Chester County Daily News Business Briefs

Vista Today Governor Wolf
Governor Wolf PA Budget Vista Today Chester County Business News
Governor Wolf in front of Downingtown Middle School.--Via Vinny Tennis, Daily Local News

VISTA Today Daily News Business Briefs are concise stories that bring you up to date with what’s going on around Chester County. This morning:

Wolf Brings His Push to Pass the Budget to Downingtown Middle School

Continuing his “Schools That Teach” tour on July 8, Governor Tom Wolf visited Downingtown, where he discussed the as yet unapproved 2015-16 budget.

Wolf is pushing for a budget that contains fair and adequate education funding covered in part, by implementing a tax on the benefits gained from extracting local natural resources.

Last week he vetoed the Republican budget that he said failed to address the core issues facing Pennsylvania, including the structural budget deficit, an underfunded school system, and rising property taxes for seniors and middle-class families.

While talking at the Downingtown Middle School, Wolf said, “The future of Pennsylvania runs through the halls of places like this. That’s why in my budget, I’m proposing that we actually invest in education. Not because I care about teachers, not because I care just about the students, because I care about all of Pennsylvania.”

Vanguard to Launch Client Relationship Center

The Vanguard Campus in Malvern.

Vanguard Group is launching a service this month that will help its financial advisors showcase their products to prospective and existing clients.

The Client Relationship Center will allow advisers to generate customized statements, outline their approach to managing wealth, create client meeting agendas and show the other benefits of the services that they provide to clients.

“The Client Relationship Center will enable advisers to more easily create customizable communications that can be made to look and feel unique,” said David Hoffman, a Vanguard spokesman. “Importantly, this frees up advisers to spend more time on the practice of wealth management.”

The Valley Forge based company built the platform in consultation with its sales team and a series of focus groups. It plans to add features in the coming months.

RecroPharma Raises $16 Million in Stock Placement

041015RecroRecroPharma has sold just under 1.4 million shares of common stock, raising $16 million in the process.

The Malvern based specialty pharmaceutical company, focused on developing non-opioid pain relief medicines, positioned the stock at $11.60 per share and successfully sold it to a group of institutional investors led by Broadfin Capital.

CEO Gerri Henwood plans to use the proceeds to further fund the clinical development of IV/IM meloxicam and Dex-IN, its two lead drug candidates, both designed to treat acute post-operative pain. These types of experimental drug candidates are eligible for the Food and Drug Administration’s expedited review programs.

RecroPharma believes its pain medicines will avoid the side effects associated with commonly prescribed opioid therapeutics, such as addiction, constipation, and respiratory distress while maintaining an analgesic effect.

Chester County Attorney Mary LaSota Takes a Step Back to Reflect on the Obergefell Decision

Mary LaSota
In an article we published yesterday, Mary LaSota examined SCOTUS’s decisions on marriage that preceded last month’s Obergefell v Hodges decision.

Just last month, the Supreme Court issued a pivotal opinion changing the traditional marriage ideal.

The Court’s opinion triggered intense political outcry from those that viewed the decision as a direct attack on their religious freedom. Attorney Mary LaSota has called out the fear-mongering practiced by some politicians and has taken the time to better understand the change.

In her review of recent events, she commented, “Soon after the opinion was released, Ted Cruz stated that the gay marriage ruling is one of the “darkest hours of our nation.” She made the point that “when politicians start using words and terminology that incite fear and anger, we the people, should take a step back from the bandwagon“.

Going over the many decisions involved in the regulation of marriage she lists a few previous decision made by the Supreme Court on the subject. Such as the “Loving vs. Virginia” ruling from 1967, where the Court invalidated State laws prohibiting interracial marriages. Read her column here

Younger Bosses for Older Employees

Chris Franklin
Chris Franklin, the new Aqua America CEO, was mentioned by the WSJ as being part of a younger swath of CEO’s.

As the previous generation retires, Generation X is moving into the corner offices and bringing with them a new style of leadership.

Born between 1965 and 1980, this new group of top executives has more tech understanding, higher interest in retaining young employees, and a preference for a flatter organization structure versus one that’s highly hierarchical, decreasing bureaucracy and increasing more fluidity in decision-making.

CEOs at and under the age 50 are already leading some of the world’s largest companies, such as Microsoft, 21st Century Fox, McDonald’s, and Harley-Davidson. Among them is Chris Franklin, Aqua America’s newly minted CEO recently interviewed for VISTA.Today.

“There is going to be a sea of change in terms of the ways that individuals in the corner office lead,’’ said Sandra Davis of MDA Leadership Consulting “They are far more nimble and agile.”

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