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StemCellRegenMed uses gene treatment for Tay-Sachs in Peru
Sarasota's StemCellRegenMed Inc. principals Dr. Burton Feinerman and Dr. Javier Paino recently supervised a new stem cell gene and enzyme replacement treatment on a 14-month-old baby with Tay-Sachs disease in Lima, Peru.
The genetic disease causes a gradual degradation in physical and mental abilities and usually ends in death by age four. Babies appear normal at birth but by six months they begin losing motor abilities, and may also lose their sight and hearing by 15 to 18 months after birth.
The therapy consists of administering neuron stem cells mixed with nerve growth factor into the spinal canal, plus an agent to increase enzyme B-hexosaminidase A that is absent or low in those afflicted with Tay-Sachs.
The baby, Aspen Brown, has reportedly tolerated all aspects of the treatment well. Both parents noted improvements in the child days after the treatment.
Brown & Brown company buys Indy Mavum companies
Brown & Brown of Indiana Inc., a subsidiary of Daytona Beach- and Tampa-based Brown & Brown Inc., purchased all of the assets of Mavum Consulting LLC and Mavum Risk Management LLC in Indianapolis.
The two Mavum companies, providing insurance for businesses and individuals in the metro area, have combined annual revenue of $1.3 million.
Employees of both firms will relocate to Brown & Brown of Indiana's Indianapolis office.
Also, Brown & Brown's board of directors increased the quarterly cash dividend rate to eight cents per share, a 3.23% increase from the previous rate of 7.75 cents per share, in a payment made on Nov. 17 to shareholders of record.
Brown & Brown Inc. offers insurance and reinsurance products and services, plus risk management, third-party administration, managed health care and Medicare set-aside services and programs.
Walter Energy makes offer for Western Coal Corp.
Tampa-based Walter Energy proposed to buy Vancouver, British Columbia-based Western Coal Corp., offering $11.50 per share in cash to acquire all outstanding common shares.
The two companies will adhere to an exclusivity agreement as they work on a final agreement.
Separately, Walter Energy has agreed to purchase 19.8% of the outstanding common shares of Western Coal for $11.50 per share, valued at $3.2 billion, from affiliates of Audley Capital.
Joe Leonard, interim CEO of Walter Energy, said in a press release, “The combined company would be the leading, publicly-traded 'pure-play' metallurgical coal producer in the world, with unique and strategic access to steel-producing markets in both the Atlantic and Pacific Basins,” and would “diversify both companies' operating and development portfolios and provide new opportunities.”
The combined company would have total coal reserves of 385 million tons, based on the most recent disclosures by both companies.
Walter Energy currently produces 7 million tons of premium metallurgical coal, with organic expansion plans to increase to 9.5 million tons in 2012. Western Coal expects to produce a total of 6.7 million tons of coal in the fiscal year ending March 2011 and plans to achieve 11 million tons of total production during the fiscal year ending March 2013.
Morgan Stanley & Co. Inc. is acting as financial advisor and Simpson Thacher & Bartlett LLP and Osler, Hoskin & Harcourt LLP are acting as legal counsels to Walter Energy.
Also, Walter Energy paid out on Dec. 3 a regular quarterly dividend of 12.5 cents per common share to current shareholders.
Walter Energy is a U.S. producer and exporter of premium hard coking coal and also produces steam coal and industrial coal, metallurgical coke and coal bed methane gas.
Western Coal is a producer of metallurgical coal in northeast British Columbia, metallurgical coal and compliant thermal coal in West Virginia, and anthracite coal in South Wales in the UK.
Interstate Transport expands services within the Americas
St. Petersburg-based Interstate Transport Inc. has partnered with DHL, a division of Germany's Deutsche Post, and Miami-based Trans World Forwarding Inc., to connect North, Central, and South America with shipping services.
Due to the deal, Tim Higham, CEO at Interstate Transport, attested in a press release that “For the first time ever, wholesalers and retailers can buy perishables direct from any Latin American country, irrespective of location, and deal with one person right through the final delivery in North America.”
Interstate Transport was featured on the Inc. 5000 list after growing revenue by nearly 375% between 2004 and 2008, from $4.8 million to $22.8 million.
Sarasota County awards incentives to three relocating firms
Three new businesses will soon be relocating to Sarasota County, and will receive up to $365,000 in performance-based incentive grants recently approved by Sarasota's Board of Commissioners.
Adams Group, a manufacturer relocating from Punta Gorda, will receive up to $300,000 for adding 102 jobs over the next five years, and could hire 24 within a year, according to CEO Ethan Adams.
Online retailer Swimwear Boutique, from Blanco, Texas, could get up to $50,000 for adding 25 jobs over three years.
Proper Power creates subsidiary for Kentucky operations
Proper Power & Energy Inc. in Tampa formed a wholly owned subsidiary to operate its acquisition of 87.5 acres of land in Kentucky.
It will be managed by Andrew Kacic, former president of American Resources Inc., who will also serve as its chairman of the board of directors. Two current members of the board of Proper Power will also serve on the subsidiary's board.
CEO Joseph Abdo said in a press release “This acquisition and first posting of oil revenues shows how small businesses can still compete and grow in this economy as long as you stay focused and never give up on your goals.”
Proper Power & Energy was formed in 2006 as an oil and gas exploration and production company.
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