News summary

Daily Record, The (Baltimore), Apr 18, 2007 by The Daily Record

Fidelity exec to join T. Rowe

T. Rowe Price Group, of Baltimore, an investment management company, said it named Cynthia L. Egan as president of T. Rowe Price Retirement Plan Services, its subsidiary that offers comprehensive defined contribution plan services to companies nationwide with more than 2,900 plans and more than 1.5 million participants. She begins in the position on May 14. Egan was executive vice president of Boston-based Fidelity Investments, leading corporate initiatives to evaluate and address that firm's global retirement services practices.

Sandy Spring's earnings drop

Sandy Spring Bancorp Inc., of Olney, the parent company of Sandy Spring Bank, reported first-quarter net income of $7.5 million, or 49 cents per diluted share, compared to $8.3 million, or 56 cents per diluted share, for the first quarter of 2006. Net income included costs of $400,000, or 2 cents per diluted share, that resulted from the bank's mid-quarter acquisition of the Potomac Bank of Virginia. Total assets increased 18 percent to $2.9 billion versus $2.5 billion in the first quarter of 2006.

J. Bank's profitable year

Jos. A. Bank Clothiers Inc., of Hampstead, a manufacturer and retailer of upscale menswear and accessories, said fiscal 2006 earnings rose 22 percent on higher revenue and an extra week in the year. Net income for the fiscal year ended Feb. 3 climbed to $43.2 million, or $2.36 per share, from $35.3 million, or $1.95 per share, in the prior year. Analysts polled by Thomson Financial were predicting full-year earnings of $2.24 per share. Revenue increased 18 percent to $546.4 million from $464.6 million a year ago, topping Wall Street's estimate of $544.3 million. Quarterly results weren't immediately available.

USi acquires Ala. company

USinternetworking Inc., of Annapolis, an application service provider, announced it acquired Daniel IT, of Madison, Ala., a consultant for IBM WebSphere Commerce software. Financial terms of the transaction were not disclosed. USi said the acquisition will help it expand its existing WebSphere Commerce practice. IBM's WebSphere Commerce software enables companies to sell goods and services online.

Patent for RegeneRx's drug

RegeneRx Biopharmaceuticals Inc., of Bethesda, which develops products for repair and healing of chronic wounds and injured tissues, said it received its first overseas patent - one of many filed around the world - from Australia. The patent relates to the ability of its lead drug candidate, TB4, to prevent damage and promote healing associated with cardiac-related events like heart attacks, vessel obstruction and heart valve damage. The company said it filed an application with the Food and Drug Administration on March 30 to initiate a Phase 1 clinical trial of this use of TB4.

M&T promotes Del Guercio

M&T Bank said it named Carmen Del Guercio as its Baltimore County Regional Executive, heading an integrated team of commercial, small business and retail banking specialists, as Buffalo, N.Y.-based M&T works to build its Central Maryland banking role, where it is currently the second biggest in market share. Del Guercio, who is based in Towson, has worked at M&T and its predecessor banks for 18 years, and has been a commercial account officer, vice president of middle-market lending and director of treasury management.

Order for Iridium

Iridium Satellite LLC, of Bethesda, a supplier of mobile voice, data and Internet services, said it will provide Beam Communications Pty Ltd., an Australian-based distributor of Iridium products, with satellite communications systems valued at $3.5 million, for resale to Telstra Corp. Ltd., a Melbourne, Australia-based telecommunications company. The equipment includes a variety of fixed-site terminals, in-vehicle satellite telephones and accessories for handheld devices.

Children's trinkets recalled

The U.S. Consumer Product Safety Commission said a voluntary recall has been issued for about 4 million lead paint-contaminated children's charm bracelets and necklaces distributed by Cardinal Distributing Co., of Baltimore. The necklaces contain sports-themed pendants - blue or green basketballs, yellow stars, "01" and "Perfect 10" - hanging from a black cord. The bracelets have green or pink-painted heart-shaped charms and silver-colored charms shaped as suns, moons, stars, padlocks, keys, rattles and fish bones. They were made in India and sold in vending machines for 25 cents each in malls and retail outlets nationwide from January 2006 through April 2007. For more information, call Cardinal Distributing at 1-800-368- 2062 or go to www.vendingdepot.com.

Pancreas cancer risk model

People with a family history of pancreas cancer now have a way to accurately predict their chance of carrying a gene for hereditary pancreas cancer and their lifetime risk of developing the disease. Developed by Johns Hopkins' Sidney Kimmel Comprehensive Cancer Center researchers, the novel computer software tool is designed to help genetic counselors and physicians decide who would most benefit from early screening. An estimated 10 percent of aggressive and highly fatal cases of the disease are caused by inherited genes.