Triangle

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. 

RDU gains nonstop flight to Seattle

April 29, 2015

(The News & Observer, Raleigh)

Raleigh-Durham International Airport will add its third West Coast nonstop flight when Alaska Airlines begins nonstop service to Seattle on Oct. 1.

Grocers expand, remodel to compete for shoppers

April 29, 2015

(The Pilot, Southern Pines)

In Moore County, all seven Food Lion stores are undergoing renovations, Harris Teeter is building a new, larger store and Lowes Foods plans to break ground within weeks on a new store in Southern Pines.

Longtime donor gives $16M to NC State vet school

April 28, 2015

(The News & Observer, Raleigh)

The Randall B. Terry Charitable Foundation has given $16 million to N.C. State University's College of Veterinary Medicine. The money will be used for student scholarships, endowed professorships and research. The foundation has donated more than $47 million to the school since 1996.

Yadkin Bank to close six branches

April 28, 2015

(The News & Observer, Raleigh)

Yadkin Bank plans to sell or close six underperforming branches in the third quarter as part of a cost-cutting measure. The Raleigh-based bank did not disclose which branches would be affected. The company also said Executive Chairman Joe Towell will become chairman and will no longer be involved in day-to-day operations.
Related: Merger helps send Yadkin Financial net income up almost eightfold

Raleigh boosters push for more downtown retail

April 27, 2015

(WRAL.com)

Raleigh's center city needs more retail businesses, according to officials with the Downtown Raleigh Alliance. About 1,800 downtown housing units are under construction, which is expected to add an estimated 3,000 residents.

Durham's Bronto Software sells for $200M

April 24, 2015

(The News & Observer, Raleigh)

California-based NetSuite will acquire marketing-technology company Bronto Software for $200 million. Founded 15 years ago, Bronto employs more than 250 people globally, including 220 in Durham. It will operate as a business unit of NetSuite, and no layoffs are expected.

Japanese company moving US headquarters to Cary

April 23, 2015

(The News & Observer, Raleigh)

CBC Americas, a subsidiary of a Japanese company with diverse operations, will move its U.S. headquarters from New York to Cary and open a distribution center in Mebane. The company plans to create 96 jobs and invest $3.5 million in North Carolina over five years.

Google launches low-cost wireless plan

April 23, 2015

(WRAL TechWire)

Google has introduced a low-cost wireless phone service that uses both cellular and Wi-Fi networks, similar to Raleigh's Republic Wireless. Project Fi will cost $20 a month, plus $10 per each gigabyte of cellular data.