Business Movements: Inmar and Tengion

Tengion, whose battered stock is currently trading under $1.00/share, registered a shelf offering with the Securities and Exchange Commission yesterday enabling it to sell up to $30 million dollars worth of  Common Stock, Preferred Stock, Debt Securities, Warrants, Rights, Units, or any combination thereof over the next couple years.

In even bigger news, Inmar Corp. is again looking to expand (they added 120 jobs in October of 2011).  This time they plan to sink $62.5 million dollars into corporate infrastructure - including $24 million on new equipment and $37.5 million in other capital investments - and create 212 jobs at an average salary in excess of $72K/year.  The scary part is Inmar is reportedly looking seriously considering moving their headquarters - meaning losing the 800 jobs already in the city - and is seeking $1.75 million from the city and $1.05 million from the County in performance-based incentives.  Although not a decision-maker with all available information, this would certainly seem like a no-brainer although the Winston-Salem  Journal notes that this is one of the largest requests by an existing Winston-Salem or Forsyth County business in the 22 years of the modern economic incentive era.   The Journal also notes that as an established NC business Inmar would only be eligible for state-level incentives if they were "seriously" considering moving their headquarters out of the state.  C'mon beleaguered Perdue - let's move 'em to downtown W-S!

Womble Carlyle Acquires Boutique Columbia, SC Firm

Although only three lawyers, the firm includes a former chairman of the South Carolina Election Commission and the special counsel to Governor Nikki Haley.  The office is the 14th for the firm and follows its recent strong move into the Palmetto State its April 2011 merger with Charleston-based Buist Moore Smyth McGee. 

Centerpoint Human Services to Add 89 Jobs

Centerpoint, from its main headquarters on University Parkway, provides mental health, developmental disabilities and substance-abuse services to Davie, Forsyth, Stokes, and Yadkin counties.  I believe what happened is that it was approved in November to receive and oversee federal funds from the Medicaid program in addition to the state funds it was already charged with overseeing.  The addition of the federal funds increased its annual budget from $44 million to $151 million.  In any event, the company has begun already begun hiring and plans to hire a total of 89 over the course of the coming year.  Click here for employment opportunities.