Business

BofA reports $3.4 billion in first-quarter profit

April 16, 2015

(The Charlotte Observer)

Bank of America reported profit of $3.4 billion in the first quarter, compared with a loss of $276 million a year ago. Total revenue fell 6% to $21.4 billion. CEO Brian Moynihan said Terry Laughlin, president of strategic initiatives, will lead the resubmission of the bank's capital plan, which is due to the Federal Reserve by Sept. 30.

Durham's Innocrin Pharmaceuticals raises $28M

April 16, 2015

(The News & Observer, Raleigh)

Innocrin Pharmaceuticals has raised $28 million in a financing led by Wilmington venture-capital firm Eshelman Ventures, which was started by PPD founder Fred Eshelman. The Durham-based company, which does not have any products on the market, plans to use the money to develop treatments for breast and prostate cancer.

Southeastern Health gets grant for medical training center

April 16, 2015

(The Fayetteville Observer)

Southeastern Health received a $500,000 grant from the Golden LEAF Foundation that will allow it to complete renovations to a medical-education center at its Lumberton hospital. Southeastern has raised a total of $1.6 million for the renovations, which are expected to be complete by July.

Lee County resident seeks to halt fracking applications

April 16, 2015

(The News & Observer, Raleigh)

The owner of a Lee County horse farm is questioning the legality of the state's fracking rules and has asked a Wake County judge to block fracking permit applications from being processed. Keely Wood Puricz says the state's fracking regulations are illegal because the commission that created them is unconstitutional due to the fact that the state legislature appointed most of its members.

Duke moving entrepreneurship academy downtown

April 16, 2015

(The Herald-Sun, Durham)

Duke University will move its Innovation and Entrepreneurship Initiative to a downtown redevelopment led by Longfellow Real Estate Partners and Measurement Inc. The Durham Innovation District will cover 1.7 million square feet and will include office and lab space, plus 50,000 square feet of retail and 300 residential units.

Carolinas HealthCare eliminates No. 2 exec position

April 15, 2015

(The Charlotte Observer)

Charlotte-based Carolinas HealthCare System said Tuesday it will eliminate the position of president and chief operating officer effective May 31. Joe Piemont, 60, has worked for the Charlotte-based health system for 18 years and received $3.5 million in compensation in 2014.

Natty Greene's explores expansion opportunities

April 15, 2015

(News & Record, Greensboro)

While cities including Rocky Mount and Greenville have shown interest in luring Natty Greene's Pub & Brewing Co. away from Greensboro, co-founder Chris Lester has said he wants to keep the business in the Gate City. The company is seeking financing for a $10 million to $15 million expansion of its production facility.

Publix continues push into NC grocery market

April 15, 2015

(The Charlotte Observer)

Florida-based Publix will buy two vacant Lowes Foods stores, one in Cary and one in Gastonia. Terms of the deal, which is expected to close later this month, weren't disclosed.

Asheville startup acquired by Boston software company

April 15, 2015

(Asheville Citizen-Times)

Lab Escape, a 12-year-old Asheville-based software company with five employees, has been acquired by Boston-based e-commerce company Teikametrics for an undisclosed amount. Teikametrics helps third-party Amazon retailers with pricing and inventory analysis.

Property revaluation adds to Charlotte's budget shortfall

April 15, 2015

(The Charlotte Observer)

A recent commercial property revaluation showed significant reductions that have cost the city of Charlotte about $14 million in property taxes. Some property owners, meanwhile, will save hundreds of thousands of dollars on their tax bills.