SILVER SPRING, Md. and CHERTSEY, England, Dec. 27, 2011 /PRNewswire/ -- United Therapeutics Corporation (NASDAQ: UTHR) and its wholly-owned subsidiary, United Therapeutics Europe, Ltd., announced today that the French regulatory agency Agence Francaise de Securite Sanitaire des Produits de Sante (AFSSAPS) has approved intravenous use of Remodulin® (treprostinil) for the treatment of pulmonary arterial hypertension (PAH). Remodulin is already approved in most of Europe for the continuous subcutaneous infusion treatment of idiopathic or heritable PAH to improve exercise tolerance and symptoms of the disease in patients classified as New York Heart Association (NYHA) functional class III. The AFSSAPS' approval follows a review period during which 22 European member nations, each of which had previously approved subcutaneous Remodulin through the mutual recognition process, reviewed and endorsed the final variation assessment report (FVAR) issued by AFSSAPS, which will allow the use of the intravenous route of delivery to the Remodulin in the labeling in those nations.
Business News Elsewhere in Maryland -- From the Upper Baltimore County Business Bulletin
Tuesday, December 27, 2011
Rockville Biomed Firm Advances Neuroregenerative Drug to Phase Ib Clinical Trial for Depression
ROCKVILLE, Md., Dec. 27, 2011 /PRNewswire/ -- Neuralstem, Inc. (NYSE Amex: CUR) announced that it has been approved by the Food and Drug Administration to advance to Phase Ib in its ongoing clinical trial to test its novel neuroregenerative compound,NSI-189, for the treatment of major depressive disorder (MDD). Phase Ib will test the safety and tolerability of the drug in depressed patients. NSI-189 is a proprietary new chemical entity discovered by Neuralstem that stimulates new neuron growth in the hippocampus, an area of the brain that is believed to be involved in MDD as well as other diseases and conditions, such as Alzheimer's disease and post-traumatic stress disorder (PTSD).
Monday, December 26, 2011
Sandy Spring Bancorp to Acquire CommercialFirst
OLNEY, Md. and ANNAPOLIS, Md., Dec. 20, 2011 /PRNewswire/ -- Sandy Spring Bancorp, Inc. (Nasdaq: SASR) and CommerceFirst Bancorp, Inc. (Nasdaq: CMFB) today announced the execution of a definitive merger agreement for Sandy Spring to acquire CommerceFirst Bancorp and its wholly-owned subsidiary, CommerceFirst Bank, in a transaction currently valued at approximately $25.4 million in stock and cash. Sandy Spring's acquisition of CommerceFirst will add approximately $205 million in total assets, $181 million in gross loans, and $180 million in total deposits, before purchase accounting adjustments. The transaction will expand Sandy Spring's presence in Anne Arundel, Howard and Prince George's counties in central Maryland, where CommerceFirst Bank operates 5 full service branches.
Under the terms of the agreement, Sandy Spring will acquire all of the shares of CommerceFirst common stock for a combination of 50% Sandy Spring common stock and 50% cash. The stock consideration will be at a fixed exchange ratio of 0.8043 Sandy Spring shares for each CommerceFirst share and the cash consideration will be $13.60 per share, in each case subject to possible adjustment. The aggregate merger consideration will consist of approximately 732,000 shares of Sandy Spring common stock and $12.4 million in cash. CommerceFirst shareholders will be permitted to elect Sandy Spring common stock or cash, or a combination of each; subject to proration procedures to preserve the aggregate 50% stock and 50% cash consideration mix. The stock portion of the consideration to CommerceFirst shareholders is intended to qualify as a tax-free transaction. Sandy Spring expects the transaction to be immediately accretive to its earnings per share, excluding one-time transaction expenses.
"CommerceFirst has done an excellent job of effectively serving small and mid-sized businesses, a prime market segment for Sandy Spring. In particular, they are a recognized leader in local SBA lending, and we look forward to adding these strengths to our own," said Daniel J. Schrider, President and CEO of Sandy Spring Bancorp. "As a prominent Maryland-based bank, we are also very pleased to have the opportunity to further expand our presence in the heart of Annapolis and the surrounding area. The products and services we can offer CommerceFirst clients and the additional locations we will be able to offer our existing clients makes this a winning combination for all concerned."
CommerceFirst's President and CEO, Richard J. Morgan, will join Sandy Spring as Market President for the greater Annapolis region and will help build upon both banks' presence in the Prince George's County market as well. "We are thrilled to have someone of Rick's reputation on our team to lead the newly combined market," said Schrider. "His business acumen and expertise in small business lending will benefit us greatly as we grow our franchise and gain market share."
"Sandy Spring Bancorp has a strong reputation for quality in our industry and the community," said Milton D. Jernigan, II, Chairman of the Board of CommerceFirst Bancorp. "We are extremely pleased to be able to partner with the team at Sandy Spring Bank, which shares our commitment to community banking. Combining our organizations significantly increases the opportunities for our clients, employees, and adds value to our shareholders."
The transaction, which has been approved by both CommerceFirst's and Sandy Spring's board of directors, is expected to close in the second quarter of 2012. The transaction is subject to certain conditions, including the approval by CommerceFirst's shareholders and customary regulatory approvals.
Robert W. Baird & Co. Incorporated acted as financial advisor to Sandy Spring and Kilpatrick Townsend & Stockton LLP acted as Sandy Spring's legal counsel. Scott & Stringfellow, LLC acted as advisor to CommerceFirst and BuckleySandler LLP acted as its legal counsel.
Under the terms of the agreement, Sandy Spring will acquire all of the shares of CommerceFirst common stock for a combination of 50% Sandy Spring common stock and 50% cash. The stock consideration will be at a fixed exchange ratio of 0.8043 Sandy Spring shares for each CommerceFirst share and the cash consideration will be $13.60 per share, in each case subject to possible adjustment. The aggregate merger consideration will consist of approximately 732,000 shares of Sandy Spring common stock and $12.4 million in cash. CommerceFirst shareholders will be permitted to elect Sandy Spring common stock or cash, or a combination of each; subject to proration procedures to preserve the aggregate 50% stock and 50% cash consideration mix. The stock portion of the consideration to CommerceFirst shareholders is intended to qualify as a tax-free transaction. Sandy Spring expects the transaction to be immediately accretive to its earnings per share, excluding one-time transaction expenses.
"CommerceFirst has done an excellent job of effectively serving small and mid-sized businesses, a prime market segment for Sandy Spring. In particular, they are a recognized leader in local SBA lending, and we look forward to adding these strengths to our own," said Daniel J. Schrider, President and CEO of Sandy Spring Bancorp. "As a prominent Maryland-based bank, we are also very pleased to have the opportunity to further expand our presence in the heart of Annapolis and the surrounding area. The products and services we can offer CommerceFirst clients and the additional locations we will be able to offer our existing clients makes this a winning combination for all concerned."
CommerceFirst's President and CEO, Richard J. Morgan, will join Sandy Spring as Market President for the greater Annapolis region and will help build upon both banks' presence in the Prince George's County market as well. "We are thrilled to have someone of Rick's reputation on our team to lead the newly combined market," said Schrider. "His business acumen and expertise in small business lending will benefit us greatly as we grow our franchise and gain market share."
"Sandy Spring Bancorp has a strong reputation for quality in our industry and the community," said Milton D. Jernigan, II, Chairman of the Board of CommerceFirst Bancorp. "We are extremely pleased to be able to partner with the team at Sandy Spring Bank, which shares our commitment to community banking. Combining our organizations significantly increases the opportunities for our clients, employees, and adds value to our shareholders."
The transaction, which has been approved by both CommerceFirst's and Sandy Spring's board of directors, is expected to close in the second quarter of 2012. The transaction is subject to certain conditions, including the approval by CommerceFirst's shareholders and customary regulatory approvals.
Robert W. Baird & Co. Incorporated acted as financial advisor to Sandy Spring and Kilpatrick Townsend & Stockton LLP acted as Sandy Spring's legal counsel. Scott & Stringfellow, LLC acted as advisor to CommerceFirst and BuckleySandler LLP acted as its legal counsel.
E-Learning Platform Helps Charles County Students Learn Finance Skills
WALDORF, Md., Dec. 22, 2011 /PRNewswire/ -- Charles County Public High School students have adopted a new web-based e-learning platform designed to promote financial literacy. The e-learning platform, powered by EverFi, Inc., uses the latest in new media technologies: adaptive pathing, 3-D gaming, social networking, online animations, video and messaging tools to bring complex financial concepts to life. Through the EverFi platform, students become certified in over 600 topics in financial education and become more informed financial citizens. Community Bank of Tri-County has partnered with EverFi to bring the interactive financial management program to these high school students at no cost to the schools.
"One of the best things that we can do for the upcoming generation is to help educate children about the importance of making wise financial decisions," said Jim DiMisa, Chief Operation Officer for Community Bank of Tri-County. "Partnering with EverFi allows us to provide effective and engaging content on topics that can often be very confusing to children and adults, alike. It's just one more way that Community Bank of Tri-County is striving to give back to our communities."
"I really like EverFi. I learned about different types of banks and student loans. I also learned the difference between a credit card and debit card. My favorite section was savings. I really learned a lot about savings and all that goes along with saving like needs and wants and how to budget my money. EverFi helped me learn things that my parents didn't learn until they were grown and on their own. I appreciate EverFi and all I had a chance to learn and further my education that will help me get through life a lot easier," said Ebony Poe, North Point High School student.
The 10-unit course offers six hours of programming aimed at teaching, assessing and certifying students in a variety of financial topics including credit scores, insurance, credit cards, student loans, mortgages, taxes, stocks, savings, 401(k)s and other critical concepts. The system uniquely tracks the progress and score of every student and provides students who successfully complete the course with a Certification in Financial Literacy, a powerful tool on college applications, resumes, and more.
"EverFi is a unique way for me to connect with students on a variety of subjects," says Debra Davis, teacher at North Point High School. "The students enrolled in the program ask better questions and engage in conversations that may not take place without EverFi. I have found that this supports objectives, assessments and instruction in a positive manner."
"One of the best things that we can do for the upcoming generation is to help educate children about the importance of making wise financial decisions," said Jim DiMisa, Chief Operation Officer for Community Bank of Tri-County. "Partnering with EverFi allows us to provide effective and engaging content on topics that can often be very confusing to children and adults, alike. It's just one more way that Community Bank of Tri-County is striving to give back to our communities."
"I really like EverFi. I learned about different types of banks and student loans. I also learned the difference between a credit card and debit card. My favorite section was savings. I really learned a lot about savings and all that goes along with saving like needs and wants and how to budget my money. EverFi helped me learn things that my parents didn't learn until they were grown and on their own. I appreciate EverFi and all I had a chance to learn and further my education that will help me get through life a lot easier," said Ebony Poe, North Point High School student.
The 10-unit course offers six hours of programming aimed at teaching, assessing and certifying students in a variety of financial topics including credit scores, insurance, credit cards, student loans, mortgages, taxes, stocks, savings, 401(k)s and other critical concepts. The system uniquely tracks the progress and score of every student and provides students who successfully complete the course with a Certification in Financial Literacy, a powerful tool on college applications, resumes, and more.
"EverFi is a unique way for me to connect with students on a variety of subjects," says Debra Davis, teacher at North Point High School. "The students enrolled in the program ask better questions and engage in conversations that may not take place without EverFi. I have found that this supports objectives, assessments and instruction in a positive manner."
Verizon Wireless Donation Supports Walter Reed
LAUREL, Md., Dec. 22, 2011 /PRNewswire/ -- For the third year in a row, Verizon Wireless is donating $10,000 worth of long distance calling cards to benefit wounded U.S. servicemen and women recovering at Walter Reed National Military Medical Center, now located in Bethesda, Maryland. The donation will provide hundreds of minutes of talk time for thousands of recovering soldiers during this holiday season and next year. Verizon Wireless' most recent $10,000 contribution supplements three earlier donations and brings total giving to organizations supporting Walter Reed to $40,000.
Verizon Wireless teamed with the ASIS Foundation's Wounded Veterans Phone Program to make the donation. Based in Alexandria, Virginia, ASIS is an association dedicated to increasing the effectiveness and productivity of security professionals worldwide and counts among its members more than 4,000 U.S. Military personnel
Mike Maiorana, Verizon Wireless president in Washington, DC, Maryland, Virginia, and the region's leadership team delivered the calling cards to wounded veterans recuperating at the hospital. He said, "We're proud to make this donation to support injured soldiers, whose selfless sacrifice is a constant source of inspiration. For wounded servicemen and women who aren't able to travel home during the holidays, a long distance phone call can provide a healing touch. I am proud to work for a company which recognizes their contributions through this program."
Verizon Wireless is a proud supporter of our nation's military and has been honored for its commitment to preserving jobs and benefits for those who deploy overseas. Verizon now has 12,000 on its active employee roster. In addition, Verizon Wireless has policies in place to suspend service and/or billing for customers who are called to active duty.
Verizon Wireless teamed with the ASIS Foundation's Wounded Veterans Phone Program to make the donation. Based in Alexandria, Virginia, ASIS is an association dedicated to increasing the effectiveness and productivity of security professionals worldwide and counts among its members more than 4,000 U.S. Military personnel
Mike Maiorana, Verizon Wireless president in Washington, DC, Maryland, Virginia, and the region's leadership team delivered the calling cards to wounded veterans recuperating at the hospital. He said, "We're proud to make this donation to support injured soldiers, whose selfless sacrifice is a constant source of inspiration. For wounded servicemen and women who aren't able to travel home during the holidays, a long distance phone call can provide a healing touch. I am proud to work for a company which recognizes their contributions through this program."
Verizon Wireless is a proud supporter of our nation's military and has been honored for its commitment to preserving jobs and benefits for those who deploy overseas. Verizon now has 12,000 on its active employee roster. In addition, Verizon Wireless has policies in place to suspend service and/or billing for customers who are called to active duty.
Bank Executive Announces Retirement
BALTIMORE, Dec. 23, 2011 /PRNewswire/ -- 1st Mariner Bancorp (OTCBB: FMAR.OB), parent company of 1st Mariner Bank, announced today that Edwin F. Hale Sr., chairman and chief executive officer of the company and bank, retired from the board and his executive capacity effective December 22, 2011. Hale turned 65 in November and elected to announce his retirement plans in conjunction with the company's year end Board of Directors' meeting. Plans for Hale's retirement were initially contemplated in April in conjunction with the Company's announcement of the execution of a stock purchase agreement with Priam Capital Fund I, L.P.
"While it is difficult to leave 1st Mariner, the time is right," said Hale, who launched the bank in 1995. "I am proud of the commitment to community banking 1st Mariner has embraced and the hundreds of financial services jobs the company has created in the Baltimore metropolitan area."
Captain Michael R. Watson, will become interim, non-executive chairman of the banking company upon Hale's departure. Watson, a 1st Mariner Bancorp director since 1998, is the President of the International Maritime Pilots' Association and the President of the American Pilots' Association and is a Past Chairman of the Baltimore Branch of the Federal Reserve Bank of Richmond. Mark Keidel, currently the President and Chief Operating Officer of the company and the bank will assume the principal executive responsibility on an interim basis, subject to regulatory approval. Keidel has been a senior executive at 1st Mariner since June, 2000.
1st Mariner also announced that Jack E. Steil, formerly president of Wilmington Trust Mid-Atlantic Region, and Robert D. Kunisch Jr., formerly president of Wilmington Trust FSB, Maryland, have been engaged by the company since July of this year to advise the board of directors with respect to strategic planning, and they will continue to serve in this capacity. Prior to joining Wilmington Trust, Steil and Kunisch were both executives at Mercantile Bankshares Corporation. Steil spent 32 years with the Mercantile during which time he served in many capacities including Chief Credit Officer. Kunisch has 21 years experience in the banking industry primarily in the commercial lending specialty.
"While it is difficult to leave 1st Mariner, the time is right," said Hale, who launched the bank in 1995. "I am proud of the commitment to community banking 1st Mariner has embraced and the hundreds of financial services jobs the company has created in the Baltimore metropolitan area."
Captain Michael R. Watson, will become interim, non-executive chairman of the banking company upon Hale's departure. Watson, a 1st Mariner Bancorp director since 1998, is the President of the International Maritime Pilots' Association and the President of the American Pilots' Association and is a Past Chairman of the Baltimore Branch of the Federal Reserve Bank of Richmond. Mark Keidel, currently the President and Chief Operating Officer of the company and the bank will assume the principal executive responsibility on an interim basis, subject to regulatory approval. Keidel has been a senior executive at 1st Mariner since June, 2000.
1st Mariner also announced that Jack E. Steil, formerly president of Wilmington Trust Mid-Atlantic Region, and Robert D. Kunisch Jr., formerly president of Wilmington Trust FSB, Maryland, have been engaged by the company since July of this year to advise the board of directors with respect to strategic planning, and they will continue to serve in this capacity. Prior to joining Wilmington Trust, Steil and Kunisch were both executives at Mercantile Bankshares Corporation. Steil spent 32 years with the Mercantile during which time he served in many capacities including Chief Credit Officer. Kunisch has 21 years experience in the banking industry primarily in the commercial lending specialty.
Saturday, December 10, 2011
Fairfield Inn by Marriott Opens in Cabo San Lucas, Mexico
MEXICO CITY and BETHESDA, Md., Dec. 8, 2011 /PRNewswire/ -- Fairfield Inn Los Cabos opened its doors and welcomed guests today in Cabo San Lucas, Mexico, offering a moderately priced lodging option in the heart of the popular resort destination. The 128-room hotel is Marriott International's first property in Los Cabos and is located on the principal avenue of town, Lazaro Cardenas, an easy walk to the popular Medano beach and major tourist attractions such as El Arco, Lover's Beach, the Puerto Paraiso Mall and Cabo Dolphins.
(Photo: http://photos.prnewswire.com/prnh/20111208/PH19644 )
The Fairfield Inn Los Cabos is operated under a franchise agreement with Pulso Hotelero a subsidiary of Pulso Inmobiliario and management contract with Optima Hoteles de Mexico.
"In today's economy, travelers are looking for great value in prime destinations," said Shruti Buckley, vice president and global brand manager for Fairfield Inn and Suites. "We are thrilled to be adding this exciting new hotel to our portfolio, offering a memorable experience in an ideal venue to both locals and tourists."
Located two minutes away from the Cabo San Lucas Marina, the Fairfield Inn Cabo San Lucas features innovative design and great service at a moderate price. From the hotel, guests can walk to the international tourist destination's main beaches, historic areas and shopping.
"This hotel represents the beginning of a close relationship with Pulso Hotelero and the expansion of the Fairfield Inn brand in Mexico," said Rob Steigerwald, chief operations officer of Marriott International, Inc., The Americas, Southern Region.
"We are thrilled to partner with Marriott," said Salomon Kamkhaji, President of Pulso Hotelero. "We are confident that the Fairfield brand will be a success in the Mexican market, so much so, that we plan to open a total of 36 Fairfield hotels throughout Mexico, with many markets to come." The next Fairfield hotel to open will be the 120-room Fairfield Inn Queretaro in fall 2012.
The modern, five-story hotel has a comfortable, contemporary feel, with a spacious and inviting lobby, fitness center, pool and a business center open 24 hours a day, seven days a week. The bright, airy guest rooms are equipped with LCD screen televisions, mini bar, and an in-room safe. Room rates include free wireless Internet in guest rooms and public spaces and a free hot breakfast every morning. Rates in the opening months will start at $99.00 USD.
Launched in 1987, the Fairfield Inn & Suites brand is a leader in the moderate tier lodging category inNorth America.
"With more than 670 properties throughout the United States, Canada and Mexico, Fairfield is also expanding into key emerging markets around the globe including India and Brazil," said Buckley. "With complimentary hot breakfast and high-speed internet access in all guest rooms and free Wi-Fi in public spaces, guests can rely on Fairfield Inn & Suites to deliver outstanding service so travel is easy, comfortable and productive, wherever their travel may take them."
Fairfield Inn & Suites participates in the company's award-winning Marriott Rewards® frequent guest program. Members earn their choice of points toward free vacations or frequent flyer mileage for dollars spent at nearly 3,200 Marriott hotels worldwide.
(Photo: http://photos.prnewswire.com/prnh/20111208/PH19644 )
The Fairfield Inn Los Cabos is operated under a franchise agreement with Pulso Hotelero a subsidiary of Pulso Inmobiliario and management contract with Optima Hoteles de Mexico.
"In today's economy, travelers are looking for great value in prime destinations," said Shruti Buckley, vice president and global brand manager for Fairfield Inn and Suites. "We are thrilled to be adding this exciting new hotel to our portfolio, offering a memorable experience in an ideal venue to both locals and tourists."
Located two minutes away from the Cabo San Lucas Marina, the Fairfield Inn Cabo San Lucas features innovative design and great service at a moderate price. From the hotel, guests can walk to the international tourist destination's main beaches, historic areas and shopping.
"This hotel represents the beginning of a close relationship with Pulso Hotelero and the expansion of the Fairfield Inn brand in Mexico," said Rob Steigerwald, chief operations officer of Marriott International, Inc., The Americas, Southern Region.
"We are thrilled to partner with Marriott," said Salomon Kamkhaji, President of Pulso Hotelero. "We are confident that the Fairfield brand will be a success in the Mexican market, so much so, that we plan to open a total of 36 Fairfield hotels throughout Mexico, with many markets to come." The next Fairfield hotel to open will be the 120-room Fairfield Inn Queretaro in fall 2012.
The modern, five-story hotel has a comfortable, contemporary feel, with a spacious and inviting lobby, fitness center, pool and a business center open 24 hours a day, seven days a week. The bright, airy guest rooms are equipped with LCD screen televisions, mini bar, and an in-room safe. Room rates include free wireless Internet in guest rooms and public spaces and a free hot breakfast every morning. Rates in the opening months will start at $99.00 USD.
Launched in 1987, the Fairfield Inn & Suites brand is a leader in the moderate tier lodging category inNorth America.
"With more than 670 properties throughout the United States, Canada and Mexico, Fairfield is also expanding into key emerging markets around the globe including India and Brazil," said Buckley. "With complimentary hot breakfast and high-speed internet access in all guest rooms and free Wi-Fi in public spaces, guests can rely on Fairfield Inn & Suites to deliver outstanding service so travel is easy, comfortable and productive, wherever their travel may take them."
Fairfield Inn & Suites participates in the company's award-winning Marriott Rewards® frequent guest program. Members earn their choice of points toward free vacations or frequent flyer mileage for dollars spent at nearly 3,200 Marriott hotels worldwide.
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