Winnipeg Free Press

Winnipeg Free Press (Newspaper) - August 10, 2006, Winnipeg, Manitoba Winnipeg a premiere investment thursday August 10, 2006 company up tax Dow Nash a Dollar business 12,008.15 11,076.18 2,060.28 89.26 ? . . . re frus Rudh Qaq Fth dog Thuy Luhv Foo Xiv do re Al vow Rhu Zhe Vlah Zzz mrs ads Lido Fri editor Steve Pona 697-7292 i i b5 9.97 97.41 0.57 0.11u.s. Royal Bank Back in the Market purchases Flag financial by Duncan Mavin Toronto Royal Bank of Canada jumped Back into growth Mode in the United states yesterday with its Pur Chase of Atlanta based Flag financial corp. For $456 million us. The Deal is the first acquisition since 2003 by rfcs . Retail banking subsidiary North Carolina based rec Cen Tura. The Deal appears to Mark the end of a couple of years of stalemate at rec Centura which has suffered disappoint ing results since recording a loss in 2004. This acquisition supports rec Cen Turas Overall strategy of disciplined affordable add on investments to expand our distribution network said rec Cen Tura chief executive Scott Custer. The Deal also signals rec Centura is following the Lead of bigger players in the . Banking sector that Are target ing Branch network growth by gobbling up smaller regional Banks. Already this year . Giants capital one Bank up Morgan & co. And Wachovia corp. Have added hundreds of new branches through acquisitions. Toronto Dominion Bank through its to Bank North subsidiary in the . Northeast has also increased its Branch network significantly while Bank of Montreal a Chicago based Harris Bank is reported to be on the prowl for acquisitions too. Rfcs acquisition is not on the same scale As the expansion of some of the largest . Banks ? the Deal adds just 17 full service branches and five Mort Gage offices in Atlanta to the Bank a existing network of 30 branches in geor Gia. ? but it makes absolutely perfect sense for rfcs . Franchise said Kevin Reynolds an analyst at Stanford financial group who covers Flag Finan Cial. By acquiring a Small number of branches in a Strong Atlanta banking Market rec is dipping its toe in the water and finding a Quality franchise that seems to fit with its Way of doing business he said. The Deal Means rec Centura increases its Deposit balance by approximately $1.35 billion or 12 per cent and its Loans will grow by $1.25 billion or 10 per cent. Rec Centura also gets 370 new employees and customer relationships with about 22,000 households As Well As a larger presence in the Region. This transaction can be viewed As a Bolt on to Centura a Market position in Georgia said Desjardins securities analyst Michael Goldberg in a note. Most importantly it gives Centura a stronger footprint to further grow in some observers believe the . Bank ing Industry is Ripe for further Consoli Dation because smaller Banks Are facing a challenging environment. ? can West news service medicare buys rights to heart drug $19-million us Deal gives City firm first commercial product by Larry Kusch m pedicure inc., a Winnipeg drug development company yesterday announced it has bought the . Rights to the heart drug a Grastat from Mai pharma for $19 Mil lion us. The Deal gives medicare ? which has several promising heart drugs in the testing and development stage ? its first commercial product. Albert Friesen pedicures president and ceo described the acquisition of a Grastat As a near perfect fit for his company. I believe this is an important step in realizing pedicures vision of becoming a world class cardiovascular focused company with a Broad com Mercial and development pipeline he said in a conference Call announcing the Purchase. Also yesterday medicare announced its first partnership with big pharma to Market its promising Mc-1 heart drug which is currently receiving fast track approval from the . Government. The drug promises to significantly reduce the death rate in heart bypass patients. Merck & co. Inc. Has acquired the non North american right of first refusal on future product opportunities combining Mc-1 with a Grastat. Friesen said yesterday the acquisition of Aggra stat used to treat acute coronary syndrome gives medicare an immediate source of Revenue. Total . Sales for the drug amounted to $10.9 million last year in a Market of More than $450 million us for like drugs. In addition to paying $19 million us for the . Sales rights medicare also bought existing inventory and will make Royalty payments to Merck the drugs Developer. Medicare believes it got a Good Deal in paying less than twice the annual sales rate for the Aggra George Douklias / Winnipeg free press stats . Rights. It said the drugs Market Poten tial is largely untapped. Albert Friesen describes acquisition As a near perfect fit for his firm which has several heart drugs in the testing and development stage. it is a product with a considerable sales growth potential Given its Lack of sustained sales support to finance the a Grastat Purchase medicare Merck sold the . Rights to a Grastat in 2003 Tat has opened additional partnering opportune Over the past several years and it allows us to said it has borrowed $15.8 million us repayable to Guilford pharmaceuticals inc., which was later ties and in fact they enhance our existing part commercially leverage the excellent relationships Over 42 months from a group of lenders led by acquired by .-based Mai pharma. Nering discussions surrounding Mc-1,? Friesen we have already established and Are building with Merrill Lynch capital and including Oxford Friesen said the agreement giving Merck the said. The leading acute cardiovascular centres in the finance group and Silicon Valley Bank. Right of first refusal outside North America to medicare tax Mph shares closed at $1.72, a . Through our Mc-1 clinical development a Grastat came onto the . Market in 1998 Market a combined Mc-1 and a Grastat product gain of four cents yesterday on the Toronto Stock Friesen said. And is currently available around the world. Leaves medicare with the Freedom to forge other Exchange. Medicare said yesterday it has hired a Leader Merck continues to sell the drug outside the partnerships to sell Mc-1 on its own or in combi ship team to manage a sales staff which should be United states including in Canada and Europe nation with other drugs. in place by october. Where sales hit $88 million us last year. I also believe that the acquisition of Aggras Winnipeg a taxi Fleet shrinking the fuel efficient car. Hybrid vehicles have been added bring firms choosing smaller Jerry Kozubal Secretary of the taxi ing the total to 52. Cab Board said that when the Board hybrid cars which run on a Combina More fuel efficient cars measured the civics trunk and made Tion of gasoline and electric Power use allowances for other useable space it As Little As one third the fuel of a Large determined that the cars usable storage eight Cylinder car. By Larry Kusch space was More like 13 cubic feet. There Are now 50 hybrid Toyota Prius the Board then decided to measure is used As City taxis compared with 40 the Manitoba taxicab Board will the usable trunk space in All other makes on july 29, and two hybrid Ford escapes decide aug. 23 whether to approve the of cars in the taxi Fleet before making a compared with one at the end of last hybrid version of the Honda civic Sedan decision on the Honda. Month. For use in Winnipeg Scab Fleet. That information was not available for cab owners have also replaced Trade Honda lists the civics trunk size at 10 yesterdays taxicab Board meeting tonal Gas guzzling eight Cylinder Lehi cubic feet Well shy of the taxicab Board Kozubal said. But it will be for the next cles with a variety of other smaller More Standard of 15 cubic feet. The cars Bat scheduled meeting on aug. 23. Fuel efficient vehicles in recent months Tery pack takes up a lot of space that meanwhile Kozubal said the number Kozubal said. Would normally be devoted to trunk of hybrid cars and other fuel efficient it seems like every Day were getting cargo. Vehicles is growing daily within the a couple of vehicles coming in taking a Joe Bryksa / Winnipeg free press archives uni City taxi has asked the Board to City a 409-car taxi Fleet. Larger car off the Road. And basically change trunk size rules to accommodate in the past 12 Days about a dozen putting on a smaller car he said. Uni City taxi Hopes to add Honda civic hybrids to its Fleet of vehicles ;