperformed the VanEck Vectors Gold Miners ETF (GDX) and the VanEck Vectors Junior Gold Miners ETF (GDXJ) just on a basket of 60 gold stocks. This only has 28 names. Since I launched it, it's far outperformed on a rolling 12-month basis. It's smart data, and it dynamically recalibrates every quarter.

If you want to buy the individual names, then I would focus on those three big royalty companies. Thereafter, I would focus on those companies that have this metric I talk about, free cash flow yields. Out of the 100 gold stocks in the world that we follow, there are only about 14 of them that really have attractive free cash flow yields. What's interesting is that Barrick and Newmont—and Newmont's part of the S&P 500—does have a free cash flow yield that is positive, so you're seeing it has really done exceptionally well this past quarter because it has an attractive free cash flow yield and has not been hurt by the coronavirus.

SR: Let's switch gears for a moment. U.S. Global Funds runs the Jets ETF, an airline ETF. Obviously, the airlines have been battered. Do you see them coming back? Do you see bankruptcies?

FH: I think that the government agencies and the politicians have learned a lot from two big corrections: the 9/11 correction and 2008–2009. When you look at this industry, the Federal Aviation Administration says that 1 in 15 people is associated with the airline industry. That's huge. When you look at the multiplying effect of the airline industry, it's massive, just as housing is. One dollar for housing is worth $16 approximately. So when it comes to airlines, we're talking a double digit number of multiplying effect.

What's happened is that the government has been very smart this time to say we must make sure that we don't unwind this industry as we've done in previous times. So I think there's going to be a faster turnaround from the bailout policies.

What's happened with the airlines is they have ancillary revenue that has been very significant in the past five years. Some $20 billion of revenue then went to $100 billion of revenue, which covers a lot of costs. It aggravates you and me when we fly: change fees, baggage fees, but all these fees have let the airlines not be victimized by the price of oil because every time the price of oil went up, airline stocks fell. Every time oil went down, airlines went up. It was this inverse relationship that took place. Oil has represented less and less of ancillary fees. Now what's happened on this correction is not only the ancillary fees and everything have fallen, but oil has crashed. So airlines' biggest cost is way, way down. That means when they turn, and they come out of this correction, they have huge upside. Not only do they have the support of the government, they have the ability to start adding on these fees.

Because of the bailouts, airlines are not going to be able to buy back their stocks and they're not going to be increasing their dividends in this process. But that doesn't matter. Their revenue capacity per share is explosive. So I think that that's a very big difference.

SR: Anything else that you would like to talk to our readers about in this period of extreme volatility and uncertainty?

FH: Yes, bad news is good news. There's the optimism of trying to find who's going to be the solution to the problem. Had the U.S. Food and Drug Administration and the Centers for Disease Control and Prevention used Google and Amazon technology, they probably could've adapted faster to this coronavirus. Amazon hired 100,000 people. It's amazing that in all that negative news, it adapted the fastest. It's trying to understand how capital markets morph. There are certain industry leaders. I love Clorox. I don't think that stock is going to be given away. I think it's one of those just steady dividend payer and growing dividend stocks. So it's in the negative news where you can find opportunities besides airlines, besides gold. You can turn around and find these other pockets.

SR: Thank you, Frank. I appreciate your time today.

Frank Holmes is CEO and chief investment officer at U.S. Global Investors, which manages a diversified family of funds specializing in natural resources, emerging markets and gold and precious metals. In 2016, Holmes and portfolio manager Ralph Aldis received the award for Best Americas Based Fund Manager from the Mining Journal. In 2011 Holmes was named a U.S. Metals and Mining "TopGun" by Brendan Wood International, and in 2006, he was selected mining fund manager of the year by the Mining Journal. He is also the co-author of The Goldwatcher: Demystifying Gold Investing. More than 30,000 subscribers follow his weekly commentary in the award-winning Investor Alert newsletter, which is read in over 180 countries. Holmes is a much sought-after keynote speaker at national and international investment conferences. He is also a regular commentator on the financial television networks CNBC, Bloomberg, BNN and Fox Business, and has been profiled by Fortune, Barron's, The Financial Times and other publications.

Disclosure:
1) Patrice Fusillo conducted this interview for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. She owns, or members of her immediate household or family own, shares of the following companies mentioned in this article: None. She is, or members of her immediate household or family are, paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this interview are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
3) Frank Holmes: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: N/A. I, or members of my immediate household or family, are paid by the following companies mentioned in this article: HIVE Blockchain Technologies. My company has a financial relationship with the following companies mentioned in this interview: N/A. Funds controlled by U.S. Global Investors hold securities of the following companies mentioned in this article: Mene Inc., Franco-Nevada Corp., Royal Gold Inc., Wheaton Precious Metals, Newmont Mining, Barrick Gold Corp. I determined which companies would be included in this article based on my research and understanding of the sector. I had the opportunity to review the interview for accuracy as of the date of the interview and am responsible for the content of the interview.
4) The interview does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this interview, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Franco-Nevada and Newmont Goldcorp, companies mentioned in this article.

( Companies Mentioned: FNV:TSX; FNV:NYSE, MENE:TSX.V; MENEF:OTCMKTS, RGLD:NASDAQ; RGL:TSX, WPM:TSX; WPM:NYSE, )

Source: Knox Henderson for Streetwise Reports   05/07/2020

A quick update since FansUnite Entertainment Inc. (FANS:CSE) went live on Tuesday, May 5, because big things are happening in the industry, thus showing there is an enormous appetite for this kind of technology especially now, as we (very slowly) emerge out of this COVID pandemic.

On the sports front, Germany announced that its Bundesliga soccer will resume games in May, yet with tight restrictions and no fans. This is followed by the Turkish soccer league, which plans to resume playing on June 12. The Ultimate Fighting Championship (UFC), with a huge draw to the masses—the UFC 246 prelims averaged 1.767 million viewers on ESPN—will return at VyStar Veterans Memorial Arena in Jacksonville, Fla., on May 9, again featuring no live fans. So as more sports emerge in our "new reality," where will those fans be? Online, of course! In a fanless sports environment we're going to see a lot of online engagement no matter what sport or activity that may be. That's going to spawn even more online attention, which will likely hold firm even after we emerge from our home quarantine.

The industry is rapidly consolidating. On Tuesday we alluded to The Stars Group Inc. (formerly Amaya), which, according to Bloomberg, "saw record revenue in its first quarter as COVID-19 led to an increase in online activity starting in March. Indeed TSGI.T has had a great run from $18 mid-March to a high of $40 on May 1 after it confirmed shareholder approval of a friendly takeover by UK based Flutter Entertainment plc. (LSE:FLTR.L - News). The two create a £10 billion (US$12 billion) giant, according to Racing Post, and combine for more than 13 million customers, US$4.6 billion in revenue and US$1.7 billion in EBITDA.

Investors are getting on board

In our previous note we referred to DraftKings (NASDAQ:DKNG), which launched as recently as April 23, in the thick of this stay-at-home pandemic. After completing a merger with Diamond Eagle, a special purpose acquisition company, and back-end technology provider SBTech, its stock soared. DraftKings' stock jumped 14% in its first day of trading before closing up 10.38% at $19.35. The company was also able to add another half a billion dollars on the balance sheet at a time when it's not easy to raise money. That company currently has a $17 billion market capitalization.

Meanwhile there's been a noticeable correlation of trading activity in the industry from mid-March to the end of April:

• Prior to the merger with Canadian The Stars Group, Dublin, Ireland-based Flutter, trading as OTC:PDYPY in the U.S., had a good run of its own. Since mid-March it doubled from $31 to $64 by the end of April, despite any global sport-killing pandemic.

• UK-based GVC Holdings PLC (LSE:GVC) gained 23% in the last month, from $611 to $750, reaching a US$4.3 billion market capitalization.

• After falling from February highs of $30, Scientific Games (NASDAQ:SGMS) more than tripled from a $4 low mid-march to $13 by the end of April to again reach a $1 billion market valuation.

• Penn National Gaming (NASDAQ:PENN), now at a US$1.8 billion market capitalization, has a chart that mirrors SGMS. After February highs of $38, PENN rebounded through the COVID crisis. It also more than tripled from a low of $4.50 mid-March to a $17.80 high by the end of April.

• Score Media and Gaming (SCR.V,) with a market capitalization of $185 million, during that same period, ran from $0.32 to $0.42 mid-march to April 29, gaining 31%

• (are you starting to a pattern here?)

On the regulatory front, Colorado, became the next state to legalize sports bargaining following New Jersey, Nevada, Delaware and Pennsylvania. The state is poised to generate $6 billion in annual wagers and an estimated $400 million in revenue once the industry matures, according to Dustin Gouker, chief analyst for PlayColorado.com. According to the Denver Post, Colorado fans will have their pick of 17 digital sportsbooks currently licensed to operate in the state.

FansUnite Is at a Small-Cap Entry Point with Tremendous Upside.

It is in this environment that FansUnite launched on the Canadian Securities Exchange on May 5. "We are just getting started," said CEO Darius Eghdami. "We've bought a great asset in McBookie and will be continuing to focus on M&A." McBookie, the company's first acquisition, is a white-label sportsbook in the UK, focusing on the Scottish market. It offers 200,000 members active in sports and virtual games, and boasts over $100 million turnover cumulatively the last three years. "We want to be active in finding that next 'McBookie' operating in a niche market, looking at Esports assets and also creative ways to get into the U.S. market. "

After a financing at $0.35, the now-trading company rests slightly above that as a relatively new and unknown entity—so far—which is why now is great opportunity participate in a smaller scale, yet leveraged, consolidation play. "We have a great opportunity to use our stock as currency, and then grow and scale companies through our team and resources," says Eghdami.

"We also have great investors and support, a very experienced board and management team and a clear vision of how we want to be that next gaming giant. The path has been shown by other Canadian gaming companies such as Amaya, and we want to follow that path and execute on our vision."

It's an ambitious plan: a CA$25 million market-cap company, $2 million in the bank, with a consolidation plan to attack a $1 trillion online industry. Yet FansUnite comes out of the gate with strong financial backing led by board member Shafin Diamond, CEO of Victory Square since 2015, a venture builder that builds start-ups in web, mobile, gaming, AI and AR/VR. Diamond has launched 40 start-ups in 24 countries, employed more than 350 people, and has generated over $100 million in annual revenues.

Eghdami says the immediate plan is to strengthen its UK presence with McBookie and focus on M&A activity, while continuing to develop its software platform.

The games are just beginning.

Knox Henderson is a journalist and capital markets communications consultant. He has advised for a broad range of small cap companies in the resource, life sciences and technology sectors for more than 25 years.

Disclosure:
1) 1) Knox Henderson: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: None. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: FansUnite Entertainment Inc. My company has a financial relationship with the following companies mentioned in this article: None. I determined which companies would be included in this article based on my research and understanding of the sector.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with FansUnite. Please click here for more information. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
3) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
4) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of FansUnite, a company mentioned in this article.

( Companies Mentioned: FANS:CSE, )