Briefcase: April 2018

BRIEFS

TB Group, a landscape architecture and planning firm located on Mountain Avenue in Berthoud, is now 100 percent employee-owned. The company finalized the plan in early January. TB Group, also known as The Birdsall Group LLC, has provided planning and landscape architectural services to a select group of clients since 2001.

CONTRACTS

Biodesix Inc. in Boulder and Massachusetts-based Checkmate Pharmaceuticals Inc. will collaborate on a research project to determine which cancer patients might benefit from one of Checkmate’s drug candidates to treat melanoma. Financial terms of the collaboration were not disclosed. Checkmate is a clinical-stage biopharma developing therapies to treat cancer using immunotherapy, a treatment that uses a body’s immune system to help fight cancer. Checkmate will use Biodesix’s Diagnostic Cortex artificial intelligence-based biomarker discovery platform to further research on its drug CMP-001 that activates the immune system.

Simple Energy Inc., a software company serving the utility industry, has added two Midwestern utilities to its roster of customers, and has added an investor as well. The Boulder-based provider of utility-branded marketplaces signed on The Dayton Power and Light Co. and Indianapolis Power & Light Co., both subsidiaries of The AES Corp.  Simple Energy now has 50 utility and co-op partners. Both DP&L and IPL will incorporate Simple Energy’s digital platform into their customer-engagement operations to promote sustainability, safety, reliability and service for the utilities’ nearly one million customers. AES Next, a subsidiary of AES, will join current investors The Westly Group, Vision Ridge Capital and Techstars Ventures.

Uber, the peer-to-peer ridesharing program, partnered with UCHealth to offer discounted rides to and from about 30 UCHealth locations. Rides will be discounted 30 percent. UCHealth patients, visitors and employees are eligible for the discount for any trip to or from participating UCHealth facilities, up to $5 off each trip using the code UCHEALTH30. All of UCHealth’s Front Range hospitals and most outpatient medical centers are available for the discounted rides.

UQM Technologies Inc. (NYSE: UQM) will provide the second-largest commercial vehicle manufacturer in India with 51 electric drive systems in a demonstration phase that could lead to a larger order. Financial terms of the deal were not disclosed. Ashok Leyland in India will use Longmont-based UQM’s PowerPhase eDT traction-drive systems in electric transit buses. The order is the first step in a development program that would allow Ashok Leyland to gain market leadership and drive the overall 2030 India electrification initiative.

DEADLINES

The Fort Collins Area Chamber of Commerce is accepting nominations for the 2018 Small Business of the Year Awards through April 9. The chamber defines small business as an independently owned and operated business headquartered in Northern Colorado and is organized for profit. The business is required to have 200 employees or fewer to be eligible.

Community members may nominate area businesses in the following categories: 1-10 employees, 11-50 employees, 51-200 employees, and New Kid on the Block (a company that has been in business for fewer than three years). Winners will be revealed at the Celebrating Small Business event on May 24 at The Drake Centre, 802 W. Drake Road. The event will celebrate small businesses and their contributions to Fort Collins and will be followed by the Business After Hours Trade Show.

EARNINGS

Clovis Oncology Inc. reported a loss of $51.9 million for its fourth quarter and a loss of $346.4 million for the year that ended Dec. 31. The Boulder-based pharmaceutical company continues to work on developing several drugs to treat cancer. Clovis (Nasdaq: CLVS) reported revenue of $17 million for its fourth quarter that ended Dec. 31, and $55.5 million for 2017, in its earnings report. The net loss for the year included a charge of $105.5 million related to the portion of a legal settlement that was paid in Clovis common stock. Clovis had $563.7 million in cash, cash equivalents and available-for-sale securities as of Dec. 31. The report said cash used in operating activities was $65.6 million for the fourth quarter of 2017 and $260.9 million for the year.

DMC Global Inc. (Nasdaq: BOOM) reported a net loss of $18.9 million, or $1.31 per diluted share, in 2017, compared with a net loss of $6.5 million, or 46 cents per diluted share, in 2016. Most of the loss came in the third quarter when DMC recorded a goodwill impairment charge of $17 million as a result of revising long-term sales forecasts that were not materializing. The Boulder-based company operates in two sectors: industrial infrastructure, and oilfield products and services. For the year, DMC Global generated sales of $192.8 million, up 22 percent from $158.6 million in 2016. For the fourth quarter, sales were $54.5 million, a 4 percent increase compared with the third quarter of 2017 and an increase of 36 percent compared with the fourth quarter of 2016. DMC recorded a $3.8 million fourth-quarter restructuring charge.

Heska Corp. (Nasdaq: HSKA) reported a loss of $1.1 million for its fourth quarter, but ended 2017 with a profit of $9.9 million. The Loveland-based provider of veterinary diagnostic products reported revenue of $29.7 million for the quarter that ended Dec. 31, down from $33.1 million for the same quarter a year ago. Revenue for 2017 was $105.2 million, down from $107.4 million in 2016.

miRagen Therapeutics Inc. (Nasdaq: MGEN), a clinical-stage biopharma based in Boulder, reported a loss of $26.5 million for 2017. The company’s loss was $1.38 per share for the year while posting revenue of $4 million, driven by slight increases in research and development activity reimbursable under miRagen’s agreement with Servier, a pharmaceutical company based in France. As of Dec. 31, miRagen had cash and cash equivalents of $47.4 million compared to $22.1 million at Dec. 31, 2016.

Fast-casual restaurant chain Noodles & Co. reported a loss of $37.5 million for its fiscal year 2017 that ended Jan. 2, an improvement compared with a loss of $71.7 million in 2016. The Broomfield-based company reported that revenue in 2017 decreased $31 million, or 6.4 percent, to $456.5 million, compared with $487.5 million in 2016. This decrease was due to the impact of closing 55 company-owned restaurants in the first quarter of 2017 and a decline in comparable company-owned restaurant sales, partially offset by additional restaurant openings since the beginning of 2016, the company said.

UQM Technologies Inc. (NYSE: UQM), a developer and manufacturer of alternative-energy technologies primarily for the transportation industry, reported a loss of $4.8 million, or 10 cents per share, for its fiscal year 2017 that ended Dec. 31. The loss was less that the $13.9 million, or 29 cents per share, recorded in 2016. Revenue in 2017 was $7.8 million, a 38 percent increase compared with $5.6 million in 2016. For the fourth quarter that ended Dec. 31, revenue was $2.2 million compared with $1.7 million in the same quarter last year. Net loss for the quarter was $1.3 million, or 3 cents per share, compared with a net loss of $8.7 million, or 18 cents per share.

KUDOS

Fort Collins Utilities was named “Utility of the Year” by the Colorado Solar Energy Industries Association. Fort Collins Utilities was recognized for providing options for on-site solar generation, community solar initiatives and an income-qualified solar program.

Thirty businesses and organizations in Lafayette were recognized by the city for their efforts in energy efficiency, waste reduction, efficient water use and alternative transportation. The city’s Energy Sustainability Advisory Committee made the announcement after concluding its sixth annual Green Business Program. “Gold status” honorees were Confluence SBC, Jax Outdoor Gear, John’s Cleaners, Sister Carmen Community Center, The Happy Beast, The Post Brewing Co., WOW! Children’s Museum and Zavy Green. “Silver status” honorees were Atlas Valley Purveyors, Complete Care of Colorado, King Soopers, Little Herbal Apothecary’ Mumtaz Mediterranean Food, Nesheim Cleaning Services Inc., Realty Ventures and Sister Carmen Community Center Retail Store. “Bronze status” honorees were Adesso Pizzeria, Bare Boulder Design and Repair, Bark Avenue, BlueBird Construction LLC, Cobalt Realty Ltd., Foothills United Way, Lafayette Companion Animal Hospital, Living Design Studios, Ninety Fifth Street Salon & Spa, Rockton Software, Romero’s K9 Club & Tap House, Salon Picasso Hair Studio, Tadpole Press and The Body Bar.

A Fort Collins businessman was recognized at the 2018 Global Business & Interfaith Peace Symposium and Awards in South Korea. Steve Hitz received the youth leadership medal for his work as co-founder of Launching Leaders Worldwide Inc., a nonprofit that provides personal development and leadership experience to young people.

The Boulder Chamber recognized six honorees at its 2018 Celebration of Leadership. Doyle Albee, president and CEO of MAPRagency, received the Community Impact Award. Sharon Matusik, dean of the Leeds School of Business at the University of Colorado Boulder, received the Rising Star Award. Black Lab Sports and Terrapin Care Station were both recognized as Innovative Companies of the Year. Scott Green, site director of Google Boulder, received the Virginia Patterson Business Person of the Year award. Steve Bosley, founder of the BolderBOULDER, received the Franny Reich Lifetime Achievement Award.

Two UCHealth hospitals, Poudre Valley Hospital in Fort Collins and Medical Center of the Rockies in Loveland, were named to the IBM Watson Health 100 Top Hospitals list. PVH and SCL Health’s Good Samaritan Medical Center in Lafayette were named to Healthgrades’ list of America’s 100 Best Hospitals for 2018.

Two financial service firms, a hospital and a mobile cannery were winners of the Longmont Economic Development Partnership’s annual Cornerstone Awards. The Primary Job Creator Award went to BC Services while UCHealth Longs Peak Hospital won for Project of the Year because it represented the highest capital investment by a primary industry in 2017. MobileCanning Colorado took the Rising Star Award, while Scribworks won the Startup Award. The Tom Brock Award went to dentist Roger Jurgens.

Gordan Thibedeau, retired director of Larimer County United Way, received the Collins Award, the highest honor given out by the Fort Collins Area Chamber of Commerce. The chamber held its 113th annual dinner at the Hilton Fort Collins and honored key business leaders for their services with the Chamber. James Yearling, deputy director of the Downtown Fort Collins Business Association, was named 2017 Young Professional of the Year, while 2017 Volunteer of the Year went to Kevin Unger, president and chief executive of UCHealth’s Poudre Valley Hospital and Medical Center of the Rockies.

The Flagstaff House in Boulder received two recognitions for quality of its food and service.

The restaurant earned its 40th consecutive Forbes Travel Guide Four Star rating and AAA Four Diamond status for the 29th year in a row.

MERGERS AND ACQUISITIONS

Schrader Oil Co. and Signal Wash CO, two Fort Collins-based companies, have joined forces to renovate or open 10 new car washes, making the partnership the largest car-wash provider in Northern Colorado. Signal invested $1.7 million in new technology as part of the partnership. Signal Wash CO also operates car washes outside the partnership in other Front Range communities and has been in existence since 2014. Schrader Oil  has 18 locations in Fort Collins, Loveland, Windsor and Estes Park and has been family operated since 1937.

German meal-kit provider HelloFresh SE acquired Green Chef, a Boulder-based company that makes certified-organic meal kits. Terms of the deal were not disclosed. HelloFresh, with U.S. operations based in New York, will now offer the largest selection of meal plans for consumers, the company said, adding Green Chef’s organic vegan and gluten-free menus.

Pinnacle Asset Management LP, a New York-based commodities and natural-resources investment firm, completed its acquisition of Five Rivers Cattle Feeding from Greeley-based JBS USA for $200 million. The deal, announced Jan. 17, became final March 16. Five Rivers, also based in Greeley, includes a collection of cattle-feeding assets and farms. As part of the transaction, Five Rivers entered into a long-term agreement to supply cattle to JBS USA beef-processing plants.

Singapore-based Broadcom Limited (Nasdaq: AVGO), which has a major presence in Fort Collins, withdrew and terminated its offer to acquire Qualcomm Inc. (Nasdaq: QCOM), which has a major presence in Boulder. The proposed acquisition of the San Diego-based chipmaker by Broadcom was scrapped after it was blocked by President Donald Trump on national security grounds. Both companies were ordered to abandon the deal.

Niner Inc., a Fort Collins-based bike manufacturer that does business as Niner Bikes, was purchased by Hong Kong-based UWHK Limited, formerly known as Emersion International.

UWHK announced in February that it planned to purchase Niner, which filed for Chapter 11 bankruptcy protection in November. The company listed more than $8 million in debt. In February, the motion to purchase was for $3.1 million, although financial details of the sale at time of closure were not disclosed.

Bryan Cave LLP, a law firm with offices in Boulder and Denver, merged with Berwin Leighton Paisner LLP effective in early April.  The firm will be called Bryan Cave Leighton Paisner LLP with combined revenues of more than $900 million, ranking it among the 50 largest law firms in the world, according to a prepared statement from the firms.

NAME CHANGES

Keypoint Government Solutions of Loveland will become known as Perspecta in May, after it merges with two other companies. Keypoint, which provides specialized investigative services to federal, defense, intelligence and civilian sectors, will merge with the U.S. public-sector business of DXC Technology (Nasdaq: DXC), based in Tysons, Va., and Vencore Holding Corp, forming a new publicly traded company. Keypoint and Chantilly, Va.-based Vencore both are owned by private equity firm Veritas Capital.

OPENING

A New York-based communications and social-media agency opened a satellite office in Boulder to serve the legal cannabis industry. North 6th Agency opened the office in partnership with Canopy, a venture fund and accelerator for companies developing cannabis-related products and services. N6A’s operations will be located at Canopy’s Boulder headquarters. The Boulder office will serve as a secondary hub for N6A Cannabis Group employees who are based in N6A’s New York and Toronto offices, enabling them to travel to Colorado for industry events and educational initiatives, the company said.

InspiringApps, a Boulder-based mobile app design and development company, is opening an office in Austin, Texas.

Maureen Walker opened an Assisted Living Locators franchise to serve Northern Colorado and the Cheyenne area. The franchise will help people find assisted-living options in the region.

ePac Flexible Packaging, which makes fast-turnaround finished pouches and roll stock, opened a manufacturing facility in Louisville.

Stonebridge Cos. of Denver opened a 155-suite Residence Inn by Marriott at 2550 Canyon Blvd. in Boulder.

Tesla has taken a U-turn back into Boulder County, with plans for a new sales and service center in Superior. The dealership’s arrival comes seven years after it closed a showroom on Pearl Street in Boulder. The dealership will be located at the southeast corner of Marshall Road and McCaslin Boulevard in the Downtown Superior development.

Otero Menswear, a company that caters to the fashion needs of men shorter than 5-foot-9, began operations in Boulder. The company uses a proprietary 3D Proportional Sizing methodology to provide the best fit to shorter men.

PRODUCT UPDATE

HOMER Energy LLC in Boulder unveiled a new software product, the HOMER Grid, for optimizing the value of behind-the-meter, distributed-generation systems while reducing demand charges. HOMER is an acronym for hybrid optimization of multiple energy resources.

Boulder-based Clovis Oncology (Nasdaq: CLVS) received a Notice of Allowance from the U.S. Patent and Trademark Office for a patent application for high-dose formulations of its drug, rucaparib. The patent is expected to be issued shortly and would protect all commercial dosing strengths. Upon issuance, the high-dosage strength patent will expire in 2035.

Lightning Systems, a Loveland-based manufacturer of commercial vehicle efficiency solutions, developed a zero-emission hydrogen fuel cell range extender and a zero-emissions LightningElectric system for Ford Transit cargo vans.

YouSeeU, a Loveland education tech company, unveiled a new video platform for developing soft skills in students at SXSW in Austin. Texas. The platform, called Bongo, has been more than a year in the making and is designed to help educators teach and test soft skills such as communication, language proficiency, bedside manner and others by allowing students to record video or use live video in practical situations.

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