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
Showing posts with label business news. Show all posts
Showing posts with label business news. Show all posts
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.
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.
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