The Daily Record News Briefs: August 15, 2008

Daily Record, The (Baltimore), Aug 15, 2008

Macfadden subsidiary

Silver Spring-based Macfadden & Associates Inc. announced the formation of a new wholly owned subsidiary, Total Security Services International Inc. Led by Don L. Rondeau, this new subsidiary will provide strategic, operational and planning support and training in the homeland security sector with specialized expertise in transportation security. TSSI was recently awarded a subcontract by the HMS Co. to support a multiyear contract from the Federal Emergency Management Agency to manage the Trucking Security Grant Program as part of the U.S. Department of Homeland Security's Infrastructure Protection Activities.

Conmed profit increase

Hanover-based Conmed Healthcare Management Inc., a provider of correctional facility health care services to county detention centers, reported a gross profit in the 2008 second quarter of $1.49 million, an increase of 33 percent from $1.12 million in the year- ago period. Second quarter 2008 revenue increased 51 percent to $8.99 million from $5.97 million in the year-ago period. Net revenue increased $3.03 million, or 51 percent, to $8.99 million from $5.97 million in last year's comparable period.

Sucampo 2Q results

Bethesda-based Sucampo Pharmaceuticals Inc. reported net income of $29.9 million, or 71 cents per diluted share, in the second quarter of 2008, compared with net income of $13.9 million, or 39 cents per diluted share, in the second quarter of 2007. The firm's cash, cash equivalents and investments totaled $135.0 million at June 30, 2008, as compared with $86.5 million at the end of 2007. Total revenue in the quarter increased $18.8 million, or 38.4 percent, to $67.7 million from $48.9 million in the quarter ended June 30, 2007.

1worldspace's mixed numbers

1worldspace, a global satellite communications company based in Silver Spring, recorded a net loss for the second quarter of $36 million, or 85 cents per share, compared with a net loss of $51.2 million, or $1.30 per share for the second quarter of 2007. The company ended the quarter with 171,657 subscribers worldwide, a slight increase of 187 from the close of the prior quarter. 1worldspace reported revenue of approximately $3.3 million, a slight increase over revenue of approximately $3 million for the first quarter of 2008. Total operating expenses for the second quarter of 2008 were $33.1 million, a 26.5 percent decline from the second quarter of 2007.

Vapotherm financing

Stevensville-based Vapotherm has secured $20.5 million in new equity financing. The financing was led by GE Asset Management (on behalf of the General Electric Pension Trust), with participation by Cross Creek Capital (a Wasatch Advisors company) and Integral Capital Partners. All three are new investors in the company. Vapotherm is a privately held manufacturer of respiratory care devices for hospitals and home care use.

Spacesuit dispute

A Frederica, Del., business that manufactures NASA spacesuits has filed a protest with the U.S. Government Accountability Office after being denied a $745 million contract. ILC Dover has been the sole maker of NASA spacesuits for more than 40 years, but the contract for the next generation of spacesuits was awarded in June to Houston- based Oceaneering International. ILC spokesman Douglas Durney says company officials have doubts about the bid evaluation process because a NASA debriefing didn't provide company officials with an adequate explanation for the decision. The company also makes gloves for the astronauts.

Vertis approval

Vertis Communications, based in Baltimore, received final court approval of its $380 million debtor-in-possession financing being provided by GE Commercial Finance. The order was signed by the U.S. Bankruptcy Court for the District of Delaware in Wilmington. Vertis filed a prepackaged reorganization plan on July 15 to effectuate a merger with American Color Graphics. American Color filed its own prepackaged reorganization plan that same day. Through the restructurings, the two companies will shed approximately $1 billion in debt. Creditors have already voted in favor of the reorganization plans.

New curriculum

Seven school districts in four states are sending teachers to their own form of summer school this week at the RxeSEARCH Summer Institute at Montgomery High School in New Jersey. Teachers from New Jersey, Connecticut, New York and Maryland's Bethesda-Chevy Chase High School are learning the ins and outs of an 11-lesson curriculum called "RxeSEARCH, An Educational Journey" which they will offer to their high school students. The lessons involve biology, chemistry, math, language arts and social studies, mirroring the pharmaceutical industry environment, in which scientists work with mathematicians, lawyers and marketers, among others.

Treating depression

The Johns Hopkins University School of Medicine, Institute for Johns Hopkins Nursing, Depression and Bipolar Support Alliance and Baylor College of Medicine, along with MJ Consulting Group, announced the development of a curriculum-based, performance- improvement initiative for better identification, diagnosis and management of people living with treatment-resistant depression. The initiative is designed for health care providers, such as primary care physicians, nurse practitioners, physician assistants and psychiatrists.