Mona Moon, who became interim executive administrator of the state health plan in February, has been named the new head of the plan.

"Ms. Moon has an excellent reputation that comes from her 20 years of financial management experience and high level of professionalism," state Treasurer Janet Cowell, who named Moon to the post, said in a statement. "I am confident that she has the expertise and vision we need as we work to improve health outcomes and reduce costs for North Carolina citizens."

Moon joined the health insurance plan for state workers and teachers in August 2008 and most recently was the plan's chief financial officer.Previously she was chief business operations officer for the N.C. Department of Health and Human Services' division of medical assistance. She also was principal fiscal analyst for the state legislature's Fiscal Research Division.

Moon, who has a bachelor's degree in business administration and a master's degree in public health from the University of North Carolina at Chapel Hill, succeeds Lacey Barnes. Barnes was interim executive administration from July 2011 until February of this year.

Cancer drug company DARA BioSciences reported a larger net loss last year as it ramped up sales and marketing efforts to support the Raleigh company's products.

DARA reported a net loss of $7.3 million, or 60 cents per share, compared to a net loss of $6.17 million, or $1.20 per share, in 2011.

As of the end of the year, DARA had cash and cash equivalents of nearly $6.5 million.

DARA raised about $2.5 million from private investors over the first three months of the year, money that the company expects to see it through 2013.

In June, DARA launched its first product, Bionect, a treatment for skin irritation and burns arising from radiation therapy. It followed up with the October launch of Soltamox, its liquid version of the popular breast cancer drug tamoxifen.

An analyst at brokerage firm Raymond James has upgraded his assessment of Crescent Financial Bancshares, the corporate parent of VantageSouth Bank, in the wake of the Raleigh-based company's acquisition of East Carolina Bank.

Analyst William Wallace issued a research note Tuesday upgrading Crescent Financial's stock to "outperform." Wallace cited the acquisition of East Carolina Bank, which has 25 branches in the eastern half of the state, and VantageSouth's investments in building up its loan capabilities as reasons for optimism.

The acquisition of East Carolina Bank's corporate parent, ECB Bancorp, a deal that was announced in September, was completed Monday. As a result, 25 East Carolina Bank branches in the eastern half of the state are slated to morph into VantageSouth offices at the end of April.

"Following the ECB Bancorp acquisition that closed on April 1, we believe the recent investments in fee income businesses and lending team, combined with the new eastern North Carolina markets, will provide meaningful growth opportunities to increase profitabilty," Wallace wrote.

In January VantageSouth launched a Builder Finance Division that targets small- and midsized homebuilders. In addition, Wallace noted that VantageSouth has significantly revved up its loans to small businesses backed by the U.S. Small Business Administration.

BioCryst Pharmaceuticals stock was up more than 20 percent Monday afternoon after the Durham company said it received a letter from federal regulators outlining a path by which it could file a new drug application for its flu treatment peramivir.

The company said it also received written notification from the Department of Health and Human Services to cease work on peramivir under its government contract, except for specific activities related to an upcoming meeting between the company and Food and Drug Administration officials.

BioCryst CEO Jon Stonehouse said in a statement that the company was encouraged by the developments and the company's recent communications with regulators.

"Our ultimate objective is the approval of peramivir as an intravenous treatment option that could benefit patients in the United States," Stonehouse said.

First Citizens BancShares has named Glenn McCoy its chief financial officer.

McCoy joined Raleigh-based First Citizens in December as an executive vice president of finance. Her served as CFO of RBC Bank from 2009 to 2012.

Pittsburgh-based PNC acquired RBC Bank from its corporate parent, Royal Bank of Canada, last March for $3.45 billion.

Before joining RBC, McCory spent 28 years at Wachovia, serving as CFO of various divisions.

McCoy is a graduate of Westminster College in Missouri and received an MBA from the University of Chicago.

McCoy replaces Ken Black, who retired March 31 after a 25-year career with First Citizens.

McCoy is CFO of both First Citizens BancShares and its subsidiary First Citizens. The bank has more than 400 offices in 17 states and the District of Columbia.

Cree's new $10 LED light bulb should increase the company's operating profit by more than $40 million in 2015 -- a boost that would augur well for its stock price.

That's the conclusion that Andrew Huang, an analyst with Sterne Agee, came up with this week after running some profit projections for the Durham company's new product and dissecting the past performance of its stock.

Earlier this month Cree unveiled a new LED bulb, the equivalent of a 40-watt incandescent bulb, that retails for $9.97 exclusively at Home Depot -- 50 percent less than some competing LED bulbs. Cree also launched 60-watt equivalents that retail for $12.97 and $13.97 at Home Depot. Its bulbs last about 25 times longer than an incandescent bulb and use about 85 percent less energy.

Cree's shares jumped 14 percent the day of the announcement, but some analysts fretted that the move would hurt the company's profit margins. Cree produces its own indoor and outdoor light fixtures as well as components that other companies use in their lighting products. Its LEDs also are used for illuminating car dashboards, mobile phones, televisions and signs.

However, Huang's historical analysis found that the company's operating profit, rather than its profit margin, was the best indicator of its stock price.

Mechanics and Farmers Bank continued its unbroken string of posting annual profits, a streak that extends to the opening of its first branch in 1908.

Durham-based M&F Bancorp, the bank's corporate parent, reported net income of $104,000 for all of 2012, down from $307,000 a year earlier. Net income before dividends paid to the U.S. Treasury stemming from federal stimulus money the bank received in 2009 totaled $341,000, versus $606,000 in 2011.

CEO Kim D. Saunders issued a statement praising the bank's employees for enabling the bank to maintain its profitability despite the fact that "2012 was a challenging year due to the weak, but improving economy."

Interest income for the year fell 7 percent to $11.6 million.

The bank's provision for loan losses at the end of 2012 totaled $166,000, down from $903,000 a year earlier.

Mechanics and Farmers has seven branch offices statewide: two each in Durham and Raleigh, as well as branches in Charlotte, Winston-Salem and Greensboro.

Drug-development company Tranzyme Pharma reported a narrower net loss in the fourth quarter despite revenues declining 27 percent.

Tranzyme's reported a net loss of $4.9 million for the quarter, down from $8 million during the same period in 2011. Revenue declined from $2.2 million to $1.6 million, which the Durham company attributed to changes in the amortization period for deferred revenue from its collaboration with Bristol-Myers Squibb.

For the full year, Tranzyme reported revenue of $8.4 million, down from $10.2 million in 2011. The company had a net loss of $22.8 million for the year, up from $22.2 million in 2011.

Tranzyme suffered a number of set backs last year after reporting disappointing test results of its experimental drugs. In February the company announced it was exploring putting itself up for sale and other "strategic alternatives."

Cisco Systems is laying off about 500 of its employees.

A company spokeswoman said the company is not commenting on the exact number of people let go or the locations where the employees worked, other than to say those affected were across the company's locations and countries.

“We routinely review our business to determine where we need to align investments based on growth opportunities," a spokeswoman said in a statement. "Earlier this week, Cisco performed a limited restructuring that will impact approximately 500 employees which is less than 1 percent of our population globally.”

Cisco's campus in Research Triangle Park houses more than 5,000 employees and contractors, making it the company's second-largest site behind its San Jose headquarters.

The company has been under pressure to improve its performance as corporations and governments reduce spending on Cisco's networking gear.

Last summer Cisco announced plans to eliminate 1,300 jobs, or about 2 percent of its workforce. That was on top of an earlier reduction that cut about 6,500 workers globally.

The corporate parent of North State Bank posted significantly higher fourth-quarter and year-end profits.

Raleigh-based North State Bancorp reported Thursday that its fourth-quarter net income totaled $945,000, or 13 cents per share, up 60 percent from a year ago. Net income for the all of 2012 rose 61 percent to $1.8 million.

The bank said the improved 2012 performance was primarily due to higher noninterest income driven by increased volume and profitability at its mortgage division. Noninterest income totaled $8.5 million, up from $5.1 million a year earlier.

"Low interest rates and soft loan demand make these difficult times for banks in general, so we are proud that we were able to improve our results in spite of these challenges," CEO Larry Barbour said in a statement.

North State has seven branches in Wake and New Hanover counties.