News Summary - 5/22

Daily Record, The (Baltimore), May 22, 2008

Last school capital funds OK'd

The Maryland Board of Public Works on Wednesday approved a final $112 million allocation for school construction for fiscal 2009. That brings the total allocation of school construction funds for FY 2009 to $340 million. In the past two years, about $740 million has been allocated by the state for capital projects in education.

Vertis posts higher net loss

Vertis Communications Inc., of Baltimore, a provider of targeted advertising, media and marketing services, reported a first-quarter net loss of $41 million on revenue of $303.7 million, versus a net loss of $25.2 million on revenue of $330.7 million for the prior- year period. Vertis, a privately owned company, does not report per- share earnings, but releases its quarterly financial results because its debt is publicly traded. The company said the 2008 results were in line with expectations, and the 38.5 percent increase in net loss was largely driven by higher costs associated with financial restructuring.

Hagerstown due for more jobs

A paper-processing company says it plans to create 110 jobs in Hagerstown by year-end, and as many as 500 within four years. National Golden Tissue Chief Executive Sam Shahrooz says the Hagerstown-based startup plans to invest $8 million in a former ribbon factory. National Golden Tissue produces dining napkins, facial tissue, bath tissue, paper towels and industrial wipes for sale under its own brand and as private-label products.

Sinclair promotes executives

Sinclair Broadcast Group Inc., of Hunt Valley, announced that Barry Faber has been promoted to executive vice president and general counsel of Sinclair Broadcast Group, and that Robert Malandra has been promoted to vice president of finance/television of Sinclair's wholly owned subsidiary, Sinclair Television Group Inc. Faber has served as vice president and general counsel since August 1999, and Malandra has been operations controller since 2006. Sinclair Broadcast Group owns, operates, programs or provides sales services to 58 television stations in 35 markets.

SAIC acquires SM Consulting

SAIC Inc., formerly Science Applications International Corp., of San Diego, one of the country's largest government services contractors, said it completed the acquisition of SM Consulting Inc., of Linthicum, an information technology services company. Terms of the acquisition were not disclosed. SM employs more than 460 and provides services in language, intelligence, information technology, management consulting, business process outsourcing, training and logistics to federal, state and local governments and private industry. SM will join SAIC's Mission Integration Business Unit, headquartered in Reston, Va.

New test for Prochymal

Osiris Therapeutics Inc., of Columbia, a biotechnology company that uses adult stem cell therapy to treat damaged tissue, said it has started treating patients in a new Phase II clinical trial evaluating its drug candidate Prochymal for the treatment of moderate to severe Chronic Obstructive Pulmonary Disease, or COPD, a form of lung disease that is the fourth leading cause of death in the United States. An estimated 12 million Americans are diagnosed with the disease, for which there is no known cure. Prochymal is a patented formulation of adult stem cells that is being tested as a treatment for various illnesses.

GenVec to study eye disease

GenVec Inc., of Gaithersburg, a biopharmaceutical company developing novel gene-based drugs and vaccines, announced that it received a two-year grant totaling approximately $546,000 from the National Eye Institute, a part of the National Institutes of Health, to explore mechanisms regulating pigment epithelium-derived factor, or PEDF, a key regulator of blood vessel growth in the eye. Uncontrolled growth of new blood vessels is a factor in diabetic retinopathy and macular degeneration, the leading causes of blindness in the Western world. GenVec said research conducted under the grant may lead to the discovery and testing of improved strategies to treat neovascular diseases of the eye.

Credit union picks Fortrex

Fortrex Technologies Inc., of Frederick, an information security consulting firm, said its VendorPoint technology has been selected by the State Department Federal Credit Union, of Alexandria, Va. Fortrex describes VendorPoint as the financial industry's first automated vendor management and privacy compliance technology product. The State Department Federal Credit Union -- which was started by State Department employees and is a member-owned, nonprofit financial cooperative with more than 65,000 members worldwide -- will use VendorPoint to streamline operations and meet regulatory guidelines for vendor risk management.

Marshall gets Ark. hotel work

Marshall Management Inc., of Salisbury, a hotel management company specializing in the mid-sized hotel market, announced it has signed a long-term contract to manage the 120-room Hampton Inn Little Rock in Arkansas. The property marks the company's fifth new contract for 2008 and its fourth in Arkansas, bringing the company's total portfolio to 46 hotels in 10 states.