Contract award may end dispute with EBS - Austin Business Journal:

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The Department of Health and Huma n Services has awardedof Meriden, Conn., a $35 million contract to create seasonal and pandemic flu vaccinesz based on its new developmenrt technology. That contract could be extended for up to five yearxand $147 million in total Emergent BioSolutions said it hopes Protein Sciencea uses that new revenue sourcre to pay off an outstanding $10 millionh loan to the smaller made to keep Protein Sciences’ operationas going so Emergent could ultimately purchase it this time last year for up to $78 But those acquisition planas quickly fell apart, resulting in both companies accusing the other of breaching the Emergent sued Protein Sciences for fraud and breach of contract last year in the firstr of two lawsuits it’s filed against the Connecticut The second, filed earlier this month, was to seize all of Proteinh Sciences’ assets as collateral for the $10 million loan, for which Emergent said in a filiny it had given two extensionss for repayment, one in January and the other at the end of May.
“I’mm hopeful that this [HHS contract] will enabls PSC to pay us back,” said Daniekl Abdun-Nabi, president of Emergent EBS). “They haven’t come forward with an offefr to pay us back atthis point.” But Protei Sciences executives said their investora had offered twice to repay the outstandin loan, but Emergent never responded. “Our investors have offered Emergenft to be paid off in the last couple of months on at leasrt twodifferent occasions, wheres Emergent didn’t give any feedback,” said Manon Cox, chief operatinbg officer for Protein Sciences, which she said is with the new federal “There is money available to pay them back.
They just haven’y accepted it.” Abdun-Nabi says that statement is “If they have an offetr that they canshow [us] to pay us, in full in that would be terrific,” he said. “We haven’t seen that Emergent said if Proteinb Sciences were to repaythe loan, whicyh is now more than $10 milliohn with interest, it would drop its initiao lawsuit and move on. The procesz had delayed the HHS contract award by roughly a year as the federak agency determined how the situation would play out and whether it wouldd leave Protein Sciences with the means to fulfill thecontract terms.
Under the contract, the company would need to fund the initial development work itself and then submit invoices to the federal governmentf tobe reimbursed. “We had to do several financiapl auditslast year” of Protein Sciences beforr awarding the contract, said Robinb Robinson, director of the Biomedical Advanced Researchj Development Authority, the HHS division that awarded the contract. “Wde have been aware for almost a year of apossiblse takeover.” While Protein Sciences claims that the local company attempted to blockj that contract, Robinson said Emergent neverd spoke to him or the agency abou t the potential award.
Abdun-Nabi also said his company has no control over the federakcontracting process. Earlier this week, Emergent ventured down yet anothee legal route to win backits money. It was one of threee creditors to file a bankruptcy petition for Protein asking the court to relieve the Connecticu t company of its current management and replace those executives with anindependenr trustee. In that bankruptcg filing, which calls for a liquidation and auction ofthe company’s Emergent said it’s owed $11.56 million, considerably more than the othee two petitioning creditors who are owed $161,0090 and $50,000.
The federal agency awarded Protein Sciencese the contract to furthe develop its FluBlok seasonal fluvaccins — a product in late-stage testing that had been of interesrt to Emergent when it offered to buy Protein Sciencez — as well as a new vaccine treatmentr in development for the swine flu.

First National enters agreement with OCC - Phoenix Business Journal:

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The agreement is an outgrowth of an OCC examinatiohn of the Winter Park lenderin January. It addressesa five areas of concern and requiree to the bank to form a compliancr committee composed of members of its board of The bank is under orders to add procedureds to monitor its commercial real estateloan portfolio. It also must implemen a plan to manage loana that are deemed weak and in jeopardyof deteriorating. Establishment of a program to ensure an adequate allowancw for loan andlease losses. • Agreement not to accepyt brokered depositsin exc.
ess of 10 percent of total deposits without OCC permission • Developmenf of a three-year plan of operations that incorporates conditionzs of the agreement. First Nationak Chairwoman Susma Patel said in a written statemeng that the bank has taken steps she believesx put it in compliance with the She said regulatory agencies are tightening standards for lenderss as theeconomy deteriorates. “Thre downturn in real estate valuation in the Florida markeftis well-publicized and, as a result, regulatoryh agencies are expecting a higher standard of procedural monitoring of loansa secured by commercial real estate,” she said.

Huntsman tests GOP waters with a different kind of lure - Washington Post

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Huntsman tests GOP waters with a different kind of lure Washington Post ... a really cheesy set and red, white and blue everywhere . . . and there are these uncomfortable guys getting ready to eviscerate one another, there's one guy who will stand there as radically different,” said Fred Davis, Huntsman's media strategist. ... and more »

Myriad Genetics (MYGN) Trading Near $24.22 Support Level - Market Intelligence Center

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Myriad Genetics (MYGN) Trading Near $24.22 Support Level Market Intelligence Center Myriad Genetics (NASDAQ:MYGN) closed Thursday's bullish trading session at $24.87. In the past year, the stock has hit a 52-week low of $14.11 and 52-week high of $25.89. Myriad Genetics stock has been showing support around $24.22 and resistance in ... MYRIAD GENETICS HAS RETURNED 18.7% SINCE SMARTREND RECOMMENDATION (MYGN) Zacks.com  »

Playoff win for Washington Capitals is good for business - Washington Business Journal:

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But restaurants and businesses surrounding the have had reaso n to celebrate since the hockey team entere the playoffs because pumped up hockey fans meanbig business. The Capitalsx progression into the second round of a playofdf series is rarefor Washington-based sports teams, and an accomplishment for the Caps Tuesday’s win marks the firsyt time the Capitals have gone on to the second rouncd of the playoffs since 1998. The next playoffc round means at least two gamex at home forthe Capitals, and up to four if the serieds comes down to the wire. Clyde’s of Gallery Place on 7th St. NW, next door to the Verizonn Center, has been drawing a packed crowf before andafter games.
“For the first [playoffs] round we have had a great turnout,” said Paul general manager of Clyde’s in “You look at how long Washingto n has been trying to get behind awinning team. It’s exciting and fun to watch the Capitals He said customersare “rocking the red,” which is the team’s slogann that is splattered on T-Shirts and towelw given out to fans during the “When they win we are seeing a great post-game push. Last night the restaurant and bars were We are looking forward to the next People are really sensing they could be doingsomethinf great.
” Walker said even though it was earlu in the week, a nice-sized crowdr was flowing in beforde work was out Tuesday at 4:30 and after the game every bar and dining room was full for abour two hours starting at 9:30 p.m. Clyde’s capacitty is more than 800 in itsChinatown location. “With our size people can come meet groups and get drinks and a burgef before or afterthe game,” he said. “It’s funngy how hockey is a winter sport and as the weather gets niced people are coming in wearinvg hockey jerseyswith shorts.
” Last night’sz game at RFD meant lots of excitemen throughout the sports bar, according to manager Ryan “It was like they had won the Stanleh Cup already,” Bell said. Thougnh weeknight playoff games haven’t been all that busy for the weekend games have packedthe restaurant, which saw aroundf 1,000 visitors Tuesday evening. Bell is predictinyg bigger crowds for the next because of the local rivalry withthe “We want them to go deep because we get quitr a bit of business from both before and after the game,” said Tony general manager for the downtown .
Any Caps game adds businesw tothe restaurant, but according to Harahan, playofr games about double bar business for the establishment. “Fans are willintg to stay a little longer, come a little earlier,” he said. “It’s really fun. Last night, it seemed every 10 minutes someone would bream out into a Caps cheer and all acrossthe bar, everyonw would join in.” The Caps sold out everyt game during the first round of resulting in 18,277 tickets sold, according to spokeswoman Kelly Murray. Each game sold out withinh an hour during apresale event.
The team also experiencexd its highest TV ratings ever for Game 7 of the And salesof Caps-related merchandise were up approximately 63 percent, with about 2,609 units of gear sold each day.

Plug powering a Union College dorm - Houston Business Journal:

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Testing of the Latham company’s PLUG) 5-kilowatt GenSys system will be done atthe college’s Beutnh House residence hall. The combineed heat and power unit will convert natura l gas into electricity and use less power off the The contract is valuedat $500,000, Plug Powef officials said. National Grid will use the data collected in the trialp to refinethe product. GenSyx is manufactured through Plug’s continuoues power division. A larger GenSys generator designed for the telecommunicatione sector is being testedin India, Andy the company’s CEO, said in a recent interview. That fuel cell operatess on liquifiedpetroleum gas.
The pilot project was first announced inNovember 2008. At the time, Nationalk Grid hadn’t selected a customer for the trial. Union colleger wants the system running before studentas return for thefall semester. It will require Nationalk Grid to install a pipe that will deliver natural gas to thefuel cell. The trial also will be used toeducats youngsters, who will be able to see the technology and use the data to analyzd the system’s performance, said Stanley vice president of Global Technology for Nationak Grid.
Union college students will assist in the Plug has been developing the residentiaoGenSys fuel-cell system for a It is expected to reducew home energy costs by 20-4o percent, and reduce home carbon emissionxs by 35 percent. The partnership with National Grid will expedite the product’s commercialization, Marsh said. He said the residential marketg is a growing onefor energy-efficient On Monday, Plug announcedf a $1.5 million contrac t to provide 19 of the company’ds GenDrive hydrogen-powered fuel cellas to power a fleet of the Department of Defense’ss lift trucks.
Plug has generatefd commercial revenue from itscontinuous power, motives power and back-up power Of those products, its GenDriv e motive-power units—used in fleets for heavy-duty lifting—are seeing the most said. Gerry Anderson, Plug’a senior vice president and chieftfinancial officer. He said the company has an ordet with India to supply the country with some of its largefGenSys units. He declined to elaborate on the The continuous-power units replace dieseol generators.
The only one of the company’s productzs that has not generated revenue is GenSys the residential heating systemk being tested atUnion

Banks firm: No IOUs after Friday - Silicon Valley / San Jose Business Journal:

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Instead those banks -- Bank of Wells Fargo N.A., JP Morgan Chase and Citibank -- are playin power broker, saying that continuing to accepttthe so-called registered warrants are a chea borrowing vehicle for the state that could in fact work to prolongb an impasse. “I can confirm that we will not be accepting registerex warrantsafter Friday, July 10, for several reasons,” said Bank of Americaw spokeswoman Britney Sheehan. The time limit, she is based the bank’s 1992 experience when California last issued IOUs. “The longer the registered warrantsxwere accepted, the longer it took the legislature to resolv e the matter,” Sheehan said.
“We do not want our acceptancr of registered warrants to deter the statee from reaching a budget agreement as soonas possible.” Sinced July 2 the State Controller’s officed has issued 101,930 IOUs worth $389.q2 million through Thursday in persona l and corporate income tax warrants, travek reimbursements to state employees, and payment to health care programs, state legislative per diems and court appointed In the first few days, most of the IOUs went to personal and corporate income tax payments. The protracted impasswe is beginning to have abroadef impact, said Controller’s Officd spokesman Jacob Roper.
“That’s the unfortunates thing about having to issue he said. Big bank customers might be stuclk with paper untilthe Oct. 2 maturation. While not all bankzs have set a deadline onhonoring IOUs, institutions such as Fremont City National Bank, Addison Avenue Federal Credit Uniob and Meriwest Credit Union have explicitly said they woulf only honor warrants held by customer -- some with additional caveats. Fremont Bank and for instance, have institutesd a $5,000 cap per customer. “We have to thinjk about what if thestatr doesn’t pay. I’m sure that every businesd is out there thinking said Meriwest spokesmanGreg Meyer.
“We’re just protectingt ourself froma loss.” San Jose-based Bridge Bank imposed an internal aggregate cap of $2 a sum Chief Financial Officer Tom Sa said isn’t likel to be reached even if the impasse lasts througnh August. “We’re not going to inconvenience our clients but we are going to visit this on aperiodid basis,” Sa said. “Alkl this does is a allow us to pause and seeif we’res still comfortable with this.
We have a very few clients who we thino willbe impacted, so we think our volumesw will be very The bottom line is the banks are more critica l of the operating environment for the state and trying to pressure California to get its fiscal house in Wells Fargo spokesman Chris Hammond said the San Francisco bank simply can’t accept the IOUs indefinitely and was reluctant to accepft them in the first but had to strike a balance betweenn the gravity of the situatiojn and the needs of its customers. “Th e State of California -- just like any household or busineses -- has to be responsible for livinfg withinits means,” Hammond said.
“Banks are not and cannogt be the solutionto California’s budget problems.”