Business Archives - Page 26 of 47

Emily Briton Announced as Sixth President of MedStar Montgomery Medical Center

Published June 27, 2023 at 8:43AM

MedStar Health announced that Emily Briton will be the newest president of MedStar Montgomery Medical Center and senior vice president, MedStar Health as of July 1, 2023. Briton previously held several leadership roles within the MedStar Health system, most recently serving as chief operating officer and senior vice president at MedStar Washington Hospital Center in Washington D.C.

“It is a tremendous honor to be joining MedStar Montgomery Medical Center in this exciting role,” said Briton, a longtime resident of Montgomery County. “We have important work ahead of us, bringing high-quality personalized care to our community and continuing our mission to be the trusted leader in caring for people and advancing health.” The announcement follows news of the appointment of President Thomas J. Senker, FACHE, as the next president of MedStar Union Memorial Hospital and MedStar Good Samaritan Hospital, also effective July 1, 2023.

MoCo’s Very Own, CAVA, Makes its Debut on the New York Stock Exchange

By MCS Staff

Published June 15, 2023 at 9:59AM

Cava is making its debut on the New York Stock Exchange Thursday morning, with its IPO priced at $22 per share, valuing the company at $2.5 billion. The company, which was started by three Montgomery County natives with its first full-service restaurant in Rockville in 2006 (Cava Mezze in Traville Gateway), has since become the largest restaurant operator in the Mediterranean category in the U.S. restaurant industry, has opened over 200 restaurants since opening its first fast-casual spot in Bethesda in 2011.

In 2006, first-generation Greek Americans Ted Xenohristos (Paint Branch High School), Ike Grigoropoulos (Gaithersburg High School), and Dimitri Moshovitis (Quince Orchard High School) launched the full-service Cava Mezze restaurant in the Traville Gateway shopping center (Rockville), with Moshovitis as executive chef. Following the launch of four additional restaurants, in 2008, Xenohristos, Grigoropoulos, and Moshovitis launched a line of dips and spreads to over 200 stores, including Whole Foods Market. In 2009, Brett Schulman joined them as CEO and co-founder of the fast-casual chain CAVA (originally called Cava Mezze Grill, later rebranded as Cava Grill and then simply as CAVA). The group opened the first CAVA restaurant in Bethesda in January 2011.

Bethesda’s Eastern Union Closes $75 Million in Financing Within A 40-Day Period

By MCS Staff

Published June 13, 2023 at 2:15PM

Based in Bethesda, MD, the Eastern Union’s Mid-Atlantic Group secured more than $75 million in commercial financing within a 40-day period over May and June. Financing was delivered within the multifamily, single-family rental, retail, and industrial asset classes. Eastern Union is one of the country’s largest commercial real estate brokerage firms.

The largest transaction closed by the Mid-Atlantic office during this time span was a $49.5-millionconstruction loan provided to New York-based Hillcrest Acquisitions in support of a planned 288-unit multifamily property in Madison, AL, a submarket of Huntsville. The complex, called The Gabriel, will consist of ten three-story buildings and is scheduled for completion in July 2024. The financing, carrying a 36-month term, was provided by 3650 REIT.

Gaithersburg’s Novavax Announces Deal With Bill & Melinda Gates Foundation

By MCS Staff

Published June 13, 2023 at 2:04PM

Gaithersburg’s Novavax, a global company advancing protein-based vaccines with its novel Matrix-MTM adjuvant, has signed a three-year agreement with the Bill & Melinda Gates Medical Research Institute to provide its adjuvant for use in preclinical vaccine research. “We are excited to partner with the Bill & Melinda Gates Medical Research Institute to include our unique technology in their public health-focused vaccine research efforts,” said John C. Jacobs, President and Chief Executive Officer, Novavax. “Our Matrix-MTM adjuvant is proven to enhance and broaden the immune system response when included in vaccines and is already a key component of COVID and malaria vaccines on the market today. We look forward to partnering more broadly with a variety of organizations so that our technology can benefit vaccine development across many disease areas.”

“The Bill & Melinda Gates Medical Research Institute is committed to developing biomedical interventions that address global health concerns for those in the greatest need,” said Emilio Emini, PhD, chief executive officer of the Bill & Melinda Gates Medical Research Institute. “We look forward to working with Novavax’s Matrix-MTM adjuvant in some of our early-stage vaccine programs.” The Matrix-M adjuvant is a key component of Novavax’s COVID vaccine and its development-stage vaccines including influenza and COVID and influenza combined. In addition, the adjuvant is being used through partnerships in clinical and preclinical programs across the world for the development of both human and animal vaccines.

Rockville’s American Gene Technologies Launches New Spinoff Company “Addimmune” to Focus Exclusively on Development of HIV Cure

By MCS Staff

Published June 12, 2023 at 7:35AM

Addimmune will build upon the success of American Gene Technologies Phase 1 HIV clinical trial, accelerating the clinical development with dedicated investment and singular focus on HIV.

American Gene Technologies (AGT™), a clinical-stage biotechnology company based in Rockville, Maryland (4715 Key West Ave), is launching a new company — Addimmune — to continue to develop gene and cell therapy technologies to cure HIV. Addimmune will focus solely on advancing an HIV cure, building upon more than a decade of work by AGT that led to a successful Phase 1 HIV gene and cell therapy clinical trial.

Bowlero Reaches Agreement to Acquire Lucky Strike

By MCS Staff

Published June 9, 2023 at 9:12PM

Bowlero Corp. announced that it has entered into a definitive agreement to acquire substantially all of the assets of Lucky Strike Entertainment, LLC, the upscale bowling company with 14 locations across nine states. Bowlero owns Bowl America on Clopper Road in Gaithersburg and Bowlero Rockville on Shady Grove Rd in Gaithersburg. The acquisition adds the Lucky Strike brand, which has a Montgomery County location in Bethesda’s Montgomery Mall, and all other locations to Bowlero Corp.’s portfolio of bowling centers in North America, furthering its position as a leader in bowling entertainment. Bowlero will acquire the Lucky Strike business in an all-cash transaction valued at approximately $90 million. The transaction is expected to close in the first half of Bowlero’s Fiscal Year 2024, and is subject to customary closing conditions. Additional information below, courtesy of the press release:

Thomas Shannon, Founder and CEO of Bowlero Corp., said, “Lucky Strike is a premier experiential entertainment brand, and we could not be more excited to add its world-class portfolio to ours. Lucky Strike’s impressive family of locations in flagship cities across the country naturally complements our national footprint, immediately launching our presence in major cities like Boston, Chicago and Denver.”

Steel Products, Inc., A Woman-Owned Specialty Contracting Firm Founded in 1954, Leaves Rockville for Frederick

By MCS Staff

Published June 9, 2023 at 9:04PM

20-person company founded in 1954, signs lease with St. John Properties, Inc. for 15,000 square feet of space at 4724 Arcadia Drive in Arcadia Business Park

Steel Products, Inc., a woman-owned specialty contracting firm founded in 1954, has signed a lease with St. John Properties, Inc. for 15,000 square feet of flex/R&D space at Arcadia Business Park. Earlier this year, the company relocated its corporate offices from Rockville to Frederick, Maryland. Approximately 20 employees moved to 4724 Arcadia Drive, a single-story building containing 48,120 square feet of flex/R&D space.

Dr. Hagop M. Kantarjian of Rockville’s Ascentage Pharma Receives Award for Lifelong Contributions to Leukemia Research

By MCS Staff

Published June 6, 2023 at 11:24PM

Rockville’s Ascentage Pharma (6855.HK), a global biopharmaceutical company located at 700 King Farm Blvd in Rockville engaged in developing novel therapies for cancers, chronic hepatitis B (CHB), and age-related diseases, announced that its Clinical Advisory Board member Prof Hagop M. Kantarjian has received the David A. Karnofsky Memorial Award for his lifelong contributions to leukemia clinical research and his dedication to improving the lives of patients.

Prof Kantarjian received the award at the American Society of Clinical Oncology (ASCO) Annual Meeting, June 2-6, 2023, in Chicago, IL. The David A. Karnofsky Memorial Award is considered the highest honor that ASCO confers and has been presented annually since 1970 to recognize an oncologist who has made outstanding contributions to cancer research, diagnosis, and/or treatment.

Sprinkles in Potomac is Available to Purchase For New Price

By MCS Staff

Published June 6, 2023 at 5:57PM

Popular Potomac dessert spot, Sprinkles, which was listed for sale on BizBuySell last year for $850K is currently listed on the site at a newer price of $599,999. The 34-year-old family owned ice cream store and bakery is located in the Potomac Village shopping center and is described as being approximately 600-700SF. All assets will transfer with sale– including “existing inventory, ice cream and frozen yogurt machines, bakery oven and equipment etc.” The store is also touting a brand new HVAC system and floor in the kitchen, an in-store bathroom for employee use, a seating area for customers, and describes itself as “the only ice cream store in the Village and within at least a 3-5 mile drive.”

Additional information, per the listing: “Sprinkles Won Best Dessert place in Potomac Maryland in 2022 from Potomac Lifestyle Magazine. We are a woman owned, family-run, small business that has been serving the community for 33 years. Sprinkles is a staple in this community and is a favorite of families for over three generations. Hand made ice cream and frozen yogurt shop that has expanded to sell baked goods, gourmet candies & treats and novelty gift items. We have major corporate and non-profit clients including, but not limited to: Akin Gump, PNC Bank, Make-A-Wish Foundation, RSM, DC United, Greater Washington Board of Trade, Serco, etc. Corporate gift box business for Fortune 100 companies – Verizon, Marymount University, etc, nationwide. WE ARE NOT a franchise- it is a stand alone store.“

Mandarin Express Available For Sale in Rockville

By MCS Staff

Published June 5, 2023 at 5:47PM

Mandarin Express, located at 15209 Frederick Rd #5, is available to purchase for an asking price of $150K. According to the listing, “the owner is retiring and selling a 25+ year standing, renowned, hole-in-the-wall, Chinese restaurant.””The restaurant is fully operational, comes with equipment, infrastructure, resources, an extensive, loyal customer base and perfected original recipes.”

The owner, who is retiring, is willing to teach any prospective buyer “how the restaurant has been run from top to bottom, most importantly, unique recipes and process that has set us apart from competition and allowed us to stay in business for so long.” Featured photo courtesy of Google Maps.

True Respite Space Available in Rockville; Brewing Company Currently Exploring All Options

By MCS Staff

Published June 5, 2023 at 4:27AM

True Respite owners Brendan and Bailey O’Leary opened up shop at 7301 Calhoun Place Suite 600, off of East Gude Drive, in 2018 and the local brewery has been able to make a name for itself in the local beer community. Recently, the location on Calhoun Place has been made available and the O’Learys have let us know that they are keeping all options open as they plan their next move for True Respite.

Anyone interested in the current location would be taking over the lease and purchasing the equipment at the 7500 SF production brewery with 2500 SF taproom. The True Respite brand and intellectual property is not for sale. Initially, True Respite considered expanding, but currently it doesn’t appear to be the most likely option for the company. “The beer industry is hard right now” Bailey O’Leary told us “and the taproom model seems to be the most sustainable for us” noting that opening a smaller location in Bethesda remains a possibility.