The Baltimore Opera Company said Thursday it was going to proceed with Chapter 7 bankruptcy, meaning the 58-year old nonprofit will liquidate all of its holdings to pay off creditors. The opera company had originally filed for Chapter 11 reorganization in December, but said current economic conditions and an expected downturn in government, individual and corporate support led it to abandon reorganization efforts.

HoCo health workers laid off

The Howard County Health Department has laid off five workers and that number could grow to 15 by the end of June, according to published reports. The county is dealing with a projected $10 million budget deficit, a figure that recently doubled. County officials are trying to make up for losses in real estate revenues and income tax, which could cause another 10 employees to lose their jobs by June 30, the end of the fiscal year.

Medifast sees growth

Owings Mills-based Medifast Inc. said it saw "strong growth" in 2008, and reported increased profit for both the fourth quarter and the year. Medifast, a provider of dietary supplements and weight control programs, reported fourth-quarter net income of $949,000, or 7 cents per diluted share, compared with $601,000, or 4 cents per diluted share, for the prior-year period. Revenue was $25.5 million in fourth-quarter 2008 versus $19.8 million in the year-ago period, a 29 percent increase. The company said demand was strong in its Take Shape for Life direct sales segment as well as its weight control centers.

EntreMed reduces loss

EntreMed Inc., of Rockville, a biopharmaceutical company, saw its net loss drop in the fourth quarter. The company, which is developing drugs for the treatment of cancer and inflammation, reported a net loss of $2.8 million, or 4 cents per diluted share, compared with a net loss of $4 million, or 5 cents per diluted share, for fourth-quarter 2007. Revenue for the three months ended Dec. 31 was 4 million, compared to $3.9 million for the year-ago period. The company said it was able to hold expenses in line through a combination of staff reductions and drug realignments.

Micromet's loss increases

Micromet Inc., of Bethesda, a drug development company, reported a wider loss for the fourth quarter as revenue from collaborations declined. Micromet posted a loss of $5.9 million, or 12 cents per diluted share, compared with a loss of $3.8 million, or 9 cents per share, in the year-ago period. Revenue fell 16 percent to $5.9 million from $7 million, and other income decreased to $131,000 from $1.8 million.