Business briefs AHN to offer same-day appointments for patients
PUC approves rate increase for West Penn Power customers
The Public Utility Commission approved rate increases for customers of FirstEnergy Corp. utilities in Pennsylvania. For customers of West Penn Power, the typical monthly bill is projected to increase from $113.27 to $121.36, or 7.14 percent.
O’Hara firm raising capital to market concussion device
A $2 million convertible promissory note offering was fully subscribed for privately held Neuro Kenetics Inc., allowing the O’Harabased company to continue commercialization plans for its concussion assessment device. Completing the note brings the total risk capital raised by the company to about $6.6 million.
Allegheny Health Network will offer same-day doctor appointments for primary care and medical specialists starting Monday. Patients who call AHN by 11 a.m. will be offered an appointment with an appropriate medical provider the same afternoon.
GNC shares fall on downgrade
GNC shares had dropped nearly 17 percent Thursday, falling from $11.15 at Wednesday’s closing to $9.26, after Goldman Sachs analyst Stephen Tanal downgraded the Pittsburgh-based vitamin and supplement retailer from neutral to sell with a price target of $8, down from $12. Mr. Tanal cited GNC’s brand relaunch three weeks ago for the downgrade, saying the company’s moves to reduce prices on half of its products and end its Gold Card loyalty program “are expected to weigh heavily on profitability.”
Pittsburgh’s ITxM providing blood products to WVU hospitals
The Pittsburgh-based Institute for Transfusion Medicine (ITxM) is providing blood products to seven West Virginia University hospitals through Central Blood Bank and Virginia Blood Services. Terms of the Jan. 9 agreement were not released.
Grassley says CMS response on Mylan rebates ‘disappointing’
Sen. Charles Grassley, R-Iowa, who has been pressing the Centers for Medicare and Medicaid Services to explain why Mylan was allowed for years to overcharge the government for the EpiPen allergy shot, called CMS’s response Thursday “lackluster and very disappointing.” In a four-page letter, the agency outlined steps it says it has taken to
improve the Medicaid drug rebate program, but said its authority to act on problems involving pricing was “limited.” In October, Mylan announced a proposed $465 million settlement with the U.S. Justice Department for misclassifying the EpiPen as a generic instead of a brand-name drug, which allowed the company to pay lower rebates to the government.
BNY Mellon says profit rose in the fourth quarter
Bank of New York Mellon on Thursday reported higher profits in the fourth quarter and for all of 2016 as revenue rose and expenses fell. The New York-based trust and custody bank earned $822 million in the final quarter of last year, up 29 percent from $637 million in the same quarter a year earlier. Pershare earnings rose 35 percent to 77 cents from 57 cents. Excluding special charges, profits were 68 cents in 2015. Revenue for the quarter rose 2 percent to $3.8 billion, up from $3.7 billion. “We delivered strong fourth-quarter results, capping another year of solid execution against our three-year strategic plan,” CEO Gerald Hassell said. For the full year, BNY Mellon earned $3.43 billion, or $3.15 per share, up from $3.05 billion, or $2.71, the previous year. Revenue was essentially flat at $15.24 billion vs. $15.19 billion.