JSonline: Business Watch
Business Watch: A Weblog of Today's Local Business News

• Madison drug company raises $12 million
  Deltanoid Pharmaceuticals said Monday morning it has raised $12 million in a funding round led by the Wisconsin Alumni Research Foundation. Mason Wells and Venture Investors also participated in the Series B round, bringing the total Madison-based Deltanoid has raised to more than $16 million. Deltanoid was formed by University of Wisconsin-Madison scientist Hector F. DeLuca to develop promising drugs through human clinical trials. The company plans to use the money to advance its lead candidates for treating patients with renal disease.
• Survey shows optimism for business growth
  About 72% of companies surveyed in Wisconsin and northern Illinois expect 2008 to be average or better for business growth and development, according to research released this morning by QPS Cos., a 20-office staffing firm based in Brookfield. QPS found that 54% of the responding businesses said they expected to add to their work force in the coming year, increasing staff by an average of 7.5%. More than half (51%) reported plans to increase wages in 2008 by 3.94% on average; 39% said they expected no raise in pay. Asked to identify the biggest issues their companies faced in the new year: * 39% said lack of qualified or reliable workers * 33% lack of skilled workers * 28% cost of materials * 26% insurance costs * 25% fuel costs
• M&I faces $195 million bad loan write-off
  Marshall & Ilsley Corp. (Pewaukee developer sentenced to 18 months
  A city of Pewaukee real estate developer was sentenced to 18 months in prison today by Chief U.S. District Judge Rudolph Randa after pleading guilty to evading $340,000 in federal taxes during a 10-year period by not filing tax returns. Dennis L. Gritzmacher, 60, also received three years probation and was ordered to pay the back taxes plus interest and penalties, said Assistant U.S. Attorney Matthew Jacobs. A fine was waived. The plea agreement said that Gritzmacher paid no federal taxes from 1994 through 2003 and $20,000 in four installments in 2004, in the midst of an investigation by the Internal Revenue Service. While he wasn't paying taxes, documents say, he was spending money elsewhere. The investigation showed that from 2000 through 2006, Gritzmacher spent $1.6 million as follows, according to court records: lease and purchase of vehicles, $605,000; jewelry, $230,000; mortgage and rental payments, $320,000; home furnishings and electronics, $120,000; and credit card payments, $310,000. Gritzmacher will report to prison in March, Jacobs said.
• Cell phone 911 charge will be reduced
  The monthly charge on cell phone bills in Wisconsin to pay for technology that lets emergency officials pinpoint the exact location of 911 calls placed by mobile phone users will drop to 43 cents from 92 cents, the state Public Service Commission said today. The PSC, which regulates the telecommunications industry in the state, said growth in the base of wireless users is a key reason for the 50% reduction in the monthly "E-911" fee. The surcharge is expected to end in April of 2009."Wireless Enhanced 911 is a vital program for our state and has proven to be an essential public safety tool," said Dan Ebert, chairman of the PSC. "The increasing number of cellular users can have peace of mind that this program will soon be operational in nearly all counties across the state."
• A.O. Smith extends stock buyback program
  A.O. Smith Corp. (Trial set for broker in kickback case
  A trial date has been set in the federal case of Larry Lupton, a Brookfield real estate broker who has pleaded not guilty to Regal Ware sells its food service division
  A Chicago-area company has purchased the food service division of cookware manufacturer Regal Ware Inc. Focus Products Group, of Vernon Hills, Ill., said the former Regal Ware division will continue to manufacture commercial coffee urns and other products in West Bend. Focus, however, will take over sales, customer service, shipping and credit functions from the Regal Ware division. The effect on jobs in West Bend was unclear Friday morning. A Focus executive could not be reached for comment immediately. Besides coffee urns, the Regal Ware food service division makes commercial cookware and beverage dispensing products for the hospitality and rental markets. The division had been part of Kewaskum-based Regal Ware, which makes stainless steel cookware and water purification equipment. Regal Ware sold its West Bend retail housewares division to Focus in 2003.
• Marcus says it won't show 'Sweeney Todd'
  Marcus Theatres Corp. today announced it will not show the new movie "Sweeney Todd" because it couldn't reach an agreement with Paramount Pictures on how much Marcus would pay for the film."This decision was reluctantly reached because the price requested by Paramount to show the film in Marcus Theatres was too expensive in the opinion of our film buyers," said Bruce Olson, president of Marcus Theatres. "Our customers are our first priority. We must be able to control all of our costs so that we can continue to provide the best entertainment value for our guests. This commitment is the foundation of our business.""Sweeney Todd," starring Johnny Depp, is one of several major holiday season films, with a Dec. 21 release date.
• Analyst sees Midwest shares as a 'buy'
  Shares of Midwest Air Group Inc. (MEH) continue to trade below $14 a share, despite the company's pending sale at $17 a share, leading one analyst to declare a buying opportunity for investors. Midwest Air closed Thursday at $13.99 a share, down 81 cents, or 5.5%. That's the lowest closing price for the Oak Creek-based carrier since the Aug. 16 announcement that Midwest Air's board had acc