Business Briefs: Surgical adhesive Tissuglu gets USDA approval

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Surgical adhesive Tissuglu gets USDA approval

A U.S. Food and Drug Administration advisory committee has given its approval for the safety, efficacy and risks vs. benefits for Cohera Medical Inc.’s surgical adhesive TissuGlu. The votes were 11-0 on safety, 6-5 on efficacy and 6-4 on risk/​benefit. The votes are not binding on the FDA as it considers whether to approve TissuGlu for commercial use. If approved, the North Side company’s product would be the first internal surgical adhesive approved in the U.S. for use in large flap surgeries to reduce post-operative fluid buildup.

Lyft hearing postponed for witness accommodation

The Pennsylvania Public Utility Commission has postponed this week’s hearings for ride-sharing company Lyft in order to accommodate witnesses. The new hearing dates are Aug. 27 and Sept. 3. The PUC’s administrative law judges will be considering Lyft’s applications to begin permanent experimental service in Allegheny County and statewide.

Reed Smith named top law firm for women

Pittsburgh-based law firm Reed Smith was named one of the 2014 Working Mother & Flex-Time Lawyers Best Law Firms for Women. The report found 43 percent of Reed Smith’s executive committee are women, and praised its pilot programs that help female associates and partners move into equity roles, providing sponsorship, training and coaching.

Local earnings

• RTI International Metals reported sharply higher second-quarter profits and said it expects its performance to continue to improve over the remainder of the year. The Moon titanium producer said net income totaled $7 million, or 23 cents per share, vs. earnings of $670,000, or 3 cents per share, in the year-ago quarter. Sales rose 3 percent to $205.3 million. Last year’s results reflected a $13.7 million pretax charge related to the early repayment of debt.

• Southpointe-based engineering simulation company Ansys reported net income of $63 million, or 67 cents per share, for the three months ended June 30, as compared to $55.9 million, or 59 cents per share, last year. Excluding one-time adjustments, the company earned 86 cents per share, 6 cents above analysts’ estimates. Total second-quarter revenue of $232.4 million compared to $214.9 million during the same period last year. Jim Cashman, the company’s president and CEO, called out growing business in the Asia-Pacific region as a factor in the results.

• ​Saxonburg laser and infrared optics company II-VI Inc. reported fourth-quarter net income of $12.6 million, or 21 cents per share, up from $10 million, or 16 cents per share, in the year-ago quarter. Revenue for the quarter ended June 30 was $188 million, up from $154 million last year. For the fiscal year​,​ II-VI saw net income ​decline, from $5​1 million, or 80 cents per share​ last year, to $38.4 million or 60 cents per share this year.​ Revenues for 2014​ ​rose to $683 million from $55​1 million last fiscal year.

• State College-based shale driller Rex Energy reported second-quarter net income of $8.1 million, or 15 cents per basic share, during the second quarter of 2014, down from $13.7 million, or 25 cents per basic share, during the same period last year. Revenue was $86 million, up from $55.3 million last year. Production reached 128.8 million cubic feet of natural gas equivalent per day, a 50 percent year-over-year increase, most of which was natural gas.

Local giving

• Highmark Inc. said its five Highmark Walks for a Healthy Community held earlier this year raised nearly $1.2 million for 184 nonprofits in the state. The Pittsburgh event, held in May, raised about $500,000 for 69 nonprofits that focus on health and human services.

• Bayer Corp. donated $100,000 to the American Red Cross to support training programs for natural disaster and emergency preparedness. Bayer’s material sciences unit has its North American base in Robinson.


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