Business

Chimerix slashes 20% of workforce after failed drug trials

March 1, 2016

(The News & Observer, Raleigh)

Durham-based drug developer Chimerix said it is refocusing development efforts for brincidofovir, its experimental antiviral treatment, after recent failed clinical trials. The company reported a $37.8 million fourth-quarter loss and plans to cut 20% of its workforce of about 130. Shares of Chimerix's stock are down 87% since Christmas.

BB&T headquarters building is potential forfeiture target

March 1, 2016

(Winston-Salem Journal)

BB&T's Winston-Salem headquarters building was listed among potential forfeiture targets if co-owner Ty Rhame is convicted in an international money-laundering scheme. An attorney for co-owner Ray Gee — who is not involved in the case — said Rhame's indictment won't affect short or long-term operation of the building. Gee and Rhame paid $60 million for the building in 2014.

CLT adding new concourse, part of $2.5B expansion plan

March 1, 2016

(The Charlotte Observer)

Charlotte Douglas International Airport began demolishing old rental-car buildings to make way for a new concourse, a $200 million project that will add nine gates for non-American Airlines traffic. Its part of a $2.5 billion plan that includes adding a fourth runway, a lobby expansion, a taller control tower and even more gates.

Cowell named to ChannelAdvisor board of directors

March 1, 2016

(WRAL TechWire)

State Treasurer Janet Cowell will receive a $50,000 retainer plus $150,000 in stock options to join the board of directors of Morrisville-based e-commerce firm ChannelAdvisor, according to a regulatory filing. Cowell, 47, was elected treasurer in 2008 and has said she will not seek re-election. She has worked for Corning, Lehman Brothers Holdings and SJF Ventures.

Director of Marine Fisheries steps down

March 1, 2016

(StarNews, Wilmington)

Louis Daniel resigned as executive director of the N.C. Division of Marine Fisheries on Monday after nine years in the post. The commission has been at the center of a debate between recreational and commercial fishermen over restrictions on flounder fishing.
Also: Embattled marine fisheries director steps down

MassMutual buying MetLife adviser group for $300M

March 1, 2016

(The Charlotte Observer)

MassMutual will pay about $300 million for MetLife's Premier Client Group, which includes about 200 workers at MetLife's retail hub in Charlotte. MassMutual, based in Springfield, Mass., says it's too soon to say how the Charlotte jobs will be impacted.

Yadkin County seeks more money to reopen hospital

March 1, 2016

(Winston-Salem Journal)

In a legal filing, Yadkin County officials said it could cost more than $6.2 million to reopen the shuttered Yadkin Valley Community Hospital, and former operator HMC/CAH, based in Kansas City, should help pay. HMC/CAH closed the 20-bed hospital in May and a legal battle ensued.

Blue Cross earns small profit, bumps exec pay in 2015

February 29, 2016

(The News & Observer, Raleigh)

Blue Cross and Blue Shield of North Carolina managed to post a small profit in 2015 despite huge losses from customers insured through the Affordable Care Act. CEO Brad Wilson earned $3.8 million in total compensation, a 34% increase over the previous year. Each of the insurance company's top 10 executives received raises.

West Pharmaceutical invests $19M in Kinston plant

February 29, 2016

(WRAL TechWire)

West Pharmaceutical Services will spend $19 million to upgrade and add machinery at its Kinston manufacturing plant, where about 350 people make syringe and IV bag components. Exton, Pa.-based West, which reported sales of $1.4 billion last year, declined to say how many new jobs might be created. Lenoir County is offering up to $400,000 in performance-based incentives.

How Live Oak's Chip Mahan set out to create a different kind of bank

February 29, 2016

(Greater Wilmington Business Journal)

Live Oak Bancshares, the only publicly traded company headquartered in Wilmington, has rocketed since its inception in 2008 to become the nation's second-largest SBA lender, with assets totaling more than $1 billion at the end of 2015. Founder and CEO Chip Mahan deliberately set out to create a different type of bank that is employee-centric and capable of expanding in the coastal city, which is not known as a financial center.