Triangle

Royalty Exchange looks at selling business

May 18, 2015

(The News & Observer, Raleigh)

Morrisville-based Royalty Exchange is considering winding down operations or selling the business as it struggles to raise new funding. Founded in 2011, the company offers an online marketplace for songwriters and producers to sell royalty streams to investors. The company also auctions royalty rights from energy projects including wind and solar.

Rex Hospital manager steps down after investigation

May 15, 2015

(The News & Observer, Raleigh)

The director of the emergency department at Raleigh's Rex Hospital has stepped down following a federal investigation into the medical center's treatment of a violent, mentally ill patient.
Also: Rex borrows $150 million to build heart center

Pinehurst to host U.S. Amateur Championship in 2019

May 15, 2015

(The Pilot, Southern Pines)

Pinehurst Resort and Country Club will host the U.S. Amateur Championship for the third time in August 2019, the United States Golf Association announced Tuesday. It will be the 10th USGA championship hosted at the club.
Related: Sure shots: North Carolina's top 100 golf courses, April

Morrisville's MaxPoint Interactive posts strong results

May 14, 2015

(The News & Observer, Raleigh)

Reporting its first quarterly results since its March IPO, Morrisville-based MaxPoint Interactive said Wednesday revenue increased 87% to $28.7 million, though net loss grew to $8.1 million, compared with $4.2 million a year ago. The digital-marketing company makes software to help advertisers target customers who are likely to buy their products.

Durham's Precision Bio raises $25M

May 13, 2015

(Xconomy.com)

Durham-based Precision BioSciences closed on a $25.6 million round of funding led by venBio. Founded in 2006, the company plans to use the proceeds to develop new products using its gene-editing technology.

Durham bank rebrands to attract younger customers

May 13, 2015

(The News & Observer, Raleigh)

In an effort to attract a more diverse customer base, Durham-based Mechanics and Farmers Bank is rebranding to M&F Bank on June 2.

Chimerix receives $100M federal contract

May 12, 2015

(The News & Observer, Raleigh)

Durham-based drug developer Chimerix was awarded a $100 million federal contract to produce brincidofovir, its experimental antiviral drug that can be used to defend against smallpox, for government stockpiles. The contract could be worth as much as $435 million if the Biomedical Advanced Research and Development Authority exercises options to order up to 1.7 million treatment courses.

Lenovo laying off 165 Triangle workers

May 12, 2015

(The News & Observer, Raleigh)

Lenovo confirmed Monday it will lay off 235 people nationwide, including 165 in the Triangle, as a result of its acquisition of one of IBM's server units. Most affected employees are former IBM workers.

UNC, GlaxoSmithKline team up to find cure for AIDS

May 11, 2015

(The News & Observer, Raleigh)

UNC Chapel Hill and GlaxoSmithKline will form a joint venture focused on developing a cure for AIDS. Located on the UNC campus, Qura Therapeutics initially will employ about 20 scientists. GSK, which has its North American headquarters at RTP, will invest $20 million over five years in the company.

Raleigh wants to make it easier to build skyscrapers

May 11, 2015

(The News & Observer, Raleigh)

Raleigh City Council will consider new height limits that would allow developers to build downtown towers as high as 40 stories without obtaining special permission. Currently, projects more than 80 feet high, or about six floors, must obtain approval from the city's planning commission.

Chapel Hill startup raises $18M

May 8, 2015

(WRAL TechWire)

Spyryx Biosciences raised $18 million in a financing that included Durham-based Hatteras Venture Partners, Connecticut-based Canaan Partners and California-based 5AM Ventures. Founded in Chapel Hill in 2013, Spyryx is developing a treatment for lung diseases including cystic fibrosis and COPD.

Merger boosts net income for Raleigh's First Citizens

May 8, 2015

(The News & Observer, Raleigh)

First Citizens Bank nearly tripled its first-quarter net income to $63.8 million, due primarily to its recent merger with South Carolina-based First Citizens Bank and Trust and its acquisition of Atlanta-based Capitol Bank & Trust.

Rex Hospital could have lost federal funding over incident with violent patient

May 7, 2015

(The News & Observer, Raleigh)

Rex Hospital in Raleigh came close to losing federal funding over its treatment of a violent, mentally ill patient during a 2 1/2-week period in January and February. A federal probe showed the hospital failed to provide a safe environment for the patient, who was kept in restraints for extended periods of time and was twice subdued with a Taser gun.

AOL's Case say Triangle needs access to capital

May 6, 2015

(WRAL TechWire, Raleigh)

AOL co-founder Steve Case said the Triangle has plenty of talent, but entrepreneurs need access to more capital to achieve success. Case stopped in Raleigh and Durham Tuesday as part of his five-city Rise of the Rest tour, which celebrates entrepreneurs. He awarded $100,000 to Archive Social, a 3-year-old Durham-based startup, in a local pitch competition.

Raleigh Chamber names new CEO

May 6, 2015

(The News & Observer, Raleigh)

Tim Guiliani was named CEO of the Greater Raleigh Chamber of Commerce. Guiliani, 33, led since 2012 the Gainesville Area Chamber in Florida, where he helped attract nearly $400 million in capital investment. He replaces longtime CEO Harvey Schmitt, who announced his retirement in October.

Wingo steps down as CEO of ChannelAdvisor

May 5, 2015

(WRAL TechWire, Raleigh)

David Spitz, president and chief operating officer of Morrisville-based ChannelAdvisor since 2010, was named CEO, succeeding co-founder Scot Wingo, who will become executive chairman. The e-commerce company reported a first-quarter loss of $9 million.

Aqua NC seeks another rate increase

May 5, 2015

(The News & Observer, Raleigh)

Aqua NC, the state's largest private water utility, is requesting another rate increase for customers served by its 750 water systems. The state adopted a policy last June that allows water utilities to raise rates up to 5% without public hearings. The Cary-based company's last rate increase went into effect Jan. 1.

Lenovo tablet, smartphone sales climb

May 1, 2015

(WRAL TechWire)

Tablet shipments at Lenovo grew 23% in the first quarter compared with the same quarter in 2014, despite slumping sales reported by competitors Apple and Samsung. Smartphone sales also increased, driven by Lenovo's acquisition of Google's Motorola Mobility unit last fall.

Duke University to construct $100M building for engineering program

April 30, 2015

(The News & Observer, Raleigh)

Duke University plans to build a $100 million building that will contain labs and classrooms for its engineering and physics programs. Construction on the 85,000-square-foot building is expected to begin in late 2016 with an expected completion date of 2018.

Durham's Validic raises $12.5M

April 29, 2015

(WRAL TechWire)

Durham-based Validic completed a $12.5 million financing led by Kaiser Permanente Ventures. The company, which provides a technology platform for health-monitoring devices and applications, plans to use the proceeds to increase hiring.