Author: Stephanie Lamm

Colfax CEO Trerotola compensation drops $5.6 million

ANNAPOLIS, MD — Colfax Corp president and chief executive officer Matthew Trerotola received $11.9 million in compensation in 2016, down from $17.5 million in 2015.

Trerotola, who has been CEO since 2015, saw his base salary more than double between 2015 and 2016, from $426,923 to $1 million. Trerotola received $1 million bonuses in 2015 and 2016 as two of the three scheduled payouts of his cash signing bonus.colfax-squarelogo-1399570218633

Trerotola received less in stock and option awards for 2016. In 2015, he took home $8.3 million in stock awards and $6.5 million from option awards. Last year, he took home $3.06 million and $5.5 million in stock and options, respectively.

Trerotola also received $334,937 in all other compensation, including an $18,574 auto allowance and $188,094 in aircraft usage.

Senior vice president and Chief Financial Officer Christopher Hix earned $2.7 million since joining Colfax in June. His hiring package included $1.2 million in option awards. Hix’s predecessor earned $752,458 for the year. 

Daniel Pryor, executive vice president of strategy and business development, saw his total compensation decrease by nearly $5 million. That $5 million came from stock and option awards in 2015. Without those awards in 2016, his total compensation fell to $902,360.

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

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.

Supernus Pharmaceuticals beats analyst expectations

ROCKVILLE, MD — Supernus Pharmaceuticals Inc., which focuses on developing and commercializing products for the treatment of central nervous system diseases, reported fourth-quarter earnings doubled compared to the same quarter last year due to a spike in product sales.

Net income for the quarter reached $14.3 million, or 26 cents per share diluted, compared to $6.8 million, or 14 cents per share diluted, in the fourth quarter of last year.supernus

Supernus beat analyst predictions for the quarter, which estimated 25 cents per share.

Revenue for the quarter rose to $62.4 million from $43.6 million in 2015, driven by growth in product sales.

Fourth-quarter net product sales were $61.1 million, an increase43 percent compared to 2015. Royalty and licensing revenue was consistent year to year.

Sales of the drugs Trokendi XR and Oxtellar XR totaled $136 million, a 22 percent increase over the fourth quarter of 2015.

The company expects to see sales growth in 2017.  upernus advised investors that the company plans to report $265 million and $275 million in net product sales, up from $210 million last year.

Supernus will spend more on research and development in the coming year, allocating $55 million compared to $42.7 million last year.

The company’s stock price fell 3.56 percent, from $26.60 to $25.70, in Monday trading.

The 8-K 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

United Therapeutics shares fall 12 percent after missing revenue estimates

SILVER SPRING, MD — Drug company United Therapeutics saw its shares fell 12 percent on Wednesday after its fourth-quarter revenue fell short of Wall Street expectations.

Revenues for the fourth quarter increased by 1 percent to $409 million, compared to $404.9 million in the same period in 2015. Analysts expected the company to report revenue of $415.5 million.united-therapeutics_thumbnail

“The quarterly trends for the fourth quarter were down from the third quarter, but this is a typical quarterly choppiness that we see with our sales,” said Chief Executive Officer Martine Rothblatt on the earnings conference call.

United Therapeutics stock closed down 12.47 percent Wednesday, from $167.92 to $146.98.

Once adjusted for stock option expense and non-recurring costs, earnings were $4.12 per share, beating analyst expectations.  Of 10 analysts, the average earnings per share expectation was $3.61.

The Silver Spring-based company reported net income of $110.3 million, or $2.43 per share, compared to $104.6 million, or $2.10 per share, in the same quarter of 2015.

For the year, the company reported a profit of $713.7 million, or $15.25 per share.

The hypertension pill Adcirca saw $21.2 million in additional sales for the quarter, but sales of the hypertension drug Tyvaso fell by $25.6 million, offsetting fourth-quarter growth.

Total revenues for 2016 increased by 7.7 percent to $1.6 billion, up from $1.47 billion last year. Revenue growth for the year was driven by a $93.4 million increase in sales of Adcirca.

The 8-K filing can be found here

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

Bright Greens smoothie company raises $500,000, wants $2 million

ROCKVILLE, MD — Bright Greens, a smoothie company, has raised $500,000 in equity and plans to raise $2 million.

The private company, which incorporated at the start of 2017, makes frozen cubes of smoothie concentrate that, when mixed with hot water, produce an instant smoothie containing seven servings of fruit and vegetables. bright greens thumbnail

One investor has bought into the offering, which began Jan. 30. The company does not expect the $2 million offering to last more than a year.

The company is run by Chief Operating Officer Sean Wainwright and founder Brian Mitchell, who previously worked at natural food companies and Whole Foods Market.

Bright Greens products are available in select Whole Foods in DC, Maryland, Virginia, New Jersey, Ohio and Virginia and three specialty shops in New York City.

Online orders with a minimum $40 purchase may be shipped to DC, Maryland, Virginia, Delaware, West Virginia, Pennsylvania and New York.

The form D 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

Xometry raises $7 million from GE Ventures, other investors

GAITHERSBURG, MD — Xometry, an e-commerce marketplace connecting engineers with manufacturers, disclosed Wednesday that it has secured $7 million from GE Ventures, Highland Capital Partners and other investors, bringing the company’s total funding to $23 million.

Xometry filed a Form D disclosing $7 million in equity and preferred stock convertible to common stock sold to undisclosed investors. Later Wednesday, Xometry released a press release that announced funding from GE Ventures and others.

The Gaithersburg-based company plans to invest some of the money into its e-commerce platform, which allows customers to upload a 3D file of the part they need. The platform instantly provides pricing, lead times and manufacturing feedback. Customers are then connected to small and medium-sized manufacturers in the aerospace, automotive, defense, medical, technology and telecommunications industries.xometrylogo

“We created a marketplace by creating price clarity where none existed,” said Randy Altschuler, co-founder and chief executive officer of Xometry. “We thought if you can buy groceries and order a car off the internet, then why not custom parts?”

Xometry incorporated in 2013 and has since done business with NASA, P&G, General Electric and Toyota.

“GE Ventures is excited to support Xometry’s vision to transform American manufacturing,” said Ralph Taylor-Smith, managing director of advanced manufacturing at GE Ventures. “GE has been a customer of Xometry for several years and we’ve been impressed with the high quality of parts delivered by the network and easy-to-use interface.”

Xometry has manufacturing partners in 35 states and over 4,000 customers. The company opened an office in Bethesda early last year.  

Xometry’s form D 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

Baltimore-based Cerecor seeks to raise $12 million to fund drug development

BALTIMORE, MD — Cerecor Inc., a clinical-stage biopharmaceutical company, announced plans Friday to sell $12 million in stock to raise money for the development of two psychiatric drugs.

Shares will be sold at market price. Money raised by the offering will go toward research and development of the drugs CERC-501 and CERC-611.cerecor

CERC-501 is a treatment for major depressive disorder that has shown positive results in animal and four human clinical trials. The drug is undergoing testing in three externally-funded clinical trials with support from the National Institute of Mental Health, the National Institutes of Health, Yale University, Rockefeller University Hospital and a private foundation.

CERC-611 is a therapeutic drug for partial-onset seizures and epilepsy patients. Cerecor will file a new drug application with the Food and Drug Administration and expects Phase 1 development in 2017.

The $12 million stock offering will be made with Maxim Group LLC as Cerecor’s sales agent.

Cerecor’s stock rose 4.60 percent, or 4 cents, to 91 cents by market close Friday.

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

Two Maryland pharma companies are joining forces

GAITHERSBURG, MD — Two Maryland pharmaceutical companies — PharmAthene, an Annapolis-based immunotherapeutics firm, and Altimmune, a Gaithersburg-based private biodefense therapeutics firm –announced a merger to form a company targeting infectious diseases, including influenza and hepatitis B.altimmune

The two companies’ boards signed a definitive agreement to an all-stock merger Thursday morning.

Altimmune will become a wholly-owned subsidiary of PharmAthene focusing on four clinical stage products and one preclinical stage product.

The new company, headquartered in Gaithersburg, Maryland, will operate under the name Altimmune and trade on the NYSE under the ticker symbol ALT.

Altimmune was previously a private company. Altimmune’s original shareholders will own 58.2 percent of the new company.

Together, the new firm will have $20 million in cash and commitments.

“A merger with Altimmune is an ideal strategic match. It fulfills our stated goal of continuing to build value for PharmAthene shareholders after we distribute the SIGA litigation proceeds on Feb. 3,” John M. Gill, chief executive officer of PharmAthene said in a news release. “By combining forces, we will diversify our portfolio into attractive commercial product opportunities and leverage our capabilities for developing next generation anthrax vaccines.”

Altimmune’s Chief Executive Officer Bill Enright and Chief Financial Officer and Executive Vice President of Corporate Development Elizabeth Czerepak will retain their respective positions. The new board of directors will be comprised of three PharmAthene and four Altimmune directors.

The boards for both companies unanimously approved the terms of the agreement. The deal is subject to approval from both company’s shareholders.

Altimmune’s investors include Novartis Venture Fund, HealthCap, Truffle Capital and Redmont Capital.

Altimmune’s clinical stage products:

  • NasoVax: An intranasal flu vaccine set to begin Phase 2 study in mid-2017.
  • HepTcell: A therapeutic and potential cure for chronic hepatitis B. The drug is currently in Phase 1 with data expected by the end of 2017.
  • SparVax-L: A highly-stable, NIAID-funded anthrax vaccine with a long shelf life. A Phase 2 study is expected in the second half of 2017.  
  • NasoShield: A single-dose anthrax vaccine taken intranasally. A Phase 1 trial is expected during the second half of 2017.

Altimmune’s preclinical product:

  • Oncosyn: Investigating uses for Altimmune’s proprietary synthetic peptide technology

The 8-K detailing the terms of the merger can be read here.

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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