Business Briefs

Jan. 13, 2014 @ 05:59 PM

Purdue Pharma buys land

DURHAM – Connecticut-based Purdue Pharma Manufacturing, maker of OxyContin pain medication and other drugs, has finalized the purchase of 52 acres in Durham County for a new manufacturing plant.

The company paid $2.69 million for the land in the Treyburn Corporate Park, according to sale records filed and signed last week.

In September, the company announced plans to invest $59 million in a new production facility in the Treyburn Corporate Park and to create 100 jobs over three years.

To help bring the project here, the company received commitments for $300,000 in incentives from the state and $1 million from Durham County Commissioners.

The company has a research lab and a plant in New Jersey and a plant in Wilson, N.C.

BioMedomics Inc. closes on financing

DURHAM – BioMedomics Inc., a Durham-based company that’s developing a Tylenol overdose test, among other diagnostic tools, has raised $690,000 from private investors.

This is the first outside equity capital investment for BioMedomics, which is based in the Research Triangle Park at the Hamner Institutes for Health Sciences.

Founded in 2006, the company is working on diagnostic tests for blood disorders such sickle cell disease, as well as to test for drug abuse, such as the acetaminophen test. Acetaminophen is a pain-killing ingredient in Tylenol.

The company recently signed a license agreement with LifeSign Inc. to commercialize the acetaminophen overdose test.

The company also is working on quantitative test reader devices to help health care providers get precise results more quickly at the doctor’s office, or other sites where the patient actually receives care.

The company has received, to-date, $6 million in funding, half from grants and the other half from Kimberly Clark, which invested in the technology behind several patents that BioMedomics licensed from the company, according to information from BioMedomics.

The group that invested in BioMedomics included Tom Roberg, who was most recently vice chairman of the diagnostic company Advanced Liquid Logic, which was acquired last year by Illumina Inc. for about $97 million, according to a news release.

“Our prior grant funding has made it possible to establish an excellent group of diagnostic products,” said Dr. Frank Wang, CEO of BioMedomics. “This investment will provide us the ability to focus our efforts on the next stage developmental milestones necessary for additional non-dilutive grants or follow-on capital.”

Deadline for health plan payments extended

DURHAM – The two health insurers that sell plans on the federal health exchange in North Carolina have pushed back initial payment deadlines for plans that take effect this month.

Blue Cross and Blue Shield of North Carolina has pushed back the due date for the first payment for health plans sold through the exchange to Jan. 24.

The deadline for payment on Coventry plans sold on the exchange was pushed back to Friday.