The Daily Record News Summaries: June 19, 2008

Daily Record, The (Baltimore), Jun 19, 2008

Coventry cuts profit forecast

Coventry Health Care Inc., of Bethesda, a managed care provider, cut its quarterly and full-year earnings forecast because of increased claims. Second-quarter earnings are expected to range from 55 cents to 57 cents a share, and full-year earnings per share are projected to be $3.65 to $3.75, Coventry said. The earlier projections were not immediately available. Officials said they "are very disappointed with the April and May 2008 results and their anticipated effect on the second quarter and the full year."

Eco-business is good business

The Baltimore County Chamber of Commerce announced it will unveil a year-long initiative on Thursday to boost so-called eco-business. Eco-business is a concept that focuses on enabling companies to become more environmentally responsible while, at the same time, enhancing profitability. At the morning announcement, the chamber will announce the formation of an eco-business task force. Experts from Baltimore County, the Regional Manufacturing Institute and the U.S. Green Building Council will be on hand to discuss the benefits of participating in the eco-business initiative.

Feds give UMBC $987K grant

U.S. Sens. Barbara A. Mikulski and Benjamin L. Cardin, both D- Md., announced the National Science Foundation has awarded a $987,000 grant to the University of Maryland, Baltimore County, for the Bridge to the Doctorate Program. The funding will provide research and mentoring support to 12 students from underrepresented minority populations as they work toward doctoral degrees in the fields of science, technology, engineering and mathematics. Each student will receive a $30,000 scholarship over two years to study at the University of Maryland, College Park.

Thumbs up for sale of Iomai

Iomai Corp., of Gaithersburg, a developer of vaccines and immune system stimulants that don't use needles, said it has been informed that its proposed acquisition by a Vienna, Austria, biotechnology company does not violate national security concerns. In a filing with the Securities and Exchange Commission, Iomai said the determination by the U.S. Department of the Treasury's Committee on Foreign Investment in the United States clears the way for Intercell AG to complete the cash-and-stock acquisition, which is valued at approximately $189 million, following approval by Iomai stockholders.

Impulse inks Ga. hospital deal

Impulse Monitoring Inc., a Columbia-based company that provides intraoperative neurological monitoring services to hospitals during spinal, nerve and brain-related surgeries, said it signed a two- year agreement with Emory-Adventist Hospital, an 88-bed facility in Smyrna, Ga., to provide a range of services that include qualified neurophysiologists and real-time professional oversight by an experienced physician. Impulse's technology assesses neurological function involving the brain, spinal cord and related nerve structures during surgery, and can reduce surgical risk by providing alerts to surgeons of potential harm to spinal cord or nerve- related structures.

CapitalSource gets green light

CapitalSource Inc., of Chevy Chase, a commercial lending, investment and asset management business focused on the middle market, said federal regulators have signed off on its plan to purchase the deposits and branches of California-based Fremont Investment & Loan for $58 million in cash plus 2 percent of deposits. Fremont, a major subprime lender that ran into financial trouble as a result of the subprime mortgage meltdown, has $5.6 billion in deposits and 22 branches, which CapitalSource plans to operate as CapitalSource Bank. Approvals by the Federal Deposit Insurance Corp., and earlier by the California Department of Financial Institutions, sealed the deal, which is expected to close early in the third quarter, CapitalSource said.

Salute for Ace*Comm product

Ace*Comm Corp., of Gaithersburg, a telecommunications and Internet service company, announced it has signed a contract to provide its NetPlus telecommunications cost management product to one of the U.S. Army's largest bases in the U.S. The base, which was not identified, is being upgraded as part of the military Base Realignment and Closure initiative to become the Defense Department's premier medical training base, Ace*Comm said. NetPlus is already widely used at U.S. military facilities both in the U.S. and overseas, according to the company. The value of the contract was not disclosed.

Grace settles Montana claim

W.R. Grace & Co., of Columbia, a specialty chemicals manufacturer that has been in Chapter 11 for more than seven years dealing with asbestos liability, agreed to settle a $55 million claim by the state of Montana for pollution at a site in the town of Libby, by giving the state an approved unsecured claim for $5.2 million. Interest won't be paid on the claim. Grace was previously authorized to settle with federal environmental regulators over the former vermiculite mine and plant in Libby. Grace is paying the federal government $250 million cash to resolve all present and future cleanup costs at the site.