Skip to content

Business news in brief

In the Region

Frontier to add flights from Trenton

Frontier Airlines announced Monday that it will add flights from Trenton-Mercer Airport to five additional cities - Atlanta, Chicago-Midway airport, Detroit, Columbus, Ohio, and Raleigh-Durham, N.C. - starting in April. Frontier plans to begin fights from the Mercer County airport later this month to the Florida cities of Fort Myers, Fort Lauderdale and Tampa, as well as New Orleans. The airline began flying to Orlando, Fla. in November. The Fort Myers and Tampa flights will begin Jan. 31, the New Orleans flight on Feb. 1, and the Fort Lauderdale route will begin Feb. 2. The introductory fares range from $69 to $79 each way. - Linda Loyd

Solar-powered military housing

True Green Capital Management L.L.C. and CIT Group Inc. announced the closing of $35 million of financing for a 12.3-megawatt solar rooftop system to provide power for the privatized housing community at Joint Military Base McGuire-Dix-Lakehurst in Burlington County. United Communities L.L.C., the owner of the 2,104-unit community, estimated that the 13.7 million kilowatt hours produced each year by the system will provide about 40 percent of the community's annual electricity needs. The project, which is expected to be completed in the second half of 2013, is being built by Trinity Solar L.L.C. of Wall, N.J. - Andrew Maykuth

Bankruptcy for Mandee stores

Big M Inc., owner of women's clothing chains Annie Sez and Mandee, filed for bankruptcy protection after Hurricane Sandy forced company stores in New Jersey and New York to close. The company was completing a yearlong turnaround when the storm hit, said Glenn R. Langberg, Big M's restructuring officer, in papers filed Sunday in U.S. Bankruptcy Court in Newark. Big M operates 129 stores in eight states, comprising 84 Mandee stores, 35 Annie Sez sites and 10 Afaze locations. The Totowa, N.J.-based company operates eight Mandee and three Annie Sez stores in the Philadelphia area. - Bloomberg News

ViroPharma rises on projected sales

Shares of ViroPharma Inc. rose 4.5 percent after the Exton drug company said it expects net product sales of $450 million to $475 million for 2013. ViroPharma, which has not released full-year 2012 financial results, said that it anticipates U.S. net sales from its Cinryze treatment, prescribed for the prevention of swelling in patients with hereditary angioedema, will be $321 million in 2012 and between $390 million and $400 million in 2013. ViroPharma closed at $24.82, up $1.06 cents. - Mike Armstrong

Met-Pro nabs $2.1 million order

Met-Pro Corp., of Harleysville, said its Environmental Air Solutions unit landed a $2.1 million order to supply a Bio-Reaction brand biological air pollution control system to an unidentified manufacturer of consumer and industrial building products. The publicly traded Met-Pro makes pollution control, fluid handling and filtration systems. - Inquirer staff

Nonprofits buy home-health firm

Two area Mennonite retirement communities teamed up to buy Liberty in Home Care, a privately held Devon company that provides home-health care and related services in Bucks, Chester, Delaware, and Montgomery Counties. The nonprofit buyers, Tel Hai, in Honey Brook Township, and Frederick Living, in Upper Frederick Township, formed a new nonprofit joint venture, FTH Services, to operate the home-care business. They did not disclose what they paid for Liberty, which was founded in 2003. Joe Swartz, Tel Hai's president and chief executive, said Liberty employs more than 100. - Harold Brubaker

Payments for Inovio's vaccine work

Inovio Pharmaceuticals Inc., of Blue Bell, said the Gates Foundation-funded PATH Malaria Vaccine Initiative would make another set of payments to continue research on the company's process of making vaccine that might eventually yield better results against a disease that kills more than 500,000 children under age 5 per year worldwide. Inovio chief executive officer J. Joseph Kim declined to specify the amount. - David Sell

Elsewhere

Lenders get more time on bank rules

Global central bank chiefs gave lenders four more years to meet international liquidity requirements and watered down the measures in a bid to stave off another credit crunch. Banks won the delay to fully meet the so-called liquidity coverage ratio, following a deal struck by regulatory chiefs meeting Sunday in Basel, Switzerland. They will be able to pick from a longer list of approved assets including equities and securitized mortgage debt as they seek to build up buffers of liquidity for use in a financial crisis. - Bloomberg News

U.S. health-care spending up 3.9 pct.

Americans kept health-care spending in check for three years in a row, the government reported, an unusual respite that could linger if the economy stays soft or fade like a mirage if job growth comes roaring back. The nation's health-care tab stood at $2.7 trillion in 2011, the latest year available, up 3.9 percent from 2010, said the Department of Health and Human Services. That averages out to $8,680 for every man, woman and child, far more than any other economically advanced country spends. The report noted that Medicare spending grew faster in 2011, but Medicaid spending slowed down. Spending on hospital care slowed. - AP

Citigroup names co-presidents

Citigroup's new CEO is continuing to put his imprint on the bank, naming co-presidents. CEO Michael Corbat tapped Jamie Forese and Manuel Medina-Mora for the roles. Forese will be responsible for all of Citi's institutional businesses, and Medina-Mora will continue to oversee global consumer banking and Citi's franchise in Mexico. - AP