NewHavenBIZ

4 n e w h a v e n B I Z | F e b r u a r y 2 0 2 1 | n e w h a v e n b i z . c o m A r o u n d t h e R e g i o n People's United Bank to shutter Stop & Shop branches in CT Bridgeport-based lender People's United Bank announced a major shakeup of its branch strategy, saying it plans to close its Stop & Shop grocery store outposts in Connecticut and New York over the next few years. People's United Chairman and CEO Jack Barnes said the bank has decided not to renew its existing in-store branch contracts with Stop & Shop, but there will be no immediate impact to customers as the exit is anticipated to occur over several years. People's United currently operates 84 Stop & Shop branches in Connecticut and 56 in New York. Customer banking preferences and retail shopping behaviors have evolved, especially with the significant rise in digital banking, according to Barnes. People's United said it will use the cost savings to invest further in its digital capa- bilities, including its mobile app and online banking, and strengthen its traditional branch network. Avangrid secures key permit for power project Orange-based energy company Avangrid said it has won its final major permit for a controversial plan to build a nearly $1 billion hydropower transmission line from Canada to Maine. But a federal appeals court recently sided with environmental groups in calling for a temporary halt to the project, known as the New England Clean Energy Connect, according to the Associated Press. e ruling came the same day Avangrid announced that it had cleared its final permitting hurdle, receiving the presidential permit from the U.S. Department of Energy for the project. Avangrid is partnering with Hydro-Que- bec on the project, which involves building a 145-mile transmission line on land owned or controlled by Central Maine Power. When finished, it is expected to deliver 1,200 megawatts of renewable hydropower from Quebec to the New England energy grid in Lewiston, Maine, making it New England's largest source of renewable ener- gy, according to Avangrid. Several groups concerned about the proj- ect's impact on the area's wilderness had asked the court to delay construction while their appeal of the project is still pending. Avangrid said the project will create more than 1,600 jobs during the 2.5-year construction period and provide $200 mil- lion in upgrades to Maine's energy grid. CT Water floats 28% rate hike for commercial users Connecticut Water's commercial custom- ers would face average rate hikes of $18 a month under a proposal submitted to state regulators, the company announced. Existing and proposed commercial rates vary by division and size of a business's water meter, a company spokesperson said. e proposed increase for Connecticut Water's commercial class is 28%, subject to final approval by the Connecticut Public Utilities Regulatory Authority. About 6,800 of Connecticut Water's 106,000 customers are commercial custom- ers. Residential customers consuming about 3,780 gallons of water monthly would pay an additional 35 cents per day, or $10.50 per month. e Clinton-based utility said it was asking for the price increases to cover $265 million in improvements to its water infra- structure over the past 10 years. Alexion pauses COVID-19 trial after drug misses mark Alexion Pharmaceuticals, which has a major New Haven presence, has put the brakes on a clinical trial that was testing its rare-disease drug Ultomiris in patients who are on ventilators with severe COVID-19. An independent data-monitoring com- mittee recommended pausing the phase 3 study due to lack of efficacy. e committee said there was no differ- ence in survival aer 29 days among the 122 patients given Ultomiris in combina- tion with other supportive care. Alexion isn't nixing the program yet, however, and patients who were already enrolled will be allowed to continue. Ultomiris, which is approved to treat two rare blood diseases, works by inhibit- ing an immune protein, C5. e company was investigating whether the drug could ease lung inflammation in patients with severe COVID-19 who needed to be on a ventilator. Frontier gets FCC nod for Ch. 11 restructuring Troubled phone and internet pro- vider Frontier Communica- tions secured approval from the Federal Communica- tions Commis- sion (FCC) for its Chapter 11 restructuring and expects to emerge from bankruptcy early this year, the company announced. Under the restructuring plan, Frontier will cut its debt by more than $10 billion and give senior creditors an ownership stake in the company. "We continue to make important progress in our constructive engagement with regulators across our service terri- tories, and this approval from the FCC marks a major milestone," said Frontier President and CEO Bernie Han. A total of 13 states have reviewed and approved Frontier's restructuring, with an OK from Connecticut's Public Utili- ties Regulatory Authority (PURA) and three other states still pending. PURA rejected a draft plan for Frontier's restructuring last June as "preliminary in nature and subject to change," but has since indicated it expects to make a decision early this year. Hamden consultancy merges with expanding Maine accounting firm VantagePoint Healthcare Advisors, a Hamden-based compliance, consulting and credentialing company, merged with Maine's BerryDunn accounting firm recent- ly to expand its services and service area. e firms have worked together in the past for healthcare clients and will now operate under the BerryDunn name. "To be able to continue to grow and offer our existing clients additional services and expertise via this merger is very exciting," said VantagePoint founder and CEO Helen Hadley. VantagePoint has been in operation for 27 years. BerryDunn has maintained a Hart- ford-area office since 2017 and added a Bos- ton presence when merging with Rodman CPAs in July 2019. e firm has offices in six states with headquarters in Portland. Uber launches environmentally-friendly rideshare service in CT Rideshare company Uber announced it's launching Uber Green, a feature that allows customers to request rides in electric or hybrid cars, in Connecticut. e San Francisco-based company is simultaneously launching Uber Green in about 1,400 cities across the U.S., according to Uber. e fee to customers who spec- ify an electric or hybrid car for their ride request is $1 per ride. e move is part of an $800 million com- mitment by Uber to transition hundreds of thousands of its drivers to electric vehicles by 2025, to be fully electric by 2030, Uber said. By 2040 the company wants all vehi- cles to produce zero emissions. IsoPlexis closes on $135M in financing Branford medical technology company IsoPlexis said it has secured $135 million in new financing that it will use in part to expand its commercial and research teams globally. e Series D financing announced recently includes $85 million in equity securities and $50 million in debt financing through a credit facility. Perceptive Advisors led the round, with participation by new investors Ally Bridge Group and funds and accounts managed by B R I E F S N ew Haven biotechnology com- pany Arvinas Inc. is expanding its footprint at Yale's Science Park by 10,000 square feet to make room for a wave of new hires. Arvinas, which is developing treatments for prostate and breast cancer, has extended its main lease at 5 Science Park, as well as another at 4 Science Park, through 2024, according to a Securities and Exchange Commission filing and company officials. Biotech Arvinas adds to Science Park footprint e biotech founded by re- nowned Yale scien- tist Dr. Craig Crews has been steadily growing its physi- cal presence since launching in a 9,500-square-foot space at Science Park in 2013. It now takes up about 63,500 square feet in the two buildings, according to regulatory filings. CEO John Houston told New PHOTO | FLICKR/STOCK CATALOG Haven Biz that the latest expan- sion will allow for additional lab space to meet the needs of the company's growing headcount. Arvinas grew its team by 50 employees in 2020 and expects to employ 250 by the end of this year. Arvinas is the largest tenant at 5 Science Park, taking up around 60,000 of the building's 100,000 square feet. It is acquiring the ad- ditional space from a tenant that is relocating. n John Houston A pharmaceutical company with a New Haven presence aims to find a treatment against the COVID-19 virus. IsoPlexis' IsoLight platform. PHOTO | COURTESY ISOPLEXIS COURTESY | PIXABAY.COM PHOTO | COURTESY

• Cover