Early Briefing: ICx Goes Public
Here's some of the local business stories in Thursday's paper:
*ICx Technologies of Arlington priced its intial public offering of 5 million shares at $16 a share. Shares are expected to start trading today on the Nasdaq under the symbol "ICXT." The developer of technology solutions for homeland security and defense filed paperwork with the SEC on an IPO on Aug. 3. See Reuters story.
*Manor Care plans to restructure after Carlyle Group completes its $6.3 billion takeover of the nation's largest nursing-home chain, which critics say could obscure ownership and make it more difficult to regulate care. See story.
*The reputation Natwar M. Gandhi has built as the District government's chief financial officer, helping steer the city to stellar bond ratings and revenue surpluses, is threatened after two employees in the Office of Tax and Revenue were charged with stealing more than $16 million in public funds. See story
*After seven years of decline that left it teetering on collapse, Greater Southeast Community Hospital was sold to a private company, Specialty Hospitals of America. See story
*AOL is paying $340 million to acquire Quigo of New York, its fourth online advertising company this year. See story
* Dwight C. Schar, chairman of Reston home builder NVR, has agreed to forgo his annual salary and bonus for 2008, the second straight year he has given up the compensation. At the same time, Schar has recently begun to buy up shares in the company. Between Monday and yesterday, Schar acquired 117,508 shares of stock, worth nearly $52 million, according to a regulatory filing.
*MiddleBrook Pharmaceuticals said it had reached an agreement to raise as much as $10 million from investment fund Deerfield Management, one of the Germantown company's largest shareholders. MiddleBrook, formerly known as Advancis Pharmaceuticals, is developing a once-a-day form of amoxicillin and has applied for FDA approval. See press release.
*Sprint Nextel plans to reduce fees next year for customers who leave before completing their contracts. Instead of charging customers $200 when they break service agreements, the company will reduce the fee each month the subscriber is under contract, the Reston company said. See press release.
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