Month: March 2017 (page 1 of 5)

Annapolis-based health care diagnostics company raises $350,000

Screen Shot 2017-04-02 at 9.21.36 PMANNAPOLIS, MD — A diagnostics company raised $350,000 from one investor, according to a filing with the Securities and Exchange Commission.

xMD Diagnostics filled the Form D on March 29. The first sale occurred Jan. 20, and the company plans to raise $175,000 more. The offering is not being made in connection with a business combination transaction, such as a merger, acquisition or exchange offer.

An estimated $35,000 of the proceeds will be used as payments to executive officers, directors or promoters.

xMD Diagnostics develops proprietary automated instruments and kits for microdissection pathology and molecular diagnostics applications.

Ting Pau Oei, founder and board member of xMD Diagnostics, signed the Form D on March 29. He is managing and founding partner at Fox Feather Ventures, a venture capital advisory firm specializing in health care.

Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell securities.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

Orgenesis CEO Caplan sees compensation double

GERMANTOWN, MD — Orgenesis Inc. Chief Executive Officer Vered Caplan’s total compensation more than doubled last year due to $300,000 in option awards.

Caplan earned $508,745 in 2016, more than double the $202,006 in 2015, according to the company’s proxy statement. filed March 30. On the same day, the company entered a new employment agreement with Caplan, effective April 1.orgensis_thumbnail

Caplan’s base salary decreased from $154,751 in 2015 to $150,077 in 2016. She earned $308,364 in option awards in 2016 and did not earn any option awards the previous year.

Her base salary did not change under the new employment agreement, but the agreement stipulates she will earn a raise up to $250,000 once the stock gets on a national stock exchange.

Under the new terms of her employment, Caplan is entitled to a cash bonus approximately 25 percent of her base salary. The amended agreement includes social benefits typically provided to Israeli employees.

Caplan became CEO in August 2014 after serving as interim president and CEO since December 2013.

The only other executive to earn option awards in 2016 was Scott Carmer, who resigned from his position as CEO of Orgenesis’ U.S. subsidiary, Orgenesis Maryland Inc., on Nov. 12, 2016. He earned $313,531 in option awards, resulting in $555,198 total compensation.

The annual shareholders meeting for Orgenesis is scheduled for May 11 at 10 a.m. at the Pearl Cohen Zedeck Latzer Baratz LLP offices in New York City.

Shareholders will be asked to elect six members of the board of directors, approve executive compensation and adopt the 2017 Equity Incentive Plan, under which Caplan is entitled to 4 million shares of common stock exercisable over a two year period.

Orgenesis is a regenerative therapy company based in Germantown, Maryland. The stock closed up 2.53% to 87 cents on the OTC Market on Thursday.

The form 14A can be found here.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism.

Walker and Dunlop CEO compensation increases 18 percent

logo-walker-dunlop-sqBETHESDA, MD — Walker and Dunlop Inc.’s chief executive officer received an 18 percent increase in total compensation for the 2016 fiscal year, according to a filing with the Securities and Exchange Commission.

Chairman and Chief Executive Officer William Walker received $3.9 million in total compensation, up from $3.3 million in total compensation in 2015.

He received a stock award of $1.1 million, which increased 270 percent from 2015. Walker has received a salary of $750,000 and an award of $1.5 million from a non-equity incentive plan for the past three years.

Walker and Dunlop, a mortgage investment company, reported a net income of $113.9 million for the 2016 fiscal year, a 39 percent increase from 2015. The company had an operating margin of 32 percent, which increased from a margin of 29 percent in 2015.

The stock price for the company is currently $41.35, up 20 cents in Thursday morning trading.

The company’s annual meeting will be held Thursday, May 18, at 10 a.m., at the Hilton Garden Inn, located at 7301 Waverly St., in Bethesda M.D.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

Medifast chief marketing officer Kagen resigns

imgresOWINGS MILLS, MD — Executive Vice President and Chief Marketing Officer Brian Kagen of Medifast, Inc. is resigning, effective on the close of business on April 20.

“The company thanks Mr. Kagen for his service since June 2011 and wishes him well as he leaves to pursue other professional opportunities,” according to a filing with the Securities and Exchange Commission on March 24.

Kagen joined Medifast in June 2011 as executive vice president, marketing, sales and business development.

In August 2012, he was appointed to the position of executive vice president and chief marketing officer. He oversaw all marketing across the organization, driving day-to-day execution and initiating long-term plans to build awareness, drive revenue and profit growth all while working to expand the Medifast brand.

On Jan. 21, Mike MacDonald, chairman and CEO at Medifast, discussed the business of weight loss and what separates his company from the pack on “Bloomberg Surveillance.”

There are at least four main players in the weight loss space, according to Bloomberg.

“We’re trying to make products like macaroni and cheese, spaghetti—things that made you fat that you’d like to continue to eat,” MacDonald said.

He said that users of Medifast’s meal program will lose 2 to 5 pounds the first two weeks and 1 to 2 pounds the next two weeks.

The company’s shares closed Wednesday at $43.75, up 0.41 percent.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism.

 

Laureate Education posts fourth quarter revenue, earnings that beats expectations

BALTIMORE, MD — Laureate Education Inc., a higher education provider, announced fourth-quarter revenue of $1.18 billion, surpassing Wall Street expectations of $1.16 billion due to an increase in enrollment.

The for-profit higher education supplier posted net income of $41.3 million in the period, according to a Securities and Exchange filing. Earnings came to 33 cents per share, beating analyst forecasts of 29 cents per share.Laureate

Total enrollments for the quarter were up 2 percent from fourth quarter 2015, reflecting strong performance in certain Latin American markets. Fourth quarter financial results also benefited from a change in the academic calendar which shifted the timing of revenue and profits from the second and third quarter to the fourth quarter.

“Laureate is pleased to report strong operating and financial results for our fourth quarter and the full year of 2016,” said Doug Becker, Laureate founder, chairman and chief executive officer. “Our performance reflects our track record of delivering positive outcomes to our students while prioritizing accessibility and internationality, key factors for our continued success.”

For the year, the company reported profit of $371.8 million, or $2.76 per share. Revenue was reported as $4.24 billion.

Laureate Education expects full-year 2017 revenue in the range of $4.29 billion to $4.35 billion.

The company also announced Tuesday the departure President and Chief Operating Officer Enderson Guimarães.

Eilif Serck-Hanssen, Laureate Education’s chief financial officer for the past nine years, will assume the role of president and chief administrative officer. Ricardo Berckemeyer, a 15-year veteran of the company who heads the Latin America region, will assume the role of chief operating officer.

Guimarães, who joined the company in September 2015, will be leaving to pursue other opportunities following a transition period over the nest several months.

“I have tremendous admiration for Laureate and its many impressive educators and leaders and am confident that the company will continue to be successful in the future,” he said.

Laureate Education is a large global network of degree-granting higher education institutions, with more than 1 million students enrolled across 70 institutions in 25 countries at campuses and online. Some of the company’s institutions in the U.S. include University of St. Augustine for Health Sciences in Florida, Kendall College in Chicago and Walden University in Minneapolis.

The company’s shares closed Tuesday at $13.90, a new high for the stock, up $1.23 from that morning’s opening of $12.67.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism.

 

 

Cumberland-based Moose Curve Holdings seeks to raise $1 million

CUMBERLAND, MD – A Cumberland, Maryland based company is seeking to raise $1 million by selling shares in a private stock offering, according to a Securities and Exchange Commission filing.MDBW-logo-draft-yellow-whitebg

Moose Curve Holdings filed the Form D on March 28. It did not disclose what it intended to do with the proceeds.

The company is owned and operated by Greg Pappas, who is president of Alliance Publishing and Marketing.  Before that, he was president of Allegany Marketing.

Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.

The form can be found here.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

McCormick reports earnings on par with analyst expectations

SPARKS, MD — McCormick  & Co. reported its first quarter financial earnings that matched analyst expectations, according to a filing Tuesday with the Securities and Exchange Commission.

searchEarnings rose one cent to 74 cents per share for the period ended Feb. 28 for the global spice company, with higher operating income offset in part by a higher tax rate and the impact of unfavorable currency prices. Adjusted earnings per share increased to 76 cents, up 2 cents.

Earnings were on par with the average analyst estimate. The low average estimate was 73 cents, and the high was 80 cents.

“Our first quarter financial results were a solid start to the year delivering profit results in line with our expectations,” said CEO Lawrence Kurzius in a statement. “Sales in our consumer segment were up from the year ago period, with strong momentum in China and the benefit of acquisitions, partially offset by the impact of a challenging retail environment in the U.K.”

The increase in earnings per share was driven by higher operating income, including the impact of special charges, offset in part by a higher tax rate and the impact of foreign currency on income from unconsolidated operations.

Sales rose 1 percent in the first quarter compared to last year’s period. The company grew sales four percent in constant currency with increases in the consumer and industrial segments.

McCormick also increased gross profit margin to 39.6 percent, up from 39.3 percent during the same period last year.

For the first quarter, operating income was $134 million compared to $129 million in the same 2016 period.

For the year to date quarter, net cash from operating activities is down significantly to $44 million from $79 million in the same period 2016 due mainly to the timing of income tax payments and incentive compensation payments related to 2016’s financial performance.

The company updated its financial outlook for 2017 to reflect a higher impact from special charges, but the company reaffirmed its expected constant currency growth rate for sales, adjusted operating income and adjusted earnings per share.

In 2017, McCormick expects to grow sales 3 percent to 5 percent compared to 2016. Operating income is expected to grow 9 to 11 percent from $641 million in 2016.

McCormick projects the 2017 earnings per share to be from $3.98 to $4.06, up from $3.69 in 2016.

McCormick stock traded Tuesday down about 2.5 percent from the day’s open at $100.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

 

Global Medical REIT fourth-quarter earnings miss expectations

BETHESDA, MD — Global Medical REIT Inc. reported fourth quarter earnings of negative 11 cents per share, which was worse than analysts expected but up from negative $3.16 per share in the fourth quarter of 2015, according to a filing Monday with the Securities and Exchange Commission.

imgresThe company was expected to report a loss of 11 cents per share. It primarily acquires licensed health care facilities and leases them to clinical operators.

Total revenue for the fourth quarter increased to $3.1 million, which beat analyst expectations of revenue of $2.94 million.

Global Medical cited the net loss was due to acquisition costs, stock-based compensation expense, and generally due to increased operating expenses as a result of the growth in the company’s portfolio of properties.

The leasing occupancy rate is at 100 percent for both 2015 and 2016. In the fourth quarter, the company acquired 13 additional facilities for an aggregate purchase price of $81.4 million.

“When these pending acquisitions close our total portfolio will be approximately $316 million,” said CEO David Young in a statement. “I would also like to point out our recently amended syndicated revolving credit facility which provides a financing commitment of up to $200 million plus an accordion feature for an additional $50 million.”

The company declared a quarterly cash dividend of 20 cents per share, an annualized 8.97 percent dividend yield for 2016.

For the full 2016 year, total revenue increased to $8.2 million from $2.1 million. The company attributed the growth to a larger portfolio of properties, resulting in higher rental revenues.

The company’s cash and cash equivalents balance increased to $19.7 million in 2016, up from $9.2 million.

At the end of the year, Global Medical had 31 buildings with 664,879 square leasable feet, up from 2015 with nine properties and 129,412 square feet available to lease. These 31 buildings are leased to 18 tenants with an average lease term remaining of 12 years. The annual average base rent is $23.17 per square foot.

Global Medical’s shares fell 1 cent to $8.30 in midday Monday trading.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

 

 

OpGen misses expectations with $4.8 million fourth-quarter loss

OpGenGAITHERSBURG, MD – OpGen Inc. reported a net income loss of $4.8 million in its fourth quarter following a 35 percent drop in revenue from product sales, according to a filing with the Securities and Exchange Commission.

OpGen’s fourth-quarter loss was in line with its performance in the same period a year ago but still greater than analysts expected. It lost 21 cents per share rather than the predicted loss of 20 cents per share.

Overall revenue for the quarter was $1.0 million, down 24.3 percent from $1.3 million in 2015. Revenue from product sales took the largest hit in the quarter, falling to $818,000 from $1.3 million.

“In 2016 our investments in genomics and informatics for infectious disease management issues caused by multi-drug resistant organisms began to pay off,” said OpGen’s Chief Executive Officer Evan Jones.

Jones said the company expects its Acuitas brand of rapid-diagnostic products to move past the development phase within the coming months, aiming to make the products available for external research use in the second half of 2017.

Research and development costs were the firm’s largest expense in the quarter. They totaled $2.3 million, up from $2.1 million a year ago.

OpGen went public in 2015 at $6 per share and raised $17 million. According to the Thursday filing, OpGen raised an additional $4.7 million in the fourth quarter. Its assets as of Dec. 31 totaled $9.0 million.

Shares of OpGen stock closed at $1.07 on Friday – down 8.5 percent since the filing’s release on Thursday.

Gaithersburg-based OpGen announced in November that it had entered into a research collaboration with a subsidiary of New Jersey-based pharmaceutical firm Merck & Co. Inc. to develop rapid diagnostics and information technology products that aim to combat the threat of antimicrobial resistance.

Analysts are expecting OpGen to start moving closer to profitability in the first quarter; current estimates predict a loss of 15 cents per share for the period. The company, however, did not provide 2017 guidance.

The filing can be found here.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

Severn Bancorp CEO Hyatt receives 8.8 percent increase in compensation

UnknownANNAPOLIS, MD – The president and chief executive officer of Severn Bancorp Inc. received an 8.8 percent increase in total compensation to $490,248 in 2016, according to the company proxy filed with the Securities and Exchange Commission.

Alan Hyatt’s compensation in 2015 totaled $450,631.

Hyatt’s base salary increased 2.4 percent, from $381,686 to $396,860 for the year. He received an additional bonus of $20,000.

Paul Susie, executive vice president and chief financial officer, earned a total compensation of $101,420 for 2016. In his first year with the company, Susie received a base salary of $79,093, with option awards, bonuses and other compensation amounting to $22,327.

Christopher Chick, executive vice president and chief lending officer, saw a substantial increase in compensation for the year. Chick received a base salary of $227,188, a 445 percent increase from the $51,030 he received in 2015.

Chick’s total compensation for 2016 was $290,052, a 473 percent increase from the $61,383 he received the previous year.

Executive compensation is determined by Severn Bancorp’s compensation committee, which reviews the executive compensation program in November of each year.

The committee has determined the 2017 base salaries for Hyatt, Susie and Chick are $396,860, $195,000 and $234,000, respectively.

Severn Bancorp will hold its annual stockholders meeting on April 27 at 9 a.m.

Severn Bancorp operates as the holding company for Severn Savings Bank, a full service bank conducting business in Maryland, Virginia and Delaware.

Severn Bancorp stock closed on March 24 at $7.15, down 5 cents, or 0.69 percent for the day.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

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