News Summary-11/27

Daily Record, The (Baltimore), Nov 27, 2007

$175K loan to day care center

J-ref, a Columbia-based private, nonprofit funding source for Howard County startup and emerging companies, said it loaned $175,000 to the One Love Childcare Learning Center LLC in Columbia, a new day care center that is the expansion of an existing home- based childcare business. One Love will have its grand opening on Dec. 3.

Osiris' CFO resigns

Cary J. Claiborne, chief financial officer of Osiris Therapeutics, has left the company to pursue new professional opportunities. Claiborne will be available to provide transition assistance to Columbia-based Osiris through March 31. Phil Jacoby, corporate controller and assistant secretary, will serve as interim CFO and corporate secretary until Claiborne's successor is named. Osiris Therapeutics is a stem cell therapeutic company focused on developing and marketing products to treat medical conditions in the inflammatory, orthopedic and cardiovascular areas.

Washington Savings income down

The Washington Savings Bank FSB, a federally chartered, FDIC insured savings bank, with principal executive offices in Bowie, net income of $352,000 for its fiscal first quarter, a 67 percent decrease compared to net earnings of $1,075,000 for the corresponding quarter last year. The decrease reflects the general slowdown of the residential real estate market and the related decline in mortgage loan originations, and the continuing reduction in the bank's concentration in higher-yielding construction loans. WSB has seen a reduction in its construction loan portfolio by approximately 47 percent.

New Cytheris appointment

Cytheris SA, a product-oriented biopharmaceutical company focused on research and development of new and critical agents for immune- modulation, announced that Richard W. Keatinge has joined the company in the newly created position of chief business officer. Keatinge brings more than 20 years of experience in the U.S. biotechnology industry to Cytheris. His responsibilities include worldwide business development activities, commercial partnerships, technology transfer agreements and corporate communications. The company operates from its headquarters in Issy-les-Moulineaux, a suburb of Paris, and its U.S. subsidiary in Rockville.

Ashford sells assets

Ashford Hospitality Trust Inc. has completed the previously disclosed sale of the Residence Inn Kansas City in Kansas City, Mo., for $7 million and now has a firm contract in place to sell the JW Marriott New Orleans in New Orleans, La., for $67.5 million in cash and assumed debt. Since Sept. 30, 2007, the company has closed on $93.5 million of asset sales and has been able to pay down $100.1 million of debt. It has one additional asset under firm contract, the Marriott BWI Airport in Baltimore, which is expected to close in the fourth quarter subject to customary closing conditions.

GSE nets $7.6M award

GSE Systems Inc., a global provider of real-time simulation and training solutions to the energy, process, manufacturing and government sectors, announced the award of approximately $7.6 million of new work in the Baltimore-based company's nuclear simulation business sector. Of major significance, China Nuclear Power Engineering Company, a subsidiary of China Guangdong Nuclear Power Holding Company Ltd., has authorized GSE to begin work on a multimillion dollar project. The company also received awards from domestic customers including Progress Energy, Exelon and PSE&G, as well as a contract for upgrading a Russian simulator.

Multiplayer games grow

Hunt Valley-based ZeniMax Online Studios has licensed the Simutronics HeroEngine to use in connection with their massively multiplayer game (MMO) project currently getting under way. The HeroEngine platform provides a complete technology solution for MMO developers, which takes years off time to market by providing a streamlined creative pipeline and a complete toolset in an integrated turnkey solution. MMO games are one of the fastest- growing segments of the video-game market, with billions of dollars in global revenue -- projected to reach $13 billion per year by 2011 according to DFC Intelligence.

Pepco discounts energy-saving bulbs

To kick-start energy conservation in Maryland, Pepco is offering customers large discounts on energy-saving compact fluorescent light bulbs purchased at Home Depot and Costco stores in Montgomery and Prince George's counties. Instant discounts will be offered at the register -- $1.50 on a single bulb and $3 on a multi-pack. Energy Star-certified compact fluorescent bulbs use about 75 percent less electricity than standard incandescent bulbs and have a life span of up to 10 times longer. A list of participating stores and other energy-saving ideas can be found on Pepco's Web site at www.pepco.com.

Rockville office park planned

Perseus Realty Capital has secured an $82.5 million construction loan on behalf of Perseus Realty LLC for the acquisition and development of Redland Corporate Center Phase II & III in Rockville. Located at the intersection of I-270 and Redland Road in the heart of the Shady Grove market, the site is easily accessible from Washington, D.C. and key suburban communities, and will feature 347,000 square feet of Class A office space. The property sits adjacent to a strong residential and retail amenity base and is also within close proximity of Metrorail. Construction is expected to begin in December.