Providence Journal-Bulletin, R.I., Business Briefs Column.

Knight Ridder/Tribune Business News

Apr. 29 -- Patrick Aebischer, one of the scientific founders of CytoTherapeutics, resigned from the board of directors yesterday following differences with management and other directors "over the management and future direction of the company," CytoTherapeutics said. "There are very strong opinions about technology and he disagrees with the way the board wants to go at this time," said Elizabeth Razee, a spokeswoman for the Lincoln, R.I.-based biotechnology company. Aebischer, a co-inventor of CytoTherapeutics' encapsulated cell technology, is also chairman of Modex Therapeutiques SA, a subsidiary that is partially owned by CytoTherapeutics and based in Switzerland. Aebischer could not be reached for comment.

Providence-based Log On America said that it raised $25.3 million in its initial public offering last week, which is $3.3 million higher than it had anticipated. The lead underwriter in the company's offering, Dirks & Company of New York, exercised its over-allotment option to purchase an additional 330,000 shares of common stock at $10 a share, Log On America said in a statement. A week ago, Log On America, which provides Internet services, completed an offering of 2.2 million shares of common stock.

The Rhode Island Center for Cellular Medicine has established a website at www.ribiotech.com. The Center for Cellular Medicine is a research center of excellence established by Governor Almond and the General Assembly in 1996. Through grants, it has helped establish seven new biotechnology firms in Rhode Island since its founding. The website offers information on Rhode Island, the state's biotech community and the Center for Cellular Medicine.

Aerovox yesterday reported that revenues were down 4 percent for the first quarter of 1999 but profits came in almost at the same level as the quarter one year ago.

The New Bedford, Mass. manufacturer of electric capacitors reported that profits for the quarter totaled $330,000, or 6 cents per share, compared with $325,000, or 6 cents per share, for the first quarter of 1998. Revenue was $28.4 million down from $29.5 million for the comparable quarter last year.

Aerovox said it hopes to reach a settlement with the U.S. Environmental Protection Agency by the third quarter about cleaning up a hazardous waste spill.

Providence Energy Corp. said yesterday its earnings rose 13.9 percent in the second quarter ending March 31, compared with the second quarter of last year. Earnings were were $10.9 million, or $1.81 a diluted share, compared with $9.5 million, or $1.61 a diluted share for the corresponding quarter of 1998.

The operating margin for the quarter was $42.8 million, a 10.8 percent increase over last year's operating margin of $38.7 million.

Revenues for the quarter increased 7.6 percent to $94.4 million, versus $87.8 million in the second quarter of 1998.

Even though temperatures for the quarter were 6.8 percent warmer than normal, it was not as warm on average as it was during the second quarter of 1998. During that quarter, temperatures were 15.6 percent higher than normal.

The Providence-based company is the parent of Providence Gas.

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