Corporate Report

Corporate Report

Dermazone Solutions gains

prescription-drug permit

Local pharmaceutical and nanotechnology company Dermazone Solutions obtained a Florida Department of Health permit to produce prescription drugs at its St. Petersburg facility.

The action allows Dermazone to conduct formulating, manufacturing and packaging services of prescription drugs.

Dermazone expects that in the next two years sales from its prescription-drug manufacturing will reach 60% of its revenues. The company says it has already been producing over-the-counter and cosmeceutical (cosmetics with medical properties) products to prescription-drug standards.

Dermazone Solutions, the parent company of dermaCM and Kara Vita, plans to focus on topical prescription products.

The company's specialized manufacturing facility is FDA-registered, and it offers a wide range of product services including formulating, private labeling, manufacturing, packaging and fulfillment for OTC pharmaceuticals and cosmeceuticals.

Progress Energy Florida

to cut jobs, restructure

St. Petersburg-based Progress Energy Florida plans to eliminate about 300 positions by the end of the year, nearly half of which are currently vacant.

The reductions are part of a restructuring of the utility's energy delivery organization, as well as its operations and staffing. The move was motivated by the continuing economic slowdown as energy usage by its customer base has been less than the company expected.

The reductions/layoffs will affect managers, supervisors, engineers and technicians among others. The company has eliminated 143 vacant positions and has identified 151 other positions that are currently filled that will also be eliminated before the end of the year. Most of the positions are directly involved in service growth and supporting new customers, which grew by only about 2,000 between June 2007 and June 2008.

"The difficult economy is taking a toll on companies all around the country and is particularly affecting our company in Florida," Progress Energy Florida CEO and president Jeff Lyash, said in a press release. "Laying off employees is never our first choice. But we have a responsibility to ensure that our staffing and resources match our changing business needs. We are committed to moving through this process in a way that is sensitive to the needs of the employees affected and that ensures we can maintain a high level of service to our customers."

The company is evaluating organizational structure and staffing levels in other functions and business units, including Progress Energy Carolinas, the Raleigh, N.C.-based utility.

The economic downturn in the Carolinas has been less pronounced than in Florida, and the company does not expect to need to undergo major organizational changes there.

The company will provide transitional support to employees whose jobs are eliminated. Some employees are expected to stay with the company in other roles.

Progress Energy Florida, a subsidiary of Progress Energy, provides electricity and related services to 1.7 million customers in the state.

Health Management Associates

finishes Little Rock hospital sale

Naples-based Health Management Associates Inc. has completed the sale of Southwest Regional Medical Center in Little Rock, Ark., to Baptist Health. HMA expects to use the proceeds from the sale of the 79-bed facility for "general corporate purposes" including debt repayment. HMA owns and operates 56 hospitals, with about 8,000 licensed beds, in the United States.