Nastech Pharmaceutical Co. lost $11.5 million, or 47 cents a share, during the first quarter, up sharply from a $7.8 million loss in the same period last year. The Bothell developer of nasally inhaled medication said the prior year’s result included a one-time $3.7 million payment from Merck &Co. But the company’s revenue also dropped from $6.7 million in 2006’s first quarter to $5 million in the latest period, and both research and development and administrative costs rose noticeably.
CombiMatrix stock to raise $5 million
CombiMatrix Corp. of Mukilteo will raise $5 million from the sale of its stock and warrants for future shares. CombiMatrix’s parent, Acacia Research Corp., said it will sell about 6.8 million shares for just under 74 cents each to a small group of investors, including Amit Kumar, CombiMatrix’s chief executive officer, and two company directors. Shares of the maker of biotechnology research tools rose 12 percent, or 7 cents, Monday to close at 64 cents.
Emirates orders four Airbus superjumbos
Emirates Airlines announced Monday it would buy four more of the world’s largest passenger planes from Airbus, after the European aircraft maker said it would compensate the Dubai state-owned carrier for a two-year delay in delivering 43 of the A380 superjumbo jets. At 47 planes, that makes Emirates Airbus’ largest outstanding order. To date, Airbus has sold a total of 160 A380s to 14 airlines. The president of Emirates also noted on Monday that his airline is looking at buying some of Airbus rival Boeing Co.’s forthcoming long-range planes, the 787 Dreamliner.
Alcoa launches Alcan takeover bid
Alcoa Inc., seeking to keep pace with growing Russian rival Rusal, launched a hostile $27 billion bid for Canadian aluminum rival Alcan Inc. on Monday, after failing in almost two years of private talks to reach a negotiated deal. Alcan’s U.S. shares rose 34.5 percent, well above the offered price, suggesting investors think the bidding could go higher. Alcoa shares gained 8.3 percent. Montreal-based Alcan said its board “will consider the proposal” and advised shareholders to await its recommendation.
Americans increase borrowing in March
Consumers boosted their borrowing in March at the fastest pace in four months, showing resilience in the face of rising energy prices and a painful housing slump. The Federal Reserve’s report, released Monday, showed consumer credit increased at a brisk annual rate of 6.7 percent in March.
Icahn seeks seat on Motorola board
For months, Carl Icahn has been trying to snag a seat on Motorola Inc.’s board. Shareholders cast their ballots at a Monday meeting, but it may be weeks before the billionaire financier finds out if his proxy battle was successful. Icahn recently amassed a 2.9 percent stake in Motorola.
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