Corporate Report

Corporate Report

CORPORATE REPORT by Sean Roth | Real Estate Editor

Sirion gets European license for eye treatment

Tampa-based Sirion Therapeutics, Inc., an eye-focused biopharmaceuticals company, reached an exclusive licensing agreement with Laboratoires Thea of France for the U.S. rights to develop and market a topical gel for the treatment of certain viral and superficial eye infections. Thea in Europe currently markets the product under the brand name of Virgan.

"Topical ganciclovir has been available in Europe for the treatment of ocular viral infections for over 10 years," Roger Vogel, Sirion's chief medical officer said in a press release. "This product has the potential to fill a significant unmet need in the current treatment options for viral eye infections."

Dr. C. Stephen Foster, founder and president of Massachusetts Eye Research and Surgery Institute, reported that if it is approved the gel would become the first topical ophthalmic anti-viral treatment launched in the U.S. in more than two decades. Further, Foster says the gel also has the potential to improve the treatment for herpes simplex keratitis, the leading cause of corneal blindness in the United States. Herpes simplex keratitis affects about 500,000 people in the United States.

Under the agreement, Sirion will have the rights to manufacture, sell and distribute ganciclovir gel throughout the U.S. and all U.S. territories and possessions. In addition, Sirion will have access to the trade name Virgan.

Sirion expects to file a New Drug Application for the gel with the U.S. Food and Drug Administration by the end of calendar year 2007

HMA converts equity into debt, issues $10 one-time dividend

Naples-based Health Management Associates, Inc. announced steps this week to recapitalize its balance sheet. The recapitalization is designed to reduce HMA's overall cost of capital. As part of its conversion, HMA will return about $2.4 billion to shareholders through a $10 per share one-time special cash dividend.

The special dividend will be payable on March 1, 2007 to shareholders of record on Feb. 27, 2007.

"We are capitalizing on current capital market conditions, which present attractive debt financing options for strong, well-managed companies," Joseph Vumbacco, CEO and vice chairman, said in a press release announcing the move. "We believe our plan represents a prudent and efficient use of our balance sheet capacity that will enable HMA to continue generating sustainable free cash flow to meet our capital needs and growth objectives."

The company's $3.25 billion in financing consists of a seven-year $2.75-billion term loan and a $500 million six-year revolving line of credit, which will be secured by a portion of the company's assets. HMA's $400 million in 6.125% senior notes and $588 million of convertible subordinated notes will remain outstanding; however, the 6.125% senior notes will be secured with the senior credit financing.

Banc of America Securities LLC is acting as financial advisor to HMA in this transaction, and the national bank has committed to provide the new senior secured credit financing.

Describing the plan, William J. Schoen, chairman of the board, said the shift will move the company away from equity and toward debt, because the debt capital markets currently are a more attractive source.

"We will reinforce and strengthen our ability to meet all existing commitments and known future opportunities to invest capital in our hospitals and communities," Schoen said in press release.

Under a settlement agreement, starting this monthly HMA will discount the gross billing charge to uninsured patients by 40% to 60%. HMA expects the change won't significantly affect the company's operating income because of the effect it will have on reducing bad debt expense.

HMA also will record a $14 million gain in the fourth quarter ($0.03 per diluted share) from insurance reimbursement related to property damages incurred at HMA's Biloxi Regional Medical Center as a result of Hurricane Katrina during the 2005 fiscal year ended Sept. 30, 2005.

Peach's hands out 25-store Missouri franchise

Bradenton-based Peach's Rise & Dine Restaurants awarded PRD of Missouri Inc. a development agreement for a minimum of 25 locations in Missouri.

St. Louis-based PRD of Missouri Inc. is led by Joseph D. Deavenport, who has 20 years of business management experience in the food and beverage industry. He served 14 years with Coca Cola Enterprises Inc., most recently as vice president and general manager of the company's Central States Division based in St. Louis.

The company franchising the breakfast-lunch restaurant also announced four new locations in Ohio, including two that will be developed by a new franchisee.

One of the new locations announced in Ohio is in the Arena District, a thriving business and entertainment district in downtown Columbus. The restaurant is scheduled to open in May at 277 W. Nationwide Blvd. It will be operated by Buckeye Peach's LLC, the Peach's Rise & Dine area developer for the state of Ohio. The location is directly across from the Nationwide Arena, home of professional hockey and arena football teams, and is across from the site of a planned minor league baseball park. Buckeye Peach's has secured a second location, also due to open this spring, in a suburban shopping center in Dublin, Ohio.

Sarasota Cay Club, Reds reach spring training deal

The Sarasota Cay Club Resort & Marina signed an agreement with the Cincinnati Reds to be the team's spring training host hotel and presenting sponsor for the next two years.

Sarasota Cay Club, at 7150 North Tamiami Trail, has accommodated Cincinnati Reds players during spring training for several years, but this is the first year the hotel has formalized a relationship with the team. Financial terms of the sponsorship were not disclosed.

Sarasota Cay Club is currently undergoing renovations to the property, including the creation of new executive suites with marina views.

The Cincinnati Reds organization entering its tenth year of spring training and exhibition games in Sarasota.

Reds pitchers and catchers are scheduled to report to Spring Training Feb. 17, with position players slated to report Feb. 21.

Primarily a waterfront real estate developer and property manager, Cay Clubs owns and operates resort properties throughout the Florida Keys, as well as in Orlando, Clearwater, Sarasota and Las Vegas.

IA Global avoids AMEX stock de-listing

Tampa-based IA Global Inc. reported that on Jan. 11, 2007, it received notice that the Listing Qualification Panel of the American Stock Exchange Committee on Securities had accepted the plan submitted by the company at the oral hearing held Oct. 3. IA Global was given an extension of its listing through the filing of its Dec. 31 Form 10-K March 31, 2007.

With the closing of the Australian Secured Financial Limited transaction Oct. 19, 2006, and the projected increased revenues in its Global Hotline business from its new 2006 and 2007 contracts, company officials believe it is in compliance with the AMEX continued listing standards.

IA Global Inc. is a public holding company focused on acquiring primarily Asian Pacific companies that operate in the telecommunication and finance markets. It owns 100% of Global Hotline Inc., which operates, call centers and is a reseller of telephone and broadband lines and medical insurance in Japan and 36% of Australian Secured Financial Limited, which issues debentures in Australia and provides short-term loans for business or investment.

Etc....

Blalock Walters promotes Perry

Stephen G. Perry, 29, has become the youngest principal in the history of Blalock Walters Held & Johnson PA. The Bradenton-based law firm was founded in 1924. Perry's legal practice currently focuses on the lending and real estate markets, with special emphasis in commercial transactions and commercial leasing. He currently represents Beall's Outlet Stores Inc., as well as both community and national banks. Perry received his undergraduate degree from Liberty University, summa cum laude, and his J.D. from Washington & Lee University at 23.

GravityFree releases new site

The Crow's Nest, a Venice seafood restaurant and marina, has revitalized its Website with a fresh look and new content. The site, www.crowsnest-venice.com was re-designed by GravityFree. The site has many new features including the ability to buy gift certificates, make restaurant or marina reservations, shop at the Ship Store, check the calendar for upcoming events, view the menus and wine lists, sign up for the newsletter, fill out a survey, ask a question of the wine steward or chef, apply for a job on-line, learn about the Venice area and contact the staff. The Crow's Nest was started in 1976.

New Verizon Wireless head

Pamela Tope has been appointed president of Verizon Wireless' Florida region. Tope will head a statewide team of about 2,500 employees, with responsibility for all aspects of the company's sales, operations and growth in Florida. She will be based out of the company's Temple Terrace headquarters.

Tope began her wireless communications career with Cincinnati Bell in 1985 as a project manager before joining Verizon Wireless in 1987 as manager-information systems in Cary, N.C. After serving in various positions with increasing responsibilities, she was promoted in 2000 to director-retail stores for the company's Carolinas/Tennessee Region.

Tope replaces Michael P. Lanman, who was recently promoted to vice president and chief marketing officer for Verizon Wireless.

Bonefish Grill seeks 'heart'

The Tampa-based restaurant chain Bonefish Grill is honoring ordinary women who have made extraordinary commitments to improving the world. Bonefish Grill's "Women with Heart," promotion, which kicks off in O, The Oprah Magazine's February 2007 issue, features the stories of four women who have dedicated themselves to charitable efforts throughout the world. In addition to showcasing these women, Bonefish Grill is offering readers a chance to nominate their own "woman of heart."

Participants can enter by submitting a short essay describing a woman they know who has demonstrated great concern for others through charitable initiatives at www.Omagazine.info/womenwithheart. The winning entry and her nominator will receive gift certificates to a day spa, and Bonefish Grill will make a $1,500 donation to a charity selected by the winner.

Entries are due by 12 p.m. (ET) on Feb. 16.