Hartford Business Journal

2 HARTFORDBUSINESS.COM | FEBRUARY 10, 2025 Biz Briefs 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 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. 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 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 Dean Zappalorti | Senior Accounts Manager, ext. 101, deanz@hartfordbusiness.com Sadie Bride | Senior Accounts Manager, ext. 141, sbride@hartfordbusiness.com Tracy Rodwill | Human Resources Manager trodwill@nebusinessmedia.com Production Bartosz Zinowko | Production Director, ext. 147 bzinowko@hartfordbusiness.com Incoming Quinnipiac University President Marie Hardin. CONTRIBUTED PHOTO Through the first nine months of 2024, Hyperfine reported a 26.6% increase in sales, to $10.6 million, but an overall net loss of $30.3 million, or 42 cents per share, according to its financial filing. Since 2020, the company received nine clearances from the U.S. Food and Drug Administration (FDA) for its portable imaging device, Swoop, which can help medical providers make a rapid diagnosis, such as whether a patient has had a stroke. Historic North Haven manufacturer transitions to fourth generation of family leadership Ulbrich Stainless Steels & Special Metals — a North Haven-based supplier to the aerospace, automo- tive and medical industries — has passed to its fourth generation of CONTRIBUTED PHOTO Pratt & Whitney's East Hartford headquarters at 400 Main St. New Pentagon contract triples funding, to $3.5B, for Pratt engine program The Air Force has increased funding for Pratt & Whitney's proto- type engine for the next generation fighter jet program. Pratt is developing the Next Gener- ation Adaptive Propulsion, or NGAP, technology alongside a competing engine from GE. Both will be available for the military's sixth-generation fighter jet program currently known as Next Generation Air Dominance. In a 2022 contract, the Air Force capped funding for the program at $975 million for each contractor. In January, the Air Force issued contract modifi- cations that expand funding for the prototype phase to $3.5 billion, more than three times the original allocation. The contract award also excludes several other defense contractors that were previously bidding to develop the engine, leaving just Pratt and GE in the running. Work on the prototype is being carried out in East Hartford. Guilford biotech to cut 14% of workforce amid widening losses Guilford-based biotech Hyperfine Inc., an emerging growth company that has developed a portable imaging device, announced that it's cutting about 14% of its global workforce amid widening losses. The company said the restructuring is intended to reduce costs and "create a more stream- lined organization to support its business priorities." The restructuring mainly affects employees in technical positions and is focused on internally-facing roles, Hyperfine said. This is the second major restructuring for the company in recent years. In the first quarter of 2023, Hyperfine reduced its global workforce by 13%. As of Feb. 15, 2024, Hyperfine had 131 full-time employees. The company's principal executive offices are located at 351 New Whit- field St., in Guilford. It also occupies office and laboratory space in Palo Alto, California. Hyperfine — which went public during the SPAC IPO frenzy in 2021, and was founded by serial entrepre- neur Jonathan Rothberg — is evolving from a development-stage to a commercial-stage company. Quinnipiac University names new president Q uinnipiac University has named a Penn State dean its 10th president. Marie Hardin, who currently serves as dean of The Pennsylvania State University's Donald P. Bellisario College of Communications, will take over as president of the Hamden-based private college on July 1. She will replace President Judy Olian, who announced in August that she would be leaving Quinnipiac at the end of the current academic year. Olian led the school for seven years. Hardin has served as dean of Penn State's College of Communications since 2014. She led the college's rebranding in 2017, after attracting a $30 million naming gift from alumnus Donald P. Bellisario and university support for a new media center that opened in 2020, Quinnipiac said. Under her leadership, the college's endowment more than tripled, and total gifts increased more than 50% in the past three years, Quinnipiac said. Jonathan Rothberg family leadership. Chris Ulbrich, grandson of the founder, is stepping down as CEO and will become the full-time board of directors chair. He is succeeded by his son, Jon Ulbrich. The company was founded in Wallingford in 1924 as a scrapyard called the Fred Ulbrich Company. It now has offices across the U.S., as well as in Europe and Asia. Jon Ulbrich previously served as president of Ulbrich's Service Center Group. PHOTO | CONTRIBUTED Chris and Jon Ulbrich.

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