Maryland : Investing
MiddleBrook raises $21 million
Quickly cashing in on its approval to market a timed-release antibiotic, MiddleBrook Pharmaceuticals announced yesterday that it had raised $21 million in a private stock placement. The announcement comes just one day after MiddleBrook said it had received approval from the Food and Drug Administration to market Moxatag, a once-a-day version of amoxicillin. MiddleBrook had been running low on cash and seeking to sell the company.
M. William Salganik
Giant Food sales slip 0.3%
Dutch food company Royal Ahold NV said yesterday that fourth-quarter comparable store sales at its Giant Food grocery store chain in Landover decreased 0.3 percent because of lower pharmacy sales. Sales at the Ahold division that includes Giant and Stop & Shop in Massachusetts increased 2 percent to $3.9 million for the quarter ended Dec. 30, compared with $3.8 million the corresponding period a year ago. Giant has suffered sales losses over the past several quarters as it faces increased competition from other grocers.
Andrea K. Walker
Bay National loses $564,000
Bay National Bank Corp. reported a fourth-quarter loss of $564,000, or 26 cents per share, compared with a profit of $479,000, or 21 cents per share, in the year-earlier quarter, the bank said yesterday. Bank officials blamed the loss on a sharp increase in problem loans related to the housing market. The bank increased its provision for loan losses by $1.8 million during the quarter to cover potential losses.