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Hospital and Pharma Details

Hospital and Pharma Details

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Published by Barbara Duck
This is a listing as of April 2009 of hospitals and drug stores with budget and financial issues.
This is a listing as of April 2009 of hospitals and drug stores with budget and financial issues.

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Published by: Barbara Duck on Apr 10, 2009
Copyright:Attribution Non-commercial


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Layoffs, closings, cutbacks - hospitals, pharmaceuticals, related
www.costar.com - watch list, 3/29 - 4/4/09
Avigen To Liquidate
Avigen Inc., a biopharmaceutical company based in Alameda, CA, has discontinued strategic merger discussions and intends to develop a plan of liquidation. As such, the company has let go the majority of itsemployees including its CEO and president, and its chief business officer and general counsel. Taking over the liquidation is Andrew Sauter, the company's CFO, who now is acting CEO and president. Avigen leasesits 67,000-square-foot laboratory and office space at 1301 Harbor Bay Parkway in Alameda under a 10-year lease that is scheduled to expire in November 2010. It has sublease agreements covering 31,100 squarefeet, or 46%, of the building to three separate corporate tenants not affiliated with Avigen. Each subleaseagreement runs concurrent with the duration of the underlying master lease term.
Local Closures & LayoffsCompany Address City State Closure or Layoff Number AffectedImpact DateNorthfieldLaboratoriesInc
1200 NBusinessCenter Drive,Suite 200Mt. Prospect IL layoff 13 immediatelywww.costar.com - watch list, 3/22 - 3/28/09
National Layoffs & ClosuresCortex Pharmaceuticals Inc
. in Irvine, CA, is cutting its personnel by approximately 50%. The workforcereduction is in addition to other capital preserving initiatives, including the reduction of salaries of itsexecutive officers.
Local Layoffs & ClosuresCompany Address City State Closure or Layoff # Affected Impact DateBiometSportMedicine
4861 E.Airport DriveOntario CA closure 12 4/3/09
CaliforniaInstitute of Technology
1200 E.CaliforniaBlvd.Pasadena CA layoff 103 4/2/09
CommunityHospital of Los Gatos
815 PollardRoadLos Gatos CA closure 500 4/10/09
ElanPharmaceuticals Inc.
800 GatewayBlvd.South SanFranciscoCA layoff 109 4/27/09
La JollaPharmaceutical
6455 NancyRidge DriveSan Diego CA closure 94 4/20/09
400 N.McdowellBlvd.Petaluma CA layoff 44 4/8/09
Santa RosaMemorialHospital
1165MontgomeryDriveSanta Rosa CA layoff 152 4/8/09
3475 KenyonSt.San Diego CA closure 168 4/3/09
OneEnterpriseAliso Viejo CA layoff 23 3/31/09
calsInternationalDrug Fair Files Bankruptcy, Walgreens to Keep Most Stores Open
By: Sasha M Pardy 
Drug Fair Group, a New Jersey drug store operator, filed Chapter 11 and agreed to sell substantially all of the assets associated with 32 of its stores to Walgreens for an undisclosed amount. Drug Fair intends tocontinue operating as normal throughout the bankruptcy process and until its sale to Walgreens is complete.To do this, Drug Fair secured a four-month, $40 million, debtor-in-possession facility. Prior to filingbankruptcy, Drug Fair sold some assets related to 13 of its stores to third parties, including Walgreens;which specifically purchased prescription files from 11 Drug Fair stores. Walgreens said it plans to keepmost, but not all of the acquired Drug Fair stores open. As of Jan. 31, 2009, Walgreens drug store fleet wascomprised of 6,659 stores, including 112 stores in New Jersey. According to CoStar Tenant, the typical DrugFair store is 15,000 square feet. Drug Fair leases a 200,723-square-foot building that serves as itsheadquarters on Cottontail Lane in Franklin Township, NJ.www.costar.com watch list - Mar. 15-21
Life Sciences Files Ch. 11 To Block Eviction
Life Sciences Inc. this week filed a voluntary petition for relief under Chapter 11 in Tampa, FL. The filingeffectively blocks Simon and Louis D. Srybnik's attempt to evict Life Sciences from its manufacturing,laboratory and office facilities at 2900 72nd St. North in St. Petersburg, FL, because of 9.5 years of allegedlydue back rent. Making matters more intriguing is that the Srybniks are the direct and indirect beneficialowners of more than 60% of the common stock of Life Sciences. Simon Srybnik had been chairman andCEO until he resigned last November.
Additional Lease Cancellations
Separately and outside of bankruptcy court reorganizations,
Acusphere Inc
., a specialty pharmaceuticalcompany, agreed to terminate the lease of its current headquarters at 500 Arsenal St. in Watertown, MA,and relocate to its facility in Tewksbury, MA. Acusphere will make a one-time payment of $800,000 andforfeit its security deposit of $997,500. It will also pay its final monthly rent for March 2009 and operatingexpenses of approximately $65,000 per month from April 2009 through July 1, 2009, unless the lease isterminated earlier by the landlord.
Northstar Neuroscience Inc
. entered into a lease termination agreement with its landlord at its corporateheadquarters at 2401 Fourth Ave., Suite 300, in Seattle, WA. The agreement releases the company fromfuture lease payments totaling approximately $4.2 million through 2012. Northstar will pay the landlord $2.4million, surrender its $100,000 previously paid security deposit, and assign an existing sublease and relatedsublease deposit to the landlord.
Panacos Pharmaceuticals Inc
. entered into a lease termination with Saul Holdings LP effective as of March 31 for 14,902 square feet of space in Avenel Business Park, Phase II at 209 Perry Parkway inGaithersburg, MD. Panacos agreed to pay to Saul $268,593.
Closures & Layoffs
Cell Genesys
Inc. based in South San Francisco has ended further development of GVAX immunotherapyfor prostate cancer. The action has resulted in the reduction of the company's 290 person staff byapproximately 90%. The company anticipates further reductions in the first half of 2009 as additionalactivities are phased out.
Company Address City State Closure or Layoff # Affected Impact DateWadleyHealthSystem
100 Pine St. Texarkana TX suspension 771 3/6/2009
Loan Maturities
Property Address Property Type Current EndingScheduledBalanceMaturity Date Note RateRosewoodCare Center -Moline
7300 34th Ave.,Moline, ILHealth Care $8,891,797 11/1/2009 8.89%
RosewoodCare Center -Peoria
1500 W.Northmoor Road, Peoria, ILHealth Care $7,566,111 11/1/2009 8.89%
Kaiser FoundationHealth PlanBuilding
1033 Third St.,San Rafael, CAOffice $6,124,766 6/1/2009 7.20%
Dorsey HallMedical Center 
9501 OldAnnapolis Road,Ellicott City, MDOffice $3,544,052 8/1/2009 7.87%www.costar.com - watch list Mar. 1-7
Closures & LayoffsNationwideTrubion Pharmaceuticals Inc
. in Seattle, WA, plans to cuts its workforce by 25%, or 25 employees and isundertaking a corporate restructuring.
LocalCompany Address City State Closure or Layoff # Affected Impact DateSourceHealthcareAnalytics,Inc.
2394 E.CamelbackRoadPhoenix AZ unknown 72 3/20/2009www.costar.com - watch list Feb 22-28
Closures & LayoffsLocalCompany Adress City State Closure or Layoff # Affected Impact DateHospira Inc.
1401SheridanRoadChicago IL closure unknown 11/14/2009
45 W. GudeDriveRockville MD closure unknown 9/30/2009
1725DiscoveryDriveCharlottsville VA closure 65 5/15/2009
Gyrodyne Company of America Inc
. agreed to purchase Fairfax Medical Center, a 59,108-square-footmedical office property at 10721 Main Street in Fairfax, VA, for approximately $13.2 million. Gyrodyneanticipates completing due diligence and closing on the purchase by no later than April 30. Fairfax MedicalCenter serves as home to 28 medical tenants. The property includes two four-story brick-clad buildings onapproximately 3.5 acres – directly across the street from a surgical center owned by Hospital Corporation of America. Upon closing, Gyrodyne anticipates it will launch an aggressive leasing program. Fairfax MedicalCenter LLC had halted lease renewals there to accommodate a condominium conversion – prior to themarket’s slowdown. As such, Fairfax Medical Center’s current occupancy rate is 84%.http://www.costar.com/news/Article.aspx?id=1CA1DBC3724855B2422C5CEC82A1C2A7(edited)

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