The Los Angeles-based company that operates Purchase Connection, a national buying group, has changed its name and marketing strategy. Last month, the board of COHR Connection renamed the company COHR Inc. to mark its decision to peddle COHR's six divisions jointly. COHR also runs businesses that provide equipment maintenance, information services, insurance, quality management and security. "The company wants to be positioned as a complete solution," said Tom Casacky, director of corporate communications. "It wants to not be thought of as a purchasing group but as a provider of services."
Metra Biosystems has raised a total of $12.1 million this year from investors and venture-capital firms. The Palo Alto, Calif.-based biotechnology company has developed tests to detect and monitor bone loss in patients at risk for osteoporosis and other bone diseases. One product now is under Food and Drug Administration review. Its equity financing followed the announcement of marketing and development alliances between Metra and several larger drug companies.
Baxter International, Deerfield, Ill., will acquire Intramed Laboratories for $9.7 million in Baxter common stock. San Diego-based Intramed makes products for less-invasive vascular surgery. The acquisition is expected to be completed in May.
Guilford Pharmaceuticals expects to raise $19.5 million in an initial public offering of 2.8 million shares. The Baltimore-based company said it will use the net proceeds for research and development. Guilford is developing products to diagnose, treat and prevent central nervous system diseases, such as Parkinson's and Alzheimer's. D. Blech & Co. will act as underwriter.
Morrison Restaurants, which manages food service departments at more than 500 hospitals, will merge its family dining and food services divisions into the Morrison Group so they can share support services. It will continue to run its Ruby Tuesday Group of casual-dining restaurants as a separate operating division. The Mobile, Ala.-based company also said that its net income for the third quarter ended March 31 rose 17% to $12.3 million, or 33 cents per share, from $10.5 million, or 28 cents per share, in the year-ago period. Sales rose 9% to $310 million.
Charter Financial, a New York-based merchant bank specializing in equipment leasing and financing, has appointed John J. Sliva as president of its expanded healthcare division and newly formed wholesale division. Previously, Mr. Sliva, 47, was president of the healthcare and wholesale leasing divisions of U.S. Concord, a subsidiary of Norwalk, Conn.-based Concord Leasing. Charter recently announced that it would be expanding its equipment leasing and financing services to healthcare providers nationwide.