Day: March 8, 2017

Bethesda-based Aledade raises an additional $20 million

Aledade-logoBETHESDA, MD A Bethesda-based health care company raised an additional $20 million from the $20 million that it raised in January, according to a filing with the Securities and Exchange Commission.

Aledade Inc. filed the first Form D on Jan .12, which stated $19,999,997 was raised by lead investor Biomatics Capital, with participation from GV (formerly Google Ventures), Maryland Venture Fund, Venrock and ARCH Venture Partners.

On March 8, the company raised another $20,249,999 in equity, according to the amended filing.

None of the money raised will go toward executive salary.

Aledade, founded in 2014, focuses on providing a new model of primary care by partnering with physicians to build and lead accountable care organizations (ACOs) that enable doctors to stay independent.

Aledade’s primary goal is to provide opportunities for small and solo practices to establish “value-based contracts with some of the largest payers in the health care system.”

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

Hybrent raises $1.5 million from three investors

ANNAPOLIS, MD—An inventory management software company has raised $1.5 million from three investors, according to a filing with the Securities and Exchange Commission.
Hybrent logo

Hybrent Inc. filed the Form D on March 8. The first sale occurred on March 6. The offering is not being made in connection with a business combination transaction, and is not expected to last more than one year. The minimum investment accepted from any outside investors was $250,000.

The company develops technology that aims to improve clinical and operational efficiency of health care facilities, specifically in supply chains. Hybrent’s application assists in ordering and searching distributors and manufacturers for optimal price and availability.

It serves surgery centers, physician centers, hospitals/health systems and specialty centers.

Chief Executive Officer Kenneth Tighe signed the Form D on March 8, which can be found here.

Companies relying on the Rule 506 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.

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

Fiber-optic giant Ciena’s stock falls 8.5 percent after missing expectations

HANOVER, MD — Ciena Corp.’s stock fell 8.5 percent in trading Wednesday after reporting first-quarter earnings and revenue that missed Wall Street expectations.

The fiber-optic networking provider said it earned 26 cents per share on revenue of $621.5 millCiena-logoion. Analysts were forecasting revenues of $632.29 million, or 29 cents per share.

Net income for the period ending Jan. 31 was $3.9 million, after reporting a loss of $11.5 million in the same period last year.

“Our overall first quarter performance demonstrates our ability to grow and capture market share across geographies, market segments and product lines, reflecting the investments we’ve made to diversify our business in these areas,” said Gary B. Smith, president and CEO, in a statement.

For the second quarter, Ciena expects revenues of $680 million to $710 million, compared to the $690 million consensus estimate.

Hanover-based Ciena is a global supplier of telecommunications equipment, software and services that support the delivery and transport of voice, video and data service.

Its products are used in networks operated by telecommunications service providers, cable operators, governments and enterprises. Some of the company’s top clients include Verizon, Sprint and Comcast.

Ciena’s shares were trading at $23.95, a loss of $2.22, or 8.5 percent, Wednesday afternoon.

The Securities and Exchange Commission filing can be found here.

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

Sucampo shares rise 13 percent after earnings beat analyst expectations

imgresROCKVILLE, MD — Shares of Sucampo Pharmaceuticals Inc. rose around 13 percent Wednesday after the constipation drugmaker released full year 2016 earnings that beat analyst expectations.

Sucampo reported fourth-quarter adjusted earnings per diluted share of 68 cents on revenue of $73 million, beating analyst estimates of 43 cents on revenue of $66 million.

For the full year 2016, Sucampo reported year-over-year total revenue growth of 50 percent to $230 million.  Product sales revenue increased to $129 million, representing 94 percent year-over-year growth.

Sucampo’s full-year 2017 guidance forecasts revenue of $220 million to $230 million, adjusted net income of $80 million to $90 million, adjusted earnings per diluted share of $1.35 to $1.50 and adjusted Ebitda of $145 million to $155 million.

Mylan, maker of the EpiPen, owns the rights to Sucampo’s constipation drug in Japan. Revenue in the fourth quarter of 2016 included a one-time milestone of $10 million related to the sale of the drug in Japan, versus a one-time sales milestones of $5 million in 2015.

Takeda, Japan’s largest pharma firm, owns the rights for the same drug, brand name Amitiza, in all global markets except Japan and China.

Rockville, Maryland-based Sucampo has three formulations of its flagship drug Amitiza, generic name lubiprostone, in Phase 2 trials.

The company has a fourth drug to treat an inherited form of colon cancer in Phase 3 trials. There are currently no approved treatments or products in late-stage development to treat this colon disorder, known as FAP.

In the 1980s, Sucampo’s founder, Dr. Ryuji Ueno, discovered the potential of a class of naturally occurring compounds called prostones to fight human diseases.

Sucampo acquired 44 percent of Japan’s R-Tech Ueno Ltd. for $276 million at a 49 percent premium in August 2015. RTU manufactures all of Sucampo’s drugs and is controlled by its founders, Sachiko Kuno and Ryuji Ueno, according to a March 2015 regulatory filing.

The company also announced two updates to its executive management team. Andrew Smith, chief financial officer, will be leaving Sucampo to move back to Europe with his family to pursue professional opportunities there. Peter Pfreundschuh will become Sucampo’s new CFO.  

Also, Jones “Woody” Bryan will become Sucampo’s new senior vice president of business development and licensing. Both changes will take effect on March 20.

Shares of Sucampo were trading around $12.65 Wednesday morning, up about 13 percent.

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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