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BUSINESS
By Mark Guidera and Mark Guidera,SUN STAFF | December 1, 1995
A Food and Drug Administration advisory panel stunned Oncor Inc. yesterday when it failed to recommend approval of the Gaithersburg-based biotechnology company's test to predict the recurrence of breast cancer..The company was banking on a positive endorsement from the immunology devices advisory panel to set the stage for marketing its second product in the United States.Stock analysts who track the company had expected that the panel would back FDA approval of the test. The FDA usually follows the advice of its advisory panels.
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BUSINESS
September 6, 1995
Banks get $1.5 billion from FDICThe fund that insures depositors at failed banks -- in the red just a few years ago -- was fully replenished at the end of May as bank failures remained at low levels, regulators said yesterday.The Federal Deposit Insurance Corp. said that as a result it will give banks a $1.5 billion refund. That includes $1.49 billion to cover excess fees banks paid for deposit insurance from June through September, plus $19.1 million in interest.Last month, the FDIC slashed the premiums most banks pay to insure deposits by 83 percent, a move that could save the industry $4.4 billion a year.
BUSINESS
By Michael Dresser and Michael Dresser,Sun Staff Writer | April 28, 1995
The Federal Communications Commission cracked down yesterday on Oncor Communications Inc., a Bethesda-based pay telephone operator that it cited for charging unwitting consumers three or four times market rates for long-distance calls charged to credit cards.The FCC ordered Oncor's parent company, Operator Communications Inc., to reduce Oncor's interstate rates to no more than 15 percent more than AT&T's rates for a comparable interstate phone call. It also gave the company seven days to add an audible message telling callers that its rates are available by dialing a specified number.
BUSINESS
By A Sun Staff Writer | April 19, 1995
Oncor Inc., which two years ago launched a subsidiary to commercialize gene identification breakthroughs by Johns Hopkins University researchers, has formed a second subsidiary commercialize gene therapy research from Yale and Princeton universities.Stephen Turner, Oncor's chairman and chief executive officer, said yesterday that his company had formed OncorPharm Inc., which will search for ways to treat genetic diseases such as sickle cell anemia.OncorPharm, which has 10 employees in offices a few blocks away from Oncor's Gaithersburg headquarters, has been in development for about a year, Mr. Turner said.
BUSINESS
By Alec Matthew Klein and Alec Matthew Klein,Sun staff writer | February 21, 1995
GAITHERSBURG -- In the labyrinth of DNA coding, the difference between two letters in the genetic alphabet could mean life or death for cancer patients.In the risky business of biotechnology, identifying that fatal flaw could mean millions in profits or several years in the red for a growing Gaithersburg firm.Last week, Oncor Inc. sealed a deal with the Johns Hopkins University School of Medicine to market a new test to detect tumor cells that escape the surgeon's scalpel. The university developed the technology, Oncor backed it with $1.5 million in financing, and OncorMed, the biotech firm's spinoff, will market it.The venture, like so many others in a field spawning new businesses in Maryland, is a synthesis of profit-seeking and patient care.
BUSINESS
February 17, 1995
Oncor to sell cancer testOncor Inc. of Gaithersburg said yesterday that it has acquired an exclusive license to sell a new method for detecting tiny bits of cancer.The genetic test, developed by the Johns Hopkins University School of Medicine, is years away from widespread use. But yesterday's edition of the New England Journal of Medicine described experiments showing that the technique could help to alert surgeons when they miss even a few cells of a cancerous tumor.Oncor said it will initially market the technique through its affiliate, OncorMed.
BUSINESS
By a Sun Staff Writer | October 12, 1994
Oncor Inc., the Gaithersburg-based producer of genetics-based medical testing kits, has acquired worldwide licensing rights to the Johns Hopkins University's newly developed methods of detecting cancer through tests on bodily fluids, the company said yesterday.The license is Oncor's first exercise of a "right of first licensing" that it holds for medical discoveries produced under a three-year "sponsored research" contract the firm signed with Hopkins about 1 1/2 years ago, Stephen Turner, the firm's chief executive officer, said yesterday.
BUSINESS
By Ross Hetrick and Ross Hetrick,Sun Staff Writer | September 29, 1994
OncorMed Inc., a spin-off company from Gaithersburg-based Oncor Inc., yesterday raised $8 million in an initial public stock offering to finance the company's effort to develop techniques for early detection and treatment of cancer using genetic discoveries.The new company sold 1.3 million shares at $6 a share. The net proceeds to the company will be $6.5 million, after payments associated with the offering.The underwriter is Gaines Berland Inc., a New York investment banking company.Oncor, which owns 42.1 percent of OncorMed, decided to spin off the subsidiary because it primarily provides services rather than produce genetic testing medical kits, as its parent company does, said Stephen Turner, chairman and and chief executive of Oncor.
BUSINESS
September 28, 1994
47% of major firms cut payrollsAlthough the economy has been improving, almost half of all major U.S. corporations cut jobs this past year and plan to further trim payrolls, an annual survey finds.About 47.3 percent of respondents to the American Management Association survey released yesterday reported cutbacks in the 12 months that ended in June, up from 46.6 percent a year earlier.Further, about one-quarter of the 713 firms surveyed plan to cut staff over the next year.Westinghouse to upgrade jet radarWestinghouse Electric Corp.
BUSINESS
August 5, 1994
GM boosts moving incentive planGeneral Motors Corp., facing a shortage of workers at several parts plants, said yesterday that it will offer laid-off auto workers sweeter incentives to move to understaffed plants.The plan, which includes a variety of moving assistance programs, such as subsidized mortgages, is aimed at reducing the number of GM workers -- now at about 2,200 -- laid off by various plant closings but still collecting paychecks .Because some of these workers were located in shuttered plants that are not close to existing GM factories, the automaker has been forced to offer incentives to lure workers to move.
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