Triangle

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.

Raleigh bids $38 million for Dix property

April 3, 2014

(The News & Observer, Raleigh)

Raleigh leaders have offered the state $38 million for the 308-acre Dorothea Dix property where it hopes to build a city park. The city would lease back a 40-acre section of the land to the state for $1 a year to house offices for the Department of Health and Human Services.

NC plans to pay off unemployment debt by end of 2015

April 3, 2014

(The News & Observer, Raleigh)

North Carolina expects to pay off debt it incurred after borrowing money from the federal government post-recession to pay unemployment benefits by the end of 2015. At its highest point, the state's debt to the federal government was $2.8 billion; it currently owes $1.65 billion but that figure should drop to under $1 billion by mid-year.

Republic Wireless adds options to Moto X phones

April 1, 2014

(WRALTechwire.com)

Republic Wireless is adding customized options including wood cases, accent colors and wallpapers for its Moto X phones. Raleigh-based Republic offers phone and data plans for as little as $5 a month. Its Moto X and new colorful Moto G phones are produced by Google Motorola Mobility, which is being acquired by Lenovo. (Click here to read more about Republic Wireless in BNC's September 2013 issue)

Trident Marketing lays off 200 in Cary and Southern Pines

March 31, 2014

(The Pinehurst Pilot)

Trident Marketing laid off 200 workers at its call centers in Cary and Southern Pines last week after DIRECTV canceled its contract with the company.

Square 1 Bank completes initial public offering

March 28, 2014

(The News & Observer, Raleigh)

Durham-based Square 1 Financial, parent company of Square 1 Bank, debuted on the Nasdaq exchange Thursday. Shares closed at $20.60, 14% higher than its initial public offering price of $18 a share. Square 1 provides banking services to venture-capital and private-equity firms at a dozen offices nationwide.

First-grader's health improves after receiving Chimerix drug treatment

March 28, 2014

(The News & Observer, Raleigh)

The 7-year-old Virginia boy taking an experimental medication developed by Durham-based Chimerix is improving dramatically and has been moved out of intensive care at St. Jude's Children's Research Hospital in Tennessee. A social media campaign led to the drug company's decision to open a small trial for the antiviral medication, allowing the boy to receive treatment.

Triangle Rock Club owners win SBA award

March 26, 2014

(The News & Observer, Raleigh)

The Small Business Administration named the owners of the Triangle Rock Club its 2014 North Carolina Small Business Persons of the Year. The company operates climbing centers in north Raleigh and Morrisville. Andrew Kratz and Joel Graybeal are now eligible for the SBA's national award, which will be announced in May.

Cary's SciQuest looks to raise $90 million in stock offering

March 26, 2014

(The News & Observer, Raleigh)

Cary-based SciQuest could raise about $90 million in a public offering of 3 million stock shares. The technology company plans to use the proceeds for working capital and general corporate use.

SECU buying local with purchase of 8,000 Lenovo PCs

March 25, 2014

(The News & Observer, Raleigh)

Raleigh-based State Employees Credit Union is buying 8,000 PCs from China-based Lenovo, which will assemble the computers at its Guilford County plant. The PCs will replace existing computers at SECU's 253 branches and five operations centers.