Argolyn Bioscience announces $1.35 million grant

Argolyn Bioscience announced that it has been awarded a $1.35 million Phase II Small Business Innovation Research grant from the National Institutes of Health.

The award is aimed at continuing the preclinical development of Argolyn’s lead anti-psychosis drug candidate, ABS201. The award is granted through the National Institute for Mental Health.

ABS201 is the most advanced product candidate to emerge from Argolyn’s peptide drug development program.

If approved, ABS201 would be a first-in-class anti-psychotic therapeutic because it works by a different mechanism than currently available medications.

Argolyn Bioscience Inc. is a peptide product development company headquartered in North Charleston and is the exclusive worldwide licensee for a portfolio of patents and patent applications aimed at improving the pharmacology of peptide drug candidates.

SPA continues bid process for expansion

The South Carolina State Ports Authority held its final informational meeting with ocean carriers and terminal operating companies to detail two expansion projects—a three-berth, 280-acre container terminal in Charleston at the former Navy base and a 1,800-acre site on the Savannah River in Jasper County.

Companies have until Aug. 1 to respond in writing to detail the nature and level of their interest, including their concepts of operational structure, financial participation, the SPA’s role and the benefits to South Carolina. These confidential responses will be used to develop a formal Request for Proposals that will be issued this fall.

“We’re moving ahead with a fair bid process to get the best deal,” says Bernard S. Groseclose Jr., president and chief executive officer of the SPA. “And the level of participation shows that the Charleston and Jasper projects are quite attractive.”

The Corps of Engineers expects a decision on permits for the Charleston expansion project by August 2006. In January, the SPA board approved a nearly $5 million environmental study to obtain the necessary approvals. While the Charleston expansion is somewhat ahead of the Jasper project, the SPA intends to move both projects ahead on parallel courses.

Companies expressing interest and participating in the process include 15 ocean carriers and six marine terminal operators.

Charleston firm partners with General Electric’s commercial real estate group

Graystar Real Estate Partners, a Charleston real estate investment firm, recently entered into a $500 million joint venture with GE Commercial Finance Real Estate, Greystar announced.

The aim of the partnership is to buy and develop apartment properties across the country. The partnership bought its first complex for $20 million in Las Vegas. The 409-unit apartment building will receive a $1.8 million renovation, including a new fitness center.

The partnership will target properties in Las Vegas, Southern California, Denver, Phoenix, Austin, Texas, Charlotte, N.C., Washington, D.C., Atlanta and South Florida.

Greystar is the third largest third-party property management company in the country. It has 1,800 employees nationwide operating in 22 cities. It has nine major offices, which manages approximately 60,000 apartments in 750 complexes.

The company operates in four distinct areas of the multifamily housing business: property management, construction, investment and development.

GE Commercial Finance Real Estate is a subsidiary of General Electric with assets of nearly $28 billion and has more than 30 offices worldwide. It is a global resource for commercial real estate capital, located in Stamford, Conn.

Greystar CEO Bob Faith says this is a great partnership that combines GE’s ability to provide capital with Greystar’s local expertise.

“With GE’s financial strength, we will be able to pursue transactions of any size and be able to mover quickly to respond to opportunities,” Faith says.

Greystar COO Bill Maddux says the timing was right for the partnership to occur.

“It came together from a phone call. We asked what they were doing in multifamily,’ Maddux says. “The timing was right because they were looking for another multifamily group to work with.”

GE sees this as a great opportunity, too.

“Greystar’s local market knowledge and proven ability to create value through its management, leasing and construction expertise will help us build a diversified multifamily portfolio,” says Greg Bates, managing director at GE Commercial Finance Real Estate.

Roper St. Francis Kiawah-Seabrook Medical and Urgent Care relocates to Freshfields Village

Roper St. Francis Medical Services Kiawah-Seabrook opened its doors July 18 with a new name and a new location: Roper St. Francis Kiawah-Seabrook Medical and Urgent Care at 345 Freshfields Drive, Building J, Suite 101, Freshfields Village.

Services to be offered at the new facility include:

• Family and Internal Medicine, with a focus on preventive care and health education.

• Diagnostic Center, including a medical laboratory and imagines services as well as pre-operative evaluations.

• Urgent Care providing healthcare services for unexpected sicknesses or injuries that are not life threatening but require immediate attention.

• Worksite Partners, a program that partners with local businesses to help promote the safety and health of participating employees.

Roper St. Francis Healthcare is a not-for-profit health care organization.

The 594-bed system comprises 20 facilities in four counties. The organization, which in 2004 contributed more than 12,300 hours of staff time and $81.9 million to benefit the community, is Charleston’s largest private employer with more than 3,800 employees.

City Marina acquires boatyard

The City Marina Co., operators of the Charleston City Marina and The Bristol Marina, acquired the Halsey Cannon Boatyard on June 23 and will change the name to The City Boatyard.

The City Boatyard is situated on an 8-acre tract of land along the Wando River, north of the Don Holt Bridge.

Located in the historic Cainhoy Village, this property has been operating as a boatyard since 1943, originally as the Halsey Shipyard.

With the short supply of boatyards in South Carolina, The City Boatyard will service vessels that historically travel to North Carolina and Georgia for repairs.

“Our focus going forward will be to create a ‘Class A’ yacht service facility, an amenity that presently does not exist in our region,” says managing partner Robbie Freeman.

With a travel lift that can handle vessels up to 60 tons, The City Boatyard’s services include mechanical, electrical and carpentry repairs. The boatyard also specializes in painting and yacht restorations.

The new general manager, Ron Gift, brings more than 19 years experience in the boatyard industry. Gift joins The City Boatyard from Pier 33 in St. Josephs, Mich.

Panel manufacturer opens local headquarters

Global Building Solutions, a manufacturer of structural insulated panels known as SIPs, made its opening official July 22.

In an announcement at the Charleston Regional Development Alliance office, the company outlined its plans for growth in the region.

At its headquarters on Clements Ferry Road in Berkeley County, Global Building Solutions is manufacturing SIPs, which are created when expanded poly-styrene is sandwiched between two sheets of oriented strand board, plywood or cement board.

About half of Global Building Solutions’ customer base is international. The company has sent SIPs to countries in Africa and to the Caribbean. The panels are strong, energy efficient and assemble quickly, making them an excellent building material for underdeveloped countries or areas hit by natural disasters.

Because labor costs are cut dramatically, SIPs can translate into more affordable housing, both overseas and domestically, explains Mike Murphy, chief operating officer, and Allen Gantt, owner/business development director. SIPs can be used for a variety of projects—from affordable starter homes to a 7,000-square-foot home on Daniel Island, they say.

Global Building Solutions employs about 20 people and plans to reach 150 employees over the next two years.

Lease deal will give Mikasa a long-term commitment to Charleston

Mikasa Inc., a wholly-owned subsidiary of ARC International Inc. and a leader in tabletop fashion in dinnerware, beverageware, flatware and decorative accessories, reaffirmed its long-term commitment to the city of Charleston and Berkeley County. Mikasa engaged NAI Batten and Moore, located in Charleston, to explore a potential sale/leaseback transaction of Mikasa’s state-of-the-art 717,022-square-foot Charleston distribution facility.

Mikasa is looking to finance its Charleston facility and sell the surrounding land for possible development and simultaneously sign a long-term lease for the facility with the purchaser of the property.

In pursuing a sale/leaseback transaction, which is common in the corporate real estate world, Mikasa will be reinvesting the funds obtained from the sale/leaseback into its core business operations, including the South Carolina facility.

Gerard F. Agoglia, chief financial officer of ARC International North America, says “the sale/leaseback will enable the company to reinvest the capital received from the transaction back into our company’s operations, which will strategically strengthen our competitive position for long-term growth and expansion. Additionally, by signing a long-term lease for our modern distribution facility, we are also reaffirming our continuing relationship with both the Charleston community and, more importantly, our employees who service our customers.”

Construction on Mikasa’s state-of-the-art distribution facility, which currently employs approximately 400 employees, was completed in 1997.

As part of the sale/leaseback transaction, Mikasa is retaining approximately 30 acres of developable land, which will provide the flexibility to expand the distribution facility in the future.

Susan Saideman, CEO of ARC International North America, says “the fact that we can design a transaction where we will have the ability to expand the facility as Mikasa requires more space certainly makes this an opportunity that we otherwise might not be able to consider. At the end of the day, this will be a win/win for Mikasa and our employees, as well as the city of Charleston and Berkeley County.”

Texas professor to serve as visiting lecturer

Fernando Colon-Navarro, a law professor and associate dean at the Thurgood Marshall School of Law at Texas Southern University in Houston, will serve as a visiting professor at the Charleston School of Law during the 2005-06 academic year, says Richard Gershon, dean of the Charleston School of Law.

Colon-Navarro, named Professor of the Year several times by Hispanic students at the Houston school, will teach immigration law and civil procedure.

“We are fortunate to have a visiting professor of Fernando’s quality teaching in Charleston in the coming year,” Gershon says. “He brings strong teaching credentials and fresh perspectives that will be highly rewarding and motivating for our students.”

Colon-Navarro, who has taught at the Marshall school since 1991, directed the Harvard Law School Immigration Clinic from 1987 to 1991. Prior to that, he served as an attorney with the Chicago Board of Education and the Mexican-American Legal Defense and Education Fund.

He holds a law degree from the University of Minnesota Law School and completed a master’s degree in law at Harvard Law School. He also holds a master’s in education from Harvard and a bachelor’s degree from St. John’s University.

Local restaurant launches interactive Web site

Poogan’s Porch restaurant, a Charleston landmark since opening in 1976, has launched an updated, interactive Web site.

Visitors can purchase all retail items online, including the popular Kahlua Pecan Pie.

Current menus are listed as well as a detailed promotions calendar of all upcoming community events.

The Web site can be visited at www.poogansporch.com.

Charleston County receives Excellence in Financial Reporting for 17th consecutive year

The Government Finance Officers Association of the United States and Canada awarded its Certificate of Achievement for Excellence in Financial Reporting to Charleston County for its 2004 fiscal year Comprehensive Annual Financial Report.

The Certificate of Achievement is the highest form of recognition in governmental accounting and financial reporting.

Carla R. Creech, Charleston County assistant controller, was also recognized for the Award of Financial Reporting Achievement for her role in preparing the award-winning financial report. Creech has been employed with Charleston County for four years.

The Charleston County Comprehensive Annual Financial Report was judged by a panel of financial experts to meet the program’s standards, including demonstrating a constructive “spirit of full disclosure” to clearly communicate the county’s financial story and motivate potential users to read the report.

The Government Finance Officers Association is a nonprofit professional association that serves approximately 16,000 government finance professionals.

Fleming leaving Gibbes Museum of Art

Betsy Fleming, executive director of the Gibbes Museum of Art, has accepted the appointment as the ninth president at Converse College in Spartanburg.

Fleming, who has led significant advances at the Gibbes Museum of Art since the beginning of her tenure in September 2002, will take over her new responsibilities at Converse College in October 2005.

“It has been an honor for me to serve the greater community of Charleston as executive director of the Gibbes Museum of Art. There is tremendous momentum as the Gibbes begins its second century,” says Fleming.

“Both Charleston and the state of South Carolina recognize the museum as a vibrant cultural center. In three years, admissions, contributions and memberships have increased tremendously. I look forward to future advances and to continuing my connection with Charleston’s dynamic art community.”

Fleming’s successes at the Gibbes Museum of Art include a 20% growth in admissions from 2002 to 2005; a 74% increase in total contributions; and a 98% increase in total membership dollars.

Her tenure boasts a significant increase in museum acquisitions by gift and purchase, including the most recent purchase of the portrait of Denmark Vesey by Charles White (American, 1918-1979).

Fleming also shaped a dynamic exhibitions program, which included such innovative landmark exhibitions as un spoken: Inside and Outside the Boundaries of Class, Race and Space.

She redirected the art education program to focus on community outreach with Gibbes Art-To-Go, a program bringing creative projects to those who are unable to experience creative arts at the Gibbes, and I’On Sculpture: Art in the Park, a free outdoor sculpture exhibition in partnership with The I’On Group.

Fleming also established a visiting artist-in-residency program that brings nationally recognized artists to Charleston in order to provide exceptional learning opportunities for Charleston artists.

“Betsy’s impact has been truly remarkable, positioning the Gibbes to grow on many fronts,” says Dr. Layton McCurdy, president of the board of directors.

“While we regret her departure, under her leadership the Gibbes board of directors has developed a clear vision of what we can be and what we want to be. We look forward to announcing our leadership transition plan.”

First National Bancshares Inc. reports a net income increase for second quarter

First National Bancshares Inc., the bank holding company for Spartanburg-based First National Bank of the South, reported an increase of 125% in net income for the second quarter ending June 30.

Net income for the second quarter increased to $710,039 or $.32 per diluted share compared to $315,341 or $.15 per diluted share for the same period last year.

Net income for the six months, ending also on June 30, was $1,191,984 or $.53 per diluted share compared to net income of $630,373 or $.29 per diluted share in the same period last year, an increase of 89.1% in net income and 82.8% in earnings per diluted share.

Total assets ended the quarter at $295.0 million, an increase of 41.7% over total assets of $208.2 million a year ago.

Total loans increased 38.6% to $224.9 million as of June 30, as compared to $162.3 million as of June 30, 2004.

Deposits ended the second quarter of 2005 at $242.5 million compared to $175.7 million as of June 30, 2004, or an increase of 38.0%.

Jerry L. Calvert, president and CEO, says, “Our results in 2005 have exceeded our expectations to date. We believe our loan quality continues to be excellent even as our loan portfolio has experienced record growth in all markets.”

“We are preparing to open our fourth full-service office, which will be our first in the Charleston market, as we expand our loan production office in Mount Pleasant that opened in October 2004,” Calvert says.

“We have received all regulatory approvals and plan to open the new Mount Pleasant branch later this year. We are excited about the prospects for our future growth.”

First National Bancshares Inc. is a bank holding company based in Spartanburg. It was incorporated in 1999 to conduct general banking business through its wholly-owned subsidiary, First National Bank of the South.

First National Bank of the South provides a wide range of financial services to consumer and commercial customers through two divisions. The banking division operates three full-service offices in Spartanburg County under the name First National Bank of Spartanburg and a loan production office in Mount Pleasant.

The small business lending division operates under the name First National Business Capital. The division is based in Greenville and provides small business lending services to customers primarily in the Carolinas and Georgia.

First National also offers trust and investment management services to its customers through an alliance with Colonial Trust Company, which has offices in Spartanburg and Greenville.

Additional information about First National is available on its Web site at www.firstnational-online.com.

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