Hartford Business Journal

4 Hartford Business Journal • June 4, 2018 • www.HartfordBusiness.com Briefs CT Water to solicit alternative merger proposals After nixing competing bids, Clinton- based Connecticut Water Service Inc. says it amended its $750 million merger with California's SJW Group in an effort to solicit other proposals. Connecticut Water said the amendment will allow the company to seek competing bids. The public process, the company says, will allow shareholders to have "full confidence" in its coming merger or acquisition. Under the provision, Connecticut Water is allowed to review and negotiate proposals through July 14. Carol Wallace, chairman of Connecticut Water's board of trustees, said in a statement the group has not changed its recommendation in favor of the SJW Group agreement, which would create the nation's third largest water utility, inked in March. Connecticut Water also invited Eversource Energy to the bidding table even though its board believes the utility's April 5 unsolicited bid of $63.50 per share to buy the Clinton-based water utility is a lesser offer. Connecticut Water's "merger of equals" with SJW was originally valued at $61.86 per share, but the value of the deal since then has gone up to $64.72 per share. Connecticut Water shareholders would own 40 percent of the combined company and SJW would own the remaining 60 percent. Farmington biotech receives $2M grant for hearing-loss research Frequency Therapeutics, which has a Farmington location, has received a $2 million grant from the U.S. Department of Defense to further its research of hearing loss caused by military service- related injuries. The U.S. Department of Defense Hearing and Balance Research Award grant will be used to investigate Frequency's progenitor cell activation, or PCA regeneration, which is used to restore or repair tissue or cells to regain normal function. The company, which is based in Massachusetts, said expanding its hearing restoration efforts will "increase soldier's effectiveness, reduce veteran's disabilities and increase retention of experienced soldiers," who would otherwise retire. David Lucchino, president, co-founder and CEO of Frequency, said the federal grant validates its research as the company approaches phase two clinical trials in hearing restoration later this year. Studies driving the research say more than 50 percent of battlefield awareness, among active-duty soldiers, comes from hearing. Meanwhile, peak noise levels in combat increase the risk of hearing loss by 63 percent, Frequency said. PCA regeneration targets the cause of hearing loss without removing stem cells from the body, the company said. The process, however, uses small molecules to stimulate inactive progenitor cells existing in the body to restore healthy tissue. A product of UConn's Technology Incubation Program (TIP), Frequency reported it raised $32 million in 2017 to continue developing therapies to restore hearing in individuals with hearing loss. Analysis: Bradley airfares lowest since 2000 Flyers traveling out of Bradley International Airport are experiencing the lowest airfares since 2000, according to research by a trade group representing the nation's largest airlines. According to Airlines for America, Connecticut airfares have decreased 11 percent since 2000, with the average one-way airfare from the Windsor Locks airport costing about $197. A variety of low-cost carriers in Connecticut have helped keep airline prices down, the research found. Spirit Airlines, known for its low-cost airfares, is among the carriers that has lowered ticket prices at Bradley since 2017. Officials from Airlines for America say JetBlue will also increase its flights out of Bradley by almost 15 percent vs. 2015. Gov. Malloy inks two healthcare bills Gov. Dannel P. Malloy has signed two healthcare bills into law, including one Week in Review TOP STORY CT's April home sales, prices higher C onnecticut's tally and median price for houses sold in April both rose, Boston publisher The Warren Group's fresh survey shows. Condo sales and prices were flat. Single-family home sales statewide rose 7.6 percent to 2,584 units vs. 2,402 sold in April 2017, The Warren Group said. Their median price climbed 6.4 percent to $250,000 vs. $235,000 a year ago, Warren Group said. Year-to-date, single-family home sales totaled 8,478 transactions with a median sale price of $243,000. "Single-family home prices across Connecticut have now increased for seven consecutive months on a year-over-year basis," said CEO Timothy Warren. Condo sales statewide were essentially flat last month, with 667 transactions — just eight more than in April 2017. Their median sales price declined slightly to $164,000 vs. $164,900 a year earlier. Year-to-date, condo sales totaled 2,431 transactions with a median sale price of $156,500. BY THE NUMBERS $3.13 The average price of a gallon of gaso- line in Hartford County last week, up from $2.48 a year ago. $850M The price MGM has agreed to pay for Empire City Casino, which is not far from Connecticut's western border in Yonkers, New York. $2,500 The amount spent on meals by Bloomfield's Town Council during eight budget meetings this year. Fol- lowing a Hartford Courant story that detailed orders such as a $49 burger, councilors said they would no longer bill their meals to taxpayers. $135M The additional healthcare cost burden state officials say is borne by Con- necticut each year as a result of pol- lution from the Brunner Island power plant in Pennsylvania. TOP 5 MOST READ On HartfordBusiness.com • 1. Malloy: $15M would position New London pier for offshore wind activity • 2. Hartford Yard Goats to host first comedy show • 3. Bristol medical manufacturer receives national honors for exports • 4. Glastonbury's Gemma builds 475MW Ohio energy plant • 5. CT's April house sales, prices higher 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 Daily e-newsletters: HBJ Today, CT Morning Blend www.HartfordBusiness.com/ subscribe Weekly e-newsletters: CT Health Care Weekly www.HartfordBusiness.com/ subscribe PHOTO | HBJ FILE Spirit Airlines' low-cost airfares have made it cheaper to fly out of Bradley. PHOTO | CONTRIBUTED

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