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News Summary - 5/02

Daily Record, The (Baltimore), May 2, 2008

$1.28M gift to Friends School

The Friends School of Baltimore announced the creation of The Paul Steven and Margaret Hagan Strasburg Scholarship Endowment Fund, established with a $1.28 million donation, the largest gift in its 224-year history. The fund will provide full scholarships for two low-income minority children in Baltimore, starting at age 4 in pre- kindergarten and continuing through fifth grade. Thereafter the school has pledged to finance the students' educations through 12th grade. Once the students complete fifth grade, two new scholarship recipients will be named. School officials said the Strasburgs, who are both deceased, were residents of Calvert County and had no prior connection with the private Quaker school or even with Baltimore.

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Novavax's new vaccine plant

Novavax Inc., of Rockville, a drug delivery company developing vaccines to protect against H5N1 pandemic influenza, seasonal flu and other viral diseases, celebrated the opening of a new $5 million vaccine production facility at the company's headquarters. The company said the 5,000-square-foot pilot and commercial-scale manufacturing plant will be used to produce vaccines addressing a broad range of infectious diseases. The facility will initially supply influenza vaccine for the company's current clinical programs with planned annual capacity of 10 million doses.

United Therapeutics halts loss

United Therapeutics Corp., of Silver Spring, a biopharmaceutical company that is developing drugs to treat cardiovascular, infectious and oncological diseases, reported first-quarter net income increased 55 percent to $11.4 million, or 47 cents per diluted share, compared to a net loss of $2.8 million, or 13 cents per diluted share, in the same period a year ago. Revenue rose to $62 million versus $40.2 million for the 2007 period. Company officials attributed the increases primarily to the growth in sales of its lead product, Remodulin, a hypertension drug.

Vanda surprises analysts

Vanda Pharmaceuticals Inc., of Rockville, which develops drugs to treat disorders of the central nervous system, reported a first- quarter net loss of $19.2 million, or 72 cents per diluted share, on zero revenue, compared to a net loss of $15.4 million, or 61 cents per diluted share, on zero revenue for the year-ago period. Analysts had projected a loss of 84 cents per share, according to Reuters. Vanda said it expects to hear from the Food and Drug Administration by the end of July about a New Drug Application it has submitted for Fanapta, its name for iloperidone, a drug to treat schizophrenia.

Micros' stock drops

Investors punished Micros Systems Inc., pushing its stock down $5.74, or 16.10 percent, after the Columbia-based provider of computer systems to the hospitality and retail industries issued its fiscal third-quarter results, and forecast annual sales and profit that fell short of analysts' estimates. Micros said Wednesday that sales in the year ending June 30 will amount to more than $930 million, trailing the $941.8 million average of projections compiled by Bloomberg. The company predicted profit of $1.32 a share, also trailing estimates. The sales forecast is ``very conservative,' Chief Executive Officer Tom Giannopoulos said on a conference call. Micros' shares closed Thursday at $29.91 on Nasdaq.

Canyon-Johnson's new project

Canyon-Johnson Urban Fund, started by former Los Angeles Lakers basketball star Earvin ``Magic' Johnson, secured a $53 million construction loan for a residential-retail complex it is developing in Washington. The loan from Citi Community Capital will help fund the construction of Park Place, located above a Green Line Metro station in the Columbia Heights section of Northwest Washington, Los Angeles-based Canyon-Johnson said. The project, which is being built with Bethesda-based Donatelli Development Inc., is scheduled for completion in July 2009. Canyon-Johnson has also invested in several Baltimore projects in partnership with local developer Struever Bros. Eccles & Rouse.

RIM taps Prometric for tests

Prometric, of Baltimore, a provider of computer-based testing and assessment services, said it was selected by Research in Motion Limited, the manufacturer of the Blackberry wireless device, for a new, exclusive test delivery contract to make the Blackberry Certification examinations available worldwide. The soon-to-be- launched certification program will be available exclusively at Prometric's global network of over 4,700 test centers and to RIM employees at four of its corporate locations. The widespread availability means that anyone who wants to develop Blackberry skills will now have easy access to the testing program, Prometric said.

Environmental test lab opens

Washington Laboratories Ltd., in partnership with the Frederick County Office of Economic Development, announced the opening of an environmental testing lab. The facility provides a range of effects testing, including temperature, altitude, humidity, vibration and shock. A ribbon-cutting ceremony and open house is scheduled for May 30 at the site off Route 15 in Frederick. WLL specializes in product safety compliance testing and engineering troubleshooting of electronic and electrical products for various industries.

News Summary - 5/02

Daily Record, The (Baltimore), May 2, 2008

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