Market Performance of Sponsor-Backed Initial Public Offerings: An Empirical Analysis of the German Market

This paper investigates the overall market performance of Initial Public Offerings (IPOs) in Germany, by analyzing the short and long run performance of IPOs, utilizing the data from 2000-2013. Furthermore the study aims to distinguish and compare the performance of sponsor backed IPOs to non-sponsor backed IPOs, by placing a special focus on the value creating abilities of financial sponsors. The examined data set consists of 286 IPOs out of which 46 can be considered as IPOs which were backed by financial sponsor. The study suggests that, on average, IPOs significantly underperform their benchmarks. Furthermore, the evidence implies significant differences across the IPO groups with regard to performance and operational indicators. The multivariate regression shows that in the long run, private equity firms outperform their counterparts, signified by greater buy-and hold abnormal returns respectively recorded within the three-year period after the IPO

Scale up of allogeneic cell therapy manufacturing in single-use bioreactors: Challenges, insights and solutions

Allogeneic cell therapy products have enormous potential to treat a wide range of unmet medical needs, with various drug candidates getting closer to commercialization. However, the limited manufacturing capacity of 2D planar technology to meet commercial demands could be a potential bottleneck for the future success of the emerging cell therapy industry. With the benefits of high volumetric productivity, operational controllability, and scalability of cell culture processes for therapeutic protein manufacturing, single-use bioreactors are recognized as promising solutions for large-scale manufacturing of cell therapy products. However, cell therapy products have unique bioprocessing requirements that are different from protein manufacturing. Not only is the final product the cell itself, but many cell therapy products are anchorage-dependent and grow on microcarriers or as cell aggregates. These microcarriers and cell aggregates are much larger than free-floating single cells and require comparatively greater power input to be suspended in a bioreactor, which can lead to hydrodynamic sheer stress and damage to cells. While various cell types require different bioreactor processes, a single-use bioreactor with the following capabilities would be greatly beneficial for reliable scale up of cell therapy manufacturing. One capability is to homogeneously and efficiently suspend large particles in a low shear environment. Another is to provide evenly distributed dissipation energy inside the vessel, leading to uniform aggregate size formation. Finally, both of these capabilities should be reproducible at larger volumes so that micro-environments inside the bioreactors are consistent across various working volumes. A novel, single-use Vertical-Wheel bioreactor system was designed and introduced in an attempt to provide these capabilities. Experiments with various cell types such as human mesenchymal stem cells (MSCs), embryonic stem cells (ESCs), pluripotent stem cells (PSCs), and chondrocytes have been performed in different sizes of Vertical-Wheel bioreactors with the following results. Comparable cell growth of MSCs (550,000 to 600,000 cells/mL on day 5) in a xeno-free microcarrier culture was achieved in three different scales of bioreactors (0.1L, 3L, and 15L). After the cell expansion phase, in-vessel cell dissociation from microcarriers using Trypsin was performed in the 15L Vertical-Wheel bioreactors with a greater than 90% harvest yield. Aggregates of ESCs grown in 0.5L Vertical-Wheel bioreactors were shown to be more uniform in size compared to aggregates grown in stirred-type spinner flasks. Furthermore, the narrow range of aggregate sizes (150-250 microns) after three days of cultivation in 0.5L Vertical-Wheel bioreactors was reproduced at larger 3L scale. The size of PSC aggregates could also be controlled by adjusting agitation rate, with higher speeds resulting in smaller aggregates and lower speeds in larger aggregates. In addition, pluripotency of PSC aggregates was maintained after cell expansion, as indicated by specific surface marker identifiers. Directed differentiation of PSCs in a single-use bioreactor is another important challenge of manufacturing scale up. Vertical-Wheel bioreactors have been used to successfully differentiate PSCs into different types of target cells, such as insulin-producing SC-islets or cerebellar organoids. In order for single-use bioreactors to become the standard manufacturing platform for cell therapy products, an ideal bioreactor system should be able to deliver highly productive, reliable, and reproducible cell culture performance at commercial scale. Further details regarding manufacturing challenges and experimental data will be discussed in this presentation

Probabilistische Traktographie des Fasciculus arcuatus in Relation zu funktionellen Zentren der Sprachverarbeitung

In dieser Arbeit wurde untersucht, inwiefern probabilistische Traktographie des Fasciculus arcuatus eine Alternative für fMRT in der Lokalisation der funktionellen Sprachareale von Broca und Wernicke darstellen kann. Dafür wurden bei einer Gruppe von Patienten drei Bildgebungs-Datensätze untersucht: ein anatomisches Strukturbild (MP-RAGE), eine fMRT-Sequenz zur Darstellung der Sprachareale und ein DTI- Datensatz. Traktographie wurde orientiert an makro- (anatomische Landmarken) und/oder mikrostrukturellen (DTI-Ellipsoide) Eigenschaften durchgeführt, ohne Vorkenntnis über die Lokalisation von Spracharealen. Diese Herangehensweise war erfolgreich in der Darstellung des Fasciculus arcuatus, sowohl bei Patienten mit Epilepsie als auch bei Patienten mit zum Teil massiven Raumforderungen. Zudem wurde Traktographie auch direkt orientiert an den Ergebnissen der fMRT durchgeführt. So konnten Darstellungen des AF, die ohne Vorkenntnisse über die Lokalisation von Spracharealen erstellt worden waren, mit Darstellungen des AF, die per Definition auf die Verbindung der funktionellen Sprachareale fokussiert waren, verglichen werden. Die Traktographieergebnisse wurden auf ihre strukturellen Eigenschaften und Morphologie hin untersucht und untereinander verglichen, wobei sich eine deutliche Konkordanz feststellen ließ. Ferner wurden die strukturellen Eigenschaften und insbesondere deren asymmetrische Ausprägung mit der Ausprägung der funktionellen Sprachaktivierung und hemisphärischen Sprachdominanz verglichen. Es zeigte sich eine gute Übereinstimmung zwischen der Projektion der AF-Darstellungen und der Lokalisation der funktionellen Sprachareale. Jedoch war keinerlei statistisch signifikante Korrelation zwischen der Lateralität der strukturellen Parameter und der hemisphärischen Sprachdominanz feststellbar, weder für die Traktographie, die ohne Vorkenntnisse über die Lokalisation funktioneller Sprachareale durchgeführt worden war, noch für die Traktographie, die explizit daran ausgerichtet wurde

How electronic devices affect the sleep of young people: summary of current knowledge

Introduction and purpose: The impact of electronic devices on our daily lives is becoming increasingly significant. The contemporary generation of young people is growing up in a world where smartphones, tablets, computers, and other electronic devices are widely available and utilized. Scientists are contemplating the challenges posed by excessive exploitation of electronics on the health of young individuals. The aim of the article is to present the harmful effects of using electronic devices before sleep in young people, considering medical aspects such as sleep disorders and their influence on overall psychophysical health. Summary: Electronic devices negatively affect the sleep of young people by reducing sleep time and delaying the sleep onset phase. The main problem is the use of electronic devices without time limits. In the era of technology, it is significantly important to raise awareness among young people about the importance of sleep hygiene and how blue light emitted by electronic devices affects its quality

Cutaneous manifestations associated with COVID-19: summary of current knowledge

Introduction and purpose: Coronavirus disease (COVID-19), caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), had been spreading rapidly throughout the world, mainly affecting respiratory system. Except pulmonary symptoms, skin lesions might also occur. The precise percentage of patients with confirmed COVID-19 who presented cutaneous manifestations is still unknown (0.2% - 20.4%). Part of the skin lesions might be drug-induced. Brief description of the state of knowledge: Cutaneous manifestations in the course of the coronavirus disease could be divided into six main groups: maculopapular rash, urticarial lesions, chilblain‐like lesions, vesicular eruptions, petechial/purpuric lesions and livedoid lesions. The most common skin lesions are maculopapular eruptions (47%). Trunk is the most affected location, whereas pruritus is the most frequent additional symptom among patients with skin lesions associated with coronavirus disease. These lesions appear mainly in elderly patients except pseudo chilblains which are present among children and young adults with SARS-Cov-2 infection. The majority of cutaneous manifestations occur after COVID-19 systemic symptoms, but the appearance of vesicular lesions before the respiratory signs was also reported. Cutaneous manifestations resolved spontaneously at different times, ranging from a few days to 2-4 weeks. Moreover, patients with severe course of COVID-19 with maculopapular rash have better prognosis (2% mortality rate) in comparison to patients who developed livedoid lesions in course of the coronavirus disease (10% mortality rate). Summary: Pseudo-chilblains and vesicular lesions are the most specific cutaneous manifestations of coronavirus disease. Healthcare professionals should pay attention to patients who present skin symptoms in the course of COVID-19. Cutaneous manifestations can facilitate the doctor the diagnosis and even estimate the severity of coronavirus disease

The Use of Contrast-Enhanced Sonography for Therapy Monitoring of Metastatic Lymph Nodes: A Systematic Review

Metastatic cervical lymph nodes are a frequent finding in head and neck squamous cell carcinoma (HNSCC). If a non-surgical approach is primarily chosen, a therapy response evaluation of the primary tumor and the affected lymph nodes is necessary in the follow-up. Supplementary contrast-enhanced ultrasound (CEUS) can be used to precisely visualize the microcirculation of the target lesion in the neck, whereby malignant and benign findings differ in their uptake behavior. The same applies to many other solid tumors. For various tumor entities, it has already been shown that therapy monitoring is possible through regular contrast-enhanced sonography of the primary tumor or the affected lymph nodes. Thus, in some cases, maybe in the future, a change in therapy strategy can be achieved at an early stage in the case of non-response or, in the case of therapy success, a de-escalation of subsequent (surgical) measures can be achieved. In this paper, a systematic review of the available studies and a discussion of the potential of therapy monitoring by means of CEUS in HNSCC are presented

Novel vertical-wheel bioreactors for the scalable, robust and efficient production of shear- sensitive cell therapy products – human pluripotent stem cells (aggregate culture) and mesenchymal stromal cells (microcarrier culture)

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Will Tirzepatide become a game-changer in the pharmacological treatment of obesity? - literature review

Introduction and objective: Obesity has become an important public health issue in Poland. Furthermore, it is one of the most common preventable causes of diseases and mortality. Pharmacological methods of treating obesity have been developing significantly in recent years.Tirzepatide is a new dual incretin receptor agonist that activates both GIP (glucose-dependent insulinotropic polypeptide) and GLP-1 (glucagon-like peptide-1) receptors. The aim of this review is to assess the effectiveness of this medication in reducing body weight. Current state of knowledge: According to data from the Central Statistical Office (GUS) in Poland, 65% of men and 49% of women are struggling with the issue of excessive body weight [1]. Obesity in Polish society is steadily increasing in every age group. However, it affects most significantly children aged 7-13 years and adolescents. In 2022, the novel dual GLP and GIP-1 agonist has been registered for the treatment of type 2 diabetes which is not satisfactorily controlled. It can be also used together with diet and physical activity in patients diagnosed with obesity (BMI of 30 kg/m2 or more) or who are overweight (BMI 27-30 kg/m2) and have weight-related health problems such as hypertension, metabolic syndrome, dislipidaemia and diabetes mellitus [2]. Summary: The increasing prevalence of obesity leads to a dynamic search for the most effective pharmacological methods of treating obesity. The combined activation of GLP-1 and GIP receptors by Tirzepatide has been shown to have additional benefits beyond satisfying glucose control. The biological mechanism of action of this medication additionally causes decreased food intake, slowed gastric emptying and enhanced insulin secretion, all of which can contribute to weight reduction

Nutrition Strategies for Optimizing Performance and Health in Young Athletes

Introduction: The increasing participation of young individuals in sports necessitates a comprehensive understanding of the intricate relationship between nutrition and athletic performance during the critical adolescent years. This introduction sets the stage for an exploration of the dynamic nutritional needs of young athletes, emphasizing the pivotal role of nutrition in supporting growth, energy metabolism, and overall athletic achievement. Current State of Knowledge: The current state of knowledge encompasses an in-depth analysis of key nutritional considerations for young athletes. Examining energy and macronutrient requirements, micronutrient considerations, hydration strategies, and optimal timing of nutrition, this section synthesizes existing research to provide evidence-based guidelines. Furthermore, it addresses the unique challenges posed by different sports and the importance of tailored nutritional approaches for diverse athletic endeavors. The evolving landscape of sports nutrition is also explored, with a specific focus on the benefits and potential risks associated with protein and creatine supplementation. Summary: In summary, this article serves as a comprehensive resource for athletes, coaches, and parents seeking to navigate the intricate intersection of nutrition and young athletes. By elucidating evidence-based strategies and addressing the potential drawbacks and risks associated with certain supplements, the article aims to empower stakeholders with the knowledge needed to make informed decisions regarding the nutritional well-being of young athletes. It underscores the importance of individualized approaches, recognizing the diversity of young athletes and advocating for adaptable nutritional strategies that contribute to both immediate performance gains and sustained health and athletic success