News Summary

Daily Record, The (Baltimore), Mar 15, 2007 by Staff

SafeNet delays annual report

Enmeshed in an internal audit of past stock-option backdating practices, Belcamp-based SafeNet Inc., which makes products to protect communications over the Internet, said in a regulatory filing with the Securities and Exchange Commission that has delayed filing its annual report. SafeNet, which is being acquired by buyout firm Vector Capital Corp. for $634 million, told the SEC that it will file the report "as soon as practicable."

Novavax posts loss

Vaccine developer Novavax Inc., of Rockville, a drug delivery company focused on women's health and infectious diseases, said it swung to a fourth-quarter loss from a year-ago profit that included gains on the sale of assets. The company posted a loss of $6.1 million, or 10 cents per basic share, down from profit of $6.2 million, or 13 cents per basic share, in the year-ago period. Revenue fell to $1.3 million from $2.2 million last year. Analysts surveyed by Thomson Financial expected a slightly smaller loss per share of 9 cents on revenue of $1.1 million.

GenVec's loss widens

GenVec Inc., of Gaithersburg, a biopharmaceutical company developing novel gene-based drugs and vaccines, said its fourth- quarter loss widened on lower funding for its HIV vaccine. The company posted a loss of $5.8 million, or 9 cents per diluted share, from $4.3 million, or 7 cents per diluted share, in the year-ago period. Revenue fell 55 percent to $3.5 million from $7.8 million in the 2005 period because of reduced funding under an HIV vaccine development program following the completion of clinical vaccine supply production in 2005.

GenVec revenue picture clouds

GenVec said it expects revenue in 2007 to slip about 5 percent with stable to slightly higher operating expenses. The company forecast 2007 revenue of $18 million based on existing contracts and collaborations, slightly down from the $18.9 million reported in 2006. Also, GenVec expects operating expenses to range between $39 million and $41 million, compared with the $39.2 million in 2006 operating expenses. The company estimates a cash burn rate of $5 million per quarter, and has about $34.4 million in cash and investments, enough to fund operations for the next 20 months.

GBC's bioscience awards

The Greater Baltimore Committee yesterday gave its 2007 Baltimore Region Bioscience Awards to four biotech companies and a research center. Those selected are: Entrepreneurial Spirit: Dr. Shira Kramer, president and founder, Sterilex Corp., Owings Mills; Best New Product or Process: Lentigen Corp., Baltimore; Leadership in Bioscience: Blake M. Paterson, co-founder and CEO, Alba Therapeutics Corp., Baltimore; and Best Academic/Industry Collaboration: Profectus Biosciences Inc., Baltimore, in partnership with the Institute of Human Virology, University of Maryland Biotechnology Institute, Baltimore.

Md. College Plan is No. 2

The College Savings Plans of Maryland said its Maryland College Investment Plan, managed and distributed by Baltimore-based T. Rowe Price, has been rated the second-best Section 529 plan in the nation by investment advisory firm Morningstar Inc. So-called 529 plans - named for the section of the federal income tax code that created tax-advantaged savings accounts to finance college educations -were graded on such characteristics as diversified offerings, sound asset allocation and investment portfolio flexibility. Colorado's Scholars Choice plan, managed by Baltimore-based Legg Mason, was top-rated. To view the ratings, go to http://news.morningstar.com/article/ printArticle.aps?id=187673.

Smith's new MBA program

The Robert H. Smith School of Business at the University of Maryland, College Park, announced the fall 2008 launch of a new Global Consortium MBA program, in partnership with the Management Development Institute in India and the University of International Business and Economics in China. The two-year, full-time master's degree program will focus on global entrepreneurship, and is expected to draw students from all three countries. Students will spend the first year at their respective home institutions, and will participate together for specified periods in each country during the second year.

More work for CompuDyne

CompuDyne Corp., of Annapolis, a provider of products and technology for the public security market, said its Norshield Security Products division has been awarded two contracts valued at $3.3 million. One award calls for Norshield, a Montgomery, Ala.- based manufacturer and installer of architectural equipment for high- security facilities, to design, manufacture and install security windows for a new U.S. government office building. The other contract is for the design and manufacture of security doors, windows, curtain wall and louvers for the United States embassy in Abuja, Nigeria.

ServicePower selected

ServicePower, an Annapolis-based company that develops and markets field service scheduling software, said Minneapolis-based Select Comfort Corp., manufacturer of the Sleep Number line of beds, will use its software to enable its Select Comfort Home Delivery division to book delivery appointments that meet customer preferences, and automatically build the most effective schedules for Select Comfort delivery trucks and crews.