TIB Financial Corp., Patriot partner for stock placement
In a non-binding agreement, TIB Financial Corp., the Naples-based parent company of TIB Bank and Naples Capital Advisors, will sell $20 million to $25 million of newly issued common shares to Patriot Financial Partners LP.
Patriot can buy shares in the offering, but can own no more than 19.9% of the company's outstanding shares as part of the plan.
The proposed investment deal will only be valid at a maximum price of 70 cents per share and if a minimum of $150 million of new capital is raised. If the deal is consummated, a special representative of Patriot will be appointed to its and TIB Bank's boards of directors. After Patriot secures firm commitments for a majority of the $150 million of new capital, it will negotiate a stock purchase agreement setting its terms.
The deal is “an endorsement of the underlying strength and future potential of our organization, and should enhance our position as the leading community banking company serving our markets,” according to Thomas J. Longe, vice chairman, CEO and president of TIB Financial Corp., in a press release.
Patriot Financial Partners, L.P. is a private equity fund, focused on investing in community banks, thrifts and other financial service-related companies, that has committed capital of $300 million for ten years.
TIB Financial Corp. has $1.7 billion in total assets and 28 full-service banking offices throughout the Gulf Coast.
Romark antiviral drug succeeds in Hepatitis-C clinical trial
Romark Laboratories reported positive results from its Stealth C-3 phase 2 clinical trial of nitazoxanide as a treatment for Hepatitis-C patients.
The double-blind, placebo-controlled trial was conducted at 13 U.S. centers for patients with Hepatitis-C.
Nearly half (44%) of the patients given nitazoxanide for 12 weeks, along with the standard therapy of Pegasys and Copegus drugs for 48 weeks, showed an undetectable level of the Hepatitis-C virus in their blood, compared to 32% of those treated with a placebo and the standard therapy.
Positive comparative treatment rates were also evident with several subsets of patients including those with high baseline viral loads (41% vs. 29%) and in African Americans (38% vs. 20%).
Few complications were found with those given nitazoxanide, such as mild to moderate intermittent diarrhea and discolored urine.
The study's final results will be presented at the forum of the American Gastroenterological Association Institute during Digestive Disease Week in May.
Romark plans to test a higher dose of nitazoxanide in varying combinations with direct-acting antiviral drugs in phase 3 clinical trials later this year.
Nitazoxanide is the first of a new class of broad-spectrum antiviral drugs called the thiazolides. In addition to inhibiting Hepatitis-C, it reportedly does not cause viral mutations.
The AIDS Clinical Trials Group in the United States is studying nitazoxanide plus peginterferon and ribavirin for treating chronic Hepatitis-C in HIV-infected patients.
Romark Laboratories LC focuses on the discovery and development of innovative, new small molecules for treating infectious diseases and cancers.
MyUS.com, Teltronics win Chamber awards
The U.S. Chamber of Commerce has honored Bradenton-based MyUS.com and Teltronics Inc. of Palmetto with Faces of Trade awards for the positive impact the two businesses have made through trade. Only two others received the honor in the state.
American-owned and operated companies with less than 500 employees that have demonstrated outstanding international success through exports are considered for the award.
MyUS.com, an international package shipment company, moves about 50,000 boxes each month through its facilities to consumers in more than 200 countries.
Teltronics designs, develops and manufactures electronic equipment and customized communications software systems. It has 114 employees in Manatee County and 180 worldwide.