Triangle

Durham approves incentives for 26-story downtown tower

March 21, 2014

(The News & Observer, Raleigh)

The Durham City Council approved a $3.97 million incentive for a 26-story downtown tower that would include office, retail and residential space. As part of the proposal, Colorado developer Austin Lawrence Partners also plans to remodel the former Jack Tar Motel as a boutique hotel.

Cary's Saffron Technology moving headquarters to California

March 21, 2014

(The News & Observer, Raleigh)

Saffron Technology, a Cary-based data-analytics software firm, will move its headquarters to Silicon Valley, though the company plans to keep its Cary office and expects to double employment there by year-end. Saffron recently raised $7 million in new funding from Intel Capital.

DENR: Duke illegally pumped wastewater from Cape Fear ash ponds

March 21, 2014

(The News & Observer, Raleigh)

The state Department of Environment and Natural Resources said Charlotte-based Duke Energy violated conditions of its wastewater permit when it pumped 61 million gallons of wastewater from ash ponds at its Chatham County plant into a tributary of the Cape Fear River.

Saunders stepping down as CEO of Mechanics and Farmers Bank

March 20, 2014

(The Herald-Sun, Durham)

Kim Saunders has stepped down from her post as president and CEO of Durham-based Mechanics and Farmers Bank. Saunders will stay on as president and chief executive of the bank's holding company, M&F Bancorp. The bank has been profitable every year since it first opened in 1908.

Durham's Scynexis hoping for $68 million IPO

March 20, 2014

(The News & Observer, Raleigh)

Drug-development firm Scynexis, which does not yet have any drugs on the market, hopes to sell 4.2 million shares in an initial public offering it hopes will raise up to $68.1 million. The Durham company is developing an intravenous drug for treating fungal infections.

State lawmakers want to stop 'revolving door' for employees

March 20, 2014

(The News & Observer, Raleigh)

Lawyers for the state General Assembly are drafting legislation that would prohibit state workers involved in negotiating or managing contracts with outside vendors from resigning and immediately going to work for those companies.

Morrisville drug developer looks to raise $52 million in stock offering

March 19, 2014

(The News & Observer, Raleigh)

Morrisville's Oxygen Biotherapeutics announced it expects to earn $52 million in a public stock offering that is expected to close by Friday. The drug developer will use the proceeds for clinical trials for a treatment for traumatic brain injuries and a drug for heart-surgery patients.  

Durham's Square 1 Bank planning $119 million stock offering

March 18, 2014

(The News & Observer, Raleigh)

In a filing with the Securities and Exchange Commission on Friday, Durham-based Square 1 Bank said it expects to sell 3.1 million shares of its stock in an initial public offering.  Additionally, a group of its shareholders will sell 2.8 million shares.  

DENR investigating Duke Energy's Chatham County plant

March 18, 2014

(The News & Observer, Raleigh)

Duke Energy is facing scrutiny at its Cape Fear Plant in Chatham County as state regulators question why the utility has been pumping coal-ash wastewater into the Cape Fear River. Duke says it notified the state last August about plans to lower the water levels at its ash ponds there in order to perform routine maintenance.

National Golf Club to become 'club within a club' at Pinehurst Resort

March 18, 2014

(The Pilot, Pinehurst)

Pinehurst Resort & Country Club has reached a tentative agreement to purchase National Golf Club before the U.S. Opens are held at Pinehurst in June. If approved by members and boards of both organizations, plans would include a $1 million clubhouse renovation and an $250,000 increase to the annual golf-course maintenance budget. Financial terms were not disclosed. 

Raleigh-based Baxano Surgical gets $10 million investment

March 18, 2014

(Greater Wilmington Business Journal)

Baxano Surgical, a medical-device company that moved its headquarters from Wilmington to Raleigh last spring, will receive investments totalling $10 million from two unnamed investors to expand its product portfolio. The company also appointed Tim Shannon, the company's interim CFO since September, to the post permanently.

Grand jury investigation of Duke Energy and DENR begins Tuesday

March 18, 2014

(The News & Observer, Raleigh)

A federal grand jury will meet today through Thursday in Raleigh to review information obtained through 23 subpoenas issued regarding the relationship between Charlotte-based Duke Energy and its state regulator, the N.C. Department of Environment and Natural Resources.

Business-software company expanding in Raleigh

March 17, 2014

(The News & Observer, Raleigh)

California-based business-software company Workday will hire eight more workers to its existing 21 at its Raleigh office by year-end. The company, which offers human resources and financial software, also expects to open a new office in Charlotte this year.

Dirtbag Ales to open brewery in Hope Mills

March 17, 2014

(The Fayetteville Observer)

Dirtbag Ales will open its own brewery in June in Hope Mills. The company, started by two Army medics, currently brews two beers at Aberdeen's Railhouse Brewery that are distributed to area restaurants.

DENR wants more details on Duke Energy's coal-ash cleanup plan

March 14, 2014

(The News & Observer, Raleigh)

The N.C. Department of Environment and Natural Resources has rejected a four-page letter Duke Energy submitted as its plan to clean up 33 ash ponds at coal plants across the state, saying the report was inadequate.

Lenovo to move server unit to former Sony-Ericsson campus

March 14, 2014

(The News & Observer, Raleigh)

Lenovo will move Triangle operations of IBM's x86 server unit to the 450,000-square-foot corporate campus formerly occupied by Sony Ericsson at Research Triangle Park. The computer-maker also plans to build a 30,000-square-foot office to house its Enterprise Business Group.

Brannon must pay more than $450K in civil lawsuit

March 14, 2014

(The News & Observer, Raleigh)

A Superior Court judge has ordered U.S. Senate candidate Greg Brannon to pay $250,000 plus interest and legal fees to two investors in a defunct technology company Brannon helped start. The Cary physician is seeking the Republican nomination to challenge Dem. U.S. Sen. Kay Hagan.

Chimerix CEO received death threats

March 13, 2014

(The News & Observer, Raleigh)

The CEO of Durham-based Chimerix received death threats which led the drug-development company to place its office on lockdown prior to the company's decision to provide an experimental antiviral drug to a gravely ill 7-year-old boy in Virginia.

Study: Raising minimum wage would hurt hiring

March 13, 2014

(The News & Observer, Raleigh)

In a new study by Duke University and CFO Magazine, 56.7% of CFOs at retail businesses and 44.1% at service-based companies say they would reduce hiring if the minimum wage goes up to $10 per hour.

Construction to begin on Mebane candy factory

March 13, 2014

(The News & Observer, Raleigh)

Japanese candy-maker Morinaga & Co. will begin construction on its new 100,000-square-foot candy factory in Orange County in a few weeks. The company plans to invest $48 million and hire up to 90 workers with an average annual wage of $39,979. Production should begin by June 2015.