News summary

Daily Record, The (Baltimore), Apr 16, 2007 by The Daily Record

A.A. incubator stays put

The Annapolis-based Chesapeake Innovation Center, Anne Arundel County's incubator for homeland and national security startups, said it downsized as "part of a refocused CIC mission." The center will remain at 175 Admiral Cochran Drive, leasing 5,400 square feet of space on the building's third floor, versus about 27,000 square feet on the fourth floor that it has occupied since it was started nearly four years ago. Eight companies have renewed their membership agreements, six as resident members and two as affiliate members.

MobilePro's future uncertain

MobilePro Corp., of Bethesda, a provider of wireless technology and broadband telecommunications services, said its board of directors agreed to explore alternatives for the company after receiving inquiries from potential investors regarding parts of the company's business. MobilePro, which trades on the over-the-counter bulletin board, previously announced the merger of its ProGames subsidiary with Winning Edge International Inc., and the hiring of BB&T Capital Markets to evaluate the future of another subsidiary, Kite Networks, possibly by spinning it off.

Aberdeen hotels open

Crestline Hotels & Resorts Inc. announced the opening of the 120- guestroom Courtyard by Marriott and the adjoining 78-guestroom Residence Inn in Aberdeen. The two hotels are joined in one building and share common amenities and services, such as parking facilities, meeting space and a fitness center. The hotels, developed by Aberdeen Hotels-Baseball Park LLC, are adjacent to Aberdeen's Cal Ripken Stadium. The building's exterior is designed as a replica of the old B&O warehouse building adjacent to Oriole Park at Camden Yards, which was converted to office and retail space.

Alba names new CFO

Alba Therapeutics Corp., of Baltimore, a drug development company, announced the appointment of Jeffrey W. Church as its chief financial officer, effective April 23. Church most recently was vice president, CFO, treasurer and corporate secretary of Rockville- based Novavax Inc., an early-stage vaccine development company. From 1998 to 2006, he was CFO, treasurer and corporate secretary of GenVec Inc., of Gaithersburg, a clinical-stage gene therapy company.

USEC gains coveted license

USEC Inc., of Bethesda, which supplies fuel for commercial nuclear power plants, received a 30-year license Friday from the Nuclear Regulatory Commission to build and operate a $2.3 billion uranium enrichment plant. USEC is developing its American Centrifuge Plant at an old atomic weapons plant in Piketon, Ohio, to make fuel for nuclear reactors. The plant's approval comes as regulators expect to start receiving about applications for new nuclear power plants over the next three years with at least 30 new reactors.

More work for CompuDyne

CompuDyne Corp., of Annapolis, a provider of products and technology for the public security market, said it received orders totaling $17.6 million during March. It listed $10.4 million of awards for CompuDyne's Institutional Security Systems unit, $3.4 million in the Tiburon Public Safety & Justice unit, $2.4 million for Attack Protection, and $1.4 million in awards for Integrated Electronic Systems. None of the individual awards was identified.

J. Bank promotes Black

Jos. A. Bank Clothiers Inc., of Hampstead, a manufacturer and retailer of upscale menswear and accessories, announced the promotion of Chief Merchandising Officer R. Neal Black to company president. Black will continue his responsibilities as chief merchandising officer and will continue to report to Chief Executive Officer Robert N. Wildrick, who will assume the additional title of Executive Chairman. Wildrick will continue as liaison between management and the board of directors, and have supervisory authority over all company officers.

Housing plan approved

A low-income housing project in downtown Frederick is back on track after an engineering firm hired by the developer failed to find a cave beneath the site. The Frederick Historic Preservation Commission on Thursday approved 2-1 developer Joe Venezia's plan for 36 residential units in the Cannon Hill neighborhood. Four of the homes will be sold at market rates and the others will be subsidized under a scattered-site, public-housing plan. Some neighbors had called the site unsuitable for construction, citing newspaper reports from 1892 about an apparent cave beneath the area.

Sourcefire scrutinized

Kahn Gauthier Swick LLC, a New Orleans-based law firm, said it is investigating whether Columbia-based Sourcefire Inc. violated federal securities law by issuing "a materially false and misleading prospectus" in connection with its initial public offering in March. On April 6, the Internet security technology provider said it expects to post a first-quarter loss between $2.2 million and $2.6 million on sales between $10.1 million and $10.5 million. On April 9, the law firm said, the stock had sunk to $12.27 per share, 35 percent lower than its high of $18.83 on March 15. Sourcefire shares closed Monday at $12.30, up 81 cents on Nasdaq.