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McCord to plead guilty to strong arming campaign donors (Video)

Friday January 30th, 2015 10:29:46 PM Jeff Blumenthal
Pennsylvania State Treasurer Rob McCord will plead guilty to federal charges that he tried to strong arm two potential contributors to his 2014 failed gubernatorial bid by saying "he could make it difficult for them to do business with the Commonwealth."McCord made the announcement Friday afternoon through his attorneys, Robert Welsh and Catherine Recker of Welsh & Recker.McCord said Thursday he would resign as treasurer, effective Feb. 12, saying he had done all he could in the role. But hours…

Aetna, Main Line Health extend provider contract

Friday January 30th, 2015 09:58:24 PM John George
Aetna and Main Line Health said Friday they have signed a two-year contract extension.The deal includes a hospital-based, pay-for-performance program, under which Main Line Health hospitals will be rewarded financially if they meet quality and efficiency metrics.Specific financial details of the agreement were not disclosed.Main Line Health of Radnor, Pa., is the parent company for six suburban Philadelphia medical centers: Lankenau Medical Center, Bryn Mawr Hospital, Paoli Hospital, Riddle…

WIP names new afternoon drive hosts

Friday January 30th, 2015 08:31:05 PM Jeff Blumenthal
Sports Radio 94WIP said Friday that it has hired veteran sports talker Tony Bruno and will pair him with young upstart Josh Innes on the station's new afternoon show. The duo, who will work their first shift together on Wednesday, will replace Anthony Gargano and Rob Ellis.Gargano left the station last month after reportedly not accepting a short-term contract. Ellis' role with the station was not immediately known.Rumors of the Bruno-Innes combination have been percolating for weeks. The two…

City Council to PPA: Legalize Lyft and Uber

Friday January 30th, 2015 07:50:38 PM Jared Shelly
Ride-sharing service Lyft is launching Friday in Philadelphia — adding even more competition to traditional taxi services.Companies like Lyft and Uber have been embroiled in a fight with the Philadelphia Parking Authority over the legality of their ride-sharing services. Now, City Council just introduced a resolution urging the state legislature to make the services legal in the city. (The PPA regulates taxi ride-sharing services in Philadelphia.)Both ride-sharing companies were approved for…

Sushi burrito shop Hai Street opens second location

Friday January 30th, 2015 05:30:12 PM Francis Hilario
Hai Street Kitchen & Co. brings its sushi/burrito hybrid concept to University City with its second location.That's right — Oversized sushi rolls.CBRE inc. arranged a lease with the company to open the 1,600-square-foot, 24-seat location at 125 S. 40th St. CBRE's David Orkin and Jackie Balin represented the lease.University City's employment growth and the built-in customer base at the University of Pennsylvania and Drexel University led the company to expand there.The first location opened…

Avenue Kitchen opening second location in Glen Mills

Friday January 30th, 2015 04:50:03 PM Francis Hilario
Modern American restaurant concept Avenue Kitchen will be expanding to Glen Mills, Pa.Owner Dana Smith Farrell is planning to open a 2,500-square-foot, 80-seat location later this summer inside the Glen Eagle Square shopping center on the Whole Foods side in between Starbucks and Athleta. Farrell estimates that 25 jobs will be added.The first location opened in Villanova almost two years ago, the design and aesthetic of which will be duplicated in the Glen Mills location.Farrell operates the…

Montco medical device firm raises another $6.5M

Friday January 30th, 2015 04:00:03 PM John George
Trice Medical, which has developed technology that allows doctors to diagnose orthopedic injuries in their office, has raised an additional $6.5 million in a private equity financing.The King of Prussia, Pa., medical device company has now raised a total of $18 million through the series B financing, which was led by Safeguard Scientifics Inc. (NYSE: SFE) of Wayne, Pa.In September, Trice received Food and Drug Administration approval for its Mi-eye product. Mi-eye is a fully disposable, single-use,…

Five lawyer group departs Post & Schell for rival litigation firm

Friday January 30th, 2015 03:30:03 PM Jeff Blumenthal
Five lawyers, including three partners, left Post & Schell to join Christie Pabarue & Young. The addition of the group led by insurance coverage lawyer John C. Sullivan and the retirement of co-founder and name partner James Pabarue has caused the firm to change its name to Christie Sullivan & Young.The Sullivan group's addition essentially fills some of the void from the July 2013 departure of a seven-lawyer insurance coverage practice led by another name partner, Brad Mortensen (for years the…

Spark goes public with $161M IPO

Friday January 30th, 2015 02:21:08 PM John George
Spark Therapeutics went public Friday in a $161 million initial public offering, the largest IPO by an area biopharmaceutical company in years.The 2-year-old Philadelphia gene therapy company was spun out of Children's Hospital of Philadelphia. It's selling 7 million shares of common stock at $23 per share. The stock soared more than 100 percent in mid-afternoon trading.Spark (NASDAQ: ONCE) has granted the underwriters an option to purchase up to 1.05 million additional shares of common stock…

5 things to know today (1-30)

Friday January 30th, 2015 01:46:37 PM Jared Shelly
Here's what's happening today:1. Campbell Soup Co. restructures, consolidates into three divisions.2. Rob McCord steps down as state treasurer, reportedly under federal investigation.3. Big architectural firm plants roots in Philadelphia.4. Endo completes $2.6B purchase of Auxilium.5. Differing opinions of what's happening at the Courier-Post.WEATHER: Mostly windy. High 39. Low 13.

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