Hartford Business Journal

2 HARTFORDBUSINESS.COM | SEPTEMBER 30, 2024 Subscriptions Annual subscriptions are $132.00. To subscribe, visit HartfordBusiness.com, email circulation@ hartfordbusiness.com, or call (845) 267-3008. Advertising For advertising information, please call (860) 236-9998. Please address all correspondence to: Hartford Business Journal, 100 Allyn Street, Suite 3, Hartford, CT 06103 Stay Connected For breaking and daily Greater Hartford business news go to: www.HartfordBusiness.com HBJ on Twitter: @HartfordBiz HBJ on Facebook: www.facebook.com/HartfordBiz HBJ on Linkedln:www.linkedin.com/company/the-Hart- ford-Business-Journal Daily e-newsletters: HBJ Today, CT Morning Blend: www.hartfordbusiness.com/enewsletters Hartford Business Journal (ISSN 1083-5245) is published bi-weekly, 27x per year — including two special issues in November and December — by New England Business Media, LLC, 100 Allyn Street, Suite 3, Hartford, CT 06103. Periodicals postage paid at Hartford, CT and at additional entry points. Tel: (860) 236-9998 | Fax: (860) 570-2493 Copyright 2020. All rights reserved. Postmaster: Please send address changes to: Hartford Business Journal P.O Box 330 Congers, NY 10920-9894 Biz Briefs Peter Stanton | CEO, pstanton@nebusinessmedia.com Tom Curtin | President, ext. 124, tcurtin@hartfordbusiness.com Editorial Greg Bordonaro | Editor, ext. 139 gbordonaro@hartfordbusiness.com Drew Larson | Web Editor, ext. 121 alarson@hartfordbusiness.com Beat: Energy Michael Puffer | Staff Writer, ext. 145 mpuffer@hartfordbusiness.com Beats: Real Estate, Economic Development, Banking & Finance Hanna Snyder Gambini | Staff Writer hgambini@hartfordbusiness.com Beats: Economic Development, Arts, Culture & Tourism David Krechevsky | Staff Writer, ext. 702 davidk@hartfordbusiness.com Beats: Health Care, Bioscience Harriet Jones | Staff Writer, ext. 145 hjones@hartfordbusiness.com Beats: Manufacturing, Cannabis, Professional Services Stephanie R. Meagher | Research Director Heide Martin | Research Assistant Steve Laschever | Photographer Business Tom Curtin | Publisher, ext. 124, tcurtin@hartfordbusiness.com Jessica M. Quinn | Associate Publisher, ext. 137 jquinn@hartfordbusiness.com Emily Paskind | Senior Accounts Manager, ext. 133, epaskind@hartfordbusiness.com Donna Hogan | Senior Accounts Manager, ext. 101, dhogan@hartfordbusiness.com Donna Hogan | Senior Accounts Manager, ext. 101, dhogan@hartfordbusiness.com Tracy Rodwill | Human Resources Manager trodwill@nebusinessmedia.com Production Bartosz Zinowko | Production Director, ext. 147 bzinowko@hartfordbusiness.com Former Hartford Mayor Luke Bronin (left) with Michael Freimuth, executive director of CRDA. CRDA head Freimuth, key player in Hartford-area redevelopment, announces plans to step down M ichael Freimuth, a champion of redevelopment efforts in Hartford and East Hartford, announced he will step down as executive director of the Capital Region Development Authority next June. Freimuth, 69, has led the quasi-governmental agency since its 2012 launch, playing a pivotal role in Hartford's new apartment development. Under his guidance, the agency has provided low-interest gap financing and tax breaks that have led to the construction of about 3,300 new downtown Hartford apartments, with more than 2,500 in the pipeline. He has been the steady, affable and widely respected hand at the helm of a 12-person agency with an outsized impact. "My mission, years ago, was to knit back together a connection between the city and state on development, with a focus on down- town housing," said Freimuth, who plans to retire from full-time employment next June. "Since then, I think we have achieved a lot of that." Two CT commercial real estate firms announce merger Two well-known commercial real estate companies have announced a merger. Hartford-based Sentry Commer- cial said it has merged with Commercial Development Co. in Orange. Terms of the deal, which was completed Sept. 3, weren't disclosed. Sentry Commercial offers brokerage and advisory, property, construction and facilities management services. Commercial Development focuses on property management in southern Connecticut. Sentry is led by company founder Mark Duclos. Commercial Development is led by founder Gary Richetelli. New Haven-based BioXcel lays off 28% of workforce New Haven-based biopharma- ceutical company BioXcel Ther- apeutics Inc. announced that it has cut 28% of its workforce and eliminated a C-suite position as it continues to struggle financially. According to a document filed with the U.S. Securities and Exchange Commission, BioXcel's board of directors on Sept. 17 approved a plan to reduce its workforce by 15 employees, "or approximately 28% of the company's headcount." Based on those numbers, the company employed about 54 people before the job cuts. The company also notified Matt Wiley, its chief commercial officer, that his position was being elimi- nated, as of Oct. 2. Based at 555 Long Wharf Dr., BioXcel uses artificial intelligence to develop medicines in neurosci- ence and immuno-oncology. BioXcel CEO Vimal Mehta said the company is prioritizing its focus on late-stage clinical programs for a drug (BXCL501) that could serve as a treatment for agitation associated with Alzheimer's dementia. HBJ FILE PHOTO BioXcel Therapeutics CEO Vimal Mehta. DOL: CT's labor market tightens, shedding 2K+ jobs in August The state lost 2,200 jobs in August, marking a change in direction amid a tightening labor market, according to the state Department of Labor's August jobs report. Despite the losses, nonfarm employment in Connecticut remained above its highest levels in 2008. The state has recovered 104.1% of the 291,100 nonfarm jobs it lost during the COVID lockdown from March to April 2020. Connecticut's unemployment rate dropped from 3.6% in July to 3.4% in August, as its labor force partici- pation rate fell 0.2% to 64.2%. A year ago, the state's unemployment rate was 3.8%. The national unemployment rate is 4.2%. Prior to July, the state recorded six consecutive months of job growth. Initially, the state DOL reported that the state added 700 jobs in July. However, in the DOL's August report, it revised July's gains to a loss of 900 jobs. Nutmeg State Financial Credit Union to close two branches Nutmeg State Financial Credit Union plans to close two of its 10 branches, largely because of the increasing use of online Depart- ment of Motor Vehicles services. Nutmeg plans to close branches in Norwalk and Milford on Nov. 15. These sites feature a relatively small area for credit union business, with most space devoted to DMV services such as license renewals, said Nutmeg CEO John D. Holt. But the DMV's move to online services, accelerated by the pandemic, prompted a steep drop in credit union business at those branches, Holt said. Nutmeg merged with First Bristol Federal Credit Union in June, bringing two additional branches, both in Bristol, into the fold. Those will be rebranded as Nutmeg branches early in the new year, bringing the Nutmeg branch tally back to 10, Holt said. Mark Duclos

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