Triangle

PR firm Capstrat cuts jobs at Raleigh office

April 16, 2014

(The News & Observer, Raleigh)

Capstrat confirmed it laid off some employees this week at its Raleigh office to adjust to its current volume of business, though the communications company did not provide specific details. Capstrat is owned by Ketchum, an Omnicon Group company, and provides advertising and public relations services for clients including Blue Cross and Blue Shield of North Carolina, Duke Energy and Quintiles.

Tupelo Honey Cafe to open fourth NC restaurant in Raleigh

April 15, 2014

(Asheville Citizen-Times)

Asheville's Tupelo Honey Cafe will open its first restaurant in Raleigh this fall at Cameron Village. It will be the restaurant chain's fourth in North Carolina; it has two in Asheville and one in Charlotte. 

Chimerix CEO gets pay raise, stock options

April 15, 2014

(The News & Observer, Raleigh)

Michelle Berrey will receive an annual salary of $440,000 and stock options in her new role as president and chief executive officer of Durham-based Chimerix, $76,000 more than her previous salary. She will also be eligible for a performance-based bonus of up to 50% of her salary. Berrey will retain her title as chief medical officer of the drug-development company.

Committee to finish report on teacher pay, retention

April 14, 2014

(The News & Observer, Raleigh)

A state legislative committee that studied teacher effectiveness, compensation and how to retain skilled teachers will finalize its report for the N.C. General Assembly today after seeking input from local school district leaders. 

Biotech and Internet stocks fall, bring Nasdaq down

April 11, 2014

(The News & Observer, Raleigh)

The Nasdaq fell 3.1% on Thursday as biotechnology and Internet stocks dropped. It was the index's worst day since November 2011. Investors have shifted recently to safer investments including utilities, health care and consumer staples as tech companies grow more expensive and regulators have increased scrutiny of drug costs.

Lenovo still world's top PC maker, moves up in US market

April 11, 2014

(The News & Observer, Raleigh)

While the overall market for PCs continues to decline, Lenovo's shipments grew 10.9% in the first quarter, allowing it to maintain its status of the world's No. 1 PC maker ahead of HP. The company, which employs 2,500 in North Carolina, also moved up from No. 4 to No. 3 in the U.S. PC market rankings issued by market research group IDC. 

Baxano Surgical gets FDA clearance for surgical product

April 11, 2014

(Greater Wilmington Business Journal)

Baxano Surgical received U.S. Food and Drug Administration clearance for a pedicle-screw product used in spinal surgeries. The Raleigh-based medical-device company will launch its Avance system, which incorporates the product, in limited release later this quarter. 

Four Oaks Bank could sell $50 million in assets

April 11, 2014

(American Banker)

Four Oaks Fincorp., parent company of Four Oaks Bank, may sell up to $50 million in assets. Investor Kenneth Lehman, who agreed last month to buy 875,000 shares of the company's common stock at $1 each, is working with the community bank on an asset-resolution plan. Four Oaks has 14 offices primarily in the Triangle area.

 

AT&T hopes to bring gigabit Internet service to parts of Triangle, Triad

April 10, 2014

(The News & Observer, Raleigh)

AT&T plans to install a new fiber network that will allow it to offer gigabit Internet service that is about 20 times faster than most broadband service in Carrboro, Cary, Chapel Hill, Durham, Raleigh and Winston-Salem.

CEO of Durham-based Chimerix leaves abruptly

April 10, 2014

(The News & Observer, Raleigh)

Durham drug-maker Chimerix announced that Michelle Berrey has replaced CEO Kenneth Moch. Chimerix made headlines last month when a critically ill 8-year-old's family led a social-media campaign urging the company to give him an experimental antiviral drug. Details about Moch's sudden departure were not available.

NC rejects Raleigh's bid for Dix property, proposes counter-offer

April 10, 2014

(The News & Observer, Raleigh)

The state has rejected Raleigh's offer to buy the 308-acre property that was home to Dorothea Dix psychiatric hospital, saying it wants to keep a 64-acre portion of the land and sell the rest for $52 million.

Board fires St. Augustine's president

April 9, 2014

(The News & Observer, Raleigh)

The Board of Trustees of St. Augustine's University in Raleigh has removed President Dianne Boardley Suber, who led the school for 14 years, and reinstated the school's provost and vice president of finance, both recently ousted by Suber. St. Augustine's is undergoing a review by the Southern Association of Colleges and Schools due to financial concerns.

WRAL will include Harris in Senate debate

April 9, 2014

(The Charlotte Observer)

Raleigh's WRAL television station will include Charlotte Republican Mark Harris in its televised U.S. Senate debate on April 23. The station had previously invited Thom Tillis, Greg Brannon and Heather Grant but excluded Harris, citing weak poll numbers.

California real-estate firm buys another Triangle apartment complex

April 8, 2014

(The News & Observer, Raleigh)

Irvine, Calif.-based Passco Companies bought the 270-unit Carrington at Brier Creek apartment complex in Raleigh for $37.3 million. Passco bought a 280-unit Durham complex in July 2013 and also recently purchased a 246-unit apartment community in Raleigh. 

Former Harris Teeter CEO named chairman of The Pantry

April 7, 2014

(The News & Observer, Raleigh)

The Pantry has named the former chairman and CEO of Matthews-based Harris Teeter as chairman of its board of directors. Thomas "Tad" Dickson replaces Edwin Holman, who was ousted last month after a group of dissident shareholders elected three new candidates to the convenience-store chain's nine-member board.

 

IPO delayed for Durham-based Scynexis

April 7, 2014

(The News & Observer, Raleigh)

The initial public offering for Durham drug-development firm Scynexis has been pushed back. Media outlets report the company could go public this week or the week of April 14. Scynexis announced last Thursday it expected to sell its shares at a lower price than originally announced. 

Lenovo buying NEC patents

April 7, 2014

(The News & Observer, Raleigh)

Lenovo is buying a portfolio of more than 3,800 smartphone-related patent families from Japanese technology company NEC for an undisclosed amount. The purchase, along with a $100 million deal announced last month to buy a group of patents from Nevada-based Unwired Planet, will help protect Lenovo against patent lawsuits from competitors as it grows its smartphone business.

Baxter to purchase Chapel Hill biotech firm for $70 million

April 4, 2014

(WRALTechWire.com)

Deerfield, Ill.-based Baxter International will acquire Chapel Hill-based biotechnology firm Chatham Therapeutics for $70 million. Chatham is currently developing gene-therapy programs for the treatment of hemophilia.

 

Durham's Scynexis lowers expectations for IPO

April 4, 2014

(The News & Observer, Raleigh)

Durham drug-development firm Scynexis expects shares to sell for $7 to $8 in its initial public offering, lower than its original target of $12 to $14, and plans to sell 7.3 million shares, up from 4.2 million. Share are expected to begin trading Friday.

Draft bill approved for state economic-development partnership

April 4, 2014

(The News & Observer, Raleigh)

A joint legislative committee approved a draft version of a bill to create a private, not-for-profit economic development agency for state business recruitment efforts. Once finalized, the state General Assembly will vote on the bill in May and after it is passed, Commerce Secretary Sharon Decker said the corporation should be operating by year-end.