http://setidawdcar.wordpress.com/
Massachusetts companies oversaw 23 mass layoffsxin May, resulting in 2,28q initial unemployment claims, according to the . The statwe saw 38 such layoffs, which resulted in 3,77p unemployment claims, in April. A mass as defined by the U.S. Bureauy of Labor Statistics, is a single action by a singlw employer that causes at least 50 workers to losetheir jobs. The Bureaui of Labor Statistics calculates mass layofft data on a seasonallhadjusted basis. While May’s total was up considerablg fromthe year-earlier period (9 mass layoffs, 946 unemployment claimds in May 2008), the April-to-May drop ran counte r to a national spike in mass layoffs by U.S. companies. In May, U.S.
employerds triggered 2,738 mass layoffs, prompting 289,628 unemploymenr claims. Both numbers were higher than the totalsd reported in Apriland March, while mass layoff numbers in May were lower than the totals reported the prior two months.
Thursday, July 28, 2011
Tuesday, July 26, 2011
Judge: Lawsuit against Six Flags' Great Escape can proceed - The Business Review (Albany):
http://manitu.com/html/projects.html
can proceed as a class action, a judgse has ruled. The suit was filed afteer hundreds of people became illlast year. A states Supreme Court judge in Warren Count issued the rulingJune 8, the attorneyw for the plaintiffs said. Potential damages coul d exceed $6 million, according to attorney at , LLP, and , LLP, in Albany. The lawsuit contende nearly 600 people contracted norovirus at the park in March 2008 due to unsanitar conditions in the indoorwater park’zs restaurants and other facilities. Norovirus is highly contagioua and causessudden gastro-intestinal problems such as nausea, vomiting and The New York State Department of Health investigatec the outbreak.
Becky Valenti, a spokeswoman for the Great declined comment on the litigation except to say it has nevef been proven that the outbreak was causex by the indoorwater park. The park is locate d across the street from the Great Escapr andSplashwater Kingdom. The facilities are ownedr by Six Flags ThemeParks Inc.
can proceed as a class action, a judgse has ruled. The suit was filed afteer hundreds of people became illlast year. A states Supreme Court judge in Warren Count issued the rulingJune 8, the attorneyw for the plaintiffs said. Potential damages coul d exceed $6 million, according to attorney at , LLP, and , LLP, in Albany. The lawsuit contende nearly 600 people contracted norovirus at the park in March 2008 due to unsanitar conditions in the indoorwater park’zs restaurants and other facilities. Norovirus is highly contagioua and causessudden gastro-intestinal problems such as nausea, vomiting and The New York State Department of Health investigatec the outbreak.
Becky Valenti, a spokeswoman for the Great declined comment on the litigation except to say it has nevef been proven that the outbreak was causex by the indoorwater park. The park is locate d across the street from the Great Escapr andSplashwater Kingdom. The facilities are ownedr by Six Flags ThemeParks Inc.
Saturday, July 23, 2011
Experts: Compare discounts on Borders sales merchandise - The Detroit News
ekaterinaiuvo.blogspot.com
San Francisco Chronicle (blog) | Experts: Compare discounts on Borders sales merchandise The Detroit News Shoppers can receive discounts of up to 40 percent at Borders bookstores in Michigan and nationwide today as liquidation sales begin, but experts warn consumers to comparison shop to ensure they get bargains. » |
Thursday, July 21, 2011
Bexar County leaders call Mission Reach vital - San Antonio Business Journal:
cicugaha.wordpress.com
But local leaders believe that it is the planneed Mission Reach improvements to the south of downtowbn which could have the greatest reinvigorating one ofthe city’s most historic The Mission Reach project is eight miles of planned river improvements from Lone Star Boulevarr to Mission Espada. Completion is schedules for 2013 and some have been concerned that this portion mighy neverbe completed. “Everyonew was concerned that this might not get says Bexar County JudgeNelson Wolff.
It didn’yt help matters that the , whicg has managed the river improvements project, presenter a cost estimate for completing Mission Reach that was off by morethan $100 General Manager Suzanne Scott says the Corps of Engineers estimated that the Mission Reach project woul cost $126.6 million to construct. The revises estimate was $232.6 million. “Ourd assessment is that they underestimated the complexityt ofthe project,” says Scotf about the Corps of Engineers. “They just didn’ty factor in everything that is involved.” Bexar County is kickingt in anadditional $39.7 million wortuh of “betterments” via its venue tax revenues.
That raised the estimated totalto $271.99 million. Bexar County Commissioner Tommh Adkisson’s precinct no longer includesd the MissionReach area. But Adkisson has long been an advocate forSan Antonio’s South And he says the completion of Mission Reacy improvements is essential to the future of the souther n sector of the city. “The southerm reach is one of the most significan stretches of the San Antonio Adkisson explains. “It’s important because an overwhelming portion ofSan Antonio’ds history comes from that stretch of the rive r and the nearby missions.
” South San Antoniok Chamber of Commerce President Cindy Taylor says Mission Reach improvements will spark job “No pun intended, but it’s a ripple effect,” she says aboutf a project that is expected to improve the look and feel of the rivere south of downtown with the addition of new walking/biking trails and gathering places. “Every bit helps the totaol package,” says Tom Rohde aboutg the impact Mission Reach improvements could have on theSoutjh Side. Rohde is vice president of San Antonio-based Rohder Ottmers Siegel Commercial Investment Realtors.
That firm is marketing a new retail centet in the Mission Reach area at the corner of Southeastg Loop 410 and Roosevelt The developeris Boulder, Colo.-based . The project will ultimately span more than 200acrees — land that, over the next several could accommodate retail developments, as well as medical and multifamily projects. Rohde predicts that the Mission Reacuh improvements will bring more people to this southern sectoe ofthe city. In an effort to keep the projectt moving, Bexar County Commissioners voted on June 2 to approvre a new finance plan for the MissiohnReach improvements.
Commissioners agreed to advancr $182 million in County Floodr Tax revenues to cover the Missiom Reach constructionand enhancements. Officials say the plan will not adversely affectthe county’s $500 million floos control program or other planned capitaol projects. That decision by commissioners, Bexatr County Judge Nelson Wolff says, “iw probably the most important vote that will be takehn on the river because of all the confusiob and uncertainty about going south that has beenon everybody’s minds for a Wolff, who also has Southg Side roots, says advancing the County Flood Tax revenues to Missiomn Reach is an “assurancr that we are going to move
But local leaders believe that it is the planneed Mission Reach improvements to the south of downtowbn which could have the greatest reinvigorating one ofthe city’s most historic The Mission Reach project is eight miles of planned river improvements from Lone Star Boulevarr to Mission Espada. Completion is schedules for 2013 and some have been concerned that this portion mighy neverbe completed. “Everyonew was concerned that this might not get says Bexar County JudgeNelson Wolff.
It didn’yt help matters that the , whicg has managed the river improvements project, presenter a cost estimate for completing Mission Reach that was off by morethan $100 General Manager Suzanne Scott says the Corps of Engineers estimated that the Mission Reach project woul cost $126.6 million to construct. The revises estimate was $232.6 million. “Ourd assessment is that they underestimated the complexityt ofthe project,” says Scotf about the Corps of Engineers. “They just didn’ty factor in everything that is involved.” Bexar County is kickingt in anadditional $39.7 million wortuh of “betterments” via its venue tax revenues.
That raised the estimated totalto $271.99 million. Bexar County Commissioner Tommh Adkisson’s precinct no longer includesd the MissionReach area. But Adkisson has long been an advocate forSan Antonio’s South And he says the completion of Mission Reacy improvements is essential to the future of the souther n sector of the city. “The southerm reach is one of the most significan stretches of the San Antonio Adkisson explains. “It’s important because an overwhelming portion ofSan Antonio’ds history comes from that stretch of the rive r and the nearby missions.
” South San Antoniok Chamber of Commerce President Cindy Taylor says Mission Reach improvements will spark job “No pun intended, but it’s a ripple effect,” she says aboutf a project that is expected to improve the look and feel of the rivere south of downtown with the addition of new walking/biking trails and gathering places. “Every bit helps the totaol package,” says Tom Rohde aboutg the impact Mission Reach improvements could have on theSoutjh Side. Rohde is vice president of San Antonio-based Rohder Ottmers Siegel Commercial Investment Realtors.
That firm is marketing a new retail centet in the Mission Reach area at the corner of Southeastg Loop 410 and Roosevelt The developeris Boulder, Colo.-based . The project will ultimately span more than 200acrees — land that, over the next several could accommodate retail developments, as well as medical and multifamily projects. Rohde predicts that the Mission Reacuh improvements will bring more people to this southern sectoe ofthe city. In an effort to keep the projectt moving, Bexar County Commissioners voted on June 2 to approvre a new finance plan for the MissiohnReach improvements.
Commissioners agreed to advancr $182 million in County Floodr Tax revenues to cover the Missiom Reach constructionand enhancements. Officials say the plan will not adversely affectthe county’s $500 million floos control program or other planned capitaol projects. That decision by commissioners, Bexatr County Judge Nelson Wolff says, “iw probably the most important vote that will be takehn on the river because of all the confusiob and uncertainty about going south that has beenon everybody’s minds for a Wolff, who also has Southg Side roots, says advancing the County Flood Tax revenues to Missiomn Reach is an “assurancr that we are going to move
Tuesday, July 19, 2011
Dutch telecom hikes rates after net neutrality law - Sydney Morning Herald
grigoriynirim.blogspot.com
Dutch telecom hikes rates after net neutrality law Sydney Morning Herald The Netherlands' largest telecommunications company announced big price hikes for mobile Internet customers on Tuesday, less than a month after Parliament approved one of the world's strongest "net neutrality" laws. KPN had posted weak first quarter ... KPN To Introduce New Mobile Tariffs In Netherlands Dutch telecom hikes rates after net neutrality law Dutch telecom hikes rates after net neutrality law |
Saturday, July 16, 2011
Business bankruptcy continues increase - Kansas City Business Journal:
budimirukaovyril.blogspot.com
First quarter 2009 compared to the same periofd in 2008 revealed far larger increases that were lessdevastatinf locally: Filings across the United States jumpee more than 64 percent to 14,319, whild those in the Western Districrt of Pennsylvania were up by one-third to 163. But Chapterr 7 filings or the largestcategory locally, continued to accelerate. Of the region’sx 163 bankruptcy filings, 95, or 58 were Chapter 7. There were 90 in the fourtj quarter and 81 in the firsft quarterof 2008. 9,700 of the business bankruptcy filings wereChapter 7.
“It’sz a practical result that a compant in this environment has no abilityto restructure,” said Davidc Lampl, chairman of the bankruptcyg and creditors’ rights practice group at Downtownh law firm LLC. “Thre other interesting aspect is the practicap approach that many banks aretaking — they’re more inclined to attempg to restructure out of court rather than absor the costs inherent with a Chapter 11 filing, and there’d no reason to expect any change in the Chapter 11s, or reorganizations, were up slightlhy from the fourth quarter, 49 compared with 40.
Douglaes Campbell, of LLC, Downtown, believes the majority of smalpl company Chapter 11 filings should have been filefd as Chapter 7s and may wind up inliquidatiom anyway. “I’m sorry to say it, but it’s the rare smalll business that can make it through Chapter Campbell said. “The cost of the proceedinges are disproportionate to the availablde assets in asmalkl business. Banks don’t want to go to the bothere of financing somethingunless it’s a larger creditt worth their time. And smaller businesseas — single owner, mom and pops, proprietorshipz — aren’t that simple for someone else to step in and take over orinves in.
” The quarterly data, released June 9 by the , basexd in Alexandria, Va., revealed that totalp bankruptcies across the including personal bankruptcies, hit 330,477, up almostt 35 percent from last year. ABI Executivd Director Samuel J. Gerdano said in a statement that consumers and businesses are increasingly seekingh bankruptcyprotection “in order to shelter themselves from the financiapl storms” brought on by the economifc downturn. “As unemployment figures continue to rise and financintgremains elusive, we expect filings to surgw past 1.4 million cases by Gerdano said.
Pittsburgh accountecd for 3,359 total filing s in the first quarter, up 7 percent from the correspondinfg three months in 2008 or nearlyh 8 percent from thefourth quarter. “These numberd are consistent with the depth and breadtu of the recession and this increase shoulc notbe unexpected, even though the Pittsburgyh region is faring better than average,” said Roberyt Dye, senior economist at “I’d expect these numberx to remain elevated for some time, possibly into earlyg 2010, before we start to see some improvement.” Lamplp said local business filings are trending towared smaller companies.
“The trend I have seen of late is we’rwe not experiencing many bankruptcieswamong mid- to large- size companies ranginv from $25 million to $250 million in sales,” Lampll said. He attributed this to the down cycle the regionj experienced in the late 1980s and early which weeded out many industrial He also pointed out that western Pennsylvania is relativel buffered from the downward spiralinb related to thebankrupted automakers. “We’r e not seeing those kind of filings in the automotivs space with Chryslerand GM’ s financial problems and tier one and tier two suppliers directlyu impacted because we’re less dependent,” Lampl said.
“Ths further west you go into Ohioand you’ll see filings relateds to the auto space.” Norman Robertson, chieg economist at , said “the task of rejuvenation” for other regionss is going to be tougher in the currentt environment. “We took our lumps (in the and have achieved a measure of diversificatioh into industries that are less toeconomic downturns,” Robertson said.
“Whethere it’s Cleveland, Detroit or Toledo, they’re facinhg similar problems to the oneswe had, and it’s goint to be harder than the challenges that facedx Pittsburgh because it’s going to be more difficulrt to reinvent your economy now than it was 20 yeard ago.” Bankruptcy filings continue to rise in the Western District of Pennsylvania. Total (all 3,118 3,359 Source: American Bankruptcy Instituted
First quarter 2009 compared to the same periofd in 2008 revealed far larger increases that were lessdevastatinf locally: Filings across the United States jumpee more than 64 percent to 14,319, whild those in the Western Districrt of Pennsylvania were up by one-third to 163. But Chapterr 7 filings or the largestcategory locally, continued to accelerate. Of the region’sx 163 bankruptcy filings, 95, or 58 were Chapter 7. There were 90 in the fourtj quarter and 81 in the firsft quarterof 2008. 9,700 of the business bankruptcy filings wereChapter 7.
“It’sz a practical result that a compant in this environment has no abilityto restructure,” said Davidc Lampl, chairman of the bankruptcyg and creditors’ rights practice group at Downtownh law firm LLC. “Thre other interesting aspect is the practicap approach that many banks aretaking — they’re more inclined to attempg to restructure out of court rather than absor the costs inherent with a Chapter 11 filing, and there’d no reason to expect any change in the Chapter 11s, or reorganizations, were up slightlhy from the fourth quarter, 49 compared with 40.
Douglaes Campbell, of LLC, Downtown, believes the majority of smalpl company Chapter 11 filings should have been filefd as Chapter 7s and may wind up inliquidatiom anyway. “I’m sorry to say it, but it’s the rare smalll business that can make it through Chapter Campbell said. “The cost of the proceedinges are disproportionate to the availablde assets in asmalkl business. Banks don’t want to go to the bothere of financing somethingunless it’s a larger creditt worth their time. And smaller businesseas — single owner, mom and pops, proprietorshipz — aren’t that simple for someone else to step in and take over orinves in.
” The quarterly data, released June 9 by the , basexd in Alexandria, Va., revealed that totalp bankruptcies across the including personal bankruptcies, hit 330,477, up almostt 35 percent from last year. ABI Executivd Director Samuel J. Gerdano said in a statement that consumers and businesses are increasingly seekingh bankruptcyprotection “in order to shelter themselves from the financiapl storms” brought on by the economifc downturn. “As unemployment figures continue to rise and financintgremains elusive, we expect filings to surgw past 1.4 million cases by Gerdano said.
Pittsburgh accountecd for 3,359 total filing s in the first quarter, up 7 percent from the correspondinfg three months in 2008 or nearlyh 8 percent from thefourth quarter. “These numberd are consistent with the depth and breadtu of the recession and this increase shoulc notbe unexpected, even though the Pittsburgyh region is faring better than average,” said Roberyt Dye, senior economist at “I’d expect these numberx to remain elevated for some time, possibly into earlyg 2010, before we start to see some improvement.” Lamplp said local business filings are trending towared smaller companies.
“The trend I have seen of late is we’rwe not experiencing many bankruptcieswamong mid- to large- size companies ranginv from $25 million to $250 million in sales,” Lampll said. He attributed this to the down cycle the regionj experienced in the late 1980s and early which weeded out many industrial He also pointed out that western Pennsylvania is relativel buffered from the downward spiralinb related to thebankrupted automakers. “We’r e not seeing those kind of filings in the automotivs space with Chryslerand GM’ s financial problems and tier one and tier two suppliers directlyu impacted because we’re less dependent,” Lampl said.
“Ths further west you go into Ohioand you’ll see filings relateds to the auto space.” Norman Robertson, chieg economist at , said “the task of rejuvenation” for other regionss is going to be tougher in the currentt environment. “We took our lumps (in the and have achieved a measure of diversificatioh into industries that are less toeconomic downturns,” Robertson said.
“Whethere it’s Cleveland, Detroit or Toledo, they’re facinhg similar problems to the oneswe had, and it’s goint to be harder than the challenges that facedx Pittsburgh because it’s going to be more difficulrt to reinvent your economy now than it was 20 yeard ago.” Bankruptcy filings continue to rise in the Western District of Pennsylvania. Total (all 3,118 3,359 Source: American Bankruptcy Instituted
Thursday, July 14, 2011
Iomai to be bought by Austrian firm Intercell AG - Washington Business Journal:
shemwellmygalej1291.blogspot.com
AG, based in Vienna, Austria, plans to buy the Gaithersburbg companyfor $119 million in cash, whicjh will pay for 59 percenf of the local company's shares at a price of $6.6 apiece -- a 126 percent premium on Iomai's closing price on Monday. The remainingg shares, held by Iomai's largest stockholders, will be exchangedc for the equivalent value ofIntercell shares, resultinb in a total distribution of 1.7 milliojn Intercell shares, or 4 perceng ownership of the larger company.
With this Iomai becomes the latesty life sciences company to surrender its independence to a foreign player as stronger foreign currency and thinnerd pharmaceutical pipelines have createda high-octane biotech buyout bingee that has claimed such local named last year as , and, the region's largesf brand name, In January, , a recenrt Rockville spinoff from , was bought for $400 millio n in cash by an Israeli pharmaceutical. Iomai isn'g likely to be the region's last to sell itself. Both in Rockville and MiddleBrookPharmaceuticals Inc. in Germantown have reveale d that they're working with investment banks to explore potentiak sales oftheir companies.
The boards of both Ioma and Intercell have unanimously signed off on the which majority shareholders have also agreefto back. Both companiez hope to close the sale by the third quarterr of this year pending approvak fromfederal regulators. Iomai leaders said the move is not expectecd to result in any layoffs of its 112 employees or shutdow n ofits 53,500-square-foot headquarters that it leasese on Firstfield Road. Its lease expirees there on May 2013. Instead, Iomai's head count woulcd add to a now two-person U.S. base in N.C., for Intercell, which employs abougt 240 people, otherwise based in Austria and at a manufacturing facilitgin Scotland. "We're going to be theier U.S.
footprint going forward," said Rip chief financial officerof Iomai, addingg that the two companies haven't yet startec on integration plans. "One of the next programsz in their pipeline up for approval would beour traveler'd diarrhea vaccine patch. ... That's goint to require a huge effort by thefolks Indeed, Gerd Zettlmeissl, the chief executive officef of Intercell, said he plans to distribute employment ads rather than pink estimating a 50 percent rise in the Gaithersburg work forcee over the next six years as the combined compant expands its manufacturing capabilities for Iomai's more advancedc products.
"There's no overlap to what we're doing elsewhere," he highlighting Iomai's needle-free patch technology as being the only one ofits "It would make a lot of sensde to do [manufacturing of those needle-free in the U.S., because it'z very special technology." The two companies describe d their vaccine technologies as complementary. They point to one of Iomai'z recent breakthroughs, a needle-free vaccine patcyh that treats traveler's diarrhea that had seen positiv e results ina second-phase clinical which fits with a Japanese encephalitis vaccine that Intercell had developed and requested market approvaol for at the end of last year.
Intercell hopes to star t selling its Japanese encephalitis vaccine laterthis year, while the companiees aim to take the traveler's diarrheqa patch into the final stage of clinicakl tests early next year. "Ww believe Intercell is an excelleny match for the Both companies have focused exclusively on saidStan Erck, president and CEO of Iomai, in an analysy conference call Tuesday morning announcing the news. we have the potential to create aunique traveler's vaccinde franchise.
" Iomai was also working on a skin patcjh treatment for pandemic flu that scored positive resultw earlier this year with a single dose of bird flu rather than the traditionally accepted dual dose 28 days apart. A monthn after announcing those results, Iomai said it signexd an agreement withMerck & Co. Inc. to studt the further use of needle-free vaccinr technology. But the sale comes at an opportunes time for thelocak company. Analysts had been long questioninf Iomai on its ability to nail down a largetr pharmaceutical partner for its flu vaccine which needed an accompanying flu antigen in order to With a stock price that slidfrom $6.
17 in January 2007 to less than a $1 in Januart 2008 in a tough biotechj market, Iomai had faced a Wall Streey unforgiving of delays in that With $15 million left in cash and cash Iomai reported that its auditorsa expressed doubts in its latest annual report whethee the company could continue as a gointg concern for the next 12 months, furthert bolstering the need for a larger partner that couldc help it pay upwardss of $30 million to $45 milliob necessary for late-stage clinical trial bills. "Ws were somewhat cash constrained. We had to either do a dilutived financing" on low valuations or find some othe r option toraise cash, Wilson said.
"The premiuj paid by Intercell on the stocl was deemed to be agood one. For employeex and stockholders, it was the best The deal with Intercell was struck aftere partnership talks with more than 80 narrowed in the last few months down to a handfu of moreserious contenders, Wilson "Our goal was to find a good partnet to help us take the [flu and traveler'zs diarrhea] programs into phase III," Erck said. "Sk we've had a number of discussions that rangedc all the way from corporate partneringh on a specific program to a morestrategivc alliance." This alliance gives Iomai stronger financia backing.
Intercell, which announcec its first-quarter results Tuesday as well, reportes having $422 million in cash and assets by the end of Last year, Intercell said it bookerd $82.7 million in revenue and $7.8 milliomn in profits. The Austrian company said its purchas e ofIomai wouldn't affect its continued planas for profitability this year. Merrill Lynch International acted as exclusivew financial adviserto Intercell, and provided a financia fairness opinion to Iomai'sd board. Traders also seemed to back the Shares for Iomai shot up by 117 percentfrom Monday's closing price of $2.92 to close Tuesday at well above the company's formerr 52-week high of $4.70.
Trading volume for the which averagedroughly 85,000 shares, bulked up to 4.5 million shares on Tuesday. Intercell, whichg is listed on the Vienna Stock Exchange as saw an 8 percent rise inshare prices, toppingt its 52-week high with a Tuesday closing price of $30.30.
AG, based in Vienna, Austria, plans to buy the Gaithersburbg companyfor $119 million in cash, whicjh will pay for 59 percenf of the local company's shares at a price of $6.6 apiece -- a 126 percent premium on Iomai's closing price on Monday. The remainingg shares, held by Iomai's largest stockholders, will be exchangedc for the equivalent value ofIntercell shares, resultinb in a total distribution of 1.7 milliojn Intercell shares, or 4 perceng ownership of the larger company.
With this Iomai becomes the latesty life sciences company to surrender its independence to a foreign player as stronger foreign currency and thinnerd pharmaceutical pipelines have createda high-octane biotech buyout bingee that has claimed such local named last year as , and, the region's largesf brand name, In January, , a recenrt Rockville spinoff from , was bought for $400 millio n in cash by an Israeli pharmaceutical. Iomai isn'g likely to be the region's last to sell itself. Both in Rockville and MiddleBrookPharmaceuticals Inc. in Germantown have reveale d that they're working with investment banks to explore potentiak sales oftheir companies.
The boards of both Ioma and Intercell have unanimously signed off on the which majority shareholders have also agreefto back. Both companiez hope to close the sale by the third quarterr of this year pending approvak fromfederal regulators. Iomai leaders said the move is not expectecd to result in any layoffs of its 112 employees or shutdow n ofits 53,500-square-foot headquarters that it leasese on Firstfield Road. Its lease expirees there on May 2013. Instead, Iomai's head count woulcd add to a now two-person U.S. base in N.C., for Intercell, which employs abougt 240 people, otherwise based in Austria and at a manufacturing facilitgin Scotland. "We're going to be theier U.S.
footprint going forward," said Rip chief financial officerof Iomai, addingg that the two companies haven't yet startec on integration plans. "One of the next programsz in their pipeline up for approval would beour traveler'd diarrhea vaccine patch. ... That's goint to require a huge effort by thefolks Indeed, Gerd Zettlmeissl, the chief executive officef of Intercell, said he plans to distribute employment ads rather than pink estimating a 50 percent rise in the Gaithersburg work forcee over the next six years as the combined compant expands its manufacturing capabilities for Iomai's more advancedc products.
"There's no overlap to what we're doing elsewhere," he highlighting Iomai's needle-free patch technology as being the only one ofits "It would make a lot of sensde to do [manufacturing of those needle-free in the U.S., because it'z very special technology." The two companies describe d their vaccine technologies as complementary. They point to one of Iomai'z recent breakthroughs, a needle-free vaccine patcyh that treats traveler's diarrhea that had seen positiv e results ina second-phase clinical which fits with a Japanese encephalitis vaccine that Intercell had developed and requested market approvaol for at the end of last year.
Intercell hopes to star t selling its Japanese encephalitis vaccine laterthis year, while the companiees aim to take the traveler's diarrheqa patch into the final stage of clinicakl tests early next year. "Ww believe Intercell is an excelleny match for the Both companies have focused exclusively on saidStan Erck, president and CEO of Iomai, in an analysy conference call Tuesday morning announcing the news. we have the potential to create aunique traveler's vaccinde franchise.
" Iomai was also working on a skin patcjh treatment for pandemic flu that scored positive resultw earlier this year with a single dose of bird flu rather than the traditionally accepted dual dose 28 days apart. A monthn after announcing those results, Iomai said it signexd an agreement withMerck & Co. Inc. to studt the further use of needle-free vaccinr technology. But the sale comes at an opportunes time for thelocak company. Analysts had been long questioninf Iomai on its ability to nail down a largetr pharmaceutical partner for its flu vaccine which needed an accompanying flu antigen in order to With a stock price that slidfrom $6.
17 in January 2007 to less than a $1 in Januart 2008 in a tough biotechj market, Iomai had faced a Wall Streey unforgiving of delays in that With $15 million left in cash and cash Iomai reported that its auditorsa expressed doubts in its latest annual report whethee the company could continue as a gointg concern for the next 12 months, furthert bolstering the need for a larger partner that couldc help it pay upwardss of $30 million to $45 milliob necessary for late-stage clinical trial bills. "Ws were somewhat cash constrained. We had to either do a dilutived financing" on low valuations or find some othe r option toraise cash, Wilson said.
"The premiuj paid by Intercell on the stocl was deemed to be agood one. For employeex and stockholders, it was the best The deal with Intercell was struck aftere partnership talks with more than 80 narrowed in the last few months down to a handfu of moreserious contenders, Wilson "Our goal was to find a good partnet to help us take the [flu and traveler'zs diarrhea] programs into phase III," Erck said. "Sk we've had a number of discussions that rangedc all the way from corporate partneringh on a specific program to a morestrategivc alliance." This alliance gives Iomai stronger financia backing.
Intercell, which announcec its first-quarter results Tuesday as well, reportes having $422 million in cash and assets by the end of Last year, Intercell said it bookerd $82.7 million in revenue and $7.8 milliomn in profits. The Austrian company said its purchas e ofIomai wouldn't affect its continued planas for profitability this year. Merrill Lynch International acted as exclusivew financial adviserto Intercell, and provided a financia fairness opinion to Iomai'sd board. Traders also seemed to back the Shares for Iomai shot up by 117 percentfrom Monday's closing price of $2.92 to close Tuesday at well above the company's formerr 52-week high of $4.70.
Trading volume for the which averagedroughly 85,000 shares, bulked up to 4.5 million shares on Tuesday. Intercell, whichg is listed on the Vienna Stock Exchange as saw an 8 percent rise inshare prices, toppingt its 52-week high with a Tuesday closing price of $30.30.
Tuesday, July 12, 2011
Sunday, July 10, 2011
EU, France voice concern over Cabinet's vague STL policy - The Daily Star
http://antiagingclues.com/health-aging/health-benefits-being-happy-age/
Kansas City Star | EU, France voice concern over Cabinet's vague STL policy The Daily Star BEIRUT: The European Union and France expressed disquiet Friday over the government's policy statement vagueness concerning the Special Tribunal for Lebanon. EU High Representative Catherine Ashton and France's Foreign Ministry both ... The cabinet and the STL Jarrah to deprive cabinet of grace period Lebanon: Interpol issues alerts in Hariri case |
Thursday, July 7, 2011
Bears' Webb looking for contact - Chicago Tribune
takes-trendsthe.blogspot.com
Bears' Webb looking for contact Chicago Tribune The NFL lockout is still in force, but second-year Bears offensive tackle J'Marcus Webb says he is eager to "hit somebody here pretty soon" and hopes to claim the starting left tackle position. ... Webb Wants Left Tackle Spot |
Tuesday, July 5, 2011
ADP reports 532,000 May job cuts - Boston Business Journal:
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Payroll firm ADP reporteed Wednesday that companies inthe U.S. cut an estimated 532,000 workers from payrolls last month. ADP also revised highed its estimate of cuts in Aprilto 545,00o from the previous estimat of 491,000. The ADP report noted losses across all sizes and categoriezs of businesses with large business payrollsdecliningg 100,000, medium businesses sheddinv 223,000 jobs and small businesses cutting 209,009 employees. The goods-producing sector lost 267,000 jobs while the service-producingf sector declined by 265,000 positions. The Labor Department is due to releasew its jobs reporton Friday.
The averags analyst estimate for that report of governmenft as well as private payrolls is a lossof 520,0090 payroll positions and an increas e in the unemployment rate to 9.2 percent from April’s rate of 8.9 On Monday, The Institute for Supply Management announcedx that its factory index rose to the highest leveo since last September as new orders poste their first gain since the recession On Tuesday the National Association of Realtorzs reported that pending sales of existing homes, or contractas signed but not closed, rose 6.
7 percent in the largest increase in six
Payroll firm ADP reporteed Wednesday that companies inthe U.S. cut an estimated 532,000 workers from payrolls last month. ADP also revised highed its estimate of cuts in Aprilto 545,00o from the previous estimat of 491,000. The ADP report noted losses across all sizes and categoriezs of businesses with large business payrollsdecliningg 100,000, medium businesses sheddinv 223,000 jobs and small businesses cutting 209,009 employees. The goods-producing sector lost 267,000 jobs while the service-producingf sector declined by 265,000 positions. The Labor Department is due to releasew its jobs reporton Friday.
The averags analyst estimate for that report of governmenft as well as private payrolls is a lossof 520,0090 payroll positions and an increas e in the unemployment rate to 9.2 percent from April’s rate of 8.9 On Monday, The Institute for Supply Management announcedx that its factory index rose to the highest leveo since last September as new orders poste their first gain since the recession On Tuesday the National Association of Realtorzs reported that pending sales of existing homes, or contractas signed but not closed, rose 6.
7 percent in the largest increase in six
Sunday, July 3, 2011
30-doctor GCAP group wants to leave Alliance - Minneapolis / St. Paul Business Journal:
http://egsbrokerage.com/vt/vtmedsup.htm
GCAP, a primary care group with about 30 joined the hospital syste m only 20months ago. Now it’s claiminy a litany of contract violationsthat “havr seriously affected the ability of the physicians to provider excellent health care for their many patients.” In a June 3 lettedr to Health Alliance CEO Ken Hanover, the doctors list 15 including: • Lack of 12 months’ noticse on changes in contractual arrangements, including payment of benefits; • failure to pay vendors, leadingh to the “embarrassing shutdown of services necessaru to operate our The doctors on Wednesday filed a complain in Hamilton County Common Pleas They ask to be released from servicde to the Health Alliance and for damagesa and attorney fees.
When it joined the Healtuh Alliancein 2007, GCAP was the only independent practice of its type in the It became a wholly owned subsidiary of the hospital which includes University, Jewish and Fort Hamilton and the . The practices had hoped to benefit from a complete electroniv health records system that couled interact withthe Alliance’s hospitals, as well as the ability to expand geographically and recrui t doctors more effectively.
Health Alliancer spokesman Tony Condia, in a written said the health systemwas "surprised and disappointed" by the letter and He said the Alliance had initially tried to negotiate with the then offered independent arbitration, which the practicwe refused. The Alliance was preparing for preliminary discussions to sever the relationship when the lawsuitwas "This litigation violates the terms of the service agreement, whicnh requires us to resolve disputes such as this with a neutral arbitrator.
We would therefore encourage the GCAP physiciansd to uphold their contractual obligationss and not pursuecostly litigation," according to the withdrew from the Health Alliance following a long couryt battle that began in March 2006. It startedx operating independently in 2008 but only signedf a final settlement agreement inJanuary 2009. The two St. Luke hospitalws similarly withdrew, reaching a settlement with the Health Alliance inSeptember 2008. St. Luke has mergec with .
GCAP, a primary care group with about 30 joined the hospital syste m only 20months ago. Now it’s claiminy a litany of contract violationsthat “havr seriously affected the ability of the physicians to provider excellent health care for their many patients.” In a June 3 lettedr to Health Alliance CEO Ken Hanover, the doctors list 15 including: • Lack of 12 months’ noticse on changes in contractual arrangements, including payment of benefits; • failure to pay vendors, leadingh to the “embarrassing shutdown of services necessaru to operate our The doctors on Wednesday filed a complain in Hamilton County Common Pleas They ask to be released from servicde to the Health Alliance and for damagesa and attorney fees.
When it joined the Healtuh Alliancein 2007, GCAP was the only independent practice of its type in the It became a wholly owned subsidiary of the hospital which includes University, Jewish and Fort Hamilton and the . The practices had hoped to benefit from a complete electroniv health records system that couled interact withthe Alliance’s hospitals, as well as the ability to expand geographically and recrui t doctors more effectively.
Health Alliancer spokesman Tony Condia, in a written said the health systemwas "surprised and disappointed" by the letter and He said the Alliance had initially tried to negotiate with the then offered independent arbitration, which the practicwe refused. The Alliance was preparing for preliminary discussions to sever the relationship when the lawsuitwas "This litigation violates the terms of the service agreement, whicnh requires us to resolve disputes such as this with a neutral arbitrator.
We would therefore encourage the GCAP physiciansd to uphold their contractual obligationss and not pursuecostly litigation," according to the withdrew from the Health Alliance following a long couryt battle that began in March 2006. It startedx operating independently in 2008 but only signedf a final settlement agreement inJanuary 2009. The two St. Luke hospitalws similarly withdrew, reaching a settlement with the Health Alliance inSeptember 2008. St. Luke has mergec with .
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