Triangle

Triangle condo market picks up

April 18, 2016

(The News & Observer, Raleigh)

Developers are finding success with smaller-scale condominium projects in the Triangle area. At 1300 St. Mary's in Raleigh, 32 of 39 units are under contract, with prices ranging from $199,900 to $750,900. Developer White Oak recently completed a nine-unit project in Durham where units sold for about $350 per square foot.

Triangle startups raise $63.7M in first quarter

April 15, 2016

(The News & Observer, Raleigh)

Despite what many predict will be a challenging year for fundraising, a dozen Triangle-area startups raised $63.7 million in the first quarter, more than the $50.9 raised in the fourth quarter of 2015 but less than the first three quarters of last year. Biotech company Envisia Therapeutics raised $16.5 million and Valencell, which makes technology for wearable devices, raised $11 million.

Raleigh's NephroGenex fires top execs, moves to sell assets

April 15, 2016

(The News & Observer, Raleigh)

The Raleigh drug developer fired CEO Pierre Legault and Chief Scientific Officer Jaikrishna Patel as it looks at ways to sell its assets. NephroGenex, which faces a stock delisting since shares have fallen below $1, said it is restructuring and may consider a reverse merger, an alternative that allows a private company to go public without an initial public offering. Its stock has plunged 95% over the last year.

NC universities look at 100-year debt option

April 15, 2016

(The News & Observer, Raleigh)

N.C. State University and UNC Chapel Hill want to borrow up to $500 million each using a century bond to pay for a backlog of repair and maintenance projects. The current debt limit is 30 years.

Durham credit unions complete merger

April 14, 2016

(The News & Observer, Raleigh)

Self-Help Credit Union has merged with Greater Piedmont Credit Union, giving the combined business a total of 20 branches in North Carolina in Virginia that serve more than 65,000 people.

Lenovo PC shipments jump in the U.S.

April 13, 2016

(The News & Observer, Raleigh)

Amid an industry-wide decline in demand for PCs, a bright spot for Lenovo is the U.S. market, where the computer-maker's shipments jumped more than 20% in the first quarter. Lenovo's worldwide shipments fell 8.5%; worldwide PC shipments by all companies fell 11.5%, according to a report by market research firm IDC.

Durham drug developer files for IPO

April 12, 2016

(The News & Observer, Raleigh)

Viamet Pharmaceuticals filed plans for an initial public offering. Co-founded by former UNC Chapel Hill Chancellor Holden Thorp, the company doesn't have any drugs on the market. Viamet shelved plans for an IPO in 2014 after raising $60 from private investors. Its leading drug candidate is a treatment for yeast infections and toenail fungal infections.

Overflow crowd turns out for public hearing on CSX project

April 12, 2016

(WRAL.com)

Linwood Parker, mayor of Four Oaks, said he will push for landowners to be treated fairly if CSX decides to bring a $272 million cargo hub to the Johnston County town. Town officials contacted CSX after an original plan to build the project near Selma fell through.

Durham company breaks ground on zero-emissions power plant

April 11, 2016

(The News & Observer, Raleigh)

NET Power broke ground last month on what the company says is the world's first zero-emissions power plant. The 25-megawatt plant, near Houston, Texas, expects to start generating energy in March 2017. The plant captures carbon dioxide that would otherwise be released into the air and stores it for injection underground or industrial uses.

3 Yadkin Financial execs got big raises in 2015

April 11, 2016

(Winston-Salem Journal)

Yadkin Financial CEO Scott Custer received a 107.7% raise in 2015 as his salary increased to $519,231. Custer's total compensation was $1.3 million, up 95.1% from 2014. CFO Terry Earley and Steven Jones, chief banking officer, also got 107.7% salary increases. Raleigh-based Yadkin has about $7.3 billion in assets and 110 branches following last month's acquisition of Greensboro-based NewBridge Bancorp, though plans call for shedding up to 11 branches in overlapping markets.

Red Hat CEO: $5B in revenue in 5 years

April 8, 2016

(WRAL TechWire)

Open-source software company Red Hat last year reached $2 billion in annual revenue for the first time, and CEO Jim Whitehurst says he'd like the company to reach $5 billion in five years, a goal that would mean doubling its workforce. Red Hat employs about 1,400 people at its Raleigh headquarters.

Cree shares fall 15% after revenue misses target

April 7, 2016

(The News & Observer, Raleigh)

Shares of Cree, the Durham-based LED lighting company, fell 15% Wednesday when the company said revenue for the third quarter would be about $367 million, less than the $400 million to $430 million that was anticipated. The company cited a conversion to a new software system, delayed product introductions and lower demand as reasons for the weak sales.

McConnell Golf leases Raleigh public course

April 5, 2016

(The News & Observer, Raleigh)

McConnell Golf signed a 10-year lease to operate the Raleigh Golf Association, marking the company's first affiliation with a public golf course. Raleigh-based McConnell owns a dozen private courses in the Carolinas and Tennessee. The 27-hole RGA is the second-oldest course in the Raleigh area. Prices start at $15 for nine holes after 3 p.m. on weekdays.

Xerox cutting 139 Triangle area jobs

April 5, 2016

(The News & Observer, Raleigh)

After announcing in January it was cutting 178 jobs at a Cary call center, Xerox says it is laying off 139 workers at its health care services business in Henderson. Most of the affected employees are pharmacy technicians.

Small biz finalist acquires Michigan contractor

April 4, 2016

Raleigh-based Color Masters Painting is buying National Coatings, a Michigan-based commercial painting contractor, for an undisclosed amount. Color Masters expects revenue to jump from $8 million in 2015 to more than $26 million over the next year as a result of the acquisition. Color Masters was a runner-up last year in Business North Carolina's Small Business of the Year program.

Some Republicans open to minor changes in LGBT law

April 1, 2016

(The News & Observer, Raleigh)

With major businesses and Democrats expressing outrage over North Carolina's new LGBT law, Gov. Pat McCrory said he is open to modifications of the law. Some Republican lawmakers said minor changes are possible. The law replaces local ordinances with a statewide nondiscrimination law that doesn’t include sexual orientation and gender identity as protected categories.


Read more here: http://www.newsobserver.com/news/politics-government/state-politics/article69320977.html#storylink=cpy

Community college system picks S.C. exec for top spot

April 1, 2016

(WUNC.org)

North Carolina’s community college system named James “Jimmie” C. Williamson as president, succeeding Scott Ralls, who left last year to head the Northern Virginia Community College. Williamson serves as the CEO of the South Carolina Technical College System. In total, he’s served 27 years in higher education, including as president at two community colleges.

Drugmaker Novartis accused of offering kickbacks

March 30, 2016

(WRAL TechWire)

The U.S. Justice Department claims Basel, Switzerland-based Novartis Pharmaceutical Corp. hosted doctors at "sham" educational events that included expensive dinners and trips and, in some cases, made payments to doctors even for events that never took place. The company paid Triangle area doctors nearly $250,000 in 2014, according to the lawsuit.

Novo Nordisk breaks ground on $1.8B plant in Clayton

March 29, 2016

(WRAL TechWire)

The new facility will produce ingredients for the Danish drugmaker's insulin treatments and will bring 700 jobs with an average annual salary of $68,000 to Clayton. The site is adjacent to Novo Nordisk's existing 20-year-old plant.

LS3P merging with Savannah architecture firm

March 29, 2016

(Greater Wilmington Business Journal)

LS3P, which has offices in Charlotte, Raleigh and Wilmington, announced its second merger within the last three months. After combining with Hubbard Architecture in Myrtle Beach, the firm now plans to merge with Dawson Architects of Savannah, Ga., adding 20 employees. The Charleston, S.C.-based firm now employs more than 300 architects, designers and staff.