Macrolide Pharmaceuticals, a next-generation antibiotics company based in Watertown, Mass., developing macrolides that are first-in-class with Gram-negative activity for a broad range of multi-drug resistant bacterial infections, announced it has secured $20 million financing and named Mahesh Karande as its president and CEO. “This latest financing represents strong confidence from our investors in the path-breaking approach we are taking to address unmet needs in the antibiotic landscape,” said the Indian American executive. “We believe that advancing first-in-class antibiotics that are active against lethal multi-drug resistant bacteria opens the door to a new and meaningful way to address the growing public health issue of treatment gaps due to antibiotic resistance.” Karande has held increasing responsibilities at Novartis AG. He joins Macrolide from Intarcia Therapeutics where he served as VP and GM. The new funding from both the financing and previously announced CARB-X award will accelerate development of the company’s novel, IV and orally available Macrolide antibiotics to address serious infections, including work to support filing an Investigational New Drug application for its lead program that addresses a significant unmet clinical need for antibiotics to treat infections caused by resistant Gram-negative pathogens.
Pincho Factory Secures Series A Investment
Pincho Factory has closed a Series A funding round with a group of investors led by Ned Scherer, a distinguished entrepreneur and successful multi-unit franchisee from the Washington, D.C. market. Terms of the transaction were not disclosed. As part of the transaction, Pincho has also entered a development agreement with the members of the investment group to open 10 new franchised locations in the D.C. market over the next five years. “This investment provides us with the funds to execute on our growth strategy and continue on the path to becoming a multi-unit, nationwide brand over the next five years,” said Nedal Ahmad, co-founder and CEO at Pincho. “Following the grand opening of our 10th location in Sunrise, Fla., Pincho will focus on franchising to rapidly expand our footprint across the country, offering local entrepreneurs’ access to an innovative, profitable business that appeals to today’s diner.”
JSW Steel to Acquire Mingo Junction
India’s JSW Steel Limited says it will pay up to $80.9 million to acquire a Mingo Junction, Ohio, mill formerly operated by Wheeling-Pittsburgh Steel, the Pittsburgh Post Gazette reported. The Indian steel producer said it has an agreement with Acero Junction Holdings, the current owner of the plant. Acero Junction was formed in July 2016 and planned to purchase steel slabs to process on a rolling mill at the Ohio River plant. It eventually hoped to restart an electric steelmaking furnace at the plant, but ran into financial difficulties. JSW’s filing indicates Acero Junction had sales of $44.3 million through the end of last year. JSW said the acquisition will give it greater access to the North American market. The company announced plans this week to invest up to $500 million at its Baytown, Texas, pipe plant, pending approval by the U.S. Environmental Protection Agency. Texas has approved a $3.4 million grant to assist the steel producer.
Subraj Foundation Helps Build School
The Subraj Foundation, an Indian American charitable organization, was recently honored by the Indian Diaspora Council International for their years of medical service to the country of Guyana. The foundation is run by Anthony Subraj and Vibha Subraj, the granddaughter of the late Champalakshmi Narottamdas Lakhani whose donation of $100,000 helped build a grade 1 to 8 school for 200 children that opened in the village of Napaniya Khijadiya in Gujarat, India, in February 2018 according to reports. “Whether it is building schools, so tomorrow’s future leaders can be educated for the world they will inherit or bringing vital medical treatment to parts of the world where people can’t afford life-saving care, it is so important for those blessed with good fortune to give back. That is what my father taught me and what Vibha learned from generations of her own family,” Subraj said in reports.
ExpenseAnywhere Leads Travel Management Solutions
ExpenseAnywhere, an accounts payable automation solutions firm, announced the availability of its flagship product, ExpenseAnywhere Release 12. With this Release, new and existing customers from across all industry sectors and markets will benefit from the most advanced solution available for automating the business travel and expense management. Dr. Ashok Dhar, president and CEO, said, “Release 12 sets a much higher standard in travel and expense management for our customers and us. In addition to the more modern and streamlined user interface, we’re proud to announce the most advanced One-Click Expense Reporting. The advanced OCR and Machine-learning technology incorporated in the Release 12 automatically captures and compiles the expense report consistent with company policies ready for submission in less than 15 seconds of the click of a button.” ExpenseAnywhere Release 12 delivers a fully integrated turn-key, cloud-based travel and expense management solution providing online travel booking, automated pre-travel authorization for a total cost of travel approval, to One Click Expense Reporting, to reimbursement for expenses to employee’s bank accounts and payments to corporate cards.
Nickelodeon International, KidsRights Join Forces
Nickelodeon International in partnership with KidsRights Foundation launched #KidsCan, an international campaign that spotlights the stories of nine International Children's Peace Prize winners and nominees from around the globe who are creating positive change in their communities. Among the stories highlighted includes Om Prakash in India, a 2006 Peace Prize winner focused on child labor issues. “Nickelodeon is extremely proud to partner with KidsRights as we celebrate young people making the world a better place, one project at a time,” said Bradley Archer-Haynes, VP of corporate social responsibility at Nickelodeon International. #KidsCan profiles will also be housed on the Together For Good campaign hub and regional Nickelodeon websites, and shared via social media using #KidsCan. Visitors can take a “How Can You Help Others?” personality quiz that enables kids at home to interact with each changemakers’ inspiring stories. Visitors will also be directed to KidsRights’ changemaking platform where children from all over the world virtually come together. They will find tips on how to make change at home, promote their actions, support others’ actions and learn more about children’s rights.