Essex gets funds from Army to develop radar technology
The Essex Corp. of Columbia announced yesterday that it has received $426,000 in new funding from the Army to finish developing radar technology that could provide exceptionally detailed information on the range and speed of a target.
The company has been working on the Range-Doppler Imager since 1991, with a total military investment of $2 million. That is a small amount in the world of defense contracts, but the technology is thought to promise widespread applications, said company Chairman and Chief Executive Harry Letaw.
If the imager can offer a cheap, compact way to process ultra-detailed wide-band radar, it could be used for air traffic control as well as military purposes, Letaw said. The prototype is to be completed next year.
Cel-Sci raises $5 million through sale of stock
Cel-Sci Corp., a biotechnology company with offices in
Baltimore and Alexandria, Va., said yesterday that it has raised $5 million through the sale of Series B Preferred Stock to institutional investors.
The preferred stock is convertible into Cel-Sci common stock by August 1998, the company said.
Cel-Sci, which is attempting to develop treatments to stimulate the body's immune system as a way to treat cancer, tuberculosis and HIV, said the investment money would be used for research expenses and to help fund clinical trials for its cancer and HIV treatments.
More group doctors than solo doctors for first time in U.S.
For the first time in U.S. history, doctors working as employees at large group practices outnumber solo practitioners. Now employee-physicians outnumber solo practitioners nearly 3-to-2, researchers said in today's edition of the Journal of the American Medical Association.
The crossover occurred in 1992 or 1993, and is attributed in part to the growth of the managed care business, which makes it more difficult for solo practitioners and small group practices to negotiate group contracts.
Between 1983 and 1994, the share of doctors who were self-employed in solo practices fell from 40.5 percent to 29.3 percent, according to survey data provided to the AMA by U.S. physicians. The proportion of doctors self-employed in group practices fell from 35.3 percent to 28.4 percent, and the share of physicians practicing as employees rose from 24.2 percent to 42.3 percent.
FDA approves test for advanced lung cancer
The Food and Drug Administration approved a noninvasive test yesterday to help determine which patients have an advanced form of lung cancer that does not respond to therapy.
To be sold under the brand name Verluma, the test is a monoclonal antibody that seeks out a protein found on most small cell lung cancers and attaches itself to those cells. The antibody is radiolabeled, so that when doctors view the patient with special cameras, the cancer cells appear as "hot spots."
Lung cancer is the nation's most common malignancy, striking 177,000 Americans a year. Small cell lung cancer is the least common kind, striking about 30,000 Americans a year, but virtually all of them die from it.
Kansas, Arizona file suits against tobacco firms
Kansas and Arizona filed lawsuits yesterday against major tobacco companies to recover Medicaid costs for smoking-related illnesses, joining a growing list of states and cities taking on Big Tobacco in court.
Kansas Attorney General Carla Stovall told a news conference her state's lawsuit is the broadest filed to date. In addition to trying to recover Medicaid costs, she would seek to require companies to stop marketing products to children, to disclose ,, their knowledge of nicotine addiction, to publish corrective advertising and to finance a public education campaign on smoking.
Arizona Attorney General Grant Woods said his state is seeking more than $300 million in damages related to Medicaid costs his state has incurred in providing health care to indigent residents with alleged tobacco-related illnesses.
Justice Department investigating W.R. Grace
W.R. Grace & Co. is under Justice Department investigation in connection with Medicare fraud allegations made in a sealed $600 million lawsuit filed by a company whistleblower, the department said yesterday.
Grace, a Boca Raton, Fla.-based chemical and health care company, disclosed in a regulatory filing that the suit by a current or former employee alleged fraudulent Medicare billings for kidney-dialysis treatment. Justice Department spokesman Joseph Krovisky said investigators are looking into the allegations to determine whether the federal government will join the suit as a plaintiff.
The suit, filed in 1994, was amended last month and partially unsealed by a federal court in Florida so Grace could disclose the allegations. The plaintiff was not named.
Carver Federal's board backs independence
Carver Federal Savings Bank said yesterday that its board has resolved to keep it an independent bank, spurning a former Wall Street banker's offer to buy a controlling stake in the largest U.S. black-run financial institution.
In late July, an investor group led by former Bear Stearns Cos. managing director Joseph Curry offered to buy 35 percent of the Harlem-based thrift's 2.3 million shares for $9.20 a share.
At the time, Thomas Clark, chief executive and president of the community bank, said his company's board would review Curry's offer. Clark said he was skeptical of the offer, which was sent to the company in a letter July 26. Clark had also defended his management of Carver Federal, and predicted a restructuring will pull the savings and loan out of years of poor returns.
Teamsters ordered to give local back to officers
A federal judge yesterday ordered the Teamsters to return control of a Philadelphia local to its elected officers, saying the union acted hastily in placing it in emergency trusteeship because of alleged corruption and financial mismanagement.
The preliminary injunction issued by U.S. District Judge Harvey Bartle III was a serious blow to general president Ron Carey, who has placed 65 locals in trusteeship since his election in 1991 on a pledge to reform the union.
But it was hailed as a "vindication" of Local 107 officers and all other supporters of James P. Hoffa, who is running a fierce campaign against Carey that will culminate in a November general election.
Kiwi says it has clearance for all flights
Nearly two months after federal regulators grounded four of its jets in a dispute over pilot training and record-keeping, Kiwi International Air Lines said yesterday that it has permission to fly all 15 of its aircraft.
The airline said it will fly only 12 planes through early October while it performs routine heavy maintenance on the others and adds equipment to make the engines quieter.
The groundings happened after a June 21 inspection by the Federal Aviation Administration questioned whether 32 of Kiwi's 277 pilots had received proper recertification. Aircraft safety was not at issue. The airline maintained that only its record-keeping procedures were deficient.
Cox trading 6 papers to Thomson for 2 papers
Thomson Corp. and Cox Enterprises Inc. said yesterday they are swapping six Cox daily newspapers in Arizona for two Thomson dailies in North Carolina and an undisclosed amount of cash.
The newspapers going to Thomson are the Yuma Daily Sun and the suburban Phoenix Tribune Newspapers that serve Mesa, Tempe, Chandler, Gilbert and Scottsdale. They have a combined circulation of more than 100,000.
The North Carolina newspapers being acquired by Cox are the Rocky Mount Telegram and the Daily Advance in Elizabeth City, which have a combined circulation of about 28,000.
Pub Date: 8/21/96