Nastech Pharmaceutical Co. of Bothell said higher research and development costs widened the biotechnology firm’s third-quarter loss to $16.5 million, or 66 cents a share, compared to $7.8 million in the prior-year quarter. Nastech’s revenue fell by 66 percent, to $1.9 million, with last year’s period buoyed by higher payments from pharmaceutical partners and more revenue from government contracts.
Stock buyback OK’d by Boeing
The Boeing Co. said Monday its board of directors authorized the repurchase of up to $7 billion in common stock, stepping up a program that has seen the aerospace company buy back about $8 billion of its shares since resuming repurchases in 2004. The new plan follows a $3 billion buyback approved by the board in August 2006. The company also declared a regular quarterly dividend of 35 cents a share, payable Dec. 7 to shareholders of record as of Nov. 9. Boeing’s stock jumped 97 cents to close Monday at $96.99.
Bothell biotech secures patent
MediQuest Therapeutics Inc. has received a European patent for a nontoxic treatment that can lighten skin. The Bothell company, which is developing topical treatments for inflammatory and infectious diseases, said its technology regulates an enzyme that produces skin pigment. While some people around the globe lighten their skin for cosmetic reasons, those affected by blemishes such as age spots also could benefit, the company said.
UW to study Premera program
Premera Blue Cross’ health care quality improvement programs will be the focus of an independent academic study to evaluate the impact of quality programs on the health care delivered by Washington physicians and clinics. The study by University of Washington researchers will examine the relationship between quality and cost impacts of quality incentives. Mountlake Terrace-based Premera has focused with doctors and health care facilities over the past six years on care quality.
Lynnwood bank has record profits
Lynnwood-based Washington BanCorp, the holding company for The Bank of Washington, reported record earnings Monday for the nine-month period ending Sept. 30. The company earned $1.6 million, or 68 cents per share, during the first nine months of 2007, it reported in a news release. CEO Gary Schmitt said loan demand and geographic expansion were responsible for the company’s 33-percent earnings growth during the period. The company plans a new office in Everett early in 2008.
Bothell wins downtown grant
Bothell will receive $25 million from Washington’s Community Economic Revitalization Board for revitalization of its downtown area. The city is planning nearly $70 million in public improvements by 2012 and is expecting $668 million in private development during the period. The state money would amount to $1 million a year for 25 years, Gov. Chris Gregoire announced Monday.
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