Please ensure Javascript is enabled for purposes of website accessibility

Cancer, life sciences projects win $3.3M in grants

Four state universities and the Eastern Virginia Medical School will receive $3.3 million in grant funding for medical research and bioscience collaborations, Gov. Ralph Northam announced Monday.

Awards from the 10th round of funding from nonprofit Virginia Catalyst, formerly known as Virginia Biosciences Health Research Corp., range from $400,000 to $800,000, going to six projects run by researchers at George Mason University, the University of Virginia, Virginia Commonwealth University, Virginia Tech and EVMS.

Study subjects include commercializing a new treatment for metastatic cancers; treating lung and brain cancers; developing biofungicides that protect crops; designing a nonsurgical eardrum repair method; and other medical innovations. Two universities collaborate on each project, and the grants are meant to be matched by outside investors.

“This grant program requires ‘skin in the game,’ because award recipients must find industry partners willing to invest matching funds for their projects,” Mike Grisham, Virginia Catalyst’s CEO, said in a statement. “This brings investment capital here to finance commercialization of Virginia’s innovations.”

The funding, the governor’s office says, will contribute to innovations that can improve people’s health, create jobs and create funding streams for Virginia universities, as well as strengthen the state’s competitive advantage in life sciences research.

In its 10 rounds of funding during the past six years, Virginia Catalyst has awarded 43 grants totaling $20 million, resulting in more than $34 million in matching funds and an additional $163 million in follow-on funding. The General Assembly, along with U.Va., VCU, Virginia Tech, EVMS, GMU, Old Dominion University and William & Mary, funds Virginia Catalyst.

“Virginia Catalyst is driving this progress, strengthening scientific collaboration and enabling the Commonwealth to compete on a national scale,” Northam said in a statement. “Virginia has deployed $70 million in grants that leveraged another $650 million in follow-on funding to accelerate science and technology-based research, development and commercialization.”

United Bank set to merge with CresCom bank in $1B deal

United Bankshares Inc., the parent company of United Bank, which has 60 banking locations in Virginia, has entered into a $1.1 billion merger agreement with Carolina Financial Corp. and its CresCom bank, the companies announced Monday.

United Bankshares and United Bank would be the surviving entities of the merger, which would create one of the country’s top 35 largest banks, with approximately $25 billion in assets. The deal is expected to close in the second quarter of 2020 and is subject to approval of both companies’ stockholders and customary regulatory approval, according to the banks’ press release.

United Bankshares has $19.8 billion in assets and 138 full service banking locations, of which more than 60 are located in Virginia, primarily in Northern Virginia and the Shenandoah region. Following the merger, the combined company will have more than 200 locations split between the Southeast and mid-Atlantic regions.

Carolina Financial is headquartered in Charleston, South Carolina, and has assets of approximately $3.98 billion. This investment company is parent to CresCom Bank, which has 62 locations between the Carolinas.

United has headquarters in Charleston, West Virginia and Washington, D.C., and has other locations in Virginia, Maryland, Ohio and Pennsylvania.

As a result of the merger, United will acquire 100% of outstanding Carolina Financial Shares in exchange for common shares of United. The exchange ratio will be fixed at 1.13 of United’s shares for each share of Carolina Financial.

Shenandoah University installs largest rooftop solar array among Va. universities

With 1,337 solar panels spread across three buildings, Shenandoah University in Winchester now has the largest rooftop solar power system among the state's colleges and universities, the university announced Friday.

“We are proud to highlight Shenandoah University’s belief in and dedication to environmental stewardship,” Shenandoah University President Tracy Fitzsimmons said in a statement. “With this installation, Shenandoah demonstrates not only the power of solar energy but also the power of people working together to create a better tomorrow.”

Shenandoah's solar panels have the capacity to generate 500 kilowatts of electricity, or 675,000 kilowatt hours per year. The panels are installed on the Alson H. Smith Jr. Library, the Ohrstrom-Bryant Theatre and the James R. Wilkins Jr. Athletics and Events Center.

The university estimates the solar panels will net $1.5 million in electricity savings per year during the next 35 years. 

It's funded in part by Virginia's first solar crowdfunding campaign, which is being led by Staunton-based Secure Futures LLC. 

“On-campus solar energy at Shenandoah University is being funded in part through Virginia’s first solar crowdfunding campaign,” said Tony Smith, CEO of Secure Futures. “Through this innovative program, members of the community are able to invest in the development of solar projects at five different nonprofit institutions around Virginia, starting with Shenandoah University.”

SCHEV: State needs to spend more to become ‘best-educated’ state

In 2014, Virginia set a goal to be the best-educated state by 2030, which requires that 70% of its working-age population will need a workforce credential or degree. A report released Friday by the State Council of Higher Education for Virginia says the state will need to spend $400 million more annually to achieve that goal. 

According to 2017 demographics, 53.9% of Virginians between the ages of 25 and 64 have a postsecondary school certification or degree, and numbers vary widely among race, income and region. In some areas of the state, more than 80% of the work-aged population have degrees, so many of the gains in the next decade must come from underrepresented regions and from low-income and minority populations.

Statewide, 68.4% of Asians and Pacific Islanders, 52.2% of whites, 34.4% of blacks and 33.1% of Hispanics have a postsecondary certificate or degree, according to “Strategic Finance Plan for Virginia,” prepared by Lumina Foundation’s Strategy Labs for SCHEV.

Virginia’s cost per degree year, at $19,400 (based on a 10-year average from 2006-2015), is lower than the national average of $23,350 — showing that the state’s students get a good return on investment. However, to close significant gaps in access and success, SCHEV estimates the state must allot $400 million more in additional annual expenditures to reach its 70% goal by 2030.

The report suggests that Virginia can align existing funding with completion priorities, increase college affordability and provide support to target populations, including Virginians older than traditional college age. After 2025, the number of 18- to 24-year-olds will decline, so the state’s colleges and universities will have to market themselves to older students, a relatively untapped opportunity according to the report.

The report acknowledges the importance of private institutions in Virginia, which granted more than 17,000 bachelor’s degrees, nearly 1,300 associate degrees and nearly 400 certificates in the 2017-18 school year, but focused on operations at state-funded colleges and universities.

Ferrum sets out path for transfer students with associate degrees

Ferrum College is making a pledge to transfer students who have graduated from Virginia community colleges.

Starting next fall, students with appropriate associate degrees will be able to finish their bachelor’s degrees within two years or they’ll pay no tuition for their remaining coursework. 

“Today, nearly forty percent of students who graduate from a Virginia community college need three or more additional years to finish a bachelor's degree because their new college will not accept many of their credits. This is not what they expected — it's frustrating, time-consuming, and expensive,” Ferrum College President David Johns said in a statement outlining the policy the college is calling the “Ferrum Promise.”

The college in Franklin County already guarantees admission from all community colleges in Virginia. The new policy applies to students who are enrolled full-time, enter with an appropriate associate’s degree from a Virginia community college and meet certain academic requirements.

The arrangement applies to many majors offered by the college, including agriculture, business, criminal justice, ecotourism,  environmental science, recreation leadership, social work and teacher education.

Virginia trade delegation visiting Israel and United Arab Emirates

Gov. Ralph Northam is leading a six-day international trade and marketing mission to Israel and the United Arab Emirates.

The goal of such trips is to promote Virginia’s advantages as a business location and tourist destination while developing markets for agricultural exports.

Northam was scheduled to leave Friday night for Tel Aviv with Secretary of Commerce and Trade Brian Ball and Secretary of Agriculture and Forestry Bettina Ring. Also on the trip are representatives from the Virginia Economic Development Partnership, the Virginia Department of Agriculture and Consumer Services, Virginia Tourism Corp. and the Virginia Israel Advisory Board.

In addition to Tel Aviv, the group will visit Jerusalem in Israel and Dubai in the United Arab Emirates.

“We live in a competitive global economy and it is important that we share the Virginia story with businesses and trade partners around the world who are interested in buying our goods and services,” Northam said in a statement released Friday. “International trade and marketing missions are critical tools to recruit new investment to the commonwealth and maintain the relationships that will lead to new jobs, more exports by Virginia companies and shared economic growth.”

The Virginia delegation is expected to participate in nearly 30 meetings. Northam will host a Virginia reception in Tel Aviv, speak at a Dubai Chamber of Commerce luncheon and meet with U.S. embassy officials in both countries.

The trip follows Wednesday’s unveiling of the commonwealth’s strategic plan for international trade. The plan’s goal is to increase Virginia exports 50% within the next 15 years.

I-395 Express Lanes to open Sunday in NoVa

Newly completed Interstate 395 Express Lanes will open Sunday in Northern Virginia.

The $475 million project creates eight miles of toll lanes on I-395, part of the highly congested traffic corridor between Fairfax County and Washington, D.C.

Developers expect the lanes to save drivers an estimated 30 minutes during morning rush hour.

The I-395 project is the result of a public-private partnership between the Virginia Department of Transportation (VDOT) and Transurban, the current operators of the 95 and 495 Express Lanes.

The I-395 project, which began construction in August 2017, was completed on time and on budget, according to the governor’s office.

Construction was led by Connecticut-based Lane Construction.

IQOS shop opening in Richmond

In a minimalist-chic storefront in Richmond's Carytown shopping district, Henrico-based Altria Group and Philip Morris USA are launching their second U.S. market — and the first in Virginia — for the IQOS heated-tobacco device on Saturday.

With its light wood-and-glass displays of multicolored holders and other accessories, the IQOS (pronounced eye-kōs) boutique at 3402 W. Cary St. resembles a cell phone shop or perhaps an Apple Store. It conveys a sense of respectability, avoiding the neon lights, funky logos and dark walls common among the vape shops that have popped up across the state in recent years. 

That’s by design, as Altria Group and its Philip Morris USA subsidiary are marketing the product to current smokers over the age of 21 — not to teens or to nonsmokers of any age, company officials emphasized Friday during a media preview for the Richmond IQOS store. Customers will be carded at the door to make sure they’re 21 and salespeople will ask if they’re current smokers.

The system, which retails for $80, includes an IQOS holder, the electronic device that heats a cigarette-like tobacco stick called a “HeatStick,” a charging device and plug, and 10 packets containing 20 HeatSticks each. Packaged in Marlboro-branded packs, HeatSticks come in two flavors: regular tobacco and smooth menthol, soon to be joined by fresh menthol.

“That’s what the FDA has authorized,” said David Sutton, director of media affairs at Altria Group. “It’s not an e-vapor or e-cigarette product.”

In other words, the heated-tobacco product will not feature any of the fruit or candy flavors that have been blamed for luring underage vapers, particularly products sold by the San Francisco-based Juul Labs Inc., in which Altria holds a 35% stake.

IQOS, by contrast, is “not significantly appealing to youth or to nonsmokers,” according to a statement from Philip Morris International Inc., which sells the product in more than 50 markets worldwide. Through an agreement with PMI, Altria has exclusive commercial rights to the IQOS system in the United States, and PM USA is responsible for marketing and sales here.

More than 8.8 million adult smokers in overseas markets have fully switched to IQOS, said Corey Henry, director of United States communications for PMI. It was a two-year process to bring the product to the U.S. market this year, including a large chunk (which Henry declined to specify) of the companies’ $6 billion budget dedicated to research and development of non-cigarette products.

In October, Altria and Philip Morris USA launched its first IQOS store in Atlanta. Richmond is the second U.S. market.

In its approval, the Food and Drug Administration said that IQOS produces “fewer or lower levels of some toxins than combustible cigarettes,” although the companies are prohibited from making any health claims yet about the device’s impact compared with that of cigarettes. The FDA is still considering an application submitted for IQOS in December 2016, a year before its sales application was submitted, Sutton said.

Boxes of HeatSticks will cost about $5.75 each in Richmond, roughly the same as a pack of cigarettes. HeatSticks “closely mimic the cigarette-smoking experience,” with a blend of three types of tobacco, Sutton said. Although the boutique will be the only location locally where customers can buy the device, soon there will be 170 retail locations — such as 7-Eleven, Wawa and Sheetz — where customers can buy packs of the HeatSticks.

Specific retail locations are still under discussion, Sutton said, as the company wants to hear Richmond-area customers’ preferences, but over the past couple of months in Atlanta, he noted, “We’ve had a lot of adult smoker interest.”

Emory & Henry receives $5 million gift

Emory & Henry College has received a gift of $5 million from a Dutch businessman.

The donation by the van Vlissingen Student Foundation will be used to create the van Vlissingen Center for Career and Professional Development at the private liberal arts college in Southwest Virginia.

College said the center will work closely with its academic departments in helping its 1,300 students prepare for careers.

The van Vlissingens founded one of the world's largest private trading groups, SHV, in Utrecht in 1896.

One member of the family, John van Vlissingen, is the founder and chairman of the board of BCD Group. He received an honorary degree from Emory & Henry in May.

“Mr. van Vlissingen has great empathy for students who thirst for the guidance and skills that will lead them to the working world. His support to build and staff this professional development center will leave a legacy to the college and the region,” Emory & Henry President John W. Wells said in a statement.

Utrecht-based BCD is the third-largest business travel company in the world. Employing more than 14,500 people, the company operates in 109 countries and has annual sales of more than $27 billion.

Business Travel News, a trade publication, last year named van Vlissingen one of the 25 Most Influential People in World Business Travel.

For the past 35 years, van Vlissingen has been a major investor in U.S. real estate, including Roanoke's Valley View Mall.

Emory & Henry said the career and professional development center is only one of many initiatives on its drawing board.

The college said a business school and entrepreneurial incubator will open by fall 2020.

Shareholders approve $1.13 billion Gatehouse Media-Gannett merger

New York-based New Media Investment Group, the parent company of Gatehouse Media, expects to complete its $1.13 billion acquisition of McLean-based Gannett Co. Inc. next week, following Thursday’s approval of the deal by shareholders.

The Nov. 19 merger of Gannett and Gatehouse will create the nation’s largest publisher, with more than 260 dailies, including USA Today, and hundreds of weeklies. The daily papers have a total circulation of 8.7 million.

The combined company will be called Gannett. The merger is expected to result in $275 million to $300 million in reduced annual costs.

Under the terms of the merger agreement, Gannett shareholders will receive $6.25 in cash and 0.5427 shares of New Media stock for every share they own.

In Virginia, Gatehouse owns Virginia Lawyers Weekly in Richmond and The Progress Index, a daily newspaper in Petersburg.

In addition to USA Today, which is based in McLean, Gannett owns The News Leader, a daily paper in Staunton.