Bioprocessing Center gets grantThe Maryland Bioprocessing...

BUSINESS DIGEST

August 26, 1994

Bioprocessing Center gets grant

The Maryland Bioprocessing Center Inc. and Baltimore officials were awarded a $1.5 million federal grant for the Maryland Bioprocessing Center, a manufacturing resource center to be built by fall 1995 on East Lombard Street, city officials said yesterday.

The grant from the U.S. Department of Commerce Economic Development Administration will go toward construction of the $23 million project -- a two-story, 30,000-square-foot facility planned for five city-owned acres adjacent to Johns Hopkins Bayview Research Campus. The legislature approved $16.5 million in 1993 for the center's design and construction, and private sources are expected to contribute.

City and state officials expect the facility to help attract biotechnology companies and become the centerpiece of the state's efforts to help small companies make the transition from research to production. The nonprofit Maryland Bioprocessing Center Inc., the center's owners, contracted last December with Bio Science Contract Production Corp. to build and operate the center.

News Corp.'s profit sets record

Rupert Murdoch's global media group News Corp. Ltd. earned a place in Australian corporate history yesterday with the country's biggest annual net profit of $998 million.

Generous film and television earnings helped offset a slump in newspapers, where a price-cutting war in the British newspaper market has proven costly despite a circulation leap in Mr. Murdoch's London tabloid, the Sun.

News Corp.'s hefty 54.5 percent increase in after-tax earnings for the 1993-94 financial year ended June 30 was on an 8.7 percent rise in sales to $8.6 billion.

But the result failed to impress the market and was below analysts' expectations. News Corp.'s shares fell nine cents to $6.70 after a brief rally immediately after the result.

Daily Record hires Ambrose

The Daily Record Co. yesterday hired Adam Ambrose, publisher of the Silver Spring-based Maryland Family Law Monthly, as editor of the Daily Record newspaper. The company also announced that Keith Girard, formerly editor of the newspaper and the weekly Warfield's Business Record, has been promoted to vice president/editorial for the company, in charge of all editorial products and future start-ups and acquisitions.

America West leaves Chapter 11

America West Airlines emerged from more than three years in bankruptcy yesterday, flush with $214.9 million in cash from new investors, including Continental Airlines.

It marks the first time in more than five years that all major U.S. airlines will be operating outside of Chapter 11 protection.

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