Business Briefs

Jul. 24, 2013 @ 06:16 PM

Chapel Hill’s Heat Biologics debuts on the Nasdaq

CHAPEL HILL – The price per share of the clinical-stage cancer vaccine development company Heat Biologics’ stock slid below its initial offering price on its first day of trading on the Nasdaq Wednesday.

The company on Tuesday had announced an initial offering price of $10 per share for 2.5 million shares of common stock for a total of $25 million in gross proceeds for the company before underwriting discounts and other expenses.

The company’s stock was trading down 4.3 percent to $9.57 at the market’s close Wednesday.

The company’s lead compound is expected to enter Phase 2 trials against non-small cell lung cancer. Its second product candidate is expected to enter Phase 1/2 clinical trials against bladder cancer.

Durham start-up selected for San Francisco accelerator

DURHAM –Durham-based ArchiveSocial was one of five start-ups selected to join the four-month Code for America Accelerator program that’s geared for start-ups disrupting the state of technology in government, the company announced Wednesday.

ArchiveSocial, founded in 2011, archives social media data for clients, including governments. Started with grant and investments totaling about $300,000, the start-up has 70 clients, said Adam Tury, ArchiveSocial’s director of sales and business development.

The company is focused on marketing its product to government agencies, Tury said, which must comply with freedom of information and public records laws.

In December, the State Archives of North Carolina launched a new social media website developed by ArchiveSocial that allows users to search the public records of Facebook and Twitter communications from state agencies across North Carolina.

The archive initially launched with the posts of a pilot group of state agencies, but is expected eventually to include more than 130 agency social media sites. Tury said the company is now also working with the state of South Carolina.

For Code for America, the company was selected out of 190 national applicants. The program is partially funded by Google, according to a news release. Key leadership from ArchiveSocial will be stationed in San Francisco for the program.

Syngenta reports 2 percent half-year sales growth

BASEL, Switzerland – Syngenta AG, the Switerland-based producer of crop-protection pesticides and genetically engineered seeds and traits, reported a 2 percent increase in sales in the first half of the year despite unfavorable weather and late planting in the northern hemisphere.

Sales totaled about $8.4 billion in the period. The company’s net income was down 5 percent to $1.4 billion. In a news release, the company’s CEO, Mike Mack, said that the company saw higher seed production costs. He also said it saw price increases across “all product lines and tight control of operating expenses.”

The company has its plant biotechnology headquarters in the Research Triangle Park, where employees work on genetically engineered crop seeds and traits.