In the Region Igen International raises $36.8 million...


March 13, 2002

In the Region

Igen International raises $36.8 million with a stock sale

Igen International Inc. said yesterday that it has sold 1 million shares of its common stock to Acqua Wellington Private Placement Fund Ltd. and Acqua Wellington Opportunity I Ltd. The sale raised $36.8 million.

Acqua Wellington typically invests in mid-cap and small-cap publicly traded companies in domestic and global markets with a focus in technology and life science sectors, the company said.

The Gaithersburg maker of medical diagnostic products said it plans to use the proceeds to advance its product development, finance research and development, provide working capital, and possibly acquire and invest in businesses or products that complement its own.

Martek loses 15 cents a share while revenue spurts 71%

Martek Biosciences Corp. yesterday reported a loss of $2.9 million, or 15 cents a share, for its first quarter even as revenue jumped 71 percent.

That compared with a loss of $3.6 million, or 20 cents a share, for the first quarter of the previous year. Revenue for the three months that ended Jan. 31 was $5.97 million, up from $3.5 million the previous year.

The Columbia company produces nutritional oils used to supplement infant formula, among other products. In February, Mead Johnson began selling a version of its Enfamil formula supplemented with Martek's oils. The Ross Products Division of Abbott Laboratories will begin selling a version of Similac using Martek's oils in April.

New advertising agency, Chess, being launched

Chesapeake Marketing and Communications and the Davis Media Group have combined their operations to form a new advertising agency, Chess Communications Group. The principals are Bruce Iannutuono, Chesapeake's chairman, and his wife, DMG founder Laurie Davis.

The new firm expects annual billings of more than $50 million. It is scheduled to move into a new 45,000-square-foot facility at 901 E. Fayette St. in May.

145 Bartech minibars installed in Hay-Adams

Bartech Systems International, a Millersville minibar company, said it has finished installing its minibars in the Hay-Adams Hotel in Washington.

Bartech develops minibars that use microswitches and infrared beams to recognize when an item is lifted off the shelf and send an instant message to the front desk at hotels. The Hay-Adams installation included 145 of the company's minibars and was completed this week, the company said. Terms were not disclosed.

Bartech has also said that the Hay-Adams Hotel would eventually be the first to use its "Intelligent Room," which has thermostats, electrical outlets, door locks and safes linked to the electronic minibars. The connections feed information to the front desk and automatically put the room's heating ventilation and air conditioning system into a money-saving mode when a room is unoccupied.

Peck and 2 athletes join 2012 coalition's board

The Chesapeake Region 2012 Coalition has added the president of the Greater Washington Board of Trade and two other new members to its board of directors.

The new members are Bob Peck, the Board of Trade president; Rich Kenah, a 2000 Track and Field Olympian; and John Register, a Paralympic Silver Medallist. The three join 65 other area leaders on the board working to bring the Olympics to the area in 2012.

Washington-Baltimore is competing with New York, Houston and San Francisco to be the U.S. candidate for the 2012 Summer Games.


EU is proposing to levy duties on some foreign airlines

The European Union's head office proposed rules yesterday that would allow it to levy duties on U.S., Swiss and other airlines if it feels they are unfairly benefiting from government subsidies.

The European Commission said it drafted the regulations to fill a "legal vacuum" and protect its own struggling carriers in the wake of big government bailouts elsewhere after the disruption to air travel since Sept. 11.

Taking particular aim at "states neighboring the EU," the commission said "massive public aid" provided by governments to their airlines could threaten the viability of EU airlines.

Kmart's ex-CEO to get at least $6.5 million

Charles Conaway, Kmart Corp.'s former chief executive, will receive at least $6.5 million in severance from the bankrupt retailer.

Under the company's severance policy, Conaway, who resigned as chief executive Saturday and was replaced by Chairman James Adamson, is entitled to three times his base salary of about $1.5 million a year.

An amendment to his contract filed Jan. 22 also entitled him to another $6.5 million bonus if he stayed with the company through July 2003 or was terminated for any reason before then. On Monday, Conaway said he would accept one-third of that amount, or about $2 million.

Conaway also was granted unspecified stock options, which are subject to approval by a bankruptcy judge in Chicago. The court is to address that issue April 24.

House panel requests Global Crossing documents

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