Nastech Pharmaceutical Co. withdrew a secondary public offering of its stock just days after announcing plans to sell 1.5 million shares. In a written statement issued Friday, Nastech’s chairman, Steven Quay, said the Bothell company’s fundraising requirements were not met by “current market conditions” He added Nastech is strong financially, with about $52 million in cash and investments as of June 30.
WorldCom figure gets prison time
An accounting executive who made some fraudulent entries in the books at WorldCom was sentenced Friday to five months in prison and five months of house arrest. Betty Vinson, 49, who said she was pressured by superiors to make the false entries, had hoped to avoid prison time because she cooperated with the government in its prosecution of ex-CEO Bernard Ebbers. She was among the lowest-ranking members of the conspiracy that led to the $11 billion fraud that sank the telecommunications company in 2002. It emerged from bankruptcy as MCI Inc.
Amazon.com eyes music downloads
Amazon.com is exploring a possible entry into the music and video download business, music industry executives said Friday. The Seattle-based company, which pioneered the sale of books, CDs and other products over the Internet, has been in talks with major record labels about licensing and pricing issues for the service, said executives at three labels involved in the discussions.
Verizon cell quality ranks best in West
Verizon Wireless ranks first for its call quality among cell phone users in the West, according to J.D. Power and Associates’ newest study. Additionally, Verizon Wireless ranked highest or shared highest honors in more regions than any other U.S. wireless provider in this year’s study. The J.D. Power study judged seven aspects of wireless phone call quality.
Everett port work prompts closures
Work to add an additional 4.5 acres to the Port of Everett’s wetland project on Union Slough will mean a closure of the area through early November. The 19-acre site will be expanded to create additional wetlands to replace some affected by the port’s new marina project. Port officials also say Edgewater beach near Mukilteo will be closed Aug. 10 and 11 for a construction kickoff event for a new barge pier to serve the Boeing Co.
From Herald staff and news services
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