Another day, another mixed bag of business news
Business news dominates your Innovation Trail morning roundup. Let's get to it.
Buffalo: Small business and investor matchmaking
Today at the Albright Knox Art Gallery, small businesses will give pitches to a group of angel investors at the Bright Forum. Fifteen businesses from the Great Lakes area will deliver short presentations, while a dozen will be allowed to expound for a longer period. Will a love/business connection happen?
Reporter Daniel Robison will be attending the event and will have more later this week.
Buffalo: Local defense contractor snaps up multi-million dollar contract
The Astronics Corp., a West Seneca-based business, has been awarded a contract to build the Air Force's Versatile Depot Automatic Test Station program. Depending on orders from the Department of Defense, the contract could be worth $5 million-$20 million. The actual building of the stations will occur in Florida. The first orders are expected to be completed within two months.
Buffalo: Manufacturer of anti-radiation drug sees stock price plummet
The stock price of Cleveland Biolabs (based in Buffalo) has dropped 30 percent from its high this spring. The pharmaceutical company was a favorite of investors in the aftermath of the Japan earthquake and subsequent nuclear scare. Their drug CBLB 502 is designed to protect against radiation poisoning. Japan officials contacted Cleveland Biolabs about the possibility of using the drug, if needed. Remember, CBLB 502 has not been approved by the Food and Drug Administration.
There may be other trouble. According to David Robinson of the Buffalo News:
The shares took a beating over the last two weeks, as the company disclosed that a federal agency, which has been a significant funding source for Cleveland BioLabs, requested additional clarification of the path the company is taking to gain approval of its anti-radiation sickness drug from the U. S. Food and Drug Administration.
The request comes from the Department of Health and Human Services' Biomedical Advanced Research and Development Authority (BARDA). Cleveland Biolabs has accepted millions in government grants from the HHS and Department of Defense. Company officials say the clarification notice might prolong the FDA approval process but in no way jeopardizes its long term goals.
Rochester: More than 150 jobs coming to area
LiDestri Foods is expanding its sauce making operations near Rochester - at the expense of jobs in New Jersey. According to the Rochester Democrat and Chronicle:
The Fairport-based company, which has manufacturing facilities in Fairport and at Eastman Business Park in Greece, is consolidating its East Coast sauce-making business to cut costs, which have been driven up by rising diesel fuel prices.
The Jersey employees have been offered first dibs at positions near Rochester, but few are biting. The family-owned company already employs 400 in western New York making Francesco Rinaldi spaghetti sauce and other private-label sauces.
Have a great day, Innovation Trail hikers.