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NEW YORK--(BUSINESS WIRE)--Dec 20, 2024-- Aptorum Group Limited (NASDAQ: APM) (“Aptorum Group” or the “Company”), a clinical stage biopharmaceutical company dedicated to meeting unmet medical needs in oncology, autoimmune and infectious diseases, today provided a business update and announced financial results for the six months ended June 30, 2024. “Our team and Yoov have spent considerable time and effort on the due diligence process, the negotiation of definitive terms, and the preparation of necessary transactional and listing documentation. However, current market conditions have introduced significant uncertainty regarding the availability of the required funding for the transaction. After careful consideration, our Board has determined that it is no longer in the best interests of our shareholders to proceed with this transaction. Despite this, we will continue to explore other business combination opportunities that we believe will enhance shareholder value,” stated Mr. Ian Huen, Chief Executive Officer and Executive Director of Aptorum Group Limited. Corporate Highlights On October 24, 2024, the Company and Yoov Group Holding Limited (“Yoov”) entered into a termination agreement and the anticipated reverse takeover transaction with Yoov was terminated. Financial Results for the Six Months Ended June 30, 2024 Aptorum Group reported a net loss of $2.7 million for the six months ended June 30, 2024 compared to $6.6 million for the same period in 2023. The decrease in net loss in the current period was driven by the decrease in operating expenses by $4.1 million due to the implementation of stringent budgetary control measures, as a result of the Company’s exclusive emphasis on the previous anticipated RTO. Research and development expenses were $2.0 million for the six months ended June 30, 2024 compared to $3.2 million for the same period in 2023. Before the Merger Agreement was terminated, we determined it was best to focus all of our attention and resources on completing the Merger and therefore paused the majority of our R&D activities during that time; following the termination of the Merger Agreement in the fourth quarter of fiscal 2024, we determined that searching for other business combination opportunities could maximize shareholder value, and our R&D activities remain suspended. General and administrative fees were $0.3 million for the six months ended June 30, 2024 compared to $1.3 million for the same period in 2023. The decrease in general and administrative fees was primary due to the streamlining of our operations to focus on preparation for the Merger, which has since been abandoned. Legal and professional fees were $0.4 million for the six months ended June 30, 2024 compared to $1.7 million for the same period in 2023. The decrease in legal and professional fees was attributed to the lack of non-routine activities that were present in the same period last year, such as the implementation of reverse stock split, and amendments to the memorandum and articles of association. The absence of such non-routine exercises in the current period has resulted in a decrease in legal and professional fees. As of June 30, 2024, cash and restricted cash totaled approximately $0.8 million and total equity was approximately $13.2 million. APTORUM GROUP LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS June 30, 2024 and December 31, 2023 (Stated in U.S. Dollars) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash $ 783,085 $ 2,005,351 Accounts receivable 21,800 47,709 Amounts due from related parties 3,595 961 Other receivables and prepayments 725,616 422,071 Total current assets 1,534,096 2,476,092 Property and equipment, net - 1,663,926 Operating lease right-of-use assets - 182,057 Long-term investments 16,098,846 16,098,846 Intangible assets, net - 147,347 Long-term deposits 71,823 71,823 Total Assets $ 17,704,765 $ 20,640,091 LIABILITIES AND EQUITY LIABILITIES Current liabilities: Amounts due to related parties $ 79,180 $ 79,180 Accounts payable and accrued expenses 1,148,235 1,894,341 Operating lease liabilities, current 89,145 125,232 Total current liabilities 1,316,560 2,098,753 Operating lease liabilities, non-current 62,718 99,485 Convertible notes to a related party 3,148,500 3,058,500 Total Liabilities $ 4,527,778 $ 5,256,738 Commitments and contingencies - - EQUITY Class A Ordinary Shares ($0.00001 par value, 9,999,996,000,000 shares authorized, 3,674,164 shares issued and outstanding as of June 30, 2024; 2,937,921 shares issued and outstanding as of December 31, 2023) $ 37 $ 31 Class B Ordinary Shares ($0.00001 par value; 4,000,000 shares authorized, 1,796,934 shares issued and outstanding as of June 30, 2024; 2,243,776 shares issued and outstanding as of December 31, 2023) 18 22 Additional paid-in capital 93,470,186 93,018,528 Accumulated other comprehensive loss (9,762 ) (10,623 ) Accumulated deficit (70,805,518 ) (68,161,722 ) Total equity attributable to the shareholders of Aptorum Group Limited 22,654,961 24,846,236 Non-controlling interests (9,477,974 ) (9,462,883 ) Total equity 13,176,987 15,383,353 Total Liabilities and Equity $ 17,704,765 $ 20,640,091 APTORUM GROUP LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS For the six months ended June 30, 2024 and 2023 (Stated in U.S. Dollars) For the six months ended June 30, 2024 2023 Revenue Healthcare services income $ - $ 431,378 Operating expenses Costs of healthcare services - (426,063 ) Research and development expenses (2,038,923 ) (3,212,366 ) General and administrative fees (326,187 ) (1,263,019 ) Legal and professional fees (366,164 ) (1,738,566 ) Other operating expenses (137,233 ) (330,212 ) Total operating expenses (2,868,507 ) (6,970,226 ) Other income (expenses) Loss on investments in marketable securities, net - (9,266 ) Interest expense, net (68,462 ) (93,478 ) Loss on disposal of subsidiaries (4,271 ) - Sundry income 282,353 36,803 Total other income (expenses), net 209,620 (65,941 ) Net loss $ (2,658,887 ) $ (6,604,789 ) Less: net loss attributable to non-controlling interests (15,091 ) (1,117,685 ) Net loss attributable to Aptorum Group Limited $ (2,643,796 ) $ (5,487,104 ) Net loss per share – basic and diluted $ (0.50 ) $ (1.43 ) Weighted-average shares outstanding – basic and diluted 5,339,608 3,849,621 Net loss $ (2,658,887 ) $ (6,604,789 ) Other comprehensive income (loss) Exchange differences on translation of foreign operations 861 (7,485 ) Other comprehensive income (loss) 861 (7,485 ) Comprehensive loss (2,658,026 ) (6,612,274 ) Less: comprehensive loss attributable to non-controlling interests (15,091 ) (1,117,685 ) Comprehensive loss attributable to the shareholders of Aptorum Group Limited (2,642,935 ) (5,494,589 ) About Aptorum Group Aptorum Group Limited (Nasdaq: APM) is a clinical stage biopharmaceutical company dedicated to the discovery, development and commercialization of therapeutic assets to treat diseases with unmet medical needs, particularly in oncology (including orphan oncology indications) and infectious diseases. The pipeline of Aptorum is also enriched through the co-development of Paths Dx Test, a novel molecular-based rapid pathogen identification and detection diagnostics technology, with Accelerate Technologies Pte Ltd, commercialization arm of the Singapore’s Agency for Science, Technology and Research. For more information about the Company, please visit www.aptorumgroup.com . Disclaimer and Forward-Looking Statements This press release does not constitute an offer to sell or a solicitation of offers to buy any securities of Aptorum Group. This press release includes statements concerning Aptorum Group Limited and its future expectations, plans and prospects that constitute “forward-looking statements” within the meaning of the US Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of these terms or other similar expressions. Aptorum Group has based these forward-looking statements, which include statements regarding projected timelines for application submissions and trials, largely on its current expectations and projections about future events and trends that it believes may affect its business, financial condition and results of operations. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions including, without limitation, risks related to its announced management and organizational changes, the continued service and availability of key personnel, its ability to expand its product assortments by offering additional products for additional consumer segments, development results, the company’s anticipated growth strategies, anticipated trends and challenges in its business, and its expectations regarding, and the stability of, its supply chain, and the risks more fully described in Aptorum Group’s Form 20-F and other filings that Aptorum Group may make with the SEC in the future. As a result, the projections included in such forward-looking statements are subject to change and actual results may differ materially from those described herein. Aptorum Group assumes no obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise. This press release is provided “as is” without any representation or warranty of any kind. View source version on businesswire.com : https://www.businesswire.com/news/home/20241220907803/en/ CONTACT: Aptorum Group Limited Investor Relations Department investor.relations@aptorumgroup.com +44 20 80929299 KEYWORD: NEW YORK UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: ONCOLOGY HEALTH INFECTIOUS DISEASES GENERAL HEALTH CLINICAL TRIALS PHARMACEUTICAL BIOTECHNOLOGY SOURCE: Aptorum Group Limited Copyright Business Wire 2024. PUB: 12/20/2024 04:00 PM/DISC: 12/20/2024 04:00 PM http://www.businesswire.com/news/home/20241220907803/enThis Black Friday, you should finally buy an OLED TV — and we have a $600 rec
The Miami Dolphins have released wide receiver Odell Beckham Jr, ending the three-time Pro Bowler's short tenure with the team. Beckham signed a one-year, $3m deal with the Dolphins in May, but started the season on the physically unable to perform list after offseason knee surgery. He leaves after only nine catches for 55 yards in nine games. Beckham had missed the past two days of practice for what the team called personal reasons. Dolphins coach Mike McDaniel indicated on Friday that the decision to part ways was mutual. "Odell and I have been very communicative since he's been here," McDaniel told reporters. "He had a tough start in terms of having to rehab his way into the season and then just looking at it as simple as, all right, what's the best for both him and the team moving forward? "We just thought it was a good time to go that direction. That was the motivation behind it. That's all." Trending Please use Chrome browser for a more accessible video player Beckham, the No 12 overall pick in the 2014 NFL Draft, shot to stardom in his first five NFL seasons with the New York Giants. Despite missing the first four games of his debut campaign due to injury, Beckham broke all kinds of receiving records, becoming the first player to record more than 75 receptions, 1,100 yards, and 10 touchdowns in their rookie year. Also See: NFL schedule Stream the NFL with NOW Get Sky Sports on WhatsApp! Subscribe to Inside the Huddle podcast During Week 12 of that 2014 season, Beckham forever cemented himself in NFL history when making a sensational one-handed touchdown catch in a Sunday Night Football clash with the Dallas Cowboys, which many consider to be the greatest of all time. Please use Chrome browser for a more accessible video player Traded to the Cleveland Browns in 2019, OBJ's three years in Ohio were more of a struggle and he'd eventually be released midway through the 2021 season after his father complained on social media over the way his son was being used in the Browns offense. He then signed with the Los Angeles Rams, where he won a Super Bowl that same season, though it was bittersweet success as he suffered a torn ACL in the game which has hampered his subsequent years in the NFL. After missing the entire 2022 season, Beckham signed with the Baltimore Ravens in 2023 and went on to have 35 catches for 565 yards and three touchdowns last year before being cut by the Ravens in March. Brought to Miami in the offseason to be a third receiving option behind Tyreek Hill and Jaylen Waddle, Beckham never seemed to fit into the Dolphins offense. If he clears waivers, the 32-year-old would be free to sign with any team. Although his best years are most definitely behind him, it does leave open the prospect of the star wideout again latching on with a Super Bowl contender like he did with the Rams in 2021. Watch another triple-header of live NFL action this Sunday on Sky Sports, starting with Miami Dolphins at Houston Texans from 6pm.
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NEB_Haarberg 5 run (Hohl kick), 12:07. WIS_Green 4 pass from Locke (Vakos kick), 8:52. NEB_Dowdell 12 run (Hohl kick), 14:18. WIS_FG Vakos 33, 9:58. NEB_Banks 5 pass from Raiola (Hohl kick), :17. NEB_FG Hohl 37, :02. NEB_FG Hohl 45, 11:18. NEB_Dowdell 3 run (Hohl kick), 3:07. WIS_Green 24 pass from Locke (Vakos kick), 1:19. NEB_FG Hohl 26, 10:52. WIS_Anthony 58 pass from Locke (Green pass from Locke), 8:30. NEB_Dowdell 1 run (Hohl kick), 3:11. RUSHING_Wisconsin, Dupree 8-63, Walker 14-55, Locke 2-(minus 1), (Team) 1-(minus 2). Nebraska, E.Johnson 16-113, Dowdell 10-41, Haarberg 6-18, Barney 1-11, Ervin 1-2, (Team) 2-(minus 5). PASSING_Wisconsin, Locke 20-30-1-292. Nebraska, Raiola 28-38-0-293. RECEIVING_Wisconsin, Anthony 7-137, Green 4-52, Kekahuna 3-39, Dupree 2-14, Brooks 1-27, Acker 1-11, Nowakowski 1-8, Ashcraft 1-4. Nebraska, Barney 9-85, E.Johnson 6-85, Banks 4-52, Neyor 4-22, Boerkircher 2-29, Garcia-Castaneda 1-10, Lindenmeyer 1-8, Bonner 1-2. MISSED FIELD GOALS_Wisconsin, Vakos 41, Vakos 34.
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