Business briefs

May. 09, 2013 @ 07:40 PM

EdR to break ground for Durham apartments

DURHAM – A groundbreaking ceremony will be Wednesday for the $46.1 million collegiate apartment complex now known as 605 West at 605 W. Chapel Hill St. in Durham.

Executives from the Memphis, Tenn.-based publicly traded company EdR as well as from its partner in the project, Javelin 19, will present plans for the project.

There are planned to be 386 beds in the project, with 338 studios and one-and-two-bedroom apartments. It will include an attached parking deck.

It’s designed to appeal to upper-level and graduate students.

Medicago reports narrower 1Q loss

QUEBEC CITY – Medicago Inc. reported Thursday a consolidated loss of $8.7 million in the first quarter.

The biopharmaceutical company, which has operations in the Research Triangle Park, is a clinical-stage biopharmaceutical company that’s working to develop vaccines and therapeutic proteins using plants, including tobacco.

“In the first quarter of 2013, we announced several strategic agreements for our plant-based vaccines,” said Andy Sheldon, president and CEO, in a statement in a news release. “This included the execution of a $15 million non-dilutive loan with a major pharmaceutical company. We also signed an agreement with Mitsubishi Chemical Corp., and were awarded a delivery contract with DARPA enabling us to leverage our commercial production facility in North Carolina.”

The company can bid for work for the manufacture and delivery of certain tobacco-produced proteins as a result of the contract, according to the release.

Tranzyme 1Q loss narrows

DURHAM — Durham-based biopharmaceutical company Tranzyme Pharma reported a net loss of $3.4 million for the first quarter.

The company saw revenue declines, and also saw a drop in research and development expenses primarily due to the reduction in clinical trial expenses after it stopped testing of two clinical-stage drug candidates.

In April 2013, Tranzyme and Ocera Therapeutics Inc. announced a definitive agreement under which Ocera will merge with a subsidiary of Tranzyme in an all-stock deal. The merger is expected to create a NASDAQ-listed company focused on development of new therapeutics for patients with acute and chronic decompensated liver disease.