I don’t like to wring my hands too much over one set of economic data.
The $15 trillion U.S. economy is far too complex to fixate on only one aspect of it. The direction of employment, or rather unemployment, gets and deserves a lot of attention, but it’s not the only thing that matters when it comes to economic health.
While I’m inclined to view Friday’s announcement that the economy created more than 200,000 jobs for the third straight month as very positive, it wasn’t the blowout statistic that I think forecasters have been rooting for.
Sometimes, the life-sciences business in the Philadelphia area seems so small.
On Monday, Radnor-based Yaupon Therapeutics Inc. said it named Steve Tullman, the former chief executive of Malvern-based Ception Therapeutics Inc., as its chairman and CEO. He replaces Robert Alonso, who is no longer with the company.
Tullman was available because Ception had been acquired in April 2010 by Cephalon Inc., the Frazer biotechnology giant, for $250 million. Tullman and four others had founded the anti-inflammatory-drug developer in 2004, raising $110 million in venture capital over the years.
Yaupon Therapeutics Inc., of Radnor, has named Steve Tullman, the former chief executive of Ception Therapeutics, as its chairman and CEO.
Yaupon's lead product is an experimental treatment for cutaneous T-cell lymphoma. The mechlorethamine gel has been granted "fast-track" status as well as "orphan drug" status by the Food and Drug Administration.
The company said in a statement that it expects to file a New Drug Application with the FDA for the product in mid-2011.
While every week is small-business week here in The Inquirer’s Business section on Mondays, the real thing will be held May 16 to 20.
That’s when the U.S. Small Business Administration will hold several events in Washington to acknowledge the diversity and importance of the nation’s 27.2 million small businesses. (I don’t think they’re all invited to attend.)
The week culminates with the naming of the national Small Business Person of the Year. But no need to hold your breath: The winner won’t be a Philadelphia-area company for the umpteenth year in a row.
Exelon Corp. found a friendly business audience to talk to about its plans to renew the license for its Limerick nuclear power plant.
Bill Maguire, site vice president for the Limerick Generating Station, reviewed Exelon’s operations at the plant, which can generate 2,345 megawatts of electricity, at a meeting of the TriCounty Area Chamber of Commerce at Spring Hollow Golf Course in nearby Spring City on Thursday morning.
The company expects to submit its license-renewal application to the Nuclear Regulatory Commission before the end of June, Maguire said. Currently, Limerick’s Unit 1 is licensed through 2024 and Unit 2 through 2029. The federal agency typically takes about 30 months to complete the renewal process, which includes public hearings.
Exelon Corp. expects to apply for renewal of the operating license for its Limerick nuclear power plant before the end of June.
Bill Maguire, site vice president for the Limerick Generating Station, said the company has been preparing the documentation needed to submit its application to the Nuclear Regulatory Commission during the second quarter.
Exelon had previously announced that it intend to seek license renewal for the two units at Limerick during 2011. Currently, Unit 1 is licensed to operate through 2024 and Unit 2 through 2029. If the NRC approves, the operating life of those units would be extended by 20 years.
We’re in the thick of annual shareholder meeting season.
I counted 62 meetings in May involving companies either based in the Philadelphia area or with significant operations here. Here are some of the more notable shareholder get-togethers for the rest of this week:
- Penn Virginia Corp., the natural gas and oil exploration and production company, will amble down the road from its Radnor headquarters for its meeting at the Radnor Hotel, 591 E. Lancaster Ave., Wednesday at 10 a.m.
- United Parcel Service Inc. delivers its state of the mailroom address at the Hotel du Pont, 11th & Market streets, Wilmington, Thursday at 8 a.m.
- Sunoco Inc. will refine its message at the Moore College of Art & Design at 20th Street and the Benjamin Franklin Parkway Thursday at 9:30 a.m.
- American Water Works Co. Inc. will gush about its recent year at the Wyndham Hotel, 1111 Route 73 North, Mount Laurel, on Friday at 10 a.m.
- Finally, Abington Bancorp Inc. shareholders will gather for the last time at the Huntingdon Valley Country Club on Friday at 10 a.m. to approve the acquisition of the $1.17 billion-asset bank holding company by Susquehanna Bancshares Inc.
Eagle-eyed readers of the Inquirer's MarketWatch investment page have already noticed the rise in the rate for U.S. Savings Bonds.
But the reason why will likely be small comfort for small investors.
The federal Bureau of the Public Debt on Monday the rate for Series I Savings Bonds issued from May through October will be 4.6 percent, up from 0.74 percent for the last six months. Here's a link to the announcement.