$40m Hecht’s foreclosure back on Foreclosures may be on the wane since they peaked in 2009, but the U.S. Bank National Association is still hoping to pull off a big one in 2011. The bank has once again scheduled a Jan. 6 foreclosure auction on the old Hecht Co. warehouse site at 1401 and 1403 New York Ave. NE.
The property was originally scheduled for a June 8, 2010, foreclosure auction after U.S. Bank and JPMorgan Chase Bank declared the owner, Patriot Equities LP of Wayne, Pa., in default on a $66 million acquisition and construction loan. (The remaining balance, according to the new foreclosure notice, is about $40.5 million.)
The bank and Patriot have filed lawsuits against one another in U.S. District Court in Washington.
Cel-Sci begins head and neck cancer trial
Cel-Sci Corp. of Vienna, Va., has begun its long-awaited Phase III clinical trial of a new treatment to combat head and neck cancer.
Cel-Sci said it expects to enroll about 880 patients to test its leading therapy Multikine as an initial treatment for newly diagnosed head and neck cancer patients.
The trial hopes to improve overall survival of patients in the trial by at least 10 percent for patients using Multikine compared to those undertaking the current standard of care therapy. Cel-Sci is optimistic it can achieve that result since a Phase II study demonstrated that Multikine has the potential to increase overall survival rates by 33 percent.
