* RegeneRx, a Bethesda biotechnology company, said it lost $1.4 million (5 cents per share), and reported no revenue for the year ended Dec. 31. In 2001, the firm lost $151,000 (1 cent) on no revenue. The company said its increased loss for 2002 was the result of higher research-and-development costs. RegeneRx shares closed at 50 cents, down 10 cents.
* WebNet Communications of McLean was fined $1.2 million by the Federal Communications Commission for switching customers' long-distance telephone services without their permission, a practice known as "slamming." WebNet's outside attorney, Charles Helein, said the company has complied with the verification requirements and has been unfairly singled out by the FCC. WebNet has 30 days to appeal the decision, but Helein said that could be expensive. He also said that the fine could require the company to file for bankruptcy.
* Primus Telecommunications Group, a McLean telecom firm, said its shareholders approved a plan to raise $9.1 million by selling 121,097 shares of preferred stock to two private equity funds. Both of the funds are sponsored by the American International Group. The approval is the continuation of a deal begun in December when Primus received $33 million in funding from AIG and a related investor. Primus said it will use the funds to reduce its debt.
* Cogent Communications of Washington disclosed that it may have to seek bankruptcy protection if it cannot reach an agreement with its lender, Cisco Systems Capital, to restructure its debt. Cogent, which sells high-speed Internet service, did not meet a minimum revenue requirement, so now Cisco Capital may require the full repayment of about $262.7 million, according to a Securities and Exchange Commission filing. If that happens and Cogent is unable to repay, Cisco Capital could take possession of all of Cogent's assets, which include a fiber-optics network concentrated in 20 of the largest U.S. cities and Toronto, and about 6,400 business customers. Such an action would force Cogent into bankruptcy, the company said.
Compiled from reports by Washington Post staff writers, washingtonpost.com and Dow Jones News Service