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Chesapeake Biological

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BUSINESS
January 22, 1998
Chesapeake Biological Laboratories Inc. said yesterday that it has won a contract to formulate, fill and package two experimental fluids being developed for protecting hearts during transplant and bypass surgery.The contract was struck with LXR Biotechnology Inc. of Richmond, Calif.The companies declined to disclose financial terms of the deal.Joseph A. Twist, a CBL spokesman, said the deal calls for the Baltimore-based biotechnology contractor to provide batches of HK-Cardiosol and CP-Cardiosol for clinical trials.
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BUSINESS
By Julie Bell and Julie Bell,SUN STAFF | January 12, 2003
It will be a mixed bag for Maryland's biotechnology industry this year, with a number of companies fighting for life while others come of age. A continued shortage of venture capital and investor nervousness about a sector perceived as risky are expected to keep hindering the fund raising of the state's young biotech companies. On the flip side are companies such as Martek Biosciences Corp. and United Therapeutics Corp., which put their first major products on the U.S. market last year and are nearing profitability for the first time.
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BUSINESS
By Julie Bell and Julie Bell,SUN STAFF | June 30, 2000
Chesapeake Biological Laboratories, the Baltimore-based drug manufacturing contractor, reported a $2.4 million profit yesterday for the year ending March 31 - a marked financial turnaround for a company that posted a $5.4 million loss last fiscal year . The profit, Chesapeake's first in three years, came after the company tapped former pharmaceutical industry executive Thomas P. Rice to take over in December 1998 as chief executive officer. At the time, Chesapeake had a new Baltimore plant but faced widening losses and needed more customers.
BUSINESS
By Julie Bell and Julie Bell,SUN STAFF | January 5, 2001
Cangene Corp. of Winnipeg, Manitoba, has completed its tender offer for Chesapeake Biological Laboratories Inc., clearing the way for an infusion of capital that will allow the Baltimore contract manufacturer of drugs and sterilized medical products to expand. Shareholders tendered about 93 percent of Chesapeake's outstanding shares in favor of the deal, which values the Baltimore company at $4.60 a share, or about $42 million, Cangene said. The price includes $7.2 million in Chesapeake debt, which Cangene is acquiring.
BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,Sun Staff Writer | March 18, 1995
Chesapeake Biological Laboratories Inc. has hired a developer for its planned headquarters and manufacturing facility in Baltimore, the latest step in making the $10 million project a reality.But even company officials concede that the selection of The Svatos Co. represents a relatively small piece in the overall scheme to develop the planned 70,000-square-foot facility in the city-owned Seton Business Park."We still have a lot of different things to do before we can turn this project from something other than merely a dream," said Jack Janssen, the company's chief financial officer.
BUSINESS
BY A SUN STAFF WRITER | May 21, 1996
Chesapeake Biological Laboratories Inc. announced yesterday that it closed out its fiscal year with earnings of $309,000, a 45 percent decrease from the previous year's earnings of $566,000.The company, which has its manufacturing and research division in Baltimore and its administrative offices in Owings Mills, attributed the difference in the years' earnings to a $209,000 tax benefit the company recorded in fiscal 1995 as the realization of a deferred tax asset.John T. Janssen, the company's chief financial officer, said the company believes a more accurate picture of its performance is that operating income during fiscal 1996, which ended March 31, increased by 47 percent over the previous year's operating income.
BUSINESS
By Mark Guidera and Mark Guidera,SUN STAFF | May 6, 1997
Chesapeake Biological Laboratories Inc. said it closed out the 1997 fiscal year with dramatically stronger revenue and earnings, posting a profit of $504,000.The company reported that for the fiscal year ended March 31, its net income was a 63 percent improvement over the $309,000 earned last year.For the year, the company reported revenue rose 40 percent, to $8.65 million from $6.17 million the year before.J. C. Weiss, III, president of the Baltimore-based pharmaceutical and bio-pharmaceutical contract manufacturing firm, attributed the improved financial picture to a stronger marketing effort, higher production volume and improved management.
BUSINESS
By Robert Guy Matthews and Robert Guy Matthews,SUN STAFF | September 26, 1996
Following the mayor's charge to make Baltimore home to more biotechnology firms, city officials yesterday approved $1.5 million loan to Chesapeake Biological Laboratories Inc. to consolidate its headquarters and manufacturing facilities at a new location downtown.The Board of Estimates voted unanimously to approve the loan, which will allow the company to buy land and make improvements to a 70,000 square-foot building in the 1100 block of S. Paca St. located in the empowerment zone.To buttress the $11 million move, the state had approved earlier a $7 million Industrial Development Bond.
BUSINESS
By Mark Guidera and Mark Guidera,SUN STAFF | July 25, 1998
Chesapeake Biological Laboratories Inc. said yesterday that its net loss widened to $392,000, or 7 cents a share, in its first quarter ended June 30, compared with a $75,000 loss, or 2 cents a share, in the first quarter last year.The company said revenue also declined for the first three months to $1.1 million, compared with $1.7 million in the year-earlier quarter.CBL's president, John C. Weiss III, said the increased loss was expected.The Baltimore-based provider of contract manufacturing and testing services to the biotechnology and pharmaceutical industries attributed most of the loss to the fact that a former top customer, Allergan Inc., terminated its use of CBL's services, Weiss said.
BUSINESS
By Mark Guidera and Mark Guidera,SUN STAFF | December 23, 1998
Chesapeake Biological Laboratories Inc., a Baltimore-based biotechnology manufacturing contractor, named former pharmaceutical industry executive Thomas P. Rice as its president and chief executive officer yesterday.The company said Rice would replace John C. Weiss III, CBL's president since May 1996, who has resigned.William P. Tew, CBL's chairman of the board, said Rice, a member of the company's board of directors since 1997, will be a strong addition to the company's management team."He brings with him a wealth of knowledge and experience in the pharmaceutical industry, which will be a great asset to CBL as it continues its transition to a larger-scale commercial producer of sterile, injectable bio-pharmaceutical and pharmaceutical products," Tew said.
BUSINESS
By Paul Adams and Paul Adams,SUN STAFF | November 1, 2000
Canadian drug maker Cangene Corp. has agreed to buy Chesapeake Biological Laboratories Inc. for $42 million in cash and the assumption of $7.2 million in outstanding debt. The deal comes in the midst of the Baltimore-based drug manufacturing contractor's turnaround after posting a $5.4 million loss in fiscal 1999. An executive with Cangene said the company, based in Winnipeg, Manitoba, expected business to grow with the Baltimore laboratory, which employs 105 at its laboratory. "It expands this area of our business and it gives us a U.S. base of operations," said Alex Glasenberg, Cangene's chief financial officer.
BUSINESS
By Julie Bell and Julie Bell,SUN STAFF | June 30, 2000
Chesapeake Biological Laboratories, the Baltimore-based drug manufacturing contractor, reported a $2.4 million profit yesterday for the year ending March 31 - a marked financial turnaround for a company that posted a $5.4 million loss last fiscal year . The profit, Chesapeake's first in three years, came after the company tapped former pharmaceutical industry executive Thomas P. Rice to take over in December 1998 as chief executive officer. At the time, Chesapeake had a new Baltimore plant but faced widening losses and needed more customers.
BUSINESS
By Mark Guidera and Mark Guidera,SUN STAFF | December 23, 1998
Chesapeake Biological Laboratories Inc., a Baltimore-based biotechnology manufacturing contractor, named former pharmaceutical industry executive Thomas P. Rice as its president and chief executive officer yesterday.The company said Rice would replace John C. Weiss III, CBL's president since May 1996, who has resigned.William P. Tew, CBL's chairman of the board, said Rice, a member of the company's board of directors since 1997, will be a strong addition to the company's management team."He brings with him a wealth of knowledge and experience in the pharmaceutical industry, which will be a great asset to CBL as it continues its transition to a larger-scale commercial producer of sterile, injectable bio-pharmaceutical and pharmaceutical products," Tew said.
BUSINESS
By Mark Guidera and Mark Guidera,SUN STAFF | July 25, 1998
Chesapeake Biological Laboratories Inc. said yesterday that its net loss widened to $392,000, or 7 cents a share, in its first quarter ended June 30, compared with a $75,000 loss, or 2 cents a share, in the first quarter last year.The company said revenue also declined for the first three months to $1.1 million, compared with $1.7 million in the year-earlier quarter.CBL's president, John C. Weiss III, said the increased loss was expected.The Baltimore-based provider of contract manufacturing and testing services to the biotechnology and pharmaceutical industries attributed most of the loss to the fact that a former top customer, Allergan Inc., terminated its use of CBL's services, Weiss said.
BUSINESS
January 22, 1998
Chesapeake Biological Laboratories Inc. said yesterday that it has won a contract to formulate, fill and package two experimental fluids being developed for protecting hearts during transplant and bypass surgery.The contract was struck with LXR Biotechnology Inc. of Richmond, Calif.The companies declined to disclose financial terms of the deal.Joseph A. Twist, a CBL spokesman, said the deal calls for the Baltimore-based biotechnology contractor to provide batches of HK-Cardiosol and CP-Cardiosol for clinical trials.
BUSINESS
By Mark Guidera and Mark Guidera,SUN STAFF | August 12, 1997
An article in Monday's editions incorrectly stated the year that Chesapeake Biological Laboratories Inc. expects its new commercial production facility in Baltimore to be operational. The company expects it to open in early 1998.The Sun regrets the error.In a thriving manufacturing district of South Baltimore, John C. Weiss III surveys construction workers who are transforming a former food distribution warehouse into a state-of-the-art biotechnology production plant.Weiss, president of Chesapeake Biological Laboratories Inc., expects the facility to provide the manufacturing muscle needed to grab a larger share of the booming business among drug companies hiring outside contractors to make batches of their human and animal products for clinical trials and commercialization.
BUSINESS
By Timothy J. Mullaney and Timothy J. Mullaney,SUN STAFF | May 29, 1996
Chesapeake Biological Laboratories Inc. turned yesterday to a financial man as its new president, tapping venture capitalist John C. Weiss III to help rebuild the Owings Mills company.Weiss replaces Narlin Beaty, who will stay at Chesapeake as chief technology officer. His mission: to supply the financial and management skills Chesapeake needs to rebuild its business after the expiration of a contract that has supplied up to half of the company's annual revenues, which reached $6.1 million during the fiscal year that ended in March.
BUSINESS
By Julie Bell and Julie Bell,SUN STAFF | January 5, 2001
Cangene Corp. of Winnipeg, Manitoba, has completed its tender offer for Chesapeake Biological Laboratories Inc., clearing the way for an infusion of capital that will allow the Baltimore contract manufacturer of drugs and sterilized medical products to expand. Shareholders tendered about 93 percent of Chesapeake's outstanding shares in favor of the deal, which values the Baltimore company at $4.60 a share, or about $42 million, Cangene said. The price includes $7.2 million in Chesapeake debt, which Cangene is acquiring.
BUSINESS
By Mark Guidera and Mark Guidera,SUN STAFF | May 6, 1997
Chesapeake Biological Laboratories Inc. said it closed out the 1997 fiscal year with dramatically stronger revenue and earnings, posting a profit of $504,000.The company reported that for the fiscal year ended March 31, its net income was a 63 percent improvement over the $309,000 earned last year.For the year, the company reported revenue rose 40 percent, to $8.65 million from $6.17 million the year before.J. C. Weiss, III, president of the Baltimore-based pharmaceutical and bio-pharmaceutical contract manufacturing firm, attributed the improved financial picture to a stronger marketing effort, higher production volume and improved management.
BUSINESS
By Robert Guy Matthews and Robert Guy Matthews,SUN STAFF | September 26, 1996
Following the mayor's charge to make Baltimore home to more biotechnology firms, city officials yesterday approved $1.5 million loan to Chesapeake Biological Laboratories Inc. to consolidate its headquarters and manufacturing facilities at a new location downtown.The Board of Estimates voted unanimously to approve the loan, which will allow the company to buy land and make improvements to a 70,000 square-foot building in the 1100 block of S. Paca St. located in the empowerment zone.To buttress the $11 million move, the state had approved earlier a $7 million Industrial Development Bond.
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