WEBVTT - FDIC Deposits and Media Overview 0:00:00.120 --> 0:00:04.360 Bloomberg is now on your dashboard with Apple CarPlay and 0:00:04.360 --> 0:00:08.160 Android Auto. It gives you access to every Bloomberg podcast, 0:00:08.280 --> 0:00:11.560 live audio feeds from Bloomberg Radio, print stories from Bloomberg 0:00:11.640 --> 0:00:14.920 News in audio form, and the latest headlines of the 0:00:14.920 --> 0:00:18.640 click of a button with Bloomberg News. Now it's free 0:00:18.680 --> 0:00:21.439 with the latest version of the Bloomberg Business App. That's 0:00:21.680 --> 0:00:24.400 the Bloomberg Business App. Get it on your phone in 0:00:24.440 --> 0:00:27.760 the Apple App Store or on Google Play. Just download 0:00:27.800 --> 0:00:30.560 the app, connect your phone to your car and get started. 0:00:30.960 --> 0:00:34.400 And it's all presented by our sponsor, Interactive Brokers. 0:00:35.400 --> 0:00:38.600 Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney alongside 0:00:38.640 --> 0:00:39.800 my co host Matt Miller. 0:00:40.200 --> 0:00:44.279 Every business day we bring you interviews from CEOs, market pros, 0:00:44.320 --> 0:00:48.160 and Bloomberg experts, along with essential market Moven News. 0:00:48.720 --> 0:00:51.839 I'm the Bloomberg Markets podcast called Apple Podcasts or wherever 0:00:51.960 --> 0:00:55.080 you listen to podcasts, and at Bloomberg dot com Slash podcast. 0:00:55.320 --> 0:00:57.560 All right, Herman chans in here and he covers the 0:00:57.600 --> 0:00:59.920 regional banks from Bloomberg Intelligence. I don't know why he's 0:01:00.040 --> 0:01:01.440 in here. I don't know why we got to talk 0:01:01.480 --> 0:01:05.639 to this guy, but Hermann what's happening with the regional banks, 0:01:05.640 --> 0:01:08.880 because I feel like a huge shoe is about to 0:01:09.319 --> 0:01:13.120 drop in terms of I know, commercial real estate loans, 0:01:13.400 --> 0:01:17.520 just higher rates, credit cards, stuff. Give us a sense 0:01:17.560 --> 0:01:20.480 of what's happening with the regional banks and is the 0:01:20.560 --> 0:01:21.600 FDIC concerned? 0:01:21.800 --> 0:01:26.160 Right, So the sentiment for regional banks has been poor 0:01:26.400 --> 0:01:30.480 since March and April after the failures of SVB and 0:01:30.560 --> 0:01:36.600 Signature First Republic, and shares haven't really rebounded since that time. 0:01:37.120 --> 0:01:38.280 There's been concerns on. 0:01:38.240 --> 0:01:40.520 What you told us was probably gonna happen. Then we're 0:01:40.560 --> 0:01:42.720 not going to rebound because this is a long term earning. 0:01:44.000 --> 0:01:47.440 We're facing a longer term earning issue from margins because 0:01:47.440 --> 0:01:50.559 of higher funding costs and higher interest rates. Banks aren't 0:01:50.640 --> 0:01:55.360 lending that much because they're focused on building capital because 0:01:55.400 --> 0:01:59.040 of tougher capital rules. And then you mentioned of commercial 0:01:59.080 --> 0:02:02.480 real estate and office cre a potential shooter drop there 0:02:02.840 --> 0:02:06.200 potentially next year with higher loan losses. So the sentiment 0:02:06.280 --> 0:02:10.639 has been poor. But also you've seen a bid recently 0:02:10.639 --> 0:02:14.360 over the past couple of weeks as inflation pressures seem 0:02:14.400 --> 0:02:17.720 to be easing. So the thought of interest rate cuts 0:02:17.800 --> 0:02:21.840 are positive for banks. And actually the regionals have rebound 0:02:21.880 --> 0:02:23.760 about fifteen percent since their lows earlier. 0:02:23.760 --> 0:02:25.960 And I look at M and T Bank is my proxy. 0:02:26.000 --> 0:02:28.120 I know there's an ETF out there that is probably 0:02:28.200 --> 0:02:29.760 much better, but I just like looking at MT. It's 0:02:29.760 --> 0:02:32.520 a baldy regional bank of fourteen percent off of that 0:02:33.080 --> 0:02:36.040 low back in late October. That's right. 0:02:36.120 --> 0:02:40.200 So there there is a bit of an inverse relationship 0:02:40.280 --> 0:02:44.040 with longer term treasury yields and regional bank stock. So 0:02:44.080 --> 0:02:46.200 that's something to look out for. In terms of the 0:02:46.280 --> 0:02:50.400 fdi C, the organization is expected to vote on a 0:02:50.440 --> 0:02:54.959 special assessment to replenish their depositive Insurance Fund, which was 0:02:55.040 --> 0:02:58.080 hit from the bank failures than the year. So the 0:02:58.160 --> 0:03:01.320 largest banks in the United States are set to have 0:03:01.560 --> 0:03:02.960 a hit in the fourth quarter, and so. 0:03:02.960 --> 0:03:04.640 The large like JP Morgan has got to pay for 0:03:04.680 --> 0:03:05.880 the regional banks. Yeah. 0:03:06.000 --> 0:03:09.000 And by the way, was it a was it an 0:03:09.000 --> 0:03:14.120 industry wide problem or were the manager's SVB group just 0:03:14.160 --> 0:03:15.160 to sleep at the wheel. 0:03:15.960 --> 0:03:18.440 SVB was a bit asleep at the wheel. I would 0:03:18.480 --> 0:03:19.040 concede that. 0:03:19.120 --> 0:03:23.520 Were passed out cold right blood alcohol content like four. 0:03:23.880 --> 0:03:26.720 Not really focused on interest rate risk at that Well. 0:03:26.560 --> 0:03:28.679 Why would you focus on interest rate risk as the 0:03:28.720 --> 0:03:31.720 head of a bank, right, who cares about that? And 0:03:31.760 --> 0:03:34.639 now Jamie Diamond has to pay the tab he must 0:03:34.720 --> 0:03:36.520 be very unhappy about it. 0:03:36.640 --> 0:03:39.040 Yeah, the bank, the surviving banks are paying for the 0:03:39.040 --> 0:03:42.520 sins of the guys that had the failed institution. So 0:03:42.760 --> 0:03:45.360 it is how the industry works, for better for worse. 0:03:46.400 --> 0:03:50.080 No, really, you think SVB group would bail out JP Morgan. 0:03:50.400 --> 0:03:53.360 Well, M and T like, like Paul said, is bailing 0:03:53.400 --> 0:03:56.760 out SVB as well. So everybody has to pay their 0:03:56.760 --> 0:03:57.240 fair share. 0:03:57.400 --> 0:03:59.760 Full disclosure. Hermann chand loves M and T. We used 0:03:59.800 --> 0:04:02.800 to work there, yes, yes, in investor relations. 0:04:02.360 --> 0:04:05.320 That's right. Yeah, and you are you're a proud mid 0:04:05.360 --> 0:04:06.840 market kind of regional bank. 0:04:07.080 --> 0:04:10.760 I mean I bank at the Huntington in Columbus, Ohio. 0:04:11.040 --> 0:04:11.800 A huge fan. 0:04:12.080 --> 0:04:15.840 Look because as a local I've grown up there. Generations 0:04:15.840 --> 0:04:18.440 of my family have banked there, so you know. 0:04:18.440 --> 0:04:20.360 Fuller name carry some weight there well. 0:04:20.760 --> 0:04:25.440 Or the benefit is when times are tough, they work 0:04:25.520 --> 0:04:27.960 with us, you know, whereas a bigger bank would say 0:04:28.520 --> 0:04:32.080 we'll see you later, Cinara, right, Huntington will will stick 0:04:32.160 --> 0:04:35.000 with us and work with us, because that's just how 0:04:35.320 --> 0:04:36.920 more localized banks work. 0:04:37.120 --> 0:04:40.560 So, but there are four thousand of these regional community 0:04:40.600 --> 0:04:43.520 banks out there. If I put my M and A 0:04:43.600 --> 0:04:46.040 hat on there, I feel like that's an industry ripe 0:04:46.040 --> 0:04:50.279 for consolidation. That is that fact the case? And if so, 0:04:50.360 --> 0:04:51.320 what would be the catalyst? 0:04:51.600 --> 0:04:55.320 Yeah, the regionals have talked about M and A being 0:04:55.320 --> 0:04:58.760 a factor later on, but not quite over the next 0:04:59.360 --> 0:05:03.720 one year time horizon. You have to remember that higher 0:05:03.720 --> 0:05:09.320 interest rates are are a factor and when banks do 0:05:09.520 --> 0:05:12.040 M A they have to mark to market the target's 0:05:12.040 --> 0:05:15.720 balance sheets. So and marking to market means that they 0:05:15.760 --> 0:05:19.880 have to set the current value on both the loans 0:05:20.640 --> 0:05:23.240 and assets and de posites, and that can create a 0:05:23.240 --> 0:05:26.839 hole in the acquires balance sheets. So they're waiting for 0:05:26.960 --> 0:05:29.080 maybe rates to come down a bit so they don't 0:05:29.080 --> 0:05:32.400 have this tangible value hits. The second factor is that 0:05:32.520 --> 0:05:35.760 regulation is still up in the air. The bidenmin administration 0:05:35.839 --> 0:05:38.320 has been a bit reticent for bank m and A 0:05:38.440 --> 0:05:41.480 despite some of the pressures earlier in the year. That 0:05:41.520 --> 0:05:43.200 seems to be easy, but there's still a lot of 0:05:43.240 --> 0:05:44.159 questions on that front. 0:05:44.880 --> 0:05:48.680 All right, So the commercial real estate, how big of 0:05:48.720 --> 0:05:52.680 an issue is that for the banks? And when will 0:05:52.680 --> 0:05:53.320 we see it. 0:05:53.480 --> 0:05:55.400 I guess by the way, you know where the phrase 0:05:55.480 --> 0:05:57.599 waiting for the other shoot a drop comes from. No, 0:05:57.680 --> 0:06:00.680 but you told me it's because back in the days 0:06:00.720 --> 0:06:04.839 when New York City was filled with these tenements, the 0:06:04.880 --> 0:06:07.479 walls and the ceilings and floors were so thin that 0:06:07.560 --> 0:06:09.680 you could hear when somebody would come home from work 0:06:10.040 --> 0:06:14.480 and take off his shoes. So you knew when one dropped, 0:06:14.520 --> 0:06:16.279 you were about to hear the next shoe drop. 0:06:16.400 --> 0:06:17.360 Okay, very good. 0:06:17.600 --> 0:06:19.279 Oh, you learn something new every day. 0:06:19.880 --> 0:06:21.600 I think it's great that it's tied to real estate, 0:06:21.680 --> 0:06:23.520 right because the next shoe to drop is also tied 0:06:23.520 --> 0:06:24.039 to real estate. 0:06:24.120 --> 0:06:27.479 Yeah, that's true. So in terms of commercial real estate, 0:06:27.560 --> 0:06:31.200 it creates more headline risk in my view than actual 0:06:31.360 --> 0:06:34.360 potential losses. For at least the regail banks that I cover, 0:06:34.720 --> 0:06:37.440 we're talking about two to four or five percent of 0:06:37.480 --> 0:06:41.120 their total long portfolio is tied the office commercial real estates. 0:06:42.040 --> 0:06:43.520 Who owns that stuff. 0:06:43.560 --> 0:06:47.280 Then it's it could be smaller regionals, it could be 0:06:47.320 --> 0:06:49.159 you know, securitized at CNBS. 0:06:49.520 --> 0:06:52.240 I'm thinking about I'm gonna go back to my Lipstick 0:06:52.240 --> 0:06:56.120 building on Third Avenue and fifty fourth Street here in Manhattan, 0:06:56.240 --> 0:06:58.960 right at some point that thing's going to reprice, and 0:06:59.000 --> 0:07:01.279 it's going to reprice it up big discount, and the 0:07:01.320 --> 0:07:03.359 equity is going to come out of that thing, and 0:07:03.400 --> 0:07:07.320 whoever's got the mortgage against that's gonna have to do something. Yeah, 0:07:07.400 --> 0:07:09.640 you're gonna have to just wonder who owns like those 0:07:09.760 --> 0:07:11.440 kinds of commercial real estate mortgage. 0:07:11.640 --> 0:07:14.400 My brother, by the way, it works in the Lipstick building. 0:07:14.520 --> 0:07:16.120 Such a cool building. Yeah, I think it's awesome. 0:07:16.200 --> 0:07:22.200 Yeah, so hopefully they do there. Oh yeah, but there. 0:07:22.280 --> 0:07:22.720 Yeah. 0:07:22.960 --> 0:07:27.320 So it is a headline issue, but I do think 0:07:27.360 --> 0:07:30.320 it's going to be manageable. But you will INVIBC losses 0:07:31.080 --> 0:07:37.000 for the regil banks, and they are already booking reserves 0:07:37.120 --> 0:07:40.560 against potential losses expected over the next few years. 0:07:40.600 --> 0:07:42.120 All right, So but if I'm looking at M and 0:07:42.120 --> 0:07:44.600 T bank, I mean, so, when do I say the 0:07:44.640 --> 0:07:48.280 earnings risk is behind this industry. I'm looking at the 0:07:48.280 --> 0:07:50.440 next year's numbers and it's not. Then, I mean, they're 0:07:50.440 --> 0:07:53.680 still going down. I guess in twenty twenty five is 0:07:53.680 --> 0:07:56.400 when you expect earnings to rebound for this sector. 0:07:56.520 --> 0:08:01.400 Yeah, I think at We've written that a note actually 0:08:01.440 --> 0:08:06.280 today on net margins potentially stabilizing and for most of 0:08:06.320 --> 0:08:09.280 the banks that I covered, that will happen by the 0:08:09.320 --> 0:08:12.000 first quarter of next year. If it's it's even stay 0:08:12.160 --> 0:08:16.120 where they are today, so that's positive. You're not getting 0:08:16.200 --> 0:08:20.400 any benefit from loan growth, so that's an issue. There's 0:08:20.480 --> 0:08:22.840 sticker shock in terms of how interest rates are for 0:08:22.920 --> 0:08:29.080 both commercial borrowers and retail customers as well, So that's 0:08:29.120 --> 0:08:31.200 going to be a factor for the foreso future. But 0:08:31.240 --> 0:08:35.520 in terms of net interest margins, that stabilization will help, 0:08:35.600 --> 0:08:39.320 you know, reduce some of the pressures on ANII net 0:08:39.360 --> 0:08:40.760 interest income for the regionals. 0:08:40.800 --> 0:08:43.040 All right, Man, Herman Chan, you're the man. You cover 0:08:43.120 --> 0:08:46.000 all the regional banks for Bloomberg Intelligence. We appreciate getting 0:08:46.000 --> 0:08:47.120 a few minutes of your time coming here in our 0:08:47.120 --> 0:08:51.040 Bloomberg Interactive Brokers studio here. Still a little bit of 0:08:51.120 --> 0:08:53.560 headwinds there for the regional banks, but I'm looking at 0:08:53.559 --> 0:08:55.320 some of these earnings astems out there. They start turning 0:08:55.320 --> 0:08:58.440 really noticeably positive in terms of growth rates in twenty 0:08:58.520 --> 0:09:01.000 twenty five for some of the regional banks. Who knows, 0:09:01.600 --> 0:09:04.000 that could be an interesting area. 0:09:04.640 --> 0:09:08.480 You're listening to the Team Cancer Live program Bloomberg Markets 0:09:08.520 --> 0:09:11.600 weekdays at ten am Eastern on Bloomberg dot Com, the 0:09:11.679 --> 0:09:14.800 iHeartRadio app and the Bloomberg Business app, or listen on 0:09:14.880 --> 0:09:16.880 demand wherever you get your podcasts. 0:09:19.280 --> 0:09:21.520 All, let's do a little C suite conversation here. Let's 0:09:21.559 --> 0:09:27.839 talk healthcare, biotech, cancer. Helen Sabzavari Joints So she is 0:09:27.880 --> 0:09:31.319 a CEO of Presgen. Presogen is a publicly traded company 0:09:31.440 --> 0:09:36.120 lists on nasak pg e N is the symbol for 0:09:36.760 --> 0:09:39.320 to type into your Bloomberg terminal. Helen, thanks so much 0:09:39.360 --> 0:09:42.679 for joining us here. Talk to us about Presagen. What 0:09:42.760 --> 0:09:45.400 do you guys do? Where is your focus right now? 0:09:45.520 --> 0:09:48.000 So we have been focusing on a sell and gen 0:09:48.120 --> 0:09:51.480 therapy and really bringing it to the next level. I 0:09:51.480 --> 0:09:54.680 think what we know that this is going to be 0:09:54.720 --> 0:09:58.800 the cutting edge for the next decades, and it is 0:09:58.920 --> 0:10:03.160 working for treatment. It's limited in a hemetological oncology setting. 0:10:03.160 --> 0:10:04.760 Okay, so we're talking cancer here. 0:10:04.640 --> 0:10:10.280 Yes, cancer setting. And however, the problems are basically the 0:10:10.360 --> 0:10:13.760 access to the patient, the cost that it's relevant half 0:10:13.800 --> 0:10:18.400 a million dollar tag prices for the treatments and you 0:10:18.440 --> 0:10:21.679 can only get advce precedent is bringing it to the 0:10:21.679 --> 0:10:25.880 next level. What we are doing is manufacturing overnight at 0:10:26.000 --> 0:10:29.800 the fraction of the cost done at the hospital, so 0:10:29.920 --> 0:10:32.000 you don't need centralized manufacturing. 0:10:33.120 --> 0:10:34.560 You make it at the hospital, at. 0:10:34.400 --> 0:10:37.760 The hospital and accessible to the patient and they can 0:10:37.880 --> 0:10:41.680 receive repeated doses because the cost is so much lower, 0:10:41.920 --> 0:10:45.920 and it can be produced overnight, and it's precise to 0:10:46.200 --> 0:10:51.760 the patient because thev use their own cells to modify 0:10:51.800 --> 0:10:54.960 them overnight and infuse them back to the patient. So 0:10:55.120 --> 0:10:57.959 this is why we say we are bringing the therapy 0:10:58.040 --> 0:10:59.560 to the next level. 0:11:00.160 --> 0:11:03.040 Better are my chance is now of surviving if I 0:11:03.080 --> 0:11:07.680 get cancer today, say versus ten or twenty years ago. 0:11:07.880 --> 0:11:13.000 Definitely, the field has been coming along in various immunological 0:11:13.320 --> 0:11:16.400 therapies and now with the cell engene therapy, so the 0:11:16.520 --> 0:11:22.400 chances of survival is much higher. The percentages still is 0:11:22.400 --> 0:11:25.120 not up where we need to be. When we look 0:11:25.160 --> 0:11:27.960 at our therapies with the VR in twenty thirty percent 0:11:28.040 --> 0:11:30.880 response rates, we need to do much better than that. 0:11:31.280 --> 0:11:33.720 And this is one of the aspects that for instance, 0:11:33.760 --> 0:11:36.760 even the cell engene therapy right now in the field 0:11:36.880 --> 0:11:40.920 of cancer for the liquid cancers, they do well in 0:11:40.960 --> 0:11:43.560 some of them, but they have not had any effects 0:11:43.600 --> 0:11:47.079 on solid tumors. And this is where we come in 0:11:47.160 --> 0:11:51.840 as well, because now our technology can address both sides 0:11:52.160 --> 0:11:56.120 overnight with the much lower price tag for the patient 0:11:56.400 --> 0:12:00.640 and specific to the patient cancer. And I think that's 0:12:00.760 --> 0:12:04.600 very important because then you avoid treatments that you know 0:12:04.679 --> 0:12:05.559 it will not work. 0:12:05.960 --> 0:12:08.679 I'm going to ask an ignorant question, so pretend I'm 0:12:08.679 --> 0:12:14.240 a complete moron. Are you there? Why haven't we cured 0:12:14.240 --> 0:12:18.280 this disease yet? I mean we've been throwing hundreds of millions. 0:12:18.640 --> 0:12:23.600 I mean, our boss throws billions of dollars at this 0:12:23.760 --> 0:12:27.560 disease for decades, and there are a lot of people 0:12:27.600 --> 0:12:31.320 out there, probably not medical professionals, but people who think, 0:12:31.559 --> 0:12:34.960 you know what, this disease is simply too profitable to 0:12:35.640 --> 0:12:38.880 the healthcare industry to actually cure. 0:12:39.480 --> 0:12:42.640 I think the issues with the cancer is multifaceted, and 0:12:42.720 --> 0:12:46.880 the mechanism of an escape of your own cells from 0:12:46.920 --> 0:12:51.280 your own army, which is your immune cells, is very complex. 0:12:51.720 --> 0:12:54.080 And the reason that over the years, you see, we 0:12:54.160 --> 0:12:59.320 have moved the bar from chemo to now immunological immunotherapies 0:12:59.400 --> 0:13:03.080 and now to your own cells recognizing it. And this 0:13:03.200 --> 0:13:06.560 is exactly what we do. We are bringing out your 0:13:06.720 --> 0:13:11.120 own cells there and train your army back and we 0:13:11.200 --> 0:13:14.439 reinfuse it back to you, so now they can recognize 0:13:14.800 --> 0:13:18.120 the enemy from within, which is your tumor self. And 0:13:18.200 --> 0:13:21.280 I think that's where the difference is. And what we 0:13:21.440 --> 0:13:25.640 have to do is obviously make this much more accessible 0:13:25.679 --> 0:13:29.120 to the patient very rapidly, because the patients don't have 0:13:29.240 --> 0:13:32.640 enough time and the current cell engine therapies will not 0:13:32.800 --> 0:13:36.920 address that, and also treat a much larger patient population, 0:13:37.080 --> 0:13:40.320 which is the presage and platform with the ultra cortee 0:13:40.440 --> 0:13:42.319 does that overnight at the hospital. 0:13:42.440 --> 0:13:45.720 So where are you in the development of your company, presaging, 0:13:45.840 --> 0:13:47.920 I mean, are you guys? Do you have your product? 0:13:48.480 --> 0:13:52.040 Are your or your pharmacistical in the marketplace yet? 0:13:52.120 --> 0:13:55.880 So what we have is our ultra car is already 0:13:55.920 --> 0:13:59.600 in the clinical trials across the United States and we 0:13:59.679 --> 0:14:03.400 have been reporting not only the safety but efficacy. For 0:14:03.400 --> 0:14:06.960 instance in AML patients that they don't have more than 0:14:06.960 --> 0:14:09.760 a few months to leave and we have shown complete 0:14:09.800 --> 0:14:13.600 and partial responses in these patients in ovarian cancer as 0:14:13.640 --> 0:14:16.360 well as triple negative breast cancers that we are moving, 0:14:16.720 --> 0:14:20.320 but also presgen is not just the ultra Car company. 0:14:20.600 --> 0:14:27.360 We have other gene therapies modalities that addresses the HPV cancers, 0:14:27.960 --> 0:14:31.760 and actually we are really excited because the twenty twenty 0:14:31.800 --> 0:14:34.280 four is going to be a breakout for a precegen 0:14:34.800 --> 0:14:39.040 as we are bringing the first drug for a recurrent 0:14:39.120 --> 0:14:42.760 respiratory papillomatosis, which are the benign tumors in the trachea 0:14:42.840 --> 0:14:46.720 and throat of the patients, and the FDA has given 0:14:46.800 --> 0:14:51.480 us the accelerated approval and we are moving toward the 0:14:51.480 --> 0:14:56.840 commercialization by twenty twenty four, which now changes the paradigm 0:14:57.200 --> 0:14:58.600 for our patients and. 0:14:58.480 --> 0:14:59.240 For our investors. 0:14:59.240 --> 0:15:01.040 I mean, are you I'm just going at EAR stock. 0:15:01.080 --> 0:15:03.120 It's down thirty three percent this year. I have no 0:15:03.160 --> 0:15:04.800 idea why it's got a market cap at two hundred 0:15:04.800 --> 0:15:05.240 fifty million. 0:15:05.360 --> 0:15:08.000 Trained at sixty five dollars a share in twenty fifteen, 0:15:08.040 --> 0:15:10.960 which was admittedly years before you came into the company, 0:15:10.960 --> 0:15:12.560 but it's trading for a dollar now. 0:15:12.640 --> 0:15:14.920 It was a different company. And I think what we 0:15:15.040 --> 0:15:17.560 have done is since twenty twenty that I have become 0:15:17.600 --> 0:15:22.000 the CEO, we have changed the company and focused mainly 0:15:22.080 --> 0:15:25.200 on health and in three years we have moved the 0:15:25.320 --> 0:15:29.160 platform from a discovery to the scaling up and to 0:15:29.200 --> 0:15:32.240 the commercial and we just received not only the prayer 0:15:32.440 --> 0:15:37.400 true designations from FDA, but accelerated approval, and the company 0:15:37.440 --> 0:15:41.080 by next year is moving toward the first commercialization of 0:15:41.120 --> 0:15:44.360 the drug in the HPV field, which, as you can imagine, 0:15:44.400 --> 0:15:47.400 it's a huge field in cancer as well as in 0:15:47.520 --> 0:15:48.560 infectious diseases. 0:15:48.800 --> 0:15:50.840 So we are going to get to a point where 0:15:51.840 --> 0:15:55.680 there will be treatments that will be better than chemo. 0:15:56.120 --> 0:15:59.640 Oh, absolutely, we are moving in that direction. And the 0:15:59.720 --> 0:16:03.360 cell engine therapy is exactly that. What we are doing 0:16:03.440 --> 0:16:07.880 currently at Precegen is really taking your own cells, immune 0:16:07.960 --> 0:16:11.920 cells and modifying them and returning them back to you. 0:16:12.320 --> 0:16:17.400 So the safety is much more favorable, the toxicity is 0:16:17.600 --> 0:16:22.600 much less because it's not chemo that kills across. This 0:16:23.000 --> 0:16:27.240 is designed to only kill the tumor cells and nothing else. 0:16:27.680 --> 0:16:30.680 And I think this is why Presogen is bringing the 0:16:30.720 --> 0:16:33.120 field of cell engine therapy to the next level. 0:16:33.200 --> 0:16:34.040 Who else is doing this? 0:16:34.240 --> 0:16:34.320 Like? 0:16:34.320 --> 0:16:35.280 Who else is doing kind of. 0:16:35.480 --> 0:16:37.680 There are a number of companies that they are doing 0:16:37.720 --> 0:16:40.880 the classical cartis, but this is. 0:16:40.960 --> 0:16:44.720 Exactly cart yeah, CARTI And. 0:16:44.680 --> 0:16:48.960 Whether the timeric antigen receptor T cells, these are modified 0:16:48.960 --> 0:16:52.200 tea cells. However, the way it's done, it's done in 0:16:52.240 --> 0:16:59.280 a classical fashion with the centralized manufacturing which takes almost 0:16:59.440 --> 0:17:02.760 between an on to two months. The cost of these 0:17:02.840 --> 0:17:06.000 parties are close to four hundred and fifty to half 0:17:06.040 --> 0:17:09.879 a million dollars. What we have done is do that 0:17:10.359 --> 0:17:14.879 in the completely differentiated way than everyone else, and the 0:17:14.920 --> 0:17:18.640 precedent is the only company that has this technology currently 0:17:19.040 --> 0:17:21.199 and we do that at the clean room of a 0:17:21.280 --> 0:17:22.840 hospital without. 0:17:22.480 --> 0:17:24.480 Expert all right, So all I know about biotext is 0:17:24.520 --> 0:17:26.760 it's a biner. It either works and a stock goes 0:17:26.800 --> 0:17:28.360 up through the roof, or it doesn't and it goes 0:17:28.400 --> 0:17:31.520 to zero. What's the what's the mile post for your 0:17:31.560 --> 0:17:33.160 company for that? 0:17:33.840 --> 0:17:37.480 So in the very near future, in twenty twenty four, 0:17:37.600 --> 0:17:42.760 we are moving our first adenoverse Gorilla, a dinniverse platform 0:17:42.880 --> 0:17:46.160 in an rr P patient rare disease patient, which FDA 0:17:46.240 --> 0:17:50.840 has given us the BLA, and we will be commercializing this. 0:17:51.240 --> 0:17:53.520 So that would be the first and that's why I 0:17:53.560 --> 0:17:56.880 think we have a great opportunity and very exciting year 0:17:56.920 --> 0:18:00.960 in twenty twenty four. And to your point, the stocks 0:18:01.000 --> 0:18:04.040 definitely has been under pressure. All the stocks have been 0:18:04.119 --> 0:18:08.600 including Presigen. However, we are confident at twenty twenty four 0:18:08.720 --> 0:18:11.199 with the new drug that we are bringing forward and 0:18:11.280 --> 0:18:15.320 already with accelerated approval from FDA, we are going to 0:18:15.720 --> 0:18:18.280 bring value to our patients as well as. 0:18:18.080 --> 0:18:20.719 To our fascinating story. As always, I mean, you know 0:18:21.040 --> 0:18:24.919 so many fronts on this fight against cancer. Helen Sabs 0:18:24.920 --> 0:18:29.280 the very CEO. Presigen is the company. It is. Pg 0:18:29.520 --> 0:18:33.639 e N is the ticker. With some new techniques and 0:18:33.720 --> 0:18:35.920 new therapy party car. 0:18:36.040 --> 0:18:36.840 We're learning something. 0:18:36.880 --> 0:18:41.680 We're learning something the Noverse platform, which addresses both oncology 0:18:41.800 --> 0:18:46.400 in HPV cancers and infectious. 0:18:45.119 --> 0:18:48.720 You're listening to the tape Cancer Live program Bloomberg Markets 0:18:48.760 --> 0:18:52.160 weekdays at ten am Eastern on Bloomberg Radio, the tune 0:18:52.200 --> 0:18:55.160 in app, Bloomberg dot Com, and the Bloomberg Business App. 0:18:55.200 --> 0:18:58.000 You can also listen live on Amazon Alexa from our 0:18:58.040 --> 0:19:02.960 flagship New York station, Just Say Alexa playing Bloomberg eleven. 0:19:04.560 --> 0:19:06.840 Let's bring on our next guest. Brian Stelter, a special 0:19:06.880 --> 0:19:09.800 correspondent for Vanity Fair. You know him from CNN. He 0:19:09.920 --> 0:19:13.560 was a longtime correspondent there at CNN. Producer of one 0:19:13.560 --> 0:19:16.639 of my favorite TV shows which I just finished, The 0:19:16.680 --> 0:19:19.320 Morning Show that's based upon his book. He's got a 0:19:19.440 --> 0:19:21.200 Top of the Morning, Top of the Morning. Right, he's 0:19:21.200 --> 0:19:23.800 got a new book at this Boys, Guy's Prolific Network 0:19:23.840 --> 0:19:27.119 of Lies, The epic saga Fox News, Donald Trump, and 0:19:27.160 --> 0:19:31.359 the Battle for American Democracy. Brian Stelter Joints says, Hey, Brian, 0:19:31.359 --> 0:19:33.000 thanks so much for taking the time to join us 0:19:33.040 --> 0:19:36.280 here kind of what did you learn in your reporting 0:19:36.400 --> 0:19:37.520 for your new book? 0:19:37.560 --> 0:19:37.720 Here? 0:19:37.760 --> 0:19:39.440 This is territory that you're familiar with. 0:19:40.680 --> 0:19:42.639 I had to write it because the last time I 0:19:42.640 --> 0:19:45.360 wrote a book about Fox, it was mostly anonymously sourced, 0:19:45.680 --> 0:19:47.359 and you all know that's how it has to be. 0:19:47.440 --> 0:19:51.479 Sometimes some sources insist on confidentiality, they won't go on 0:19:51.520 --> 0:19:54.879 the record. But then three years later, when Dominion was 0:19:54.960 --> 0:19:57.919 suing Fox News and Dominion was able to obtain all 0:19:58.000 --> 0:20:01.399 of those emails and text messages side Fox, I felt 0:20:01.440 --> 0:20:03.840 like all of my anonymous sources were now speaking on 0:20:03.880 --> 0:20:06.320 the record. Of course, it wasn't their choice, you know, 0:20:06.359 --> 0:20:09.040 they were forced onto the record through the legal process, 0:20:09.080 --> 0:20:12.080 through the document discovery process. But there were so many 0:20:12.119 --> 0:20:16.040 revealing messages, including emails with Ruper Murdoch, that I thought, hey, 0:20:16.119 --> 0:20:17.560 someone's got to turn this into a book. 0:20:18.000 --> 0:20:20.120 So what's your take on where Fox News goes now 0:20:20.160 --> 0:20:24.919 I mean post Tucker Carlson, you know, ahead of a 0:20:24.960 --> 0:20:28.199 new election season. They've got a new CEO. There's so 0:20:28.200 --> 0:20:30.760 many changes that have happened in the last I don't 0:20:30.800 --> 0:20:34.200 know year, six months to a year. What happens to Fox? 0:20:34.960 --> 0:20:37.480 That's right, we talked after Tucker Carlson was ousted on 0:20:37.520 --> 0:20:40.520 the air. Then Ruper Murdoch decided to step aside. Its 0:20:40.520 --> 0:20:43.600 actually takes effect this week yesterday at News Corp, Tomorrow 0:20:43.760 --> 0:20:47.200 Fox Corps. He becomes chairman emeritus, and he's really elevating 0:20:47.200 --> 0:20:50.080 his son, Lachlan, making it even more clear that Lachlan 0:20:50.200 --> 0:20:51.720 is the future of these companies. 0:20:52.160 --> 0:20:53.120 What's the future of Fox? 0:20:53.160 --> 0:20:55.480 Well, in the book, I quote an insider saying Lachlan 0:20:55.880 --> 0:20:59.480 just wants to minimize headaches and maximize profits. I think 0:20:59.480 --> 0:21:02.119 that's why we see in Attucker Carlson fire, and he 0:21:02.160 --> 0:21:02.560 wants to. 0:21:02.520 --> 0:21:04.960 Minimize those headaches, and then he wants. 0:21:04.720 --> 0:21:06.120 To try to figure out how to make as much 0:21:06.119 --> 0:21:08.960 as he can out of these declining cable businesses while 0:21:09.000 --> 0:21:11.880 also investing in two being in Fox Nation and other 0:21:11.920 --> 0:21:14.800 streaming ventures. Of course, Fox is one of these subscale 0:21:14.840 --> 0:21:18.520 media players. It's not nothing like Netflix or Disney. So 0:21:18.680 --> 0:21:20.800 I think, you know, in the future, anything could happen. 0:21:21.000 --> 0:21:23.159 I think the most likely scenario is we're going to 0:21:23.160 --> 0:21:25.920 see another attempt to recombine News Corp. And Fox Corps, 0:21:25.920 --> 0:21:28.240