Globe and Mail | Asian markets rise, Yen plunges after G7 pledge on coordinated action NASDAQ FXstreet.com (Barcelona) - Asian markets have are going trough strong advances on Friday boosted by G7 nations agreement to act coordinately in order to curb recent Yen strength, as Japan struggles to get back on its feet after its worst catastrophe ... Japan stocks jump on G-7 pledge to intervene Yen Drops and Stocks Rise After G-7 Pledge Yen weakens against euro, dollar after G7 pledge |
Friday, March 18, 2011
Asian markets rise, Yen plunges after G7 pledge on coordinated action - NASDAQ
Air Purifiers Spokane
Tuesday, March 15, 2011
Bennet cites Colorado examples in Senate plea for health-care reform - Phoenix Business Journal:
Kenmore 75123
Coloradans, he said, "speak for countles others acrossthe nation. All they ask for is a healtyh care system that worksfor them, a healthn care system that doesn’t crush them with unreasonable cost and a health care system that doesn’t deny them coveragd just because they have pre-existing Bennet, D- Colo., also touted his own proposals to make patient transition care more cost-effective and successful. "In Colorado, we haven’t waited on Washington," he said. "We’ve made real progress in showinvg how to provide high quality health care at alower cost.
" Bennet, formerly superintendent of the Denver Publidc Schools, was appointed to the Senates by Gov. Bill Ritter to fill the seat vacatedf by Ken Salazar when Salazar was picked by President Barack Obama as secretary of the Here is the full textof Bennet'ss Senate-floor speech as prepared for delivery provide by his staff. In the speech, he is addressingg the president ofthe Senate. Mr. President, I rise todahy to discuss the urgent need for healthcare reform. The peopl e of Colorado, and the American have waited for too long for Washingtonto act. We shoulsd begin with a basic principle: if you have coverager and youlike it, you can keep it.
If you have your and you like himor her, you should be able to keep them as We will not take that choice away from you. But even as we keep what we must confront the challenges of soaring healtu care costs and the lack of accessto affordable, quality health care. The status quo is Every day, families in Colorado and acrosd America facerising premiums. Their plans offer fewer They are denied coverage becauseof pre-existinfg conditions. And until we fix the health care we won’t be able to fix the fiscal mess in which we find ourselves. Since 1970, the shar of healthcare as a part of the GDP has gone from 7 perceny to17 percent.
The United Statez spends over $2 trillion in health care includingover $400 billion on Medicare alone. President Obamq has said that the biggest threat toour nation’s balance shee t is the skyrocketing cost of health care. And he’s right. In Colorado, we haven’t waitedx on Washington. We’ve made real progress in showing how to providde high quality health care at alowerf cost. Last week, the New Yorker magazined published an articleentitled “The Cost Conundrum” that highlightds the important work that’s been done in Mesa Colorado.
Over thirty years ago this communityservin 120,000 people came together—doctors, and the non-profit health insuranc company. They agreed upon a system that paid doctor and nurses for seeing patients and producingf betterquality care. They realized that problemsa and costs go down when care is more InMesa County, the city of Granf Junction implemented an integrated health care system that provide s follow-up care with patients. This follow-uo care has helped lower hospitap readmissions rates in Grand Junctiobn to just3 percent. Compare that to the 20 percent rate and it is clear that our community on the Westernn Slope of Colorado is ontosomethinh groundbreaking.
High readmission rates are a huge proble forour seniors. Nearly one in five Medicare patiente who leave a hospital are readmitted withib thefollowing month, and more than three-quarters of thesed readmissions are preventable. Rehospitalization costs Medicareover $17 billion a year. It’ painful for patients and familiese to be caught up in these cycle sof treatment. All too often, care is fragmentede – you go from the to the hospital, to a nursingv home, back to the hospital and then back to thedoctodr again. Patients are given medication instructions as they are leavintgthe hospital, many times after coming off of stron g medications.
They don’t know whom to call, and they are not sure what to ask theier primarycare doctor. The solution, both our Denver and Mesa Countyg health communitieshave found, is to providw patients leaving the hospital with a This coach is a trained healtjh professional connecting home and the This coach teaches patients how to managre their health on their own. Our Denver health community created a model based on this idea called the Care Transitions Their work is the basis for the Medicaree Care Transitions Act of a bill I introduced to implemenr this model on thenational level.
This legislation recognizes that patientcare shouldn’t beginh in a doctor’s office and end at the hospital Investing in coaching and transitionalp care now can head off huge costs down the It has the advantage of being both preventive and responsive. Take sixty-seven year old Bill Schoens, from Colorado, who recently suffered a heart attack. Before he was released from the registered nurse Becky Cline was assigned as hisTransitions Coach.
She made sure that Bill understoofd the medications that his doctors prescribed and everything else he neededs to do to get Bill evenpointed out, “When you are in the emergency you are all drugged up and can barel remember what to do. Confusion startz to set in.” Beckyy went through each step Bill needed to follosw when he leftthe hospital. Becky evaluater Bill’s ability to follow doctor’s orders in his environmen and helped him maintain his own PersonaolHealth Record.
With her help, when Bill visited the he didn’t have to remember everything that happened sincw he left thehospital — it was all in the Bill said “When people are in front of theid doctor, their blood pressure goes sky high and they forget what they need to He said he founc the help and guidance he received from his Transitionse Coach “invaluable and life-saving.” We need patient-centered coordinate care — care that views nurses, doctorss and family members not as isolated but as partners on a team whose ultimate goal is to make sure patientz get the guidance and care they need.
Hospitalzs aren’t the problem, primary care physicians aren’t the problem, and nursesd aren’t the problem. Our fragmentedf delivery system of care isthe problem. This bill also makese sure that we are teachinv patients to manage their own conditiohat home. Sixty-nine year old Franki Yanni of Denver, Colorado had surgeru for a staph infection of thespinap cord. After leaving the he noticed that the pain he was experiencint weeks after surgery wasgetting worse. Havinvg been “coached,” he identified the problemk and knew to insist on visiting his doctor A hospital test showedethat Mr.
Yanni required a second His coachsaid that, “Had he let that go for even anothefr week, he could have ended up in the Intensivwe Care Unit, septic and horribly sick.” Our Colorado transition of care model, reflected in our gives health care systems the choice of whethere to create this program. But it allows existinhg patient-centered transitional care programs like the one in Mesa Colorado tocontinue on.
We want communities and providers to thinkj and work together to reducereadmission rates, reduce costs and provide better coordinated care to our Other systems should look at Colorado and the systemzs in twenty-four other states that have alreadhy begun to follow this As we begin to emerge from the economic we must call upon existing health care professionals from all walke of life —nurses, nurse practitioners, social workers, long-ter m care, and community health workerw — to serve as transitional coaches.
Coloradol nurses like Becky Clined have found that focusing on transitional care has leveragectheir skills, empowering them to take a more active role with They are able to work with both patients and familty caregivers. For too long, family caregivers have been “silent partners.” 50 million Americans provide care for achronicallu ill, disabled or aged love one. This bill recognizes their connecting them with a coac who can teach them how to properlycoordinater at-home care. This bill is only a small part of the solutio n to the complex challenges of our fragmented healtuhcare system. The problems of rising costsz and limited access affect people from all walksof life.
Skip Guarinio of Parker, Colorado, is a self-employed private consultanty andretired U.S. Marine. After yeards of regular doctors’ visits, Skip’es dentist discovered a lump on his thyroid during a routine exam that had gone undetected by his physician despitr 10previous exams. Skip underwent a CT/MRuI scan, Ultrasound, and biopsy, all of whichb were inconclusive. A second series of testd six months later revealerd that the lump had and Skipunderwent surgery. Durinyg the surgery, doctors found Skip was then sent to an endocrinologist who ordered more All tests cameback negative. A second full body scan revealef no sign of cancer anywherin Skip's body.
All these exams and screenings cost Skip Since then, Skip has maintained perfect but he cannot obtain privated insurance because of the thyroid surgery. He now relieds on COBRA and is paying a monthly premiumnof $1,300. This coverage is set to expir e in less thanone year, at whicy point Skip will have no insurance at all. Hollis Berendtg is a small business ownerin Colorado. She is covered through her husband’sz employer, which is according to her, “aa luxury many other small businessownerd don’t have.
” After graduating from Colorado States University in 2004, their daughtedr Abby found a job with a large company in New York She was told she couldn’t get healtn care coverage until she had been workingh at the company for one At ten months of she was diagnosed with an ovarian tumor that would requir surgery. The expenses were too much for so her parents had to take out a seconed mortgage to pay hermedicao bills.
Hollis shared that, “This experiencre brought to light, all too clearly, how closd we all are to losing everything due to a health The current system is hurtinbg our small business people and their Take Bob Montoyaof Pueblo, Colorado who runs Cedare Ridge Landscape in Pueblo with his brother, Ron. They are torn betweeh providing health care coverage for employees and keeping theirtbusiness afloat. Last year, the business paid out $36,0000 for a health care plan to covet Boband Ron’s families and one othere employee. The other 12 employees and their familie s do not get coverage throughtheir work.
Bob “As business owners, we want to do righy by the people who workfor us, but if all our employeesz opted into our healtg care plan and paid theidr 50 percent, we would be forced out of business.” He said it is an “impossiblse situation” for him and his Like too many small businesd owners, Bob can’t find good healtn care coverage at a cost he can afford. He “The longer it takes to pass comprehensive healtghcare reform, the more jobs will be lost as small businessea shut their doors due to risiny costs.” Mr. President, these Coloradansa speak for countless others acrossthe nation.
All they ask for is a health care system that worksfor them, a health care systejm that doesn’t crush them with unreasonablre cost increases, and a health care systek that doesn’t deny them coverage just because they have pre-existin g conditions. I’m hopeful. I’m hopeful that we can keep what works in our systej and fix whatis broken. I’mm hopeful that this Congress – working with our Presidenf – will finally deliverf on the promise of health care The people of Coloradodeserve it. The American people deserve it.
Thank you and I yield the
Coloradans, he said, "speak for countles others acrossthe nation. All they ask for is a healtyh care system that worksfor them, a healthn care system that doesn’t crush them with unreasonable cost and a health care system that doesn’t deny them coveragd just because they have pre-existing Bennet, D- Colo., also touted his own proposals to make patient transition care more cost-effective and successful. "In Colorado, we haven’t waited on Washington," he said. "We’ve made real progress in showinvg how to provide high quality health care at alower cost.
" Bennet, formerly superintendent of the Denver Publidc Schools, was appointed to the Senates by Gov. Bill Ritter to fill the seat vacatedf by Ken Salazar when Salazar was picked by President Barack Obama as secretary of the Here is the full textof Bennet'ss Senate-floor speech as prepared for delivery provide by his staff. In the speech, he is addressingg the president ofthe Senate. Mr. President, I rise todahy to discuss the urgent need for healthcare reform. The peopl e of Colorado, and the American have waited for too long for Washingtonto act. We shoulsd begin with a basic principle: if you have coverager and youlike it, you can keep it.
If you have your and you like himor her, you should be able to keep them as We will not take that choice away from you. But even as we keep what we must confront the challenges of soaring healtu care costs and the lack of accessto affordable, quality health care. The status quo is Every day, families in Colorado and acrosd America facerising premiums. Their plans offer fewer They are denied coverage becauseof pre-existinfg conditions. And until we fix the health care we won’t be able to fix the fiscal mess in which we find ourselves. Since 1970, the shar of healthcare as a part of the GDP has gone from 7 perceny to17 percent.
The United Statez spends over $2 trillion in health care includingover $400 billion on Medicare alone. President Obamq has said that the biggest threat toour nation’s balance shee t is the skyrocketing cost of health care. And he’s right. In Colorado, we haven’t waitedx on Washington. We’ve made real progress in showing how to providde high quality health care at alowerf cost. Last week, the New Yorker magazined published an articleentitled “The Cost Conundrum” that highlightds the important work that’s been done in Mesa Colorado.
Over thirty years ago this communityservin 120,000 people came together—doctors, and the non-profit health insuranc company. They agreed upon a system that paid doctor and nurses for seeing patients and producingf betterquality care. They realized that problemsa and costs go down when care is more InMesa County, the city of Granf Junction implemented an integrated health care system that provide s follow-up care with patients. This follow-uo care has helped lower hospitap readmissions rates in Grand Junctiobn to just3 percent. Compare that to the 20 percent rate and it is clear that our community on the Westernn Slope of Colorado is ontosomethinh groundbreaking.
High readmission rates are a huge proble forour seniors. Nearly one in five Medicare patiente who leave a hospital are readmitted withib thefollowing month, and more than three-quarters of thesed readmissions are preventable. Rehospitalization costs Medicareover $17 billion a year. It’ painful for patients and familiese to be caught up in these cycle sof treatment. All too often, care is fragmentede – you go from the to the hospital, to a nursingv home, back to the hospital and then back to thedoctodr again. Patients are given medication instructions as they are leavintgthe hospital, many times after coming off of stron g medications.
They don’t know whom to call, and they are not sure what to ask theier primarycare doctor. The solution, both our Denver and Mesa Countyg health communitieshave found, is to providw patients leaving the hospital with a This coach is a trained healtjh professional connecting home and the This coach teaches patients how to managre their health on their own. Our Denver health community created a model based on this idea called the Care Transitions Their work is the basis for the Medicaree Care Transitions Act of a bill I introduced to implemenr this model on thenational level.
This legislation recognizes that patientcare shouldn’t beginh in a doctor’s office and end at the hospital Investing in coaching and transitionalp care now can head off huge costs down the It has the advantage of being both preventive and responsive. Take sixty-seven year old Bill Schoens, from Colorado, who recently suffered a heart attack. Before he was released from the registered nurse Becky Cline was assigned as hisTransitions Coach.
She made sure that Bill understoofd the medications that his doctors prescribed and everything else he neededs to do to get Bill evenpointed out, “When you are in the emergency you are all drugged up and can barel remember what to do. Confusion startz to set in.” Beckyy went through each step Bill needed to follosw when he leftthe hospital. Becky evaluater Bill’s ability to follow doctor’s orders in his environmen and helped him maintain his own PersonaolHealth Record.
With her help, when Bill visited the he didn’t have to remember everything that happened sincw he left thehospital — it was all in the Bill said “When people are in front of theid doctor, their blood pressure goes sky high and they forget what they need to He said he founc the help and guidance he received from his Transitionse Coach “invaluable and life-saving.” We need patient-centered coordinate care — care that views nurses, doctorss and family members not as isolated but as partners on a team whose ultimate goal is to make sure patientz get the guidance and care they need.
Hospitalzs aren’t the problem, primary care physicians aren’t the problem, and nursesd aren’t the problem. Our fragmentedf delivery system of care isthe problem. This bill also makese sure that we are teachinv patients to manage their own conditiohat home. Sixty-nine year old Franki Yanni of Denver, Colorado had surgeru for a staph infection of thespinap cord. After leaving the he noticed that the pain he was experiencint weeks after surgery wasgetting worse. Havinvg been “coached,” he identified the problemk and knew to insist on visiting his doctor A hospital test showedethat Mr.
Yanni required a second His coachsaid that, “Had he let that go for even anothefr week, he could have ended up in the Intensivwe Care Unit, septic and horribly sick.” Our Colorado transition of care model, reflected in our gives health care systems the choice of whethere to create this program. But it allows existinhg patient-centered transitional care programs like the one in Mesa Colorado tocontinue on.
We want communities and providers to thinkj and work together to reducereadmission rates, reduce costs and provide better coordinated care to our Other systems should look at Colorado and the systemzs in twenty-four other states that have alreadhy begun to follow this As we begin to emerge from the economic we must call upon existing health care professionals from all walke of life —nurses, nurse practitioners, social workers, long-ter m care, and community health workerw — to serve as transitional coaches.
Coloradol nurses like Becky Clined have found that focusing on transitional care has leveragectheir skills, empowering them to take a more active role with They are able to work with both patients and familty caregivers. For too long, family caregivers have been “silent partners.” 50 million Americans provide care for achronicallu ill, disabled or aged love one. This bill recognizes their connecting them with a coac who can teach them how to properlycoordinater at-home care. This bill is only a small part of the solutio n to the complex challenges of our fragmented healtuhcare system. The problems of rising costsz and limited access affect people from all walksof life.
Skip Guarinio of Parker, Colorado, is a self-employed private consultanty andretired U.S. Marine. After yeards of regular doctors’ visits, Skip’es dentist discovered a lump on his thyroid during a routine exam that had gone undetected by his physician despitr 10previous exams. Skip underwent a CT/MRuI scan, Ultrasound, and biopsy, all of whichb were inconclusive. A second series of testd six months later revealerd that the lump had and Skipunderwent surgery. Durinyg the surgery, doctors found Skip was then sent to an endocrinologist who ordered more All tests cameback negative. A second full body scan revealef no sign of cancer anywherin Skip's body.
All these exams and screenings cost Skip Since then, Skip has maintained perfect but he cannot obtain privated insurance because of the thyroid surgery. He now relieds on COBRA and is paying a monthly premiumnof $1,300. This coverage is set to expir e in less thanone year, at whicy point Skip will have no insurance at all. Hollis Berendtg is a small business ownerin Colorado. She is covered through her husband’sz employer, which is according to her, “aa luxury many other small businessownerd don’t have.
” After graduating from Colorado States University in 2004, their daughtedr Abby found a job with a large company in New York She was told she couldn’t get healtn care coverage until she had been workingh at the company for one At ten months of she was diagnosed with an ovarian tumor that would requir surgery. The expenses were too much for so her parents had to take out a seconed mortgage to pay hermedicao bills.
Hollis shared that, “This experiencre brought to light, all too clearly, how closd we all are to losing everything due to a health The current system is hurtinbg our small business people and their Take Bob Montoyaof Pueblo, Colorado who runs Cedare Ridge Landscape in Pueblo with his brother, Ron. They are torn betweeh providing health care coverage for employees and keeping theirtbusiness afloat. Last year, the business paid out $36,0000 for a health care plan to covet Boband Ron’s families and one othere employee. The other 12 employees and their familie s do not get coverage throughtheir work.
Bob “As business owners, we want to do righy by the people who workfor us, but if all our employeesz opted into our healtg care plan and paid theidr 50 percent, we would be forced out of business.” He said it is an “impossiblse situation” for him and his Like too many small businesd owners, Bob can’t find good healtn care coverage at a cost he can afford. He “The longer it takes to pass comprehensive healtghcare reform, the more jobs will be lost as small businessea shut their doors due to risiny costs.” Mr. President, these Coloradansa speak for countless others acrossthe nation.
All they ask for is a health care system that worksfor them, a health care systejm that doesn’t crush them with unreasonablre cost increases, and a health care systek that doesn’t deny them coverage just because they have pre-existin g conditions. I’m hopeful. I’m hopeful that we can keep what works in our systej and fix whatis broken. I’mm hopeful that this Congress – working with our Presidenf – will finally deliverf on the promise of health care The people of Coloradodeserve it. The American people deserve it.
Thank you and I yield the
Sunday, March 13, 2011
Lomax wins bid for stimulus-funded fire station at PTI - The Business Journal of the Greater Triad Area:
http://cranetechnews.com/2008/11/29/crane-teachers-vs-crane-students-2/
Lomax submitted the winning bidof $4 among a total of six bids from localk contractors for the project, according to airportf officials. “It came in just abouyt on target,” said PTI Assistant Director Kevibn Baker of the amount of thewinning bid. Whilw a number of bids for stimulus-funded contracts have been comingt in lowerthan “our architect’s estimate had includedc some provisions for the state of the But this (fire station) mighgt well have cost $5 millioj a year ago.” The 20,000-square-foot station will have four truck bays and take somewherwe between 12 and 14 months to get readh to occupy, Baker said. It was designe by of Greensboro.
Construction costs will be fullyg reimbursed through the American Recoverh andReinvestment Act, as will aboutf $850,000 worth of new firefighting equipment. The new statiohn will be more than twice the size of theexistinhg facility, Baker said. The old statioj could be used as asatellite facility, but thers are no firm plans yet. The contract win is a welcomee onefor Lomax, which like other Triads builders has been contending with a dramatic slowdowhn in commercial construction.
CEO John Lomax said he had all his subcontractors for the project lined up with thei own bids in hand before submitting his proposal to theairport authority, knowing he’d be up againstt others also eager for the work. “Wwe knew we had to be competitive and that the climate is verycompetitive price-wise right he said. “To be honest, we didn’t give ourselvesa a very high chance of winning this one just becausr right now everything is so Lomax said his firm has been doingb more work in the higher education and hospital sectors recentlysince that’se where most of the opportunities are.
He’s been workingy on one project in the Triadr of similar scale to thefire station, a librarhy addition in High Point, but that job will be completedd soon. Lomax Construction hasn’tt had any layoffs and wouldn’t have had any even without the firestatioh job, he said. But that doesn’t mean the availability of stimuludfunding doesn’t matter. “Not to minimize the impact for us, but I thinik it’s most important for the subs and the who don’t have the resourcex to weather long periods without he said.
Lomax said he expects to be able to beatthe airport’sw timeline for construction on the fire station and hopes to have it done in nine he said.
Lomax submitted the winning bidof $4 among a total of six bids from localk contractors for the project, according to airportf officials. “It came in just abouyt on target,” said PTI Assistant Director Kevibn Baker of the amount of thewinning bid. Whilw a number of bids for stimulus-funded contracts have been comingt in lowerthan “our architect’s estimate had includedc some provisions for the state of the But this (fire station) mighgt well have cost $5 millioj a year ago.” The 20,000-square-foot station will have four truck bays and take somewherwe between 12 and 14 months to get readh to occupy, Baker said. It was designe by of Greensboro.
Construction costs will be fullyg reimbursed through the American Recoverh andReinvestment Act, as will aboutf $850,000 worth of new firefighting equipment. The new statiohn will be more than twice the size of theexistinhg facility, Baker said. The old statioj could be used as asatellite facility, but thers are no firm plans yet. The contract win is a welcomee onefor Lomax, which like other Triads builders has been contending with a dramatic slowdowhn in commercial construction.
CEO John Lomax said he had all his subcontractors for the project lined up with thei own bids in hand before submitting his proposal to theairport authority, knowing he’d be up againstt others also eager for the work. “Wwe knew we had to be competitive and that the climate is verycompetitive price-wise right he said. “To be honest, we didn’t give ourselvesa a very high chance of winning this one just becausr right now everything is so Lomax said his firm has been doingb more work in the higher education and hospital sectors recentlysince that’se where most of the opportunities are.
He’s been workingy on one project in the Triadr of similar scale to thefire station, a librarhy addition in High Point, but that job will be completedd soon. Lomax Construction hasn’tt had any layoffs and wouldn’t have had any even without the firestatioh job, he said. But that doesn’t mean the availability of stimuludfunding doesn’t matter. “Not to minimize the impact for us, but I thinik it’s most important for the subs and the who don’t have the resourcex to weather long periods without he said.
Lomax said he expects to be able to beatthe airport’sw timeline for construction on the fire station and hopes to have it done in nine he said.
Thursday, March 10, 2011
See-saw year ends with Biolex $60M richer - Triangle Business Journal:
orgemail-caicwww.blogspot.com
The biotech company in February 2008 was forcec to pull a planned initial public offerinv because of poormarket Disappointed? Yes. But by the end of the year the companh had reversed course andgathered $60 million from venturd capital investors – “a great accomplishment for the says CEO Jan Turek. “It’s a real testimong to the company’s platform he says. Claris Ventures and OrbiMed Advisore joinedthe company’s team of investors, which includes Durham-basex .
In all, Bioles now has raised about $150 Turek says the fundraiser took about six monthss to complete and did not face anyparticular “It was important for us to providw the adequate amount of cash,” says “In many ways, it’s a substitutee for the IPO.” Biolex deployed about $11 million from the fundraiser to buy out partner OctoPlus’ 50 percenr share of the commercial rights to Biolex’s most advanced drug. As part of the deal, Biole x will pay OctoPlus up to $138 millionj for additional development andsales milestones. “We felt that we wantede to take full responsibilityfor Locteron’s says Turek.
Biolex is developinyg drugs based on its ability to produce biologicalp treatments in theLemna plant, which is commonl known as duckweed and can be found floatingt on ponds. Locteron, which treatws hepatitis C, a blood disorder, is currently beingv tested in a third phase II human Turek says the drug met its goals in a firsy trial and that results of the seconrd are currentlybeing analyzed. Following the current Biolex will scout for a commercial partnedr to take the drug into phase III Turek says Locteron could be on the market by 2013.
Biolex’s giant fundraiser came even as startupw faced a tough environment for new In 2008, venture capital investmente nationwide declined 8 percent, to $28.3 billion, according to the . A $60 millioj fundraiser shows “that people think this is going to be asuccessfuo venture,” says Jim Ford, chief operatiny officer of the . “Youu have to have a lot of things goingfor you. People are willing to fund good good business plans and wheree they can seethat you’re creating a product or service that is goin g to make it in this environment.” Bioles currently employs about 70 people. Turej says his firm, like most other is carefully watchingits expenses.
“We have to be much more frugapl in how we spendour hard-earned money,” he
The biotech company in February 2008 was forcec to pull a planned initial public offerinv because of poormarket Disappointed? Yes. But by the end of the year the companh had reversed course andgathered $60 million from venturd capital investors – “a great accomplishment for the says CEO Jan Turek. “It’s a real testimong to the company’s platform he says. Claris Ventures and OrbiMed Advisore joinedthe company’s team of investors, which includes Durham-basex .
In all, Bioles now has raised about $150 Turek says the fundraiser took about six monthss to complete and did not face anyparticular “It was important for us to providw the adequate amount of cash,” says “In many ways, it’s a substitutee for the IPO.” Biolex deployed about $11 million from the fundraiser to buy out partner OctoPlus’ 50 percenr share of the commercial rights to Biolex’s most advanced drug. As part of the deal, Biole x will pay OctoPlus up to $138 millionj for additional development andsales milestones. “We felt that we wantede to take full responsibilityfor Locteron’s says Turek.
Biolex is developinyg drugs based on its ability to produce biologicalp treatments in theLemna plant, which is commonl known as duckweed and can be found floatingt on ponds. Locteron, which treatws hepatitis C, a blood disorder, is currently beingv tested in a third phase II human Turek says the drug met its goals in a firsy trial and that results of the seconrd are currentlybeing analyzed. Following the current Biolex will scout for a commercial partnedr to take the drug into phase III Turek says Locteron could be on the market by 2013.
Biolex’s giant fundraiser came even as startupw faced a tough environment for new In 2008, venture capital investmente nationwide declined 8 percent, to $28.3 billion, according to the . A $60 millioj fundraiser shows “that people think this is going to be asuccessfuo venture,” says Jim Ford, chief operatiny officer of the . “Youu have to have a lot of things goingfor you. People are willing to fund good good business plans and wheree they can seethat you’re creating a product or service that is goin g to make it in this environment.” Bioles currently employs about 70 people. Turej says his firm, like most other is carefully watchingits expenses.
“We have to be much more frugapl in how we spendour hard-earned money,” he
Tuesday, March 8, 2011
A timid American response | Philadelphia Inquirer | 2011-03-08 - Philadelphia Inquirer
kittredgeihuhyla1951.blogspot.com
A timid American response | Philadelphia Inquirer | 2011-03-08 Philadelphia Inquirer In the aftermath of World War II, the US-made Marshall Plan turned into a hugely successful effort to build liberal democracies in Europe. Americans helped bring about prosperity, peace, and strong alliances. Given political realities at home, ... |
Saturday, March 5, 2011
Thursday, March 3, 2011
Solutia completes sale of nylon business - St. Louis Business Journal:
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The sale includes the unit’a management and employees, as well as all five of its manufacturinb plantsin Alvin, Texas; Decatur, Ala.; S.C.; Pensacola, Fla.; and Foley, Ala. The nylon business includes 2,000 of Solutia's 5,100 employees. All including 29 in St. Louis, becam e employees of the SK Capita affiliate. SK Capital paid Solutiq $50 million in cash for the nylon assets. Solutia also receiveed a 2 percent equity stake in the new companyu formed to hold the assets of thenylo business. In addition, Solutia will receive $4 million in deferrec cash payments to be paid inannual $1 millio n installments beginning in 2011.
SK Capital has secured replacementof $25 milliohn of letters of credit associated with the nylohn business, which has resulted in increased availability for Solutia under its credit agreements. The affiliate of SK Capitakl will assume substantially all of the liabilities of thenylojn business, including employee and pension liabilities relating to the active employee of the business and environmental said Solutia, which plans to use the proceedsd of the sale to pay down debt under its asset-basee revolving credit facility. St. Louis-based Solutia Inc.
SOA), led by Chairman, President and CEO Jeffry Quinn, develops specialty chemicals, fibers, fluidxs and other performance
The sale includes the unit’a management and employees, as well as all five of its manufacturinb plantsin Alvin, Texas; Decatur, Ala.; S.C.; Pensacola, Fla.; and Foley, Ala. The nylon business includes 2,000 of Solutia's 5,100 employees. All including 29 in St. Louis, becam e employees of the SK Capita affiliate. SK Capital paid Solutiq $50 million in cash for the nylon assets. Solutia also receiveed a 2 percent equity stake in the new companyu formed to hold the assets of thenylo business. In addition, Solutia will receive $4 million in deferrec cash payments to be paid inannual $1 millio n installments beginning in 2011.
SK Capital has secured replacementof $25 milliohn of letters of credit associated with the nylohn business, which has resulted in increased availability for Solutia under its credit agreements. The affiliate of SK Capitakl will assume substantially all of the liabilities of thenylojn business, including employee and pension liabilities relating to the active employee of the business and environmental said Solutia, which plans to use the proceedsd of the sale to pay down debt under its asset-basee revolving credit facility. St. Louis-based Solutia Inc.
SOA), led by Chairman, President and CEO Jeffry Quinn, develops specialty chemicals, fibers, fluidxs and other performance
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