Triangle

Triangle venture-capital funding returns to 'normalcy' in third quarter

October 17, 2014

(The News & Observer, Raleigh)

Ten Triangle startups raised $47.4 million in venture capital in the third quarter, more than in the first and second quarters but still far below the $106.8 million raised in the fourth quarter of last year. Two companies, Lq3 Pharmaceuticals and medical-device company Tryton Medical, raised at least $10 million.

Chimerix drug to be tested on Ebola patients

October 17, 2014

(The News & Observer, Raleigh)

Durham drug developer Chimerix received FDA approval to begin testing an experimental antiviral drug on people infected with the Ebola virus. 

Sears store closing at Cary Towne Center

October 17, 2014

(The News & Observer, Raleigh)

Sears Holdings will close its store at Cary Towne Center mall by mid-January. The store's 66 employees may apply for jobs at other Sears and Kmart stores.

NC State's Lomax joins RTI International

October 17, 2014

(WRAL TechWire)

Terri Lomax will become vice president for discovery, science and technology at RTI International in December. Lomax has been Vice Chancellor for Research, Innovation and Economic Development at N.C. State University since 2009. 

Cisco lays off 225 at RTP

October 16, 2014

(The News & Observer, Raleigh)

Cisco Systems confirmed it laid off 225 employees in Research Triangle Park as part of a corporate restructuring that will cut 6,000 jobs from its global workforce. The San Jose, Calif.-based networking equipment provider announced this summer it would create 550 new jobs at RTP by the end of 2017 – the company will have to fill vacancies created by the layoffs in order to receive state incentives of up to $12.9 million.

Novant lays off 59 at Louisburg hospital

October 15, 2014

(The News & Observer, Raleigh)

Novant Health will lay off 59 employees and reduce the number of inpatient beds from 70 to 2 at its Franklin Medical Center in Louisburg. The Winston-Salem-based health system cited declining patient volumes and lower reimbursements from insurers as reasons for the cuts.

Wake Forest-based PowerSecure acquires Florida data center

October 15, 2014

(WRAL TechWire)

Wake Forest-based PowerSecure International bought a data center owned by St. Petersburg, Fla.-based Power Design in a deal worth up to $15 million. Wake Forest-based PowerSecure provides energy  services to electric utilities and their commercial and industrial customers.

Cape Fear Valley considers partnership with Harnett Health

October 14, 2014

(The Fayetteville Observer)

The board of trustees of Fayetteville-based Cape Fear Valley Health could vote later this month on a proposed partnership with Harnett Health System in Dunn. Harnett Health operates hospitals in Dunn and Lillington, along with clinics and rehabilitation centers in Harnett and Johnston counties.

Southern Season to open holiday pop-up shops

October 14, 2014

(The News & Observer, Raleigh)

Southern Season will open holiday pop-up shops in Charlotte and Raleigh to introduce its brand and products to those markets while the company searches for additional permanent locations. The Chapel Hill-based specialty-foods retailer plans to open a permanent store in Charlotte in late 2016 and one in Raleigh, possibly by 2017.

President of William Peace University to retire

October 14, 2014

(The News & Observer, Raleigh)

Debra Townsley will retire as president of William Peace University after five years in the position. Townsley oversaw the school's transition from a women's college to a co-ed university in 2012. She will leave when her contract expires June 30 to pursue other interests and spend time with her grandchildren.

Triangle to host entrepreneurial summit in 2015

October 14, 2014

(WRAL TechWire)

The Triangle will host the 2015 UP America Summit, an event that is expected to draw nearly 200 entrepreneurs from across North America. Dates haven't been announced.

Durham tech startup gets 12,000 pre-orders for fitness device

October 13, 2014

(The News & Observer, Raleigh)

A Durham-based technology startup says it has received 12,000 pre-orders for a wearable fitness-tracking device for kids. Squord (pronounced "scored") CEO Coleman Greene says the company expects to sell 15,000 Squord Boosters by year-end.

Raleigh tech hub signs e-textbook company as first big tenant

October 10, 2014

(WRAL TechWire)

Raleigh-based Vital Source Technologies signed on as the first major tenant at 227 Fayetteville St., a 10-story office building in downtown Raleigh that was formerly occupied by Wachovia and is undergoing an $8 million renovation. The e-textbooks company, a subsidiary of Nashville, Tenn.-based Ingram Industries, will lease 20,000 square feet.

Longtime Raleigh Chamber CEO to retire

October 9, 2014

(The News & Observer, Raleigh)

Harvey Schmitt will retire as CEO of the Greater Raleigh Chamber of Commerce after 21 years in the post. Schmitt, 65, said in an statement he plans to remain in Raleigh and he is not calling this a retirement. 

Former Wachovia building could become Raleigh tech hub

October 9, 2014

(WRAL TechWire)

Developers will host a media event this morning regarding a 10-story office building in downtown Raleigh where New York-based LRC Opportunity Fund announced an $8 million renovation in January 2013. A website for the 227 Fayetteville Street says the 110,000-square-foot building will provide office space for "small startup businesses and entrepreneurs."

Raleigh-based Red Hat completes $700 million offering

October 9, 2014

(The News & Observer, Raleigh)

Red Hat completed a previously announced sale of $700 million worth of senior convertible notes and plans to use $375 million of the proceeds to repurchase shares of its common stock. The Raleigh-based software company will use another $257 million for general corporate purposes that could include future acquisitions.

NC Bankers Association names new president

October 8, 2014

(The News & Observer, Raleigh)

The N.C. Bankers Association named Peter Gwaltney president and CEO effective Jan. 2. Gwaltney, 51, has been CEO of a Memphis, Tenn.-based foundation for the past seven years and was chief executive of the Louisiana Bankers Association from 1999 to 2006. He replaces Thad Woodard, who has led the Raleigh-based trade group since 1997 and is retiring (Statewide, June).

Raleigh-based CRO files for IPO

October 8, 2014

(The News & Observer, Raleigh)

INC Research hopes to raise as much as $150 million in an initial public offering, securities filings show. The Raleigh-based contract research organization, which employs 5,400 people in 50 countries, plans to use proceeds to pay off debt.

Texas Ebola patient receives Chimerix drug

October 7, 2014

(The News & Observer, Raleigh)

A Liberian man infected with the Ebola virus is being treated with brincidofovir, an experimental drug made by Durham-based Chimerix, at a Dallas hospital. The U.S. Food and Drug Administration approved an emergency request for the drug, which is being tested as a treatment for a variety of viruses.

RDU airport authority offers $2.1 million incentive for international flight

October 7, 2014

(The News & Observer, Raleigh)

Raleigh-Durham Airport Authority said it will offer $2.1 million in first-year incentives to add a new international service − specifically a direct flight to Paris or Frankfurt – and leaders are urging local governments and civic groups to match the investment.