Triangle

INC Research reports 17.7% growth in service revenue

May 3, 2016

(The News & Observer, Raleigh)

Raleigh-based INC Research posted service revenue of $249 million in the first quarter, up from $211.5 million a year ago. Despite the strong results, the company laid off 3% of its workforce, or about 175 people worldwide, due to a realignment of its therapeutic business units. About 30 workers in Raleigh lost their jobs. CFO Greg Rush says the company is still growing, adding about 800 workers last year, including 100 in the Triangle.

BASF slashing 106 jobs at RTP

May 2, 2016

(WRAL TechWire)

German biotech firm BASF is cutting its plant technology unit — its headquarters is at RTP — in half, with layoffs beginning June 30. About half of the affected positions are scientists. The company opened a $33 million, 80,000-square-foot expansion of its RTP research campus in 2013.

Co-founders of Durham's Bronto Software step down

May 2, 2016

(The News & Observer, Raleigh)

A year after selling Bronto Software to San Mateo, Calif.-based NetSuite for $200 million, Joe Colopy and Chaz Felix have left the email marketing company they co-founded. Carolyn Sparano, who has been with the company for nearly a decade and was most recently vice president of client services, was named general manager. Colopy and Felix say they plan to stay in the Triangle area.

Duke president stepping down in 2017

April 29, 2016

(The News & Observer, Raleigh)

Duke University President Richard Brodhead will take a year's sabbatical then return to teaching and writing. He has led the university for 12 years. During his tenure, he has overseen more than $1 billion in construction projects and the opening of a new campus in China.

Report: Ingram stepping down as chairman of Valeant

April 29, 2016

(WRAL TechWire)

Drugmaker Valeant's newly appointed CEO Joseph Papa is expected to assume the role of chairman, The Wall Street Journal reports. Current Chairman Bob Ingram is expected to give up his post as early as Friday. Ingram, a former CEO of Glaxo Wellcome and general partner at Durham-based Hatteras Venture Partners, has been chairman or lead director of the Quebec-based drugmaker since 2010.

Cary considers plans for $51M mixed-use project

April 28, 2016

(The News & Observer, Raleigh)

Northwoods Associates would invest $46 million and the Town of Cary would pitch in $5 million to build a 55,000- to 75,000-square-foot office and retail building,188 apartments and a parking deck in downtown Cary. The historic Ivey-Ellington House would need to be moved to make way for the project. 

Drugmaker creating 275 jobs in Durham

April 27, 2016

(The News & Observer, Raleigh)

Aurobindo Pharma will invest $31.7 million and create 275 jobs in a Durham research and development facility. The India-based company makes semi-synthetic penicillins and other generic drugs. Aurobindo could receive up to $3.8 million in state incentives if it meets hiring goals.

Yadkin Bank closing 12 branches

April 22, 2016

(The News & Observer, Raleigh)

Following its acquisition of Greensboro-based NewBridge Bank, Yadkin Bank expects to save at least $28 million by closing about a dozen branches. The $431 million purchase gave Yadkin a total of 110 branches. Yadkin CEO Scott Custer said he expects many affected employees will be able to find other jobs within the company.

Raleigh Chamber: HB2 cost region 1,000 tech jobs

April 21, 2016

(WRAL TechWire)

In a statement opposing HB2, Raleigh Chamber President Tim Giuliani said that a technology company has scrapped plans for a possible 1,000 job-expansion in the Triangle area over the controversial bill. The statement also mentions the loss of 250 jobs from Deutsche Bank and calls for the immediate repeal of HB2.

Raleigh drone startup raises $18M

April 21, 2016

(The News & Observer, Raleigh)

PrecisionHawk, based in Raleigh, raised $18 million for software improvements and to launch a new drone priced at $16,000. The company is led by Bob Young, cofounder of Raleigh-based software company Red Hat. To date, privately held PrecisionHawk has raised a total of $30 million.

FDA rejects Morrisville company's surgical robot

April 21, 2016

(The News & Observer, Raleigh)

Shares of TransEnterix fell 50% in after-hours trading following the company's announcement that the Food and Drug Administration rejected its application to sell its surgical robot. SurgiBot would have been only the second surgical robot approved for general surgery in the U.S.

Analysts weigh in on potential LabCorp-INC Research deal

April 20, 2016

(The News & Observer, Raleigh)

Burlington-based LabCorp has held preliminary talks with Raleigh's INC Research about a possible deal, Bloomberg reports. INC, a contract-research organization, employs about 1,000 poeple in the Triangle. Analysts say a deal makes sense, as one of INC's strongest areas — testing drugs that affect the central nervous system — is one of LabCorp's deficiencies in its Covance CRO business

Durham's Argos Therapeutics cutting 18 jobs; COO resigns

April 20, 2016

(WRAL TechWire)

Durham drug developer Argos Therapeutics is cutting 13% of its workforce, or 18 employees, reducing its head count to 117. Fred Miesowicz is stepping down as chief operating officer but will remain a consultant with the company, which makes cancer treatments. Argos went public in 2014 and later that year announced plans to build a new 100,000-square-foot manufacturing plant in Durham that would create 230 jobs. The company was awarded up to $9.5 million in state incentives for the expansion.

Oppositions mounts to CSX hub in Four Oaks

April 19, 2016

(WRAL.com)

At a public hearing on Monday, U.S. Senate candidate Greg Brannon was among speakers opposing a proposed CSX cargo hub in Four Oaks. The town in Johnston County expects to have an answer about the CSX project within a few days. Mayor Linwood Parker supports the project, which the state Commerce department says could bring as many as 8,000 jobs over the next five years.

Best high schools in NC? Depends on which list

April 19, 2016

U.S. News & World Report ranks Greensboro's Early College at Guilford as the top public high school in North Carolina, with Raleigh Charter High School in second place (see the full list here). The Washington Post on Sunday released its ranking of America's Most Challenging High Schools, with Raleigh Charter topping the list for the Tar Heel state.

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.