Hartford Business Journal

May 11, 2015

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G R E AT E R H A R T F O R D ' S B U S I N E S S N E W S w w w. H a r t f o rd B u s i n e s s . c o m For more B2B news visit MAY 11, 2015 Volume 23, Number 24 $3.00 Subscribe online J U N E 4 T H H A R T F O R D For more info: www.CTBEXPO.com Index ■ Week in Review: PG. 6 ■ Focus: PG. 8 ■ The List: PG. 11 ■ Deal Watch: PG. 12 ■ Movers & Shakers: PG. 18 ■ Opinion & Commentary: PG. 24 Downtown Dwelling After inquiring about an apartment unit's size, the rent and tenant amenities, two more questions are quick on the lips of downtown Hartford's newest or prospective apartment dwellers. Find out what on: PG. 3 Umbrella Fight The legal wrangling between Travelers Cos. and its British rival Legal & General Group Plc. over the use of similar-looking umbrella logos has finally reached a conclusion. PG. 5 Deal Watch A major Cheshire industrial building that houses Macy's regional fufillment center has hit the market. PG. 12 Strong U.S. currency hits CT export sales By Matt Pilon mpilon@HartfordBusiness.com T he recent rise in the value of the U.S. dollar is a nice thing for those who travel abroad, but Connecticut export- ers have been taking it on the chin. Major manufacturers like United Technolo- gies, Stanley Black & Decker, Barnes Group and Amphenol said weaker foreign currencies dragged down their collective sales by more than half a billion dollars in the first quarter. Small shops too say the strong U.S. dollar is costing them business overseas. The situation could lead to a slower-growing Connecticut economy, forcing exporters here and across the U.S. to reduce capital invest- ment, wages and even employment levels, said economist Peter Gioia, vice president at the Connecticut Business & Industry Association. A recent Moody's Analytics report pre- dicted a 0.6 percent decline in U.S. gross domestic product and as many as 400,000 lost jobs across the country if the dollar climbs another 15 percent this year. "To lose out on currency, it makes it that much more difficult to expand," said By Brad Kane bkane@HartfordBusiness.com T he bioscience industry and the state's quasi-public investment arm Connecticut Innovations are developing a pro- gram to help researchers bridge the so-called Valley of Death, in order to create more companies and bring more drugs to market. The proposed program — developed by Craig Crews, head of Crews Laboratory at Yale University — asks CI to provide capital to help scientists turn their research into actual drug applica- tions and start companies under a project called Program in Innova- tive Therapeutics for Connecticut's Health (PITCH). CI has been sup- portive of the proposal, although it is still finalizing the details. "To be very, very clear, we want to start companies," Crews said. "The majority of these DOLLAR DOLDRUMS Bioscience asks for help bridging Valley of Death Continued on page 14 Continued on page 16 Students and scientists showcased their various stem cell research applications at the StemConn conference April 27 in Hartford. P H O T O | A L E X S Y P H E R S I L L U S T R A T I O N | J I J O M A T H A I D E S I G N E R S , S H U T T E R S T O C K . C O M

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