FGX International lists Siano as new director of marketing
SMITHFIELD, R.I. Eyewear designer and seller FGX International today named its new marketing director, that Salvatore Siano. Siano previously was serving as brand manager of Foster Grant, the company said.
Siano will head marketing business to support Foster Grant Sun and reading glasses and also will manage the Magnivision business.
Siano told media representatives that working for Foster Grant has been both exciting and challenging and he is embracing his new role as an opportunity to develop Foster Grant and Magnivision into stronger brands.
Before his position at FGX International, Siano served as senior brand manager for six years at The Holmes Group.
Arca, Nuvelo biotechs announce merger
BROOMFIELD, Colo. A private biotech company is merging with a publicly traded California biotech, the two companies announced Thursday.
Arca Biopharma will maintain its headquarters in Broomfield, Colo., after its merger with San Carlos, Calif.-based Nuvelo. The merger will be completed next year. Arca?s owners could receive up to 67 percent of Nuvelo’s stock, while Nuvelo would receive 33 percent of
Arca’s application with the Food and Drug Administration for approval of the drug Gencaro was accepted for review Tuesday. The drug treats heart failure.
InSight fights bankruptcy, reports losses for fiscal 2008
LAKE FOREST, Calif. After emerging from bankruptcy, diagnostic imaging company InSight Health Services Holding adopted fresh-start reporting in accordance with the American Institute of Certified Public Accountants’ statement of position 90-7, but its revenues have still decreased in the fiscal year ended June 30, the company announced Thursday.
InSight said its revenues had decreased from $287 million in the year ended June 30, 2007 to $265 million for the year ended June 30 of this year. For the quarter ended June 30, revenues decreased to $64.8 million, from last year’s $71.2 million.
Net cash provided by operating activities was about $3.6 million for the year ended June 30 and resulted primarily from net income and changes in certain assets and liabilities, partially offset by non-cash income and cash used for reorganization. Non-cash income includes reorganization items, partially offset by non-cash charges of impairment of goodwill and other intangible assets, depreciation and amortization and amortization of bond discount.
As of June 30, InSight had about $29.1 million in cash, cash equivalents and restricted cash, and approximately $22 million of availability under its revolving credit facility, based on its borrowing base.