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‘Exceedingly deep convictions’: Inside Xavier Becerra’s quest for health care for immigrants

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‘Exceedingly deep convictions’: Inside Xavier Becerra’s quest for health care for immigrants

As if to illustrate the fury with which the GOP regarded the issue of health care for undocumented immigrants, even Obama’s sharp disavowal of it prompted Rep. Joe Wilson (R-S.C.) to scream “you lie!” across the chamber.

Obama’s decision to cave in to the Wilson wing of the Republican Party was “more than disturbing,” Becerra told POLITICO at the time.

“I’m not sure what the White House is doing with this. Shadow boxing helps no one,” he told the Associated Press.

Now, as Becerra prepares to assume a new role as Joe Biden’s health secretary, he will have the power to make public benefits for undocumented workers a reality. With a stroke of his pen, he could issue first-of-their-kind waivers reversing the very policy that Obama torpedoed and allowing undocumented immigrants, roughly half of whom are currently uninsured, access to state health care exchanges. There are some compelling policy reasons to do so — undocumented workers often contribute payroll taxes, and giving them benefits would not only help prevent the spread of infectious disease, but ease free-care burdens on hospitals.

But even as Becerra readies himself for the start of his confirmation hearing on Tuesday, the toxic politics that Obama bowed to remain strongly in force.

“His interest is in trying to get illegal aliens on government-subsidized health care options,” said an aide to outspoken Sen. Tom Cotton (R-Ark.), who has been lobbying colleagues against Becerra’s nomination. “If he was confirmed, he could weaponize HHS as a mechanism to push for open borders, and legitimize the illegal alien agenda that he’s pushing for. That has gotten some attention on the Hill.”

Then there’s the question of whether Democratic moderates, including Biden, are willing to back Becerra on the issue — or whether the White House, in an attempt to turn down the temperature, would ask Becerra to proceed cautiously on immigration issues.

Asked about Becerra’s past and current views, as well as how he would approach the new role of HHS secretary, Biden transition spokesman Andrew Bates said, “He will follow the law and pursue the President’s agenda to expand the Affordable Care Act and reduce costs for the American people.”

Becerra declined interview requests.

Interviews with lawmakers suggest that there is wide, though hardly unanimous, support among Democrats to allow states to use federal funds to cover undocumented workers, either by allowing them to buy into the ACA exchanges without any government subsidy or, more controversially, to utilize Medicaid. But there are moderates, including some Hispanic lawmakers, who sense that any such moves would be flashpoints for grass-roots opposition.

“This issue about non-citizens receiving health care has been contentious for years,” said Rep. Henry Cuellar (D-Texas), a moderate. “U.S. Citizens should receive welfare and other benefits, that’s my position and my position is what helps Democrats. If you’re undocumented, you shouldn’t be getting health care and other benefits.”

“My district is heavily Hispanic, and I hear it,” Cuellar added. “‘You know congressman, you can’t let those undocumented people get assistance — we’ve got a lot of people here who need help. There’s long lines at the food banks.’ I hear that all the time.”

But interviews the 15 Becerra friends, colleagues, and allies, as well as health care experts, suggest that health care for undocumented immigrants is an issue close to the heart of the 63-year-old son of a Mexican immigrant mother who, despite a diplomatic demeanor, can be forceful in pushing issues that align with his value system.

A POLITICO review of his 24-year House career and four years as California attorney general found that Becerra has repeatedly advocated for undocumented immigrants to have more access to health care and other government benefits, whether through Medicaid or Obamacare.

“He’s one of those individuals that had exceedingly deep convictions about the need to cover the undocumented individuals in all of our communities,” said former Rep. Charles Gonzalez (D-Texas), who worked with Becerra during the Obamacare debate. In the case of the health care bill, Gonzalez said, “It did not make any sense not to, as long as they went ahead and paid for the coverage.”

Ultimately, the Affordable Care Act shut undocumented immigrants out of both receiving government-subsidized health insurance and buying any insurance on the new exchanges.

Soon after Obama’s speech to Congress in September 2009, Becerra was one of a handful of lawmakers who had a heated meeting on the issue with Obama in the Oval Office.

“[Obama’s team] were there to tell us they weren’t going to be able to do it,” said Gonzalez, the Texas Democrat. “We walked out, and people were frustrated and still upset.”

If confirmed as HHS chief, Becerra would have multiple avenues to assist undocumented immigrants, according to health care specialists. The least complicated path would be to give them access to the Obamacare exchanges without any government subsidies. He could also encourage states to expand in-state Medicaid programs to cover undocumented immigrants, which California is in the process of doing. Or he could choose to expand health insurance for DREAMers, who have temporary legal status in the United States but do not qualify for government health care programs or other assistance.

That’s if Republicans in Congress don’t manage to grind Becerra’s nomination to a halt in the narrowly Democratic Senate, and if Biden — once thought a moderate on immigration — doesn’t waver on his campaign-trail pledge to allow undocumented immigrants to buy into a “public option”-like health plan.

Becerra’s friends and former colleagues say that while he would follow Biden’s edicts, he would at the very least be a committed advocate for undocumented workers.

“He wants everyone who works hard to have the opportunity to get ahead, and part of that is access to health care,” said a former Becerra aide. “His touchstone is always that our nation is built on immigrants, and people come to this country to make a better life for their families.”

* * *

In discussing health care, Becerra often analogizes the plight of undocumented immigrants to the struggles of his own family.

When, in 2019, he was asked to prioritize the more than 100 lawsuits he filed as Golden State AG challenging the Trump administration on topics from gun control to the Endangered Species Act, Becerra cited two: Reversing Trump’s efforts to dismantle the Affordable Care Act and his elimination of DACA, which gives undocumented immigrants who arrive in the U.S. as children temporary residency.

DACA recipients, he told California Healthline, “had to go through so much like my parents did. So, it’s very personal.”

Growing up, Becerra’s father worked as a farmer and, later, a construction worker, a union job that gave his family health insurance. He remembers the vital importance of having insurance after his mother suffered a miscarriage and had to go to the hospital.

“We knew we could go to the doctor — and everybody should know that,” Becerra said in his interview with California Healthline. “For me, health care is a right. I’ve been a single-payer advocate all my life.”

After filling out a high school classmate’s discarded application to Stanford, Becerra got in — and earned both a bachelor’s degree and law degree. He won election to the California state assembly at the age of 32 after a boss and mentor in the legislature encouraged him to run. Two years later, in 1992, Becerra won election to Congress and began a nearly quarter-century stint in the U.S. House representing multiple Los Angeles-area districts.

He arrived in Washington with his fellow Democrats in the 36th year of unbroken control of the House, but the political tide was about to turn against him. Republicans swept Congress in 1994 and turned their focus to then-House Speaker Newt Gingrich’s “Contract with America” bills. These included more restrictive immigration policies and sweeping welfare-reform legislation that placed new bans on legal immigrants’ access to welfare, food stamps and other programs during their first five years in the country.

Becerra worked on developing a Democratic alternative and testified against the GOP-proposed immigration measures in front of the House Ways and Means Committee, arguing that “cutting benefits to immigrants is not welfare reform, rather it is a budget-cutting measure that is certain to adversely impact” immigrants and the states where they live.

The Republican-backed welfare bill passed, including the restrictions that Becerra had cautioned against. But within a year, Becerra was elevated to two significant posts in the House: He became a member of the powerful Ways and Means Committee and chair of the Congressional Hispanic Caucus. And he used those roles to lobby the Clinton administration on immigration policy, pushing the president to restore funding that had been stripped in the welfare law and to bring more Latinos into his cabinet.

By the time Obama took office in 2009, Becerra had become a key member of House leadership and close friend of House Speaker Nancy Pelosi — as well as a possible successor to her. At the time, Becerra was seen as a wonky and thoughtful, if sometimes too eager to placate his various allies in the House, garnering skepticism from some Hispanic lawmakers who dubbed him “Mr. Stanford” for his intellectual approach.

But when he went fiercely to bat for immigrants during the fight over Obama’s health care bill, Becerra earned new loyalty from his colleagues, according to a former House aide who was involved in the ACA negotiations.

His relentless campaign to change lawmakers’ stances on the immigration issue sparked a tiff between Becerra and Pelosi, who told colleagues, “I understand I have tire tracks on my back from Xavier throwing me under the bus,” according to Congressional Quarterly.

But Hispanic lawmakers saw Becerra in a new light.

“Members became more appreciative of the roles he was taking. Because he did have the [Hispanic] caucus’ back,” said the aide. “I don’t think people really appreciated that until the rubber hit the road. He took on positions that leadership wasn’t on board with.”

Only a year later, after Republicans regained control of the House, Becerra would again have to navigate between ensuring benefits for immigrants and moving a larger piece of legislation along. This time, he was a member of a “Gang of Eight” House lawmakers trying to come up with a workable proposal for comprehensive immigration reform, a political quagmire that has proved unbridgeable in Washington for decades.

Working in secret over the course of months, the group of four Democrats and four Republicans tried to sketch out what an immigration compromise might look like. The president was spending much of his time focused on the Democrat-led Senate where a more high-profile “Gang of Eight” effort was taking place — but House lawmakers felt any Senate bill would be too liberal to pass the GOP-controlled chamber.

In the spring of 2013, the group had hashed out many of the biggest stumbling blocks, according to people involved in the effort. But a few topics, namely health care, divided them.

“It was the ACA that became the stumbling block,” said then-Rep. Luis Gutiérrez (D-Ill.), one of the Democratic negotiators. “That was what broke down our conversation.”

Then-Rep. Raúl Labrador, a Republican from Idaho, felt strongly that taxpayers should not have to foot any bills for immigrants who are in the country seeking citizenship. And he was concerned about the possibility that immigrants could rack up bills in emergency rooms — shouldn’t immigrants, he argued, be responsible for their own health care?

One solution Labrador proposed: Change the ACA so that immigrants could buy cheap “catastrophic” health care plans designed to cover them in an emergency — a no-go for Democrats, who did not support such insurance. By mid-May, the group was frustrated, and Labrador threatened to quit if they couldn’t solve the health care conundrum soon. Rep. Zoe Lofgren (D-Calif.) put forward a proposal: vague language saying immigrants need to pay for their own insurance and would be ineligible for citizenship if they relied on the government.

Becerra, who was also responsible for relaying the group’s decisions to Pelosi, refused to sign on. Within days, Labrador announced he would write his own bill. The Gang of Eight had collapsed.

* * *

As Joe Biden started his presidency, he issued half a dozen executive orders to begin to unwind the hundreds of hardline immigration policies put into place by the Trump White House, like building a border wall. He also started to advance his own plans, which include raising Trump’s cap on refugees. And Biden rolled out his own immigration reform plan, which would provide a path to citizenship for undocumented immigrants.

But the political parties have only diverged on immigration issues in recent years, making benefits like health care more difficult to navigate than ever.

Republicans, who drifted to the right on immigration in recent years with Trump, argue that offering government-subsidized health care or food stamps for undocumented immigrants only encourages more people to come to the U.S. illegally. Providing benefits to recently arrived, legal immigrants is also contentious: Trump tried to curb such policies in 2018, when his administration issued a rule that would bar immigrants who have taken government services from gaining citizenship. As California AG, Becerra led states in suing to block the rule, which remains in place.

Democrats’ moderate wing is shrinking, and progressives like Becerra are pushing forward an argument that many undocumented immigrants work in the United States and pay taxes, so should be able to benefit. A little government assistance can go a long way, they say: With health care, for example, giving people access to doctors through Medicaid and state exchanges could prevent them from later taking trips to the emergency room, which can cost patients and the government thousands of dollars.

Still, the advocates have made little progress on Capitol Hill. In early February, 58 senators — including former presidential candidate John Hickenlooper (D-Colo.) and Sen. Gary Peters (D-Mich.), who chairs the Democratic Senatorial Campaign Committee — voted in favor of banning undocumented immigrants from receiving stimulus checks in a nonbinding vote, for example.

“This is the third rail in politics,” said Randy Capps, director at the Migration Policy Institute. “It’s such a polarizing issue, and you have a number of moderate Democrats [from] Republican or purple states that fear the Republican voters or moderate voters in their states would really make an issue out of it, which they would. They did with the Affordable Care Act.”

Today, undocumented immigrants cannot participate in federal Medicare or Medicaid, use the CHIP insurance program for children, or buy insurance through the Obamacare exchanges. But states can — and do — use their own money to expand access to health care.

In recent years, at least six states including New York, Massachusetts and California have expanded their in-state health programs to cover children regardless of their immigration status, and California has made moves to expand its coverage to seniors. (Such expansions are costly: When California expanded its in-state Medicaid program to cover people up to age 25, the state budgeted $98 million for the first year alone.)

California also asked the federal government for a waiver from the ACA that would allow the state to bypass the ban on undocumented immigrants participating in the state’s health exchange if they pay the unsubsidized cost of the insurance. The waiver request, which was filed at the end of Obama’s presidency and withdrawn after Trump took office, was supported by California lawmakers including Becerra.

“Everyone who works hard to build our country up, as so many immigrant families do, deserves access to quality and affordable health care. This provision does not cost the federal government a dime and it’s a no-brainer to get this waiver approved,” Becerra said at the time.

HHS never confirmed California’s request — and some experts are not sure if it would be legal to do so. But if confirmed as secretary, Becerra could put in place a range of immigrant-friendly policies at the department, including potentially signing off on waivers like the one California requested five years ago.

Becerra could also encourage, but not mandate, states to adopt policies like California’s that cover some undocumented immigrants on Medicaid using their own funds. The federal government could try to expand funding for community health clinics, which provide some of the only coverage for undocumented immigrants in need of preventative care. And Becerra could be instrumental to debates over whether DACA recipients, who are quasi-legal residents, should be able to participate in programs like Medicaid in future years, another legal grey area that is increasingly up for debate.

Former Rep. Sander Levin (D-Mich.), a close friend of Becerra’s in Congress, said that as Health and Human Services secretary he anticipates Becerra to resume a role he played in Congress as a “builder.”

“He had to, as attorney general, oppose the policies of Trump and take the lead, and he did that very well,” Levin said. “Now, his role is different.”

Fashion

60+ AAPI-Owned Fashion and Beauty Brands to Support and Shop Now

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60+ AAPI-Owned Fashion and Beauty Brands to Support and Shop Now
aapiowned fashion and beauty brands

May is Asian American and Pacific Islander Heritage Month, and as such, it is an especially important opportunity to support brands that are crafted, designed, and founded by people of AAPI descent. Here we’ve rounded up of some of the most stylish and fabulous AAPI beauty, fashion, jewelry, and accessory brands to shop and support now and forever.

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Sandy Liang

A native of Bayside, Queens, Sandy Liang’s collections touch on her Chinese heritage while also fusing playful tomboyish separates.

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Prabal Gurung

Beloved by the red carpet set, this Nepalese fashion designer is known for his innovative designs which are produced primarily local to NYC.

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Jason wu

The Taiwanese-born designs are known for their sophistication and intricate crafting.

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To it

The ultra-wearable and fashion forward designs from Adeam are the work of Tokyo-born designer Hanako.

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Altuzarra

Former winner of the 2014 CFDA Womenswear Designer of the Year Award, Altuzarra’s collections are best known for their fresh feminine spin on classic tailoring.

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Anna Sui

The ’90s babydoll dress was practically invented by the perennially relevant Anna Sui.

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Nells Nelson

Ultra-wearable knits and suiting are the name of the Nells Nelson game, for those who lean toward comfortable separates and sets.

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Peter Do

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Commission

Design trio Huy Luong, Dylan Cao, and Jin Kay sought to re-envision their Asian heritage through western dressing sculptures, modifying cuts from the 80s that their mothers used to wear.

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Opening Ceremony

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Derek Lam |

Born into a family that specialized in design, Lam launched his own brand known for sophisticated feminine silhouettes fused with a relaxed sensibility.

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Thakoon

Thai-American designed Thakoon specializes in modern capsule wardrobe staples with a touch of elevated luxury.

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Delaroq

NYC-based designer Jennifer Lyu’s collection of accessories are grounded in sustainability by using only excess materials.

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Deveaux

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Issey Miyake

If there is anything Tokyo-born designer Issey Miyaki is known for, it’s her technologically forward designs and signature pleating.

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Superegg

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JINsoon

JinSoon Choi’s eponymous nail collection (and salons in NYC) take high-tech polish fused with fashion-forward colors, to render her one of the most successful nail artists in the game.

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Bibhu Mohapatra

Mohapatra grew up on the east Indian coast, and his designs reflect those sumptuous and colorful textures—particularly in evening wear and cocktail dresses.

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Seree

Founded by a women-led team in NYC, the jade, agate, quartzite, and unique jewels made by Seree are ethically sourced across Asia and given a modern twist.

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Naeem Khan

Indian American fashion designer Naeem Khan is known for his intricate evening wear and gowns.

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Memorial Day

Crochet clothes and accessories worn by the likes of Ella Emhoff is made by FIT student Delsy Gouw.

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Snow Xue Gao

Parsons graduate Snow Xue Gao focuses on East-meets-West and mixed media with her up-and-coming collection.

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Paper Project

Paper Project’s speciality is clothing that is both comfortable and functional—and made from Japanese paper yarn, a practice that has been used in Japan for centuries.

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Air Pop

Air Pop’s masks were designed to protect from not only airborne pathogens but also anthropogenic and ecological airborn threats too.

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Chunks

Chunks’ quirky and colorful accessories are responsibly made through a partnership with a Chinese manufacturer started by Seattle-based brand founder Tiffany Ju.

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Pattaraphan

Pattaraphan’s brand mission is to work with Thai artisans and ethically sourced materials to create unpretentious jewelry that is reflective of Thai craftmanship.

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Nana Jacqueline

LA-based contemporary collection, founded by two Chinese women, Nana and Jacqueline, aims to create a dual sense of lightness and bold sexiness with women’s clothing.

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V Coterie

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Bonbon Whims

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The Wobbles

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CJW

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JW Pei

JW Pei specializes in ethical and sustainable vegan accessories with a modern and minimal aesthetic.

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Night

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Ookioh

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Rastah

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SVNR

Ethics meets aesthetics with Christina Tung’s SVNR, whose brand focuses on re-used, upcycled, and natural materials.

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Pineapple

Abacaxi specializes in mindfully-made and boldly colored clothing that is inspired by travel, designed by South Asian American Sheena Sood.

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Pink Moon

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R0AM

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Kim Shui

A truly global transplant, with parents from Beijing and Sichuan and having grown up between the US and Rome, Kim Shui’s design is a reflection of the ability to assimilate diverse techniques into a clothing collage.

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Private Policy

Genderless silhouettes and high quality fabrics combined with classic shapes for clothes that are both tactile and visually fun are the Private Policy signature.

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KÚR

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Senreve

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Wishbone

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Sundae School

Based in NYC, Sundae School is a brand of boutique smokewear.

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3.1 Phillip Lim

Street elegance is the name of the game for Philip Lim’s eponymous line, which first hit the scene in 2005.

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Prim Botanicals

Prim Botanicals (founded by a Filipino-born New York native) makes delicious smelling skincare that is just as yummy as it is good for your complexion. And they’re members of 1% for the Planet, too.

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Vera Wang

New York based designer Vera Wang is a fashion institution, known for exquisite red carpet gowns and bridal dresses.

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Social-Work

NY-based Social-Work was founded around creating functional and androgynous designs, subverting classical styles, and workwear basics.

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Chop Suey Club

Chop Suey is a downtown New York boutique which focuses on contemporary Chinese designs, arts, and culture, with the aim of making Chinese culture available to more audiences.

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Grace Lee

Grace Lee designs everyday fine jewelry with ethical and conflict free diamonds made to be stacked and layered.

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Neha Dani

Naja Dani is known for her jewels’ spectacular and sculptural movement in design.

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Sanjay Kasliwal

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Kamal

Kamal’s keepsake pieces are minimal and simply adorned—and meant to pass on.

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Aaryah

Consciously crafted meaningful jewelry that is as reflective of the craftsman as it is the wearer.

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Mizuki

Mizuki’s delicate pearl designs stand in a fresh and modern class of their own.

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Anita Ko

Anita Ko’s design ethos is feminine sophistication with a fresh twist—and an aim to be worn from day to day.

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Nam Cho

Nam Cho favors bright and fresh jewels and gemstones, for a presentation and design signature that is unlike anything on the market.

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Kavant & Sharart

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KATKIM

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Better

Mejuri fine jewelry is famously without a markup, and made with selective materials that everyone can feel good about.

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This content is created and maintained by a third party, and imported onto this page to help users provide their email addresses. You may be able to find more information about this and similar content at piano.io

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Business

Nuvation Bio Reports First Quarter 2021 Financial Results and Provides Business Update

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Nuvation Bio Reports First Quarter 2021 Financial Results and Provides Business Update

NEW YORK, May 17, 2021 /PRNewswire/ — Nuvation Bio Inc. (NYSE: NUVB), a biopharmaceutical company tackling some of the greatest unmet needs in oncology by developing differentiated and novel therapeutic candidates, today reported its financial results for the first quarter ended March 31, 2021, and provided a business update.

“Nuvation Bio continues to make meaningful progress on advancing our deep pipeline of therapies for difficult-to-treat cancers and remains on track to submit five additional Investigational New Drug (IND) applications by 2026,” said David Hung, M.D., founder and chief executive officer of Nuvation Bio. “We also continue to enroll and dose patients in our Phase 1/2 study of NUV-422, our lead cyclin-dependent kinase (CDK) 2/4/6 inhibitor, in high-grade gliomas and expect top-line data from the Phase 1 portion of this study in 2022. Our strong cash, cash equivalents and marketable securities of $824.7 million at the end of the first quarter provides us sufficient resources to continue to execute on our robust clinical development plan and grow our pipeline of novel and mechanistically distinct cancer treatments.”

Recent Business Highlights

  • Enrollment ongoing in Phase 1/2 study of NUV-422. Nuvation Bio continues to enroll and dose patients in the Phase 1/2 study of its lead investigational compound, NUV-422, a CDK 2/4/6 inhibitor, in adult patients with recurrent or refractory high-grade gliomas, including glioblastoma multiforme (GBM). The Phase 1 dose escalation portion of the study is designed to evaluate safety and tolerability, as well as to determine a recommended Phase 2 dose based on the tolerability profile and pharmacokinetic properties of NUV-422. The Phase 2 dose expansion portion of the study is expected to initially focus on patients with high-grade gliomas and is designed to evaluate overall response rate, duration of response and survival. Data from the Phase 1 portion of this study is expected in 2022.

First Quarter 2021 Financial Results

As of March 31, 2021, Nuvation Bio had cash, cash equivalents, and marketable securities of $824.7 million.

For the three months ended March 31, 2021, research and development expenses were $15.9 million, compared to $7.3 million for the three months ended March 31, 2020. The increase of $8.6 million was due to an increase in third-party costs related to research services and manufacturing to advance our current preclinical programs and Phase 1/2 clinical trial. Also, the current period includes approximately $3.7 million related to the issuance of common stock as consideration for the purchase of in-process research and development.

For the three months ended March 31, 2021, general and administrative expenses were $4.6 million, compared to $1.9 million for the three months ended March 31, 2020. The increase of $2.7 million was due to increased personnel-related costs driven by an increase in headcount, as well as increases in professional fees, insurance costs and tax expense.

For the three months ended March 31, 2021, Nuvation Bio reported a net loss of $20.4 million, or $(0.12) per share. This compares to a net loss of $8.7 million, or $(0.10) per share, for the comparable period in 2020.

Restatement of Panacea Financial Statements

Nuvation Bio also announced that, as reported in a Current Report on Form 8-K filed with the SEC on May 14, 2021, as a result of guidance provided by the SEC on April 12, 2021 regarding the accounting for warrants issued by special purpose acquisition companies (SPACs), it is restating the previously issued 2020 consolidated financial statements of Panacea Acquisition Corp. (Panacea). Panacea combined with Nuvation Bio Inc. (Legacy Nuvation Bio) and changed its name to Nuvation Bio Inc. on February 10, 2021 (the Merger).

The restatement pertains to the accounting treatment for Panacea’s public and private placement warrants that were outstanding on December 31, 2020, as well as the forward purchase agreement (the “FPA”) with certain anchor investors, which provided for the potential future issuance of securities, including additional warrants. Consistent with market practice among SPACs, Panacea had been accounting for the warrants and the FPA as equity under a fixed accounting model. However, in light of the recent SEC guidance, we are restating Panacea’s historical financial statements for the year ended December 31, 2020 such that the warrants and the FPA are accounted for as liabilities and marked-to-market each reporting period. In general, under the mark-to-market accounting model, we measure the fair value of the liability-classified warrants and the FPA at the end of each reporting period and recognize any changes in their fair value in our operating results. As of December 31, 2020, Panacea had 4,954,167 warrants outstanding and subject to reclassification. Upon completion of the Merger, an additional 833,333 warrants were issued pursuant to the FPA.

The change in accounting treatment does not impact the historical financial statements of Legacy Nuvation Bio, which became the historical financial statements of the combined company upon completion of the Merger. In addition, Nuvation Bio currently expects that the reclassification of the warrants will have no impact on the liquidity or cash or cash equivalents in the historical financial statements of Panacea.

About Nuvation Bio

Nuvation Bio is a biopharmaceutical company tackling some of the greatest unmet needs in oncology by developing differentiated and novel therapeutic candidates. Nuvation Bio’s proprietary portfolio includes six novel and mechanistically distinct oncology therapeutic product candidates, each targeting some of the most difficult-to-treat types of cancer. Nuvation Bio was founded in 2018 by biopharma industry veteran David Hung, M.D., who previously founded Medivation, Inc., which brought to patients one of the world’s leading prostate cancer medicines. Nuvation Bio has offices in New York and San Francisco. For more information, please visit www.nuvationbio.com.

Forward Looking Statements

Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are sometimes accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the potential therapeutic benefit of Nuvation Bio’s product candidates, expected future IND filings, the expected timing of clinical trial data and the expected impact of the restatement of Panacea’s 2020 financial statements. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the management team of Nuvation Bio and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Nuvation Bio. Forward-looking statements are subject to a number of risks and uncertainties, including those factors discussed in the Quarterly Report on Form 10-Q filed with the SEC on or about May 17, 2021, in the section titled “Item 1A. Risk Factors,” and other documents that Nuvation Bio has filed or will file with the SEC. If any of these risks materialize or Nuvation Bio’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Nuvation Bio does not presently know, or that Nuvation Bio currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Nuvation Bio’s expectations, plans or forecasts of future events and views as of the date of this press release. Nuvation Bio anticipates that subsequent events and developments will cause Nuvation Bio’s assessments to change. However, while Nuvation Bio may elect to update these forward-looking statements at some point in the future, Nuvation Bio specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Nuvation Bio’s assessments of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Nuvation Bio Investor Contact:
[email protected]

Nuvation Bio Media Contact:
Argot Partners
Leo Vartorella
[email protected]

NUVATION BIO INC. and Subsidiaries








Condensed Balance Sheets




‘(In thousands, except share and per share data)

March 31,


December 31,


2021


2020





Assets








Current assets:




Cash and cash equivalents

$    638,904


$             29,755

Prepaid expenses

5,138


914

Marketable securities available-for-sale, at fair value

185,809


185,997

Interest receivable on marketable securities

1,015


1,092

Deferred financing costs


2,925

Total current assets

830,866


220,683





Property and equipment, net

772


688





Other assets:




Lease security deposit

421


421





Total assets

$    832,059


$           221,792





Liabilities and stockholders’ equity







Current liabilities:




Accounts payable

$        6,003


$               2,171

Accrued expenses

3,984


4,380

Total current liabilities

9,987


6,551

Warrant liability

15,561


Deferred rent – non current

167


157

Total liabilities

25,715


6,708





Commitments and contingencies (Note 11)








Stockholders’ equity




Class A and Class B common stock and additional paid in capital, $0.0001 par value per share;




1,060,000,000 shares authorized as of March 31, 2021 (Class A 1,000,000,000, Class B 60,000,000)




and 1,174,094,678 shares authorized as of December 31, 2020 (Class A 880,000,000, Class B 294,094,678);




217,650,055 (Class A 216,650,055, Class B 1,000,000) and 149,042,155 (Class A 91,397,142,




Class B 57,645,013) issued and outstanding as of March 31, 2021 and December 31, 2020, respectively

901,720


289,482

Accumulated deficit

(96,357)


(75,955)

Accumulated other comprehensive income

981


1,557

Total stockholders’ equity

806,344


215,084





Total liabilities and stockholders’ equity

$    832,059


$           221,792

NUVATION BIO INC. and Subsidiaries








Condensed Statements of Operations and Comprehensive Loss




(In thousands, except share and per share data)








For The Three Months Ended March 31,

2021


2020









Operating expenses:




Research and development

$       15,879


$       7,295

General and administrative

4,605


1,925

Total operating expenses

20,484


9,220





Loss from operations

(20,484)


(9,220)





Other income (expense):




Interest income

438


519

Investment advisory fees

(108)


(60)

Change in fair value of warrant liability

(293)


Realized gain on marketable securities

45


15

Total other income (expense)

82


474





Loss before income taxes

(20,402)


(8,746)





Provision for income taxes






Net loss

$     (20,402)


$     (8,746)

Net loss attributable to common stockholders




Net loss per share attributable to common stockholders, basic and diluted

$        (0.12)


$       (0.10)

Weighted average common shares outstanding, basic and diluted

169,659,037


85,714,375





Comprehensive loss:




Net loss

$     (20,402)


$     (8,746)

Other comprehensive income, net of taxes:




Change in unrealized (loss) gain on available-for-sale securities

(576)


819





Comprehensive loss

$     (20,978)


$     (7,927)

SOURCE Nuvation Bio, Inc.

Related Links

www.nuvationbio.com

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Get to Know the 12- Player Beach Soccer National Team

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Get to Know the 12- Player Beach Soccer National Team


USA ROSTER FOR 2021 CONCACAF BEACH SOCCER CHAMPIONSHIP

GOALKEEPERS (2): 1-Chris Toth (San Marcos, Calif., 12-Esteban Sapetnitzky (Miami, Fla.)


DEFENDERS (4):
2-Jason Santos (Cardiff-By-Sea, Calif.), 3-David Mondragon (Santa Cruz, Calif.), 5-Nicolas Perea (Hollywood, Fla.), 10-Gabe Silveira (San Francisco, Calif.)


FORWARDS (6):
4-Fredo Dilbert (Miami, Fla.), 6-Chris Albiston (Virginia Beach, Va.),7-Nick Perera (Carlsbad, Calif.), 8-Alessandro Canale (Venice, Calif.) 9-Antonio Chavez (Oceanside, Cali.), 11-Conner Rezende (Davie, Fla.)

Head Coach: Francis Farberoff (Miami, Fla.)

Assistant Coach: Ben Astorga (Miami, Fla.)

Performance Coach: Daniel Wartner (Atlanta, Ga.)

USA ROSTER NUMERICAL

Jersey #, Name, Position, Age, Height, Weight, Hometown


#1 CHRIS TOTH | GOALKEEPER | 31 | 6-1 | 178 | SAN MARCOS, CALIF.

Born August 4, 1989 in San Diego, Calif…is a third generation goalkeeper: grandfather György was well-known pro outdoor player in Hungary…father, Zoltan, also a former Hungarian international, defected to the USA and became a legend in the pro indoor game with the San Diego Sockers…Born with a rare heart condition that required surgery at birth, Chris attended Fallbrook HS and was a field player until doctors discover that he would need another heart procedure…following surgery was advised to consider less running – and so he turned to goalkeeping…played one year at Mira Costa College before turning pro and has been one of the top goalkeepers in both pro indoor and international beach soccer for several years…has played in the MASL with San Diego, Ontario and Tacoma, winning three Goalkeeper of the Year awards…has played Beach with clubs in Spain and Hungary, and has been named Top 50 Beach Soccer Players in the world three times…member of the U.S. Beach NT at the 2013 and 2019 (1 goal) FIFA Beach Soccer World Cups… has six career WCQ goals in four Concacaf Championships: 1 in 2013, 2 in 2015, 3 in 2017, 0 in 2019…WATCH: 12 STORIES PROFILE…IG: @christoth31


#2 JASON SANTOS | DEFENDER | 32 | 6-0 | 185 | CARDIFF BY THE SEA, CALIF.

Born June 29, 1988 in Southern California…has Spanish and Mexican ancestry…played at La Costa Canyon High School (league All-American) and club with Surf Soccer in Del Mar, Calif…played at UC Davis, graduating with a degree in Civil and Environmental Engineering…had tryouts in Mexico and Spain, and pro indoor stint with San Diego Sockers…while always into his studies and soccer, enjoys the surf and the snow with the occasional attempts to learn how to fly through skydiving…made his Beach NT debut against Japan in the 2014 Portugal Mundialito…next month scored hat trick against Brazil in Florida…member of USA teams at the 2015, 2017 (2 goals) and 2019 Concacaf Championships and 2019 FIFA Beach Soccer World Cup (1 goal)…is a Civil Engineer in San Diego…volunteers his time helping teach land development to high school and college students…WATCH: 12 STORIES PROFILE…IG: @sandtoesesq


#3 DAVID MONDRAGON | DEFENDER | 29 | 5-6 | 156 | SANTA CRUZ, CALIF.

Born Oct. 18, 1991 in Santa Cruz, Calif… Nicknamed ‘GuI was,’…parents are from Mexico…Played club with Santa Cruz County Breakers and De Anza Force, and briefly at Cabrillo College…was introduced to beach soccer at age 13 and influenced by former U.S. Beach MNT players Jevan Albuquerque and Yuri Morales…paid his way to tryout with U.S. Beach MNT but was not selected…later was on a club team that scrimmaged the USA and caught coach’s eye after scoring twice…debut with Beach MNT in 2017 Puerto Vallarta Cup against France…first goal was against Colombia, and also scored against Mexico – celebrating by doing the CauhtemIt’smoc Blanco pose (his idol)…scored 3 goals at the 2019 Concacaf Beach Soccer Championship and was member of the USA team at the 2019 FIFA Beach Soccer World Cup…WATCH: 12 STORIES PROFILE… IG: @wedventures


#4 FREDO DILBERT | FORWARD | 23 | 5-9 | 140 | MIAMI, FLA.

Born Nov. 25, 1997 in Miami…full name is Wilfredo Antonio Ramos Dilbert…mom Alicia Hodgson is from Honduras…dad Erich Kuhnke is born in Miami but raised in Germany and played for Frankfurt’s reserve team and in the beach soccer circuit for over 20 years…was always home-schooled, and played for Sports Leadership & Management High School in Miami…played club with Miami Shores, and began playing beach soccer at age 14…was recruited to play at Florida Gulf Coast Univ but did not attend…briefly attended and played at Palm Beach Atlantic Univ…had 1.5 month trial at Fortuna Dusseldorf and continues to pursue a career in beach soccer….earned first Beach NT cap against Iran at the 2018 Intercontinental Cup in Dubai…was among the final 15 player pool for the 2019 FIFA Beach Soccer World Cup but did not make the final 12-player roster…IG: @fredoad


#5 NICOLAS PEREA | DEFENDER | 28 | 6-0 | 168 | HALLANDALE BEACH, FLA.

Born August 6, 1992 in in Bucaramanga, Colombia…friends refer to him as Nico (“Neeko”)…moved to USA when he was seven…bilingual ENG/ESP… played club at Weston FC…played four years at Syracuse University, first Orangemen men’s soccer team to qualify for NCAA College Cup tournament…made Sweet 16 as sophomore year…graduated with Psychology degree…played with Jacksonville Armada and Rio Grande Valley…was identify by Beach MNT coach Farberoff during 2018 camp in Ft. Lauderdale…first Beach NT camp was January 2019…joined Indy Eleven for 2019 season…assists IG influencer and girlfriend Taylor Dante with handle @taystytravels with creative content and logistic…IG: @nicolasperea


#6 CHRIS ALBISTON | FORWARD | 28 | 6-0 | 165 | VIRGINIA BEACH, VA

Born Sept. 26, 1992 in Virginia Beach… played club soccer with Beach FC…played at Frank W. Cox High School, helping team to 25-0 record and a No.1 national ranking per ESPN.com in 2010…back-to-back state champs (2009 and 2010)…played four years at William & Mary University, graduating in 2015…then attended four years at Univ. of Richmond Law School…played for HRSC Elite in the North American Sand Soccer Championships U.S. Open and caught the eyes of Beach NT coaches…made Beach MNT debut at the 2018 Balaton Cup in Hungary against Japan, scoring the tying goal in 5-3 win…was among the final 15 player pool for the 2019 FIFA Beach Soccer World Cup but did not make the final 12-player roster…passed bar exam in fall of 2019 and is an attorney in Virginia…IG: @chris_albiston


#7 NICK PERERA | FORWARD | 34 | 6-3 | 200 | ENCINITAS, CALIF.

Born June 5, 1986…in Madrid, Spain to American mom, Spanish dad…family moved to Brussels Belgium when he was one year old…speaks English, Spanish, French, Dutch, Italian and Portuguese…family moved to San Diego, Calif. when he was 18…played at UC Santa Barbara as a walk-on, later leading the school to the 2006 NCAA College Cup final, scoring in the 2-1 win over UCLA…graduated with English degree…joined two Spanish lower division clubs but chose to return to San Diego and tried out for indoor giants, San Diego Sockers…simultaneously introduced to beach, and committed to the five-aside disciplines…made Beach MNT debut in 2011 at Miami Cup against Mexico, Spain and Brazil…is the USA’s all-time leading scorer with 99 goals entering 2021, and 37 goals in WCQ…has scored 7 goals at two FIFA Beach Soccer World Cups (5 in 2013, 2 in 2019) …current player/coach of Tacoma Stars (MASL)…has earned numerous accolades on turf and sand, including MASL MVP (2019) and three Top 50 Beach Soccer Player Worldwide twice…WATCH: 12 STORIES PROFILE…IG: @nickperera_soccer


#8 ALESSANDRO CANALE | FORWARD | 31 | 5-9 | 180 | VENICE BEACH, CALIF.

Born Dec. 29, 1989 in Santa Monica, Calif and grew up in Venice Beach…dad is Italian, mom is from Costa Rica…played club soccer for Santa Monica United Scorpions; played at Santa Monica High School, also one year at Santa Monica College before transferring to UC-San Diego for final two years, where he earned degree in Urban Studies and Planning…has appeared in Oreos, KFC, Dr. Pepper commercials and episode of Malcolm in the Middle…dad is an actor…made Beach MNT debut in 2013 versus El Salvador…youngest member of the 2013 FIFA Beach Soccer World Cup team (2 goals), and veteran of 2019 World Cup (3 goals)…fourth all-time leading scorer in World Cup Qualifying with 14 goals…played for the Tacoma Stars (MASL) during the 2020-21 season…owns a boutique creative design business called “Pattern Pending”…WATCH: 12 STORIES PROFILE… IG: @ssvndro


#9 ANTONIO CHAVEZ | FORWARD | 20 | 6-1 | 167 | OCEANSIDE, CALIF.

Born Jan. 30, 2001 in Oceanside…Mexican heritage through grandparents…older sister Graciela introduced him to soccer as kid…played club at Oceanside Breakers…played at El Camino High School…currently attending and playing at University of Saint Katherine…majoring in Kinesiology…Dad introduced hair philosophy “It ain’t hip until it’s to the hip” so Antonio has had long hair since first grade…has been playing beach soccer since 10 when youth club entered Oceanside Beach Soccer Championship…has been playing with SoCal Legacy beach soccer club, including tournaments in Portugal, Virginia Beach and Florida…saw IG post about NBSL in Ft. Lauderdale and teammates entered the tournament in December, where he caught the eye of Beach MNT coach Farberoff…is making his first U.S. Beach NT camp and potential debut…IG: @@antonio_chavez9


#10 GABRIEL SILVEIRA | DEFENDER| 29 | 5-9 | 165 | SAN FRANCISCO, CALIF.

Born April 28, 1992 in Greenbrae, Calif…both parents are from Brasilia, Brazil…moved back to live in Natal, Brazil from ages 2-7 before returning to Northern Calif…fluent in both Portuguese and English…played all forms of soccer growing up from futsal to beach and traditional 11v11…played club soccer with Marin FC and futsal with Bay Area club DiBufala…played at Redwood HS and four years at Sacramento State before graduating with an International Business degree…earned first Beach MNT cap against Japan at the 2018 Balaton Beach Soccer Cup in Hungary…injured during the 2019 pre- WCQ camp but returned and made the 2019 FIFA Beach Soccer World Cup roster…joined the US Futsal National team in Croatia for a preparatory camp early 2020…WATCH: 12 STORIES PROFILE… IG: gcamelosilveira


#11 CONNER REZENDE | FORWARD | 28 | 5-8 | 160 | DAVIE, FLA

Born Jan, 21, 1993 in Greenwich, Connecticut…grew up Davie, Fla…Dad is from Brazil…identical twin brother Calvin, currently playing at Moratalaz in Spain…played club at Weston SC…played and attended U (University) High School…played for Univ. of Virginia as freshman in 2011…left for Europe, trained with Italian club Cortone FC and Spanish side Cadiz…returned to US and attended / played at Saint Francis University in PA, graduated with Business degree…played for Miami FC under Alessandro Nesta…America Ninja Warrior contestant in 2016…first taste of beach was in 2011 when he played with FBS at Virginia beach tourney…first call up to Beach NT was in Jan.. 2017, in a combined camp with Japan’s Beach NT in Ft. Lauderdale…provides personal fitness plans and challenges on self-named influencer YouTube channel…IG: @_kiingcon


#12 ESTEBAN SAPETNITZKY | GOALKEEPER | 24 | 5-10 | 160 | MIAMI, FLA.

Born Sept. 15, 1996 in Miami, FLA…parents from Argentina…bilingual in Spanish and English…attended and played at Gulliver Prep HS, two-time Florida state champs…played club at Coral Gables Toros…competed against a number of Argentina youth club in Buenos Aires with Florida teammates in 2011-12…played one year at Clark University before transferring and graduating from Babson College with Business degree…Played at FBS FC at the Virginia Beach Tourney in 2013…picked beach soccer back up during Covid-19 in summer 2020 and worked his way into the team…first official MNT camp and looking to make debut…works as an associated at Crystal Lagoon U.S. Corp…IG: @estebansapet

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