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Kodak gets $765M loan from US to produce medicines, reportedly including hydroxychloroquine – CNET

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For the most up-to-date news and information about the coronavirus pandemic, visit the WHO website.

Kodak has been given a $765 million loan from the federal government to produce drugs in the US, reportedly including hydroxychloroquine, the malaria medicine that President Donald Trump has been pushing as a COVID-19 treatment. Trump on Tuesday directed the US International Development Finance Corporation to sign a letter of interest to provide the loan under the Defense Production Act to Eastman Kodak Company to launch Kodak Pharmaceuticals.

Kodak will rely on its “vast infrastructure, deep expertise in chemicals manufacturing, and heritage of innovation and quality” in launching Kodak Pharmaceuticals, executive chair Jim Continenza said. “Kodak is proud to be a part of strengthening America’s self-sufficiency in producing the key pharmaceutical ingredients we need to keep our citizens safe.”

Peter Navarro, assistant to the president, added that the COVID-19 pandemic has brought to light “that Americans are dangerously dependent on foreign supply chains for their essential medicines.”

“Today, we are bringing together the significant resources and expertise of the private sector and US government,” said Adam Boehler, CEO of the Development Finance Corporation.

Following the announcement, Kodak shares soared as much as 500% on Wednesday and trading reportedly had to be halted multiple times due to volatility. As of 12:45 p.m. ET, Kodak was up 315%, trading at $33 a share.

Kodak will produce pharmaceutical components for drugs that the FDA declares as being essential but in chronic national shortage. According to The Wall Street Journal, that will include hydroxychloroquine — even though emergency use of the drug for COVID-19 patients was revoked by the FDA in June after the World Health Organization suspended trials of it in May. Trump began taking hydroxychloroquine as a coronavirus preventative in May despite a lack of evidence, saying the malaria drug worked for the virus.

Kodak is now under investigation by the US Securities and Exchange Commission, The Wall Street Journal reported Aug. 4 citing unnamed sources. The SEC investigation is reportedly due to Kodak’s shares spiking when news of the government loan broke last week, and then dropping on Monday due to a dilution in Kodak stock. This led to Kodak executives potentially unlocking a windfall via their stock option grants, WSJ said — and some of those grants were given on July 27, a day before the $765 million loan was announced by the Development Finance Corporation.

Kodak and the SEC didn’t immediately respond to a request for comment.

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Charge Your Phone Wirelessly With 50% off a Multifunctional LED Lamp

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Best Tech DealsBest Tech DealsThe best tech deals from around the web, updated daily.

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Keep That Hotdish Hot With 65% Off a Luncia Casserole Carrier, Only $11 With Promo Code

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Best Home DealsBest Home DealsThe best home, kitchen, smart home, and automotive deals from around the web, updated daily.

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It has been a long time since the days we could safely have a potluck or other gatherings, but we have a fantastic deal perfect for once those times return. These double-decker Luncia dish carriers can be had for 65% off when you add promo code SDDU9S7F at checkout and clip the coupon on the site (it’s just below the price). These holders fit 9″x 13″ sized baking dishes.

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Conquer Your Pup’s Dander and Fur With $700 Off a Cobalt or Charcoal Bobsweep PetHair Plus Robot Vacuum

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Best Home DealsBest Home DealsThe best home, kitchen, smart home, and automotive deals from around the web, updated daily.

Bobsweep PetHair Plus Robot Vacuum & Mop (Cobalt) | $200 | Best Buy

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Allergies can be bad enough as the seasons change. Don’t let pet hair and dander add to that by vacuuming it up early and often. That chore is easier said than done— unless you have a robot vacuum to do the work for you. This lovely bright cobalt Bobsweep PetHair Plus robot vacuum and mop, only $200 today at Best Buy seems like an ideal option. That’s a whopping $700 off, by the way.

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