Business news in brief

Posted: June 15, 2013

In the Region

Infant recliners recalled

Baby Matters L.L.C., Berwyn, voluntarily recalled all models of its Nap Nanny and Nap Nanny Chill infant recliners and covers, the U.S. Consumer Product Safety Commission said. The recall is part of a settlement in an administrative case filed against the defunct company by the CPSC in December after the agency received 92 reports involving the infant recliners, including five infant deaths. - Reid Kanaley

Bucks firm seeks IPO

Onconova Therapeutics Inc., of Newtown, Bucks County, has filed documents with the Securities and Exchange Commission for an initial public offering that could raise $75 million. In September, the venture-capital-backed company licensed the European rights to its lead anticancer compound, currently in Phase III studies, to Baxter International Inc. The 14-year-old company would use the IPO proceeds to finance clinical development

of rigosertib and other compounds in its research pipeline. - Mike Armstrong

Merck to cut manager jobs

Drugmaker Merck & Co. is laying off an unspecified number of managers as it tries to cut costs and get more from its research and development unit. Roger Perlmutter took over that unit in March and said he would make changes. Merck and the union representing about 2,000 workers at the factory in Montgomery County reached a new three-year contract in May. None of those workers was let go. - David Sell

1,000 engineers to meet here

About a thousand engineers are expected to attend the International Council on Systems Engineering's symposium this month in Philadelphia. Systems engineering is an interdisciplinary field that focuses on how to design and manage complex projects over their life cycles. The four-day symposium starts June 24 at the Philadelphia Marriott Downtown Hotel. More information is at - Andrew Maykuth


Detroit defaults on debt

The City of Detroit, on the brink of bankruptcy with $17 billion in liabilities, will suspend payments on $2 billion of unsecured debt, beginning with a $39.7 million installment that was due Friday, emergency manager Kevyn Orr said. With the missed payment on obligations issued to fund pensions, Detroit becomes the most populous U.S. city to default since Cleveland in 1978. - Bloomberg News

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