Day: March 16, 2017

Shore Bancshares CEO Beatty receives 6.2 percent compensation increase

Shore BancsharesEASTON, MD — The chief executive officer of Shore Bancshares Inc. received a 6.2 percent increase in total compensation in 2016, according to the company’s proxy filed Thursday by the Securities and Exchange Commission.

Lloyd L. Beatty Jr. received $538,060 in total compensation last year, up from the $506.655 in total compensation he received in 2015.

Beatty’s base salary rose to $369,564 in 2016 from $355,350 in 2015, a 4 percent increase.  His stock awards fell 45.5 percent to $34,615 from $63,517 in 2015.

However, Beatty received $103,394 in nonequity incentive plan compensation last year, up from the $63,522 he received in 2015.

The company has $1.1 billion in assets. Its community bank, Shore United Bank, has 18 branches in Maryland and Delaware.  Wye Financial & Trust, a division of Shore United Bank, offers trust and wealth management services.

Shore Bancshares reported net income of $9.6 million or 76 cents per share, for fiscal year 2016, up 35 percent from net income of $7.1 million, or 56 cents per share, for fiscal year 2015.

The company will hold its annual meeting on April 26 at 11 a.m. at the Tidewater Inn in Easton.

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

Akonni Biosystems raises $4 million in private offering

Akonni_Logo_on_white_RGBFREDERICK, MD — A molecular diagnostics company based in Frederick, Maryland has raised $4 million in a private debt and security offering, according to a filing Thursday from the Securities and Exchange Commission.

Akonni Biosystems Inc. said in the filing that it is seeking to raise an additional $2 million.

The company was founded in 2003 and has been issued 17 parents in the United States and 24 international patents. Its product development has been supported by a series of government grants and contracts from the National Institutes of Health, the Centers for Disease Control, the Department of Defense and the Department of Energy.

Commercial products in Akonni’s near-term pipeline include drugs to treat tuberculosis, upper respiratory infections, viral encephalitis, and hospital-acquired infections. Earlier this month, it received a $300,000 contract from the National Institute of Allergy and Infectious Diseases.

Charles Daitch is the chief executive officer and founder of the company, which has a 20,000-square-foot facility in Frederick near Fort Detrick, the National Institutes of Health and the National Cancer Institute.

Before founding Akonni, Daitch was recruited by HandyLab Inc., a microfluidics diagnostic company, to serve as vice president of research and development. Before that, Daitch launched a biodefense product development facility and business unit for PSR/Veridian Corp.

Akonni is a Native American word that translates to “an attraction to the mysteries of nature, with a deep desire to understand those mysteries.”

The company claimed a Rule 506 (b) exemption for the filing. Companies relying on the Rule 506 exemption do not have to register their offering of securities with the SEC, but they must file 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

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