Rhode Island Biz Winners and Flops
Saturday, June 08, 2013
The Rhode Island economy is showing a semblance of life. Some RI companies are drawing some significant private and public sector investments.
Unemployment numbers have improved, the real estate market is showing signs of a strong recovery and there is even a little momentum.
WINNERS
Andera, Swipley and NABsys -- three homegrown companies in three hot spheres of emerging growth that have all landed significant amounts of investment and are hiring in Rhode Island. The future may be now.
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Providence-Based Law Firm – Hinckley Allen has announced its new office in New York City. The firm started back in 1906. A year later, founding partner, Theodore Francis Green, was elected to the Rhode Island House of Representatives. He went on to be Governor and U.S. Senator – heck, we even named an airport after him.
The firm is now in five states – former GTECH top lawyer is the Managing Partner -- Marc A. Crisafulli.
Slater – has pushed out $3.5 million of the U.S. Treasury’s State Small Business Credit Initiative in January 2012 to a sweeping array of Rhode Island tech and biotech start-ups.
Absolute Commerce ($250,000) –developing a solution to make it easier for large companies procurement.
CareThread ($250,000) –secure mobile in healthcare.
Enhanced Energy Group ($100,000) - Energy technology startup.
IlluminOss Medical ($500,000) - minimally-invasive, photodynamic implants for the stabilization and treatment of bone fractures.
Lucidux ($250,000) - visualization technology for use in minimally invasive surgery and related clinical applications.
Mnemosyne Pharmaceuticals ($1,000,000) - drug discovery company focused on identifying small molecule modulators of NMDA receptor.
Mofuse ($130,000) - developer of mobile web content management solutions.
ProThera Biologics ($250,000) - biotechnology company is developing a proprietary biologic to treat life-threatening conditions.
Tivorsan Pharmaceuticals ($250,000) - the company is developing therapies to treat muscular and neurological disorders.
VCharge ($250,000) - the Energy technology startup enables residential electric thermal storage heaters, electric cars, and others to handle grid conditions VoltServer ($250,000) Packet Energy Transfer (PET) technology.
RI Clean Water Finance Agency - Fitch Ratings assigns an 'AAA' rating to the safe drinking water refunding revenue bonds --Approximately $43.1 million series 2013B. Fitch also affirms the rating on outstanding safe drinking water state revolving fund bonds --$174.7 million at 'AAA'.
ProvPort – after a four-year effort, two new cranes arrived in Providence. The cranes replace 35-year old cranes rented from a New Jersey firm. The cranes are part of a $20 million private-public partnership to modernize and grow the Port of Providence.
FLOPS
EDC Reorganization – the General Assembly has some big ideas on the EDC... like changing the name. The lack of serious thought is disturbing and seems to indicate a lack of comprehension of complex business issues.
Employment numbers – while improved, there still needs to be more leadership, innovation, collaboration and creativity to move the Rhode Island economy forward.
38 Studios’ Game – the lead game for 38 Studios, de facto, the backbone of their then-future growth and viability generated just over $700,000. Hard to believe that a product that could only garner less than a million dollars in revenue of driving the company’s growth and was worthy of a $75 million loan guarantee from the state of Rhode Island.
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