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Hearing Friday on $80M bond to reopen Hawaii hospitals

Fri, 10 Feb 2012 01:51:43 +0000

(image) The saga involving the recently shut-down Hawaii Medical Center hospitals will continue Friday with a hearing on a bill to issue an $80 million special purpose revenue bond to St. Francis Healthcare System of Hawaii to refurbish the two hospitals and get them ready for potential new owners. The $80 million special purpose revenue bond provided for in House Bill 2345 would be used by St. Francis to renovate the hospital buildings, upgrade the courtyard and parking garage, modernize technology and equipment and refinance debt at both the East and West campuses...

Aurora blames Wheaton for Sinai's financial trouble

Fri, 10 Feb 2012 00:16:38 +0000

(image) Aurora Health Care believes the massive financial hit Sinai Medical Center has taken in recent years is, in part, a result of decisions made by competitor Wheaton Franciscan Healthcare, and its decision to close St. Michael Hospital in 2006. Dr. Nick Turkal, Aurora’s president and chief executive officer, sent a letter to the Milwaukee Common Council, Mayor Tom Barrett and Health Commissioner Bevan Baker late Thursday saying Wheaton’s attempt to work behind the scenes to get governmental bodies to escalate rather than resolve the Sinai issue is making the situation worse...

Losses continue to mount at WPAHS

Thu, 09 Feb 2012 23:02:13 +0000

Losses continued to mount at West Penn Allegheny Health System for the three-month period ending December 31, with the ailing system on track to lose more than $100 million during the current fiscal year. The hospital network reported an operating loss of $37 million for the quarter, a swing from a $116,000 gain for the same period in 2010, according to financial results released on Thursday. Investment income, gifts and other sources of revenue eased the total loss for the quarter to $34 million, compared to a loss of 1...

Green Hills assisted living center fetches $35.4 million

Thu, 09 Feb 2012 22:36:12 +0000

Belmont Village of Green Hills, Nashville’s second biggest assisted living facility, has sold for $35.4 million. Toledo, Ohio-based Health Care REIT, Inc. (NYSE:HCN) bought the 160-bed center at 4200 Stammer Place, according to Davidson County property records. The seller was Belmont Village Green Hills LLC.

Cel-Sci looks for more funding

Thu, 09 Feb 2012 22:23:41 +0000

Vienna-based Cel-Sci Corp., with final-stage clinical trials for its lead cancer drug underway, says it intends to find partners or other sources of funding to continue operations this year. Cel-Sci posted a net loss of $4.2 million, or 2 cents per share, in its fiscal first quarter, compared to a net loss of $6.3 million, or 3 cents per share, a year earlier as expenses for its Phase III clinical trials for Multikine slowed. Research and development costs fell to $2.5 million last quarter, compared to $3...

FDA panel recommends agency reject NeurogesX HIV pain patch

Thu, 09 Feb 2012 22:23:37 +0000

An FDA advisory panel unanimously recommended Thursday that the agency reject an HIV pain patch from NeurogesX Inc. not be approved. Qutenza, the patch from the San Mateo-based company (NASDAQ: NGSX), already is used for pain related to shingles, but NeurogesX is seeking Food and Drug Administration approval for its use in nerve damage associated with the AIDS virus. The 12-member panel’s unanimous decision does not mean the FDA will reject the drug, but the agency typically follows the advise of its committees of experts...

Exelixis to sell 10M shares to pay for R&D, other expenses

Thu, 09 Feb 2012 22:22:33 +0000

Cancer drug developer Exelixis Inc. plans to sell 10 million shares of common stock The South San Francisco-based company (NASDAQ: EXEL), which has centered its drug-development efforts around the cancer-fighting drug cabozantinib, said in a Securities and Exchange Commission filing Thursday that it will use net proceeds from the offering for research and development, capital expenditures, working capital and other purposes. The company expects to grant the underwriters a 30-day option to buy up to an addition 1...

PharMerica earnings soar nearly 70 percent

Thu, 09 Feb 2012 22:19:47 +0000

Fresh from a key victory in its battle to repel a hostile takeover bid from Omnicare Inc., PharMerica Corp. reported Thursday that its earnings jumped 68 percent for the fourth quarter, compared with a year earlier. Louisville-based PharMerica, which provides pharmaceutical services to long-term care facilities such as nursing homes and assisted-living centers, reported net income of $7.9 million, or 27 cents per share, up from $4.7 million, or 16 cents per share, a year earlier, according to a news release...

ThermoGenesis posts Q2 loss

Thu, 09 Feb 2012 21:58:27 +0000

ThermoGenesis Corp. lost $2.5 million on revenue of $9.6 million in the six months ended Dec. 31, compared to a loss of $554,000 on revenue of $12.9 million during the same period the year earlier. In the company’s second quarter, it lost $1.3 million on revenue of $4.8 million compared to a loss of $486,000 on revenue of $5.7 million in the second quarter of the previous year. Based in Rancho Cordova, ThermoGenesis (NASDAQ: KOOL) supplies products and services to process and store adult stem cells and blood products...

LVM Systems expanding in Mesa

Thu, 09 Feb 2012 21:42:17 +0000

LVM Systems Inc., a provider of call center software for the health care industry, is nearly doubling its space. Construction started last week on a 7,000-square-foot structure just north of its existing 10,000-square-foot headquarters in Mesa. Construction costs are estimated at about $1 million, said company spokesman Lorenzo Sierra, adding the project will be financed through a combination of cash on hand and a bank loan. The new building will accommodate up to 40 employees, he said. The company employs 61 people nationwide, including 51 at its headquarters...

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