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NFL and players agree on voluntary offseason home workout plan – ESPN
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The NFL and the NFLPA on Monday finalized plans for modified offseason workout rules to govern a 2020 offseason in which the coronavirus pandemic is preventing teams from gathering at team facilities.
According to a league memo obtained by ESPN, under the plan all offseason work aside from mandatory June minicamp is voluntary for players, as it is in a normal year. The memo also states that no team is required to hold an offseason program in any league year according to the collective bargaining agreement, but that if teams decide to hold offseason workout programs this year, "classroom instruction and on-field activities that customarily take place at the Club facility ... are being supplanted by on-line classroom instruction and virtual workouts for an indeterminate period."
The rules for "virtual" offseason programs state that no NFL team is required to participate in the "Virtual Period," which is defined as running from April 20 to May 15, and that a team may conduct classroom work online even if it doesn't assign its players specific workouts. If a team decides to hold an offseason program, its players would receive their customary per diem payments just as if they were there in person ($235 minimum per day) and would be entitled to receive any offseason workout bonuses specified in their contracts, provided they fulfill the participation requirements their contracts specify.
If a team declines to participate in the April 20-May 15 "Virtual Period," then it will not be permitted to conduct an offseason workout program after that period ends -- whether virtual or on-field. Following May 15, every team will have six weeks' worth of offseason program time available to it, whether it used its three weeks from April 20 to May 15 or not.
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The memo leaves open the possibility that COVID-19 restrictions could be eased or lifted after May 15, but allows for the possibility that offseason programs would have to be conducted virtually after that date as well. It specifies that no team's offseason program can run past June 26 and, perhaps most importantly, that if any team's facility remains closed because of COVID-19, then all 32 team facilities must remain closed as well.
Troy Vincent, the NFL's executive vice president for football operations, said the league and union consulted with medical professionals and were determined to adhere to state regulations in establishing offseason work rules.
"The term that kept coming up was 'reasonable and responsible in the current climate,'" Vincent said on a conference call with reporters Monday night.
Teams conducting virtual workouts will be allowed to contact their players to determine whether they have the equipment they need and whether they'd be willing to wear monitoring devices to track their workouts to certify that they've completed them. Players who do not have the required equipment to complete the virtual offseason workouts assigned by their teams may be sent additional workout equipment at a maximum cost of $1,500 per player. That cost would be paid by the team.
If team facilities remain closed in June, teams will be allowed to conduct mandatory minicamps for veterans, "provided that (i) any online classroom instruction may not exceed two hours; (ii) any virtual workouts may not exceed two hours; and (iii) the Club may schedule the times for these activities as it chooses."
Under pre-existing rules, NFL teams that hired new head coaches this offseason would have been allowed to start their offseason programs April 6, while teams that didn't would have been allowed to start April 20. Teams with new head coaches were allowed to send playbooks to their players last week but have held off on establishing virtual offseason meetings or workouts until the league and union finalized the plan.
Under the newly established 2020 offseason rules, teams with new head coaches must wait until April 20 to begin their offseason programs, assuming they choose to do so at all, and teams with returning head coaches can begin April 27. Teams with new head coaches may conduct an additional voluntary veteran minicamp beginning May 11.
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NFL and players agree on voluntary offseason home workout plan - ESPN
Thornberry wants $6 billion this year to launch counter-China fund – DefenseNews.com
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WASHINGTON The top Republican on the House Armed Services Committee will release a proposal Thursday to formally create a new fund to counter Chinese actions in the Pacific, Defense News has learned.
Rep. Mac Thornberry, R-Texas, is calling for the creation of an Indo-Pacific Deterrence Initiative (IPDI), with a $6.09 billion invest in fiscal year 2021. The fund would be based on the European Deterrence Initiative, a special DoD fund for projects focused on deterring Russia that was set up in the wake of the annexation of Crimea.
The Indo-Pacific has been called our highest priority theater and I believe that is true. It is time to put our money where our mouth is," Thornberry told Defense News. "This effort consolidates and funds the policies, infrastructure, and platforms needed to reassure our allies and partners while we deter China. It also serves as a benchmark against which we can judge our efforts in the region. We may not be able to get this all done this year, but it is vital that we make a start.
For several years, members of Congress have questioned if some form of EDI is needed in the pacific. Action was taken in the FY2020 National Defense Authorization Act, with language in Section 1253 requiring INDOPACOM to deliver by mid-March of this year a report detailing what the combatant command needs to fulfill the National Defense Strategy and maintain an edge over China. The hope among supporters was that the list would provide the core of a PDI requirement.
As Defense News reported April 2, INDOPACOM head Adm. Phil Davidson came back to the Hill with a $20 billion wish list covering FY21-FY26, with $1.6 billion requested specifically for FY21.
Thornberrys request for FY21 is obviously significantly higher than Davidsons ask for the same fiscal year, but a Congressional staffer added that Thornberry, who is retiring come January, is realistic that the whole $6 billion request is unlikely to survive the coming budget fights. The goal, the staffer said, is to get something through that creates the IDPI account, in hopes it can grow moving forward.
On that front, Thornberry is likely to find at least some bipartisan support. In a March 24 letter to Davidson, Rep. Adam Smith, the chairman of the House Armed Services Committee, stated that he intends to identify funding for an Indo-Pacific Reassurance Initiative in the National Defense Authorization Act for Fiscal Year 2021. (The EDI was initially branded the European Reassurance Initiative under the Obama administration.)
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While the Section 2153 report helped inform Thornberrys request, the staffer said that work was already underway on the congressmans proposal by the time the report arrived. However, the reports influence can be seen in how the Thornberry plan breaks down into five categories also similar to those laid out by Davidson, as well as in a number of crossover requests.
Increased presence and joint force lethality ($1 billion): The Thornberry proposal would authorize funding for a permanent and persistent land-based integrated air and missile defense system and associated weapons delivery system on Guam, which Davidson described in the Section 1253 report as his highest priority, one that would cost $1.67 billion over the six year period. (The Thornberry proposal summary viewed by Defense News does not contain breakdowns for individual budget items.)
In addition, the Thornberry proposal would fund a homeland defense radar in Hawaii, another key Davidson request; increase funding for intelligence, surveillance, and reconnaissance capability in the region; maintain rotational forces in the region, including a rotational bomber presence; invest more in underseas warfare capability, and develop long-range precision develop long-range precision fires systems with a plan to posture the systems throughout the Indo- Pacific region.
Prepositioning and logistics ($1.5 billion): In his Section 1253 report, Davidson wrote that new prepositioning strategies are needed, as It is not strategically prudent, nor operationally viable to physically concentrate on large, close-in bases that are highly vulnerable to a potential adversarys strike capabilityForward-based, rotational joint forces are the most credible way to demonstrate U.S. commitment and resolve to potential adversaries, while simultaneously assuring allies and partners.
Along those lines, the Thornberry proposal would authorize funding for contingency regional based clusters prepositioning kits; ship prepositioning and surge capacity; munitions stocks and storage; a movement coordination center to facilitate air and ship transport; and prepositioned forces.
Improved infrastructure ($2.1 billion): Thornberry wants this pot of money for military construction and the acquisition of land along with funding to support the planning and design of emergent posture requirements for the Indo-Pacific theater.
Included in this pot of money is $10 million for strategic construction planning and design assessments for places that the U.S. currently does not have a footprint in, but likely will need to consider investing in for the future.
Strengthen allies and partners ($350 million): Thornberry wants to increase overall capacity and capabilities of allies and partners in the region, including a new program to modernize communications architecture and systems with allies and partners; increasing multilateral partnerships built around counter-terrorism efforts; increase the use of the National Guard State Partnership Program with countries in the region; help fund security cooperation efforts, including the Indo-Pacific Maritime Security Initiative; and fund the Pacific Partnership program, an annual multilateral humanitarian and civic assistance and disaster relief preparedness mission conducted in the Indo-Pacific region.
Training and exercises ($1 billion): This funding would increase joint training and exercise between INDOPACOM and its allies and partners overall, including the funding of both joint division level and service-level training and exercise programs.
Notably, it would also require DoD to create a plan for the integration of all major test and training ranges in the Indo-Pacific Command area of operations to support future joint training and exercises and test operational capabilities and weapons systems to include space and cyber activities. That test range integration was also a feature of Davidsons request.
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Thornberry wants $6 billion this year to launch counter-China fund - DefenseNews.com
Cancer organization to offer virtual support groups and programs – WOODTV.com
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GRAND RAPIDS, Mich. (WOOD) A support group for children, adults, families and friends who are affected by cancer or know someone who is will be offering free virtual help for those who need it during the COVID-19 pandemic.
Gildas Club of Grand Rapids will be offering hour-long support groups for current and new members via Zoom, a HIPPA-compliant platform that allows group members to meet by video and/or phone. Exercise classes, youth and adult activities will also be provided.
We understand this time of uncertainty is difficult for everyone, but it can be especially difficult for those who are grieving their loved ones, said Wendy Wigger, Gildas Club Grand Rapids president. Those who have recently had someone die have atypical circumstances as they navigate their immediate grief. They may not have been able to be with their loved one as they might have expected in their last moments, have a regular memorial service or gather with their support system in-person to grieve together. They might have a service or gathering when this ends, but the uncertainty of when may add to the grief process.
Here is a list of virtual groups and programs being offered this month:
Thursday, April 16
Friday, April 17
Saturday, April 18
For more information about Gildas Club, including archives and the most up-to-date program schedule, visit their website or email info@gildasclubgr.org. Program staff are availible at 616.453.8300 for one-on-one support and information.
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Cancer organization to offer virtual support groups and programs - WOODTV.com
Vancouver Whitecaps staying fit by competing against each other with workout challenge – MLSsoccer.com
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In the absence of other team to play against, the players on the Vancouver Whitecaps are competing against each other.
Faced with the task of keeping his players as fit as possible while they can't train as a group, Whitecaps strength and conditioning coach Jon Poli came up with a workout challenge for his players to see who could log the most hours on the programs he's given the players during the MLS season suspension. Speaking with reporters on a Zoom conference call on Tuesday, Vancouver defender Jake Nerwinski said the challenge has taken over the team, and he's focused ontrying to win the competition.
"It's been consuming all the players," Nerwinski said."Im priding myself on at least getting top five. So working out is definitely the thing Ive been doing most."
Of course, you can only work out so many hours in a day. When he's not logging hours on Poli's challenge, Nerwinski said the new skill he's trying to pick up is the piano, which he said is going well on some days where he'll practice for up to an hour at a time and other days where "it's 15 minutes and I just want to throw the thing away."
Nerwinski, who hails from New Jersey, said it's been difficult being quarantined so far away from his family, especially since they're located in an area of the United States that has been among the hardest-hitby the COVID-19 pandemic. But the 25-year-old University of Connecticut product said he's happy to report his family are all safe and healthy at the moment, and doing their best to follow the experts' guidelines.
"My family is all safe right now, theyre all quarantining and trying not to leave the house as much as possible," he said."My dad is a city manager for the town I live in, so hes a government official, so hes had to go into work every day, hes been in meetings for 3-4 hours a day, hes been pretty stressed out. But he knows a lot of information, so hes been relaying that to my family to make sure everybodys safe and all that."
For Whitecaps midfielder/defender Andy Rose, who was also on Tuesday's call, all those precautions are extra important because he's diabetic.
Rose said the services the club has provided, from workout equipment to meals, have helped him with staying at home as much as possible and let him manage the situation -- which he says is best handled by establishing a careful routine that he's been sticking with.
"My wife is six months pregnant so Id much rather be the one going out to the stores and stocking up than her, so its the same as everyone else," Rose said. "Making sure youre smart about distancing yourself from others, trying to limit the amount of times you go to the store, the Whitecaps have provided us with incredible meal service which helps with that, so just trying to be as smart as possible, making sure I exercise as much as normal and trying to stick to a routine.
"With diabetes, the best way to combat it is to get in a good routine, eat well, eat healthy. Although it gets a little boring without football in your life every day, my family and I have been trying to get in a good routine in terms of staying healthy, working out and continuing to follow all the guidelines."
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Vancouver Whitecaps staying fit by competing against each other with workout challenge - MLSsoccer.com
Online instruction is new norm for Parks and Rec classes – The Auburn Plainsman
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While classes for schools and universities have moved online as a precaution against the coronavirus, other types of classes have also had to change to remote instruction on the internet.
Auburn Parks and Recreation has canceled all of its in-person classes to prevent the spread of COVID-19, and many classes are now held online.
Several instructors have already sent videos of their classes, said Gabby Filgo, community programs manager for the City of Auburn. Others are hosting live sessions through Facebook Live, Skype or Zoom.
Filgo has already uploaded her first Zumba Gold video as well as videos for yoga, knitting and the music exercise program for those ages 50 and above, Silver Sneakers. Programs such as the Read and Reflect Book Club for Seniors, Total Brain Health memory classes, Yin Yoga, Samantha Meditation and chess will hold live sessions on various platforms.
Running online classes is a little bit different for the public parks department than a private company or personal instructor, she said.
Because were the City of Auburn, we have to follow rules a little more strictly than a typical instructor, Filgo said. We have to caption our videos and do things like that, so it is sometimes a little more difficult [to provide online resources].
In-person classes have already been canceled through the end of April, but the department is planning summer programs, Filgo said. They are staying in close communication with City Manager Jim Buston to follow all guidelines and cancel future programs if necessary.
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As of right now, summer programs have not been canceled, Filgo said. We are focusing on our summer camps and our pools. Were planning for those as normal unless we get notice otherwise.
Videos being uploaded throughout the quarantine will not be taken down after in-class sessions resume, Filgo said. Instructors may choose to continue uploading online class materials based on interest.
The department is also working on a drive-thru farmers market for the end of April, Filgo said. Customers will be able to order ahead of time, and their items will be put in the back of their cars without contact. The drive-thru market, called Curbside City Market, will take place on April 25 from 811:30 a.m. at the Harris Center, according to the City's website.
Orders can be mailed to the Harris Center or submitted online. Online orders can be placed through April 21 at 5 p.m. All payments must be made in cash to a secure mailbox between the Harris Center and the Jan Dempsey Community Arts center.
Upon arrival, customers must stay in their cars and unlock their trunks for vehicles to be loaded.
Employees are still reporting to work, though additional precautions have been put in place in the office to stay well, Filgo said. Immunocompromised employees or employees or with children no longer in daycare are allowed to work from home, however. Meetings are held over Zoom instead of in person.
Links to online resources can be found on Auburn Parks and Recreations website.
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Charlie Ramo | Community Reporter
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Online instruction is new norm for Parks and Rec classes - The Auburn Plainsman
The only five exercises you need to stay fit at home – Sydney Morning Herald
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In these self-isolating times, I have gone back to the future for my workouts, replacing my four times a week gym therapy with just five calisthenics exercises developed by the Royal Canadian Air Force.
Dubbed the 5BX program, it involves five basic exercises, takes just 11 minutes and needs absolutely no equipment. The program, launched in the 1950s, has also been credited with starting the fitness boom after it sold 25 million copies. Now, as we emerge from our chocolate egg comas, it offers a gentle way to kickstart our fitness routines.
Stephen Brook has gone back to basics with his fitness regime in self-isolation.Credit:Louie Douvis
Celebrity devotees include Helen Mirren and generations of British royals. I first came across it on my parents bookshelf when I was a kid. As someone who wouldnt be seen dead in a gym, it suited me then, and now as someone who cant do without gym, it suits me now.
The five exercises boost flexibility, strength and aerobic fitness. They start absurdly easy and become progressively harder, level by level, across six charts.
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The only five exercises you need to stay fit at home - Sydney Morning Herald
In the era of coronavirus, how do you stay fit, healthy? – Reading Eagle
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For many senior citizens, especially in light of the coronavirus, the challenge of keeping up their muscle tone and body strength often proves to be a heavy lift.
These days, however, walking, hiking, stretching and even moderate running to improve cardiovascular health might be embraced with less trepidation than the thought of almost anything related to weightlifting such as pushing, pulling, rowing and lifting.
The concerns are:
In spite of questions and worries, all sorts of experts doctors, scientific researchers and front-line fitness trainers often quoted in mass media health magazines are touting the benefits of weightlifting as the most effective treatment to prevent slowdown or partially reverse age-related muscle loss.
A one-size program doesn't fit all, experts admit, but taking steps toward strength training, from the simplest to most complex program, can lead to better body balance, flexibility, extension and rotation, allowing seniors to remain mobile longer. And that's the goal.
He was actively going to the gym before the COVID-19 lockdown.
Before the lockdown, he was in an individualized weight and exercise program for three times a week, and I've really picked up a lot of strength in my upper body and knees, said David Baird, 69, of Spring Township, who attends Alliance Fitness Center, Spring Township.
Four years ago, Baird, a retired cable lineman and contractor, had an operation to implant four heart stents. He also is an insulin-dependent diabetic.
Baird said when he was in his mid-40s he started to become too sedentary. It got to a point where he couldn't walk too far without becoming winded.
I've improved greatly with this personalized exercise program, which includes time on weight and rowing machines and regular monitoring, he said.
Baird said he had joined another gym before coming to Alliance, but felt uncomfortable and more intimidated by younger and fitter clients there.
Recently, Baird said a member of his church group saw him and said: It looks like you are standing up straighter.
Baird believes strength training is the best thing I've done for myself, he said.
When I started this fitness center almost 30 years ago, we used to be called the geriatric gym, said Sarah Small, 62, of Sinking Spring, Alliance owner and a certified strength and conditioning specialist specializing in muscle activation techniques.
We started our demographic with the high-risk population, and many of our clients are 55 and older, she said. Many come in for a functional range assessment to focus on strength training.
In recent years, I've seen more doctors referring patients (those with joint replacements or osteoporosis) and more people wanting to become pro-active so they can continue to do functional daily tasks.
In the past, we were preaching to the choir, but I think interest is broadening, she said.
When people find they can't lift a coffee can from a shelf or a gallon of water without struggling or having a limited range of body motion and low energy, they often seek guidance in strength training, she said.
A strong person is tough to kill, said Colin McGee, 26, of West Reading, director of fitness at Alliance.
People are often fearful of what they don't understand, and that applies to weight training, McGee said. It's simply about adding the appropriate resistance for you and finding the right starting point.
Of course, all good things take time and effort.
McGee pinpointed three challenges in working with first-time older clients:
At Alliance, there are functional range assessments that take into account mobility, health history and individual goals, Small said.
Alliance is not a membership gym, but offers hourly sessions that can range in price from $48 to $55. A 45-to 90-minute evaluation costs $199.
With more than 30 years in the fitness business, Joanne Ewing, fitness director at Colonial Fitness, Spring Township and Sinking Spring, said 15 years ago a majority of her clients fell into the category of young or middle-aged adults.
I'd say at least 60% of our clients are 50 years old or older now, Ewing said. Maintaining balance and stability has become a big issue based on seniors' fear of falling.
There's been a growing awareness and definitely more doctor referrals, she said.
An emphasis on active-aging among baby boomers also has contributed to a rise in strength training.
Back injuries, hip and knee replacements and issues with arthritis all contribute to strength training classes, joining solid cardio programs that focus on treadmill walking or the use of cycling machines.
Ewing said Colonial Fitness has been in the local vanguard of creating exercise classes, yoga, pilates and stretching sessions that emphasize focusing the mind.
It's all about balance when it comes to exercise, eating right and managing your stress levels, Ewing said.
My goal is to live to 90 and be as healthy as I am now, she said.
Up until the recent concerns about the coronavirus and the need for social distancing and even isolation, Ewing realized that motivating seniors to undertake strength-training could be a challenge.
How do you make it fun or enjoyable?
The answer was having seniors make friends and drawing them together in active-aging circuit classes.
Socialization for seniors is so important to motivating seniors and creating a positive environment, she said.
While the deadly virus has impeded progress in that direction for a while, many seniors have learned routines that they can continue to use at home using any variety of household items to create resistance to work muscles by lifting, pulling or pushing.
The biggest fear I see among our older population is their fear of falling, Ewing said. Strength-training can help with that to increase stability.
Donna Witwer, 70, of Cumru Township, a retired administrative assistant at an insurance company who also worked as a waitress, had a hip replacement in 2016.
She began fitness programs at Colonial Fitness about two years ago and worked hard to get strength back in her legs. She takes hour-long classes three or four times a week.
I've always been active, but I know it's important for me to stay that way, she said. I think it's only natural to lose muscle strength after the age of 40, so you have to keep active to stay in shape.
Witwer has longevity in her family (her mother will turn 99 in July).
I've always been a walker, but I knew I needed more if I wanted to live to 90 and walk around and not be stuck in a wheelchair, she said.
Nicholas Rizzo, 28, who lives near Boston and serves as the fitness research director at Runrepeat.com, an online athletic shoe review firm, is a strong promoter of strength-training for seniors.
Rizzo is a former competitive Apollo lifter who became involved in the global powerlifting movement.
Seniors' fear or misconceptions about weightlifting are completely understandable, he said, in a phone interview. They know how to walk or run, but weightlifting can appear complex and overwhelming with the need to pay attention to reps, sets and loads. They should start out keeping their routines simple with chair squats or pushing against walls at home.
Rizzo encouraged seniors to ask for help at senior centers or YMCAs, and to start slow and easy and to make sure they checked with their doctors before undertaking any physical activity.
If you can, I highly suggest a personal trainer, he said. But if you feel you're weak or losing muscle strength for daily tasks, you probably need to get going. There is help available to get you to where you want to be.
Contact Bruce R. Posten: specialsections@readingeagle.com.
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In the era of coronavirus, how do you stay fit, healthy? - Reading Eagle
Soldiers return early from Southeast Asian exercises over COVID-19 concerns, with more adjustments expected – ArmyTimes.com
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Soldiers in Thailand as part of the Armys Pacific Pathways program are returning home this week to get ahead of the growing coronavirus pandemic in the region.
The roughly 1,350 soldiers from the 25th Infantry Division were originally scheduled to return to Schofield Barracks, Hawaii, in May. The next Pacific Pathways iteration planned to train in the Philippines this spring has also been delayed due to the pandemic.
Those returning this week will undergo screening prior to leaving Thailand on a series of charter flights and will be screened again when they arrive at Joint Base Pearl Harbor-Hickam, but there have yet to be any positive COVID-19 cases among the soldiers, said U.S. Army Pacific spokesman Col. Derrick W. Cheng.
Leadership adjusted the timeline of the exercise based on an assessment that the unit had achieved its initial training objectives and with obvious consideration to the evolving environment that COVID-19 presented, not just for Thailand, but throughout Indo-Pacific region," Cheng said in a statement to Army Times. "Even with the adjusted timeline, this years Hanuman Guardian is the longest iteration of the exercise ever conducted.
Medical personnel are screening returning troops through social distancing, temperature checks and questionnaires, though none are exhibiting symptoms at this point. When the soldiers return, theyll still have to enter 14-day quarantines. Those will largely mirror quarantines conducted at other Army posts for soldiers returning from overseas exercises and deployments.
Hawaii-based soldiers who live in barracks will quarantine there, while those who have their own homes can return to those residences and remain in place for the two-week period. Medical personnel will monitor them in quarantine, as well, Cheng said.
If a soldier does not want to quarantine at their own home, possibly due to an immunocompromised family member, barracks will be made available for them, he added.
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Thailand has reported roughly 2,500 people testing positive for COVID-19 so far. Several U.S. soldiers who had a mix of fevers and respiratory symptoms common with COVID-19 were previously placed in patient hold facilities for monitoring, 25th ID spokesman Lt. Col. Adam Hallmark told Army Times in early April. One soldier was ultimately tested at a Thai medical facility, but was found to be negative for the virus, Hallmark said.
Pacific Pathways was one program the Army secretary and chief of staff recently said they would like to expand to court more partners in Asia as part of a larger Pentagon strategy aimed at China.
The Pacific Pathways iteration returning next week was the first of the year. The second iteration start date was intended to coincide with Exercise Balikatan 2020 in the Philippines on May 4. However, that was cancelled in late March by U.S. Indo-Pacific Command.
With the COVID situation, different countries are adjusting their mil-to-mil activities, to include those exercises, Cheng said. Were adjusting along with everybody else the regional militaries on what the rest of the year is going to look like.
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Soldiers return early from Southeast Asian exercises over COVID-19 concerns, with more adjustments expected - ArmyTimes.com
Zealand Pharma grants warrants and restricted stock units under the employee warrant program and management long-term incentive program -…
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Company announcement No. 21 / 2020
Zealand Pharma grants warrants and restricted stock units under the employee warrant program and management long-term incentive program
Copenhagen, April 15, 2020 Zealand Pharma A/S (Zealand) (NASDAQ: ZEAL) (CVR-no. 20 04 50 78), announces the implementation of an updated long-term incentive program (the LTIP) for Zealands Executive Management and Corporate Management in accordance with Zealand's Remuneration policy and Overall guidelines for incentive pay, as adopted at the annual general meeting held on April 2, 2020. In accordance with the LTIP, Zealand has granted 21,602 restricted stock units (RSUs) to Executive and Corporate Management.
Further, Zealand has granted 631,288 warrants to Executive Management, Corporate Management and employees in Denmark and the United States. The warrants are granted under the warrant program covered by the authority pursuant to Section 8.4 of Zealand's Articles of Association, adopted on Zealand's general meeting on April 21, 2015. The total cost of the incentive grants is DKK 63,704,268.
Long-term incentive program
Zealand implemented the updated LTIP to align with select European and U.S. biotech peers, and is intended to drive long-term performance, align managements interests with those of Zealands shareholders, and support the attraction, retention and motivation of first-rate executive talent. It is the Boards assessment that the appropriate measure of Zealands long-term performance and sustainability is reflected in the share price instead of selected operational key performance indicators that were used in the performance share units (PSUs). A review of market practice in peer companies confirms that it is challenging to find relevant, meaningful long-term performance targets in a biotech context as was required in the 2019 LTIP program.
Accordingly, members of the Executive Management and Corporate Management are eligible to receive an annual grant of restricted share units (RSUs) free of charge instead of PSUs. The grant cannot exceed 25% of the annual base salary at grant. The 2020 RSU grants have a three-year vesting period from April 15, 2020 to April 14, 2023. Each vested RSU entitles the holder to receive one share in Zealand at no cost, provided the holders continued employment throughout the vesting period.
The first grant of RSUs under the LTIP will have an estimated aggregate theoretical value of DKK 4.0 million, while each RSU has a value of DKK 185.90.
The value of the RSUs is determined as the simple average of the closing price of the Zealand share on Nasdaq Copenhagen A/S for a period of five trading days following the publication of Zealands annual report for the preceding financial year.
Grant of warrants
The warrant program is an incentive scheme reflecting Zealands objective to attract and retain first-rate employees and to help ensure shared short- and long-term interests for the management and employees with shareholders of Zealand. The lifetime of the warrants has been extended from five to ten years, to align with industry peers and align better with the biotech lifecycle.
The 631,288 warrants give the rights to subscribe for up to 631,288 new Zealand shares with a nominal value of DKK 1 each, corresponding to 1.7% of Zealand's total outstanding share capital. The exercise price is DKK 224.40, calculated as the closing price of Zealands shares on Nasdaq Copenhagen on April 14, 2020.
268,156 warrants granted to U.S. management and employees will vest annually over a three year period, and the exercise of the warrants may take place, in whole or in part, in defined time windows from April 15, 2021 up to and including April 14, 2030. 363,132 warrants granted to Danish management and employees will vest at the three-year anniversary of the grant date, and the exercise of the warrants may take place, in whole or in part after the three-year period, in defined time windows from April 15, 2023 up to and including April 14, 2030.
The exercise time windows for all granted warrants are defined as four times a year during a four-week window following the time of publication of either the Zealand's annual report or quarterly or semi-annual reports (three, six and nine months respectively).
The total new warrants granted have a combined market value of DKK 59,688,553 million calculated on the basis of the BlackScholes model. The cost of each warrant is 93.40 DKK based on Black-Scholes parameters for U.S. grants based with an average volatility of 45.5%, an average risk-free interest rate of -0.337%, and a share price of DKK 224.40. The grants to Danish employees have a 10 year lifetime and vest over three years. The cost of the warrants issued to Danish employees is DKK 95.40. The Black-Scholes parameters used are a historic volatility of 44.7%, a risk-free interest rate of -0.31% and a share price of DKK 224.40.
About Zealand Pharma A/S
Zealand Pharma A/S (Nasdaq: ZEAL) ("Zealand") is a biotechnology company focused on the discovery, development, and commercialization of next generation peptide-based medicines that change the lives of people living with metabolic and gastrointestinal diseases. More than 10 drug candidates invented by Zealand have advanced into clinical development, of which two have reached the market. Zealands robust pipeline of investigational medicines includes three candidates in late stage development, and one candidate being reviewed for regulatory approval in the United States. Zealand markets V-Go, an all-in-one basal-bolus insulin delivery option for people with diabetes. License collaborations with Boehringer Ingelheim and Alexion Pharmaceuticals create opportunity for more patients to potentially benefit from Zealand-invented peptide therapeutics.
Zealand was founded in 1998 in Copenhagen, Denmark, and has presence throughout the U.S. that includes key locations in New York, Boston, and Marlborough (MA). For more information about Zealands business and activities, please visit http://www.zealandpharma.com.
Forward-Looking Statement
The above information contains forward-looking statements that provide Zealand Pharmas expectations or forecasts of future events. Such forward-looking statements are subject to risks, uncertainties and inaccurate assumptions, which may cause actual results to differ materially from expectations set forth herein and may cause any or all of such forward-looking statements to be incorrect. If any or all of such forward-looking statements prove to be incorrect, our actual results could differ materially and adversely from those anticipated or implied by such statements. All such forward-looking statements speak only as of the date of this press release and are based on information available to Zealand Pharma as of the date of this release.
For further information, please contact:
Zealand Pharma Investor Relations+45 50 60 38 00 investors@zealandpharma.com
Lani Pollworth Morvan, Investor Relations and Communicationlpm@zealandpharma.com
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Zealand Pharma grants warrants and restricted stock units under the employee warrant program and management long-term incentive program -...
Galapagos and Ryvu announce research collaboration Brussels Stock Exchange:GLPG – GlobeNewswire
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Mechelen, Belgium and Krakow, Poland; 16 April 2020, 07.30 CET Galapagos NV (Euronext & NASDAQ: GLPG) and Ryvu Therapeutics S.A. (WSE: RVU) today announced a collaboration focused on the discovery and development of novel small molecule drugs in inflammation.
Ryvu specializes in the discovery and development of first-in-class small molecules and drug candidates in diseases with high unmet medical needs. The collaboration announced today is based on a novel drug target identified by Ryvu, which will contribute its technology platform and related intellectual property (IP). Ryvu and Galapagos will both provide resources to support the collaboration and make use of their expertise in high-throughput screening, biology, medicinal chemistry, and toxicology.
This is a joint research collaboration in which Ryvu is responsible for early drug discovery. Under the terms of the agreement, Galapagos will have an exclusive option to license IP developed by Ryvu and to continue to develop this during the collaboration. Pending achievement of pre-agreed criteria and utilizing its option, Galapagos will be responsible for all further development of the program.
In exchange for global development and commercialization rights, Ryvu will receive an upfront payment and will be eligible for further option, milestone, and royalty payments.
We believe that the collaboration with Ryvu is an excellent fit, as both companies are driven by the search for novel drugs to address unmet medical needs, says Dr. Piet Wigerinck, Chief Scientific Officer at Galapagos. We look forward to collaborating with the Ryvu team to push this program forward.
Pawel Przewiezlikowski, Ryvu Chief Executive Officer, added: We are thrilled to start working with Galapagos, a real role model for the European biotechnology sector. Throughout joint discussions on the collaboration, our teams have developed a strong rapport and built the foundations for a very promising start for the new project on an exciting novel target.
About GalapagosGalapagos (Euronext & NASDAQ: GLPG) discovers and develops small molecule medicines with novel modes of action, three of which show promising patient results and are currently in late-stage development in multiple diseases. Our pipeline comprises discovery through Phase 3 programs in inflammation, fibrosis, osteoarthritis and other indications. Our ambition is to become a leading global biopharmaceutical company focused on the discovery, development and commercialization of innovative medicines. More information at http://www.glpg.com.
ContactInvestors:
Elizabeth GoodwinVP Investor Relations +1 781 460 1784
Sofie Van GijselDirector Investor Relations+32 485 19 14 15ir@glpg.com
Media:Carmen VroonenSenior Director Communications & Public Affairs+32 473 824 874
Evelyn FoxDirector Communications+31 6 53 591 999communications@glpg.com
Forward-looking statements
This release may contain forward-looking statements, including, among other things, statements regarding the success of the collaboration with Ryvu, the identification and validation of a target by Ryvu, the potential future exercise of any option granted to Galapagos, the mechanism of action and profile of, and timing and results of clinical trials with, and potential commercialization of, any compounds coming out of any in-licensed program, as well as statements regarding potential future option exercise, milestone and royalty payments. Galapagos cautions the reader that forward-looking statements are not guarantees of future performance. Forward-looking statements involve known and unknown risks, uncertainties and other factors which might cause the actual results, financial condition and liquidity, performance or achievements of Galapagos, or industry results, to be materially different from any historic or future results, financial conditions and liquidity, performance or achievements expressed or implied by such forward-looking statements. In addition, even if Galapagos results, performance, financial condition and liquidity, and the development of the industry in which it operates are consistent with such forward-looking statements, they may not be predictive of results or developments in future periods. Among the factors that may result in differences are that Galapagos expectations regarding the further development of any potential future in-licensed program, including its potential to address a large unmet need in inflammation, may be incorrect, the inherent uncertainties associated with competitive developments, clinical trial and product development activities and regulatory approval requirements (including that data from research and development programs may not support further development of the compound(s) due to safety, efficacy or other reasons), Galapagos reliance on collaborations with third parties and estimating the commercial potential of Galapagos product candidates. A further list and description of these risks, uncertainties and other risks can be found in Galapagos Securities and Exchange Commission (SEC) filings and reports, including in Galapagos most recent annual report on Form 20-F filed with the SEC and other filings and reports filed by Galapagos with the SEC. Given these uncertainties, the reader is advised not to place any undue reliance on such forward-looking statements. These forward-looking statements speak only as of the date of publication of this document. Galapagos expressly disclaims any obligation to update any such forward-looking statements in this document to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements, unless specifically required by law or regulation.
About Ryvu TherapeuticsRyvu Therapeutics is a clinical stage biopharmaceutical company developing novel small molecule therapies that address emerging targets in oncology. Pipeline candidates make use of diverse therapeutic mechanisms driven by emerging knowledge of cancer biology, including small molecules directed at kinase, synthetic lethality, immuno-oncology and cancer metabolism targets. SEL120 is a selective CDK8 kinase inhibitor with potential for the treatment of hematological malignancies and solid tumors currently in clinical development for the treatment of acute myeloid leukemia and myelodysplastic syndrome. SEL24/MEN1703 is a dual PIM/FLT3 kinase inhibitor licensed to the Menarini Group in clinical development for the treatment of acute myeloid leukemia. Ryvu is listed on the Warsaw Stock Exchange in Poland (WSE:RVU). For more information, please see http://www.ryvu.com.
Contacts Ryvu:
Media:
Natalia Baranowska +48 784 069 418natalia.baranowska@ryvu.com
Investors:Julia Balanova +1 646 378 2936jbalanova@troutgroup.com
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Galapagos and Ryvu announce research collaboration Brussels Stock Exchange:GLPG - GlobeNewswire