Thursday, November 26, 2015

Archive: August, 2011

POSTED: Tuesday, August 30, 2011, 9:58 AM
Filed Under: Pharma, Biotech

NuPathe Inc. revealed the bad news before the stock market opened Tuesday: The launch of its migraine drug Zelrix will be delayed.

The Food and Drug Administration has issued a complete-response letter in connection with the Conshohocken company's first product, Zelrix. The letter means regulators have completed their review of NuPathe's new-drug application, but won't allow the FDA to approve the drug until certain questions are answered.

In a statement, NuPathe said the move means it won't launch Zelrix in the first half of 2012, as it had previously announced.

POSTED: Monday, August 29, 2011, 11:33 AM

Airgas Inc., the Radnor distributor of industrial and medical gases, will increase its quarterly cash dividend by 10 percent.

A statement on the board of directors' move to raise the dividend from 29 cents per share to 32 cents per share indicated the company continues to see record earnings and strong cash flow. Here's what Airgas founder and CEO Peter McCausland had to say:

Our continued confidence in Airgas’ long-term prospects and financial stability allows us to grow our dividend commensurate with earnings and cash flow while still funding our growth strategies.

POSTED: Monday, August 29, 2011, 10:43 AM

Aramark Corp. is buying the Filterfresh office-coffee business of Green Mountain Coffee Roasters Inc., of Waterbury, Vt., for about $145 million in cash.

Technically, what Aramark is buying is called Van Houtte USA Holdings Inc. The Philadelphia-based Aramark has long had a coffee business through its Aramark Refreshment Services L.L.C. unit.

Green Mountain, which has annual sales of about $1.4 billion, had acquired Van Houtte as part of a Dec. 17 purchase of LJVH Holdings Inc. for $905 million. At the time, the publicly traded Green Mountain said it intended to sell the U.S. coffee-service business known as Filterfresh.

POSTED: Thursday, August 25, 2011, 7:29 PM

Hurricane Irene has already slammed Philadelphia's tourism industry.

The National Association of Insurance Commissioners said Thursday that it was canceling its summer national meeting at the Philadelphia Marriott Downtown scheduled for Aug. 29-Sept. 1.

NAIC president Susan E. Voss said in an interview posted on the group's website that members were concerned about safety of people traveling as well as the safety of people in states that could be affected by what would be the first major hurricane to hit the United States in 2011.

POSTED: Thursday, August 25, 2011, 8:54 AM

It's all over now, but the recent strike by union workers at Verizon had an impact on the weekly initial jobless claims report.

Claims were up by 5,000 to 417,000 last week, according to the Department of Labor. The four-week moving average also bumped higher by 4,000 claims to 407,500.

The agency said that the labor dispute that saw 45,000 members of the Communiciations Workers of America go on strike against Verizon produced at least 12,500 initial claims for unemployment insurance in the week ending Aug. 13 and at least 8,500 the following week.

POSTED: Wednesday, August 24, 2011, 9:44 AM

Carpenter Technology plans to expand manufacturing, creating some new jobs. But where?

The Wyomissing maker of stainless steel and titanium alloys said it intends to build a 400,000-square-foot factory to meet demand from the aerospace and energy industries. The project is estimated to cost $500 million, but Carpenter would say only that "several 200+ acre greenfield sites" are under consideration.

Here's what Carpenter senior vice president David L. Strobel had to say:

POSTED: Tuesday, August 23, 2011, 9:27 AM

Doylestown-based re2g and its 23 employees win bragging rights as the Philadelphia region's fastest-growing privately held firm.

With a three-year growth rate of nearly 7,500 percent, the company placed at No. 24 on Inc. magazine's annual list called the Inc. 500. Re2g had 2010 revenue of $10.6 million.

You can see a list of all the Philadelphia-area companies that made the list here.

POSTED: Tuesday, August 23, 2011, 9:09 AM

Markets are rallying and you can pick your reason why with the best of any so-called expert.

But could it be that investors are following the adage to buy on the rumor and sell on the news? The rumor is that Fed chairman Ben Bernanke will use his speech in Jackson Hole, Wyo., on Friday to sketch out what the central bank might do to save the financial world from itself again.

However, that's not what those who follow the Fed closely believe will happen. So where does that leave us? Can Bernanke's speech meet the expectations being set for it?

About this blog
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at

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