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July 31, 2007

Mortgage woes? Try the hot line

Massachusetts has a new hot line for low-income homeowners who are in financial trouble because of a subprime mortgage.

Attorney General Martha Coakley’s office has recruited more than 100 lawyers to provide free legal assistance for those struggling with subprime mortgages or foreclosures.

Callers should leave messages at one of two numbers: 800-342-5297 or 617-603-1700.
(By Kimberly Blanton, Globe staff)

Posted by globebusiness at 7:38 PM | Comments (0)

Bill would make Aug. 11-12 a sales tax holiday

Bay State shoppers are one step closer to a tax-free holiday this summer.

A bill that would let consumers avoid paying the state’s 5 percent sales tax on the weekend of Aug. 11-12 is on its way to Governor Deval Patrick.

The bill won approval in the Senate after passing the House last week.

The tax break would apply only to purchases of up to $2,500. The state has approved similar tax holidays in each of the past three years.

A spokesman for Patrick said the governor supports the idea.

Backers of the bill say it’s a way to give a boost to businesses at a traditionally slow time of year.

Officials estimate the holiday would cost state government $30 million to $50 million in tax revenue.
(AP)

Posted by globebusiness at 7:08 PM | Comments (0)

Globe to print Ledger, Enterprise

The Boston Globe will soon use its presses at its Dorchester plant to print newspapers for two of its competitors, The Patriot Ledger, of Quincy, and The Enterprise, of Brockton, under a five-year contract announced today.

Terms of the contract between New England Media Group, the division of The New York Times Co. that owns The Globe, and GateHouse Media Inc., which owns the Ledger and the Enterprise, were not disclosed.

Printing will begin in the fall after negotiations with Ledger and Enterprise press unions, said Bob Powers, a Globe spokesman. ``It's a good revenue opportunity for us,'' Powers said.

New England Media Group has three press plants for the Globe, the Worcester Telegram & Gazette, and the New England editions of The New York Times. They are in Dorchester, Millbury and Billerica, Powers said.

It has expanded its commercial printing business in recent years, according to a company press release. It began printing the New York Daily News for New England distribution in 2005, and last year added the Boston Metro and some editions of the New York Post.

(By Christopher Rowland, Globe staff)

Posted by globebusiness at 5:01 PM | Comments (0)

Flyglobespan won't fly out of Logan in winter

The Scottish discount airline flyglobespan will suspend service from Logan International Airport to Glasgow and to Ireland West Airport in Knock, County Mayo, from Nov. 1 through at least mid-March, Logan officials said today.

They had hoped the daily flights to Glasgow, two of which also serve Knock each week, would be offered year-round. But despite strong summer sales, the airline will end its flights Oct. 31 and resume them in spring, perhaps as soon as mid-March, a Logan spokesman said.

Flyglobespan officials could not be reached for comment.

(By Peter J. Howe, Globe staff)

Posted by globebusiness at 4:02 PM | Comments (0)

Deal marks rollout of Digitas brand in Asia

Publicis Groupe SA, the French advertising giant that recently bought the Boston Internet marketing firm Digitas Inc. for $1.3 billion, is acquiring a Chinese interactive marketing agency that will be rebranded as Digitas Greater China.

The transaction ‘‘marks the international roll-out of Digitas in Asia, following its recent deployment in the UK, as well as in France,’’ Publicis said.

The Chinese agency is Communication Central Group. Financial terms of the deal were not disclosed.

When Publicis bought Digitas, it said it intended to establish a cutting-edge international digital marketing network.

Plans also call for Digitas to launch Prodigious Greater China, a stand-alone production company.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 3:52 PM | Comments (0)

New strategy group launched in Boston

Law firm Preti Flaherty announced today that it has partnered with the Minahan Companies to form a strategic consulting subsidiary based in Boston.

The subsidiary will be called Preti Minahan Strategies LLC, the two firms said.

Headed by former Massachusetts state legislator Al Minahan, the Boston-based Minahan Companies specialize in public affairs and crisis consulting; Preti Flaherty has offices in such locations as Portland, Maine; Augusta, Maine; Concord, N.H.; and Boston.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:15 PM | Comments (0)

Aspen Technology settles SEC fraud case

Aspen Technology Inc. has settled allegations by federal regulators who found the software maker fraudulently inflated revenue over three years to meet Wall Street's financial expectations, the Securities and Exchange Commission said today.

The settlement does not require Aspen Technologies to pay a financial penalty, in part because the Cambridge-based company cooperated with investigators and took steps to correct the problems, the SEC said.

However, Aspen must retain an independent consultant to review its finances.

A related civil action that the SEC filed in January against three former Aspen executives is pending in U.S. District Court in Boston. One of the three, former Chief Executive David McQuillin, pleaded guilty in U.S. District Court in Manhattan in March to criminal conspiracy and securities fraud.

Aspen, a provider of software and services to help oil companies and other customers run industrial plants efficiently, improperly recorded revenue on at least 19 different software license transactions from 1999 to 2002, the SEC said.

The alleged scheme involved violating standard accounting rules by prematurely recognizing revenue from contracts during certain financial quarters, even though the contracts had not been signed during that quarter, the SEC said. In other cases, Aspen counted revenue from certain contracts in quarterly financial statements, even though the revenue shouldn't have been recorded then because of contingency agreements in the contracts.

Aspen was "motivated by a desire to boost revenues and meet securities analyst earnings expectations," the SEC said in a news release. Former Aspen managers, the SEC said, were "directly involved in negotiating and improperly recognizing revenue on transactions."

Aspen agreed to settle the case without admitting or denying the SEC's findings.

Phone calls seeking comment from Aspen and an attorney for the company were not immediately returned today.

In the pending civil case against former Aspen executives, the SEC is seeking unspecified fines and restitution as well as an order barring the three from serving as officers or directors of any public company. In addition to McQuillin, the case names former Chief Financial Officer Lisa Zappala and former Chairman Lawrence Evans.

The criminal case against McQuillin alleged he inflated the company's revenues when he successfully competed in 2002 with another company executive for the CEO post.

In June, Aspen said it would restate some of its earlier financial results due to accounting errors. (AP)

Posted by globebusiness at 12:52 PM | Comments (0)

Walicke joins Oxigene

Oxigene Inc., a Waltham biopharmaceutical company, today said it has named Patricia Walicke as its chief medical officer.

Oxigene focuses on developing small molecule therapeutics to treat cancer and eye diseases.

Most recently, Walicke served as vice president of clinical and regulatory affairs at Avidia Inc., a subsidiary of Amgen Inc., a California-based biotechnology company, Oxigene said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:36 AM | Comments (0)

Mammography systems boost Hologic

Hologic Inc., which makes medical imaging systems, said Tuesday its fiscal 2007 third-quarter profit doubled on a jump in sales of its Selenia digital mammography systems.

The company earned $24.7 million, or 45 cents per share, compared with a profit of $12 million, or 25 cents per share, during the same period a year prior. Revenue jumped 60 percent to $191.5 million from $119.7 million.

Analysts polled by Thomson Financial expected profit of 43 cents per share on revenue of $188.9 million.

The company's fiscal third quarter ended June 30 and its fiscal year ends Sept. 30.

Revenue from mammography and breast care systems increased 81 percent to $153.5 million, mainly on increasing sales of Selenia. Meanwhile, Osteoporosis assessment revenue fell 19.5 percent to $15.7 million. Other revenue rose 56 percent to $22.3 million.

Shares of Hologic rose $1 to $54.71 in morning trading. (AP)

Posted by globebusiness at 11:06 AM | Comments (0)

LeapFrog opens Boston office

LeapFrog Interactive, a Kentucky-based interactive marketing firm focused on small businesses, is opening a Boston office.

Liz Hill will head the Boston office, the firm said.

With a growing number of clients in New York, Connecticut, and Pennsylvania, it made sense for the agency to expand its Northeast presence, LeapFrog said.

"Opening the Boston office allows us to better serve and more aggressively pursue clients on the East Coast," LeapFrog president Daniel Knapp said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:29 AM | Comments (0)

Verizon Wireless buys Rural Cellular

Verizon Wireless said today it has agreed to buy Rural Cellular Corp. for $2.67 billion in cash and assumed debt.

Verizon Wireless said the proposed acquisition will expand its wireless service coverage in rural areas; Minnesota-based Rural Cellular has networks located in such states as Massachusetts, Maine, New Hampshire, and Vermont, as well as in Minnesota, North Dakota, Wisconsin, and several other states.

Verizon Wireless said the acquisition will increase its customer base by more than 700,000 and allow expansion into some areas where it had little or no presence.

Verizon Wireless of New Jersey is a joint venture of Verizon Communications Inc. and Vodafone Group PLC.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:24 AM | Comments (0)

Profit doubles at Bruker

Bruker BioSciences Corp., which makes X-ray technology and molecular analysis tools, said today that its second-quarter profit doubled with new product introductions.

The company earned $5 million, or 5 cents per share, compared with profit of $2.5 million, or 2 cents per share during the same period a year prior. Revenue rose to $121.7 million from $100.5 million.

Analysts polled by Thomson Financial expected profit of 5 cents per share on revenue of $113.4 million.

"The combination of our innovative products and solutions and favorable market dynamics enabled us to deliver solid increases in revenue and net income," said Frank Laukien, president and chief executive.

Shares of Bruker closed Monday at $7.88. (AP)

Posted by globebusiness at 10:14 AM | Comments (0)

99 Summer St. close to capacity

New leases and expansion by existing tenants have brought the Boston office building at 99 Summer St. to 97 percent occupancy, building landlord Normandy Real Estate Partners said.

Headquartered in New Jersey, Normandy is a real estate private equity firm that is rapidly acquiring office properties in New England; it bought 99 Summer St. late last year, and the firm has its Boston offices there.

Normandy said it recently completed leases totaling more than 31,000 square feet at 99 Summer St.

Among the firms that recently leased space at 99 Summer St. with Normandy are FTN Financial, a financial-services company, and the Taipei Economic & Cultural Office, Normandy said.

Normandy's leasing broker for the building is CB Richard Ellis Group Inc., a California-based commercial real estate services firm.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:07 AM | Comments (0)

Fergason joins Maven Networks

Maven Networks Inc. of Cambridge, an Internet TV platform company, announced today the appointment of Kristen Fergason to the role of vice president of marketing.

Fergason was most recently vice president of marketing for Major League Baseball Advanced Media, where she led marketing activities for MLB portal brands, Maven said.

The company described Fergason's experience in marketing and monetizing online video as "a critical asset."

"Maven is changing the way media companies leverage video programming to drive new advertising business models online," Maven chief executive Hilmi Ozguc said in a statement.

In a statement of her own, Fergason added, "I look forward to working closely with media companies, advertisers, and their agencies to help showcase and monetize their own video libraries."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:21 AM | Comments (0)

Study: Boomers' retirement funds lacking

Nearly one-third of baby boomers ages 51 to 61 are at risk of not having enough in savings to finance a comfortable retirement, according to a study by the Center for Retirement Research at Boston College.

‘‘We just don’t believe people are saving too much,’’ said Alicia H. Munnell, director of the center.

A recently published academic study looked at the retirement preparedness of Americans who were in their 50s in 1992 and concluded that at least 80 percent had more than enough for retirement. Others have argued that Americans may be saving too much.

The Boston College study evaluated the same 51-61 age group, but looked at their finances in 2004, and found 32 percent to be ‘‘at risk’’ for not being able to maintain their preretirement standard of living in retirement.

The difference between the results, the center said, has to do with changes in the environment:

Americans now must wait until they’re older than 65 to collect full Social Security benefits.

Lower interest rates mean they’ll probably collect less on annuities and other investments.

And many of today’s workers do not have pensions, as earlier generations did, but rely on worker-funded 401(k) retirement accounts.

Munnell said Americans have two choices: save more or work longer.
(AP)

Posted by globebusiness at 9:03 AM | Comments (0)

Corporate Express US chooses Netezza

Netezza Corp. said today that Corporate Express US, an office-supply company, has chosen a Netezza data warehouse appliance.

Netezza is a Framingham-based maker of computers that store data for such corporate customers as Amazon.com Inc.; Netezza recently went public with an initial public stock offering.

Netezza said today that Corporate Express US, which is part of Corporate Express NV of Amsterdam, has chosen the Netezza Performance Server data warehouse appliance to drive its new online reporting service; the service will allow more than 10,000 Corporate Express customers to quickly and simply run reports and analyze data related to their office supply purchases.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:00 AM | Comments (0)

Zoom invests in Unity Business

Zoom Technologies Inc., a Boston-based producer of modems and other communications products, said today it has invested $1.06 million in Unity Business Networks LLC, a hosted business VoIP service provider.

For its investment, Zoom said it received preferred shares for a 15 percent interest in Unity, a privately owned communications company that provides local, long-distance, and Internet services to single and multi-site businesses in Colorado, Minnesota, and Oregon.

The investment also entitles Zoom to specified veto rights and an option to buy all of Unity in early 2009 at a predetermined multiple based on Unity's performance in 2008, Zoom said.

"Hosted VoIP for business is a high-growth area that is a good fit with Zoom's existing business and technology expertise," Zoom chief executive Frank Manning said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:45 AM | Comments (0)

Consumers naive about identity theft

Consumers have a false sense of security when it comes to identity theft, according to a new survey.

The online survey, which polled 8,500 consumers, is from IdentityTruth, a Waltham company that provides services to consumers to help safeguard their privacy and identities.

According to the survey, 85 percent of respondents believe they are taking some steps to protect their identities such as shredding documents and using caution when responding to e-mails requesting information, and 75 percent of respondents said they are most concerned with credit card fraud.

Yet various studies show that only 25 percent of identity theft involved credit-card fraud and that 13 million consumer identities were misused in 2006, IdentityTruth said.

"These results confirm that there is a false sense of security among consumers as it relates to identity theft," company chief executive Steven Domenikos said in a statement. "It is encouraging that consumers are taking preventive measures to protect themselves, but these statistics prove that additional measures need to be taken where consumers face risk."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:44 AM | Comments (0)

ImmunoGen in line for $5m payment

ImmunoGen Inc. said today it is in line to receive a $5 million milestone payment because partner Genentech Inc. has started Phase 2 clinical testing of a potential ImmunoGen treatment of a certain kind of breast cancer.

In 2000, ImmunoGen of Cambridge entered an agreement with California-based Genentech that gave Genentech the exclusive right to develop products using ImmunoGen's maytansinoid TAP technology, with TAP standing for Tumor Activated Prodrug.

The start of this phase of testing triggered the milestone payment, ImmunoGen said.

ImmunoGen created its TAP technology to enhance the anticancer activity of tumor-targeting monoclonal antibodies.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:10 AM | Comments (0)

Spanish firm buys 360 Newbury space

Boston Residential Group LLC, the redeveloper of 360 Newbury St., said it sold 46,000 square feet of retail space in the building to Ponte Gadea S.L., a Spanish real estate holding company, for an undisclosed price.

Located at the corner of Newbury Street and Massachusetts, the building is notable for an exterior redesign by architect Frank Gehry, and it was sometimes called the Tower Record building because Tower once occupied space there.

The space acquired by Ponte Gadea was sold with a long-term lease already in place with consumer-electronics retailer Best Buy, Boston Residential said.

Boston Residential acquired 360 Newbury in 2004 and converted what had largely been an office building into 54 luxury loft-style residences; the firm said that all but one of those lofts have sold at prices from $600,000 to $3.6 million.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:00 AM | Comments (0)

Comcast launches Pivot on Cape Ann

Comcast Corp. and Sprint announced the Cape Ann launch of Pivot, a service that allows consumers to link their wireless phones with their Comcast digital cable, high-speed Internet, and digital voice products.

Pivot is now offered in Gloucester, Manchester, Essex, and Rockport, the companies said, and the service is now available in more than 200 communities stretching from Cape Cod to southern New Hampshire.

By adding Pivot, Comcast customers can watch mobile television from dozens of networks, view television listings, check e-mail and voice-mail, access information on the Internet, make unlimited calls between their home and wireless phone without using wireless plan minutes, and receive one consolidated monthly bill for all four services, the companies said.

Headquartered in Pennsylvania, Comcast is a provider of cable, entertainment, and communications products.

Based in Virginia, Sprint Nextel Corp. is a global communications company.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:54 AM | Comments (0)

July 30, 2007

Au Bon Pain to eliminate trans fats

Au Bon Pain, a Boston-based bakery chain with more than 200 locations, is eliminating trans fats from its products.

Currently, 95 percent of its menu items contain zero grams of trans fats, the company said today; by the end of summer, any remaining items made with trans fats will be replaced by items with no trans fats.

Au Bon Pain also unveiled an updated website that includes a ‘‘Smart Menu’’ feature. Visitors can search for foods that fit their dietary needs, build an Au Bon Pain meal, and view nutritional information for their food choices.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 3:48 PM | Comments (0)

Monster to cut 800 jobs

Job site operator Monster Worldwide Inc. lowered its full-year sales outlook today and said it plans to slash 800 jobs in the wake of swelling legal expenses.

Monster, which has been grappling with an investigation into its stock option grants practices, said second-quarter operating expenses swelled by 34 percent, largely because of higher legal fees and severance payments. Profits fell 28 percent in the quarter, even as sales rose.

In an attempt to cut costs, Monster plans to streamline functions such as human resources and finances, which have operated semiautonomously within each business unit. The layoffs will be made mainly in the North American work force.

The plan is expected to reduce annual operating expenses by $150 million to $170 million.

Charges related to the plan may range from $55 million to $70 million, beginning in the third quarter and into 2008, according to the company.

"The restructuring plan recognizes that we can -- and will -- do better in driving long-term performance for our shareholders," said Sal Iannuzzi, chairman and chief executive, in a statement. "Our top priority is to invest in key areas that will improve the customer experience and foster solid revenue growth, while at the same time lowering our cost base and streamlining operations."

The restructuring plan includes additional annualized spending of roughly $80 million on advertising, promotion, certain sales functions and on new product development.

The company also lowered its full-year sales outlook to a range of $1.34 billion to $1.37 billion, down from an April forecast for $1.36 billion to $1.4 billion. Analysts expect, on average, $1.37 billion in 2007 revenue, according to a Thomson Financial survey.

Despite the lowered guidance, investors and analysts were largely encouraged by the restructuring plan, sending the stock up Monday.

"We continue to believe the near-term investments and restructuring will yield ongoing revenue and margin improvements over the next several years, barring a recession," said Banc of America Securities analyst R.C. Robillard in a client note.

For the third quarter, the company expects sales to grow at a similar pace as the second quarter, but said growth could be offset by the removal of "work-at-home" job postings and other types of ads. The sales growth rate for the fourth quarter is expected to increase, according to the company.

Monster's stock options probe began over a year ago, culminating in the resignation of its previous chief executive and chairman in October 2006.

Monster is based in New York, but has a substantial presence in Maynard, Mass., where it was founded.

Monster shares climbed 60 cents, or 1.6 percent, to $38.50 in afternoon trading. (AP)

Posted by globebusiness at 3:24 PM | Comments (0)

Finagle a Bagel names panini contest winner

And the winner is the Fenway Finagler, a panino that showcases sausage, cheddar cheese, grilled onions and peppers, and spicy brown mustard.

Finagle a Bagel, a Newton-based chain of 20 casual dining restaurants, recently sponsored a "create your own panini contest," and the Fenway Finagler, the entree entry of Boston resident Bill Jarry, was declared the winner; for his role in crafting this culinary triumph, Jarry will receive a year's supply of free bagels, the company said.

The purpose of the contest is to help build awareness among the eating public that the chain is about more than just bagels.

The Finagle a Bagel menu also includes flatbread pizzas, fresh tossed salads, organic soups, pressed sandwiches, and stuffed baked potatoes, the company noted.

Also on the menu for the month of August: The Fenway Finagler for $6.79.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:36 PM | Comments (0)

Bank of America hires Fidelity exec

Bank of America today will name Jeffrey Carney as president of a retirement services group, luring away a key executive from Fidelity Investments in the fast-growing financial industry segment.

Carney, 44, will oversee the development of new retirement products, the Charlotte bank said in a statement, an area that will also be a major focus of its marketing activities this year.

Carney will report to Brian Moynihan, president of Bank of America's Global Wealth and Investment Management unit in Boston, but he will also work on products aimed across all of the bank's product lines. In all Bank of America said it has roughly 17 million customers who are 50 or older across its various businesses such as retail banking, brokerage services and mutual funds.

The new focus on retirement makes Bank of America only the latest financial services company to seek growth in the area, becoming more lucrative as baby-boomers retire and shift their assets from savings vehicles like 401(k) plans to annuities or other services aimed at older customers.

At the same time, major changes in private pension plans and Social Security are shifting more responsibilities to workers to plan their own futures.

Boston mutual-fund giant Fidelity Investments has also focused heavily on the area through its Fidelity Employer Services Co., or Fesco, now headed by Abigail Johnson, daughter of the company's chairman Edward C. "Ned" Johnson III. Carney was previously a key figure in the Fesco unit and also worked at a Fidelity Canadian unit and for Toronto Dominion Bank.
(By Ross Kerber, Globe staff)

Posted by globebusiness at 12:27 PM | Comments (0)

Mass. gas prices drop by 4 cents

Gasoline prices in Massachusetts dipped 4 cents per gallon over the past week, AAA of Southern New England said today.

The automobile association's statewide survey found an average price of $2.86 per gallon of self-service regular unleaded. The figure is down from $2.90 last week and $2.92 two weeks ago.

Massachusetts' gas prices remain below the nationwide average of $2.89 per gallon, AAA said.

A year ago, the average price in Massachusetts stood at $3.04. (AP)

Posted by globebusiness at 12:01 PM | Comments (0)

Cellphone conference-call feature debuts

RPM Communications debuted a service today called foonzMobile that allows cellphone users to set up and make free conference calls.

RPM of Maynard develops and operates telecommunications services for consumers and small businesses.

"Conference calling isn't just for business anymore," RPM chief executive Michael Bayer said in a statement. "People who want to share news, get a group of friends together, or let teammates know that practice is cancelled can forget about phone trees or calling people one by one. FoonzMobile makes group voice communication as immediate and easy as text and IM."

To start a foonzMobile conference call, users text the word "start" to 36669 (foonz) from any cellphone; foonzMobile will reply with text instructions for how to start a call, the company said.

Currently, the company makes money on each call that is made to the foonz service from revenue-sharing agreements with regional service operators; in the future, additional revenue streams could come through offering premium services and sponsorships, a company spokeswoman said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:49 AM | Comments (0)

Hollister joins MassMutual

Massachusetts Mutual Life Insurance Co. announced today that it has appointed Shelby Hollister as vice president and chief life underwriter for the company's US insurance group.

MassMutual is a mutually owned financial protection, accumulation, and income management company headquartered in Springfield.

Before joining MassMutual, Hollister served as underwriting director at Hartford Life; in her new position, she will be responsible for all of MassMutual's life insurance underwriting operations and she will report to vice president Karen Phelan, MassMutual said.

"Life insurance underwriting is a key component to MassMutual's insurance operations and core to our future success," Phelan said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:16 AM | Comments (0)

Senior Housing misses expectations

Real estate investment trust Senior Housing Properties Trust said today that its second-quarter funds from operations (FFO) grew 22 percent, but fell below Wall Street expectations.

Shares of the REIT touched a new 52-week low of $17.22 before edging up to $17.48, down 13 cents.

Funds from operations, or FFO, in the second quarter, increased to $41 million, or 41 cents per share, from $27.8 million, or 39 cents per share, in the year-ago period.

About $2.7 million in charges related to impairment of assets and early debt repayment was included in 2006 second-quarter FFO.

On average, analysts polled by Thomson Financial expected FFO of 42 cents per share in the current quarter.

FFO, which adds such items as amortization and depreciation back to net income, is considered a key measure of REIT strength.

Net income rose 63 percent to $20.6 million, or 25 cents per share, from $12.7 million, or 18 cents per share.

Quarterly revenue rose 9 percent to $45 million from $41.3 million in the previous quarter with rental income rising to $44.4 million from $40.9 million. (AP)

Posted by globebusiness at 11:13 AM | Comments (0)

Forrester to launch "Groundswell Awards"

Movies have their Oscars; newspapers their Pulitzers, and now Forrester Research Inc. says blogs, wikis, and widgets should have awards ceremonies of their own.

To that end, the Cambridge technology and market research company said today it will debut this fall the Groundswell Awards, which will honor excellence in business uses of "social technologies."

"It's time somebody recognized that social technologies - blogs, wikis, communities, widgets, and all the rest - aren't just toys or conservation pieces: They're also effective business tools," Forrester vice president and principal analyst Josh Bernoff said in a statement. "We will concentrate on business effectiveness and value - not just the prettiest blog or the most active wiki - to choose the winners."

Forrester said the inaugural global awards will be announced at an upcoming Forrester consumer forum scheduled for October in Chicago.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:04 AM | Comments (0)

Survey: "auto" growing in retirement services

"Auto-everything" has emerged as a key feature in the investment retirement marketplace, according to a new survey from Putnam Investments, a money management firm with offices in Boston.

The Putnam study, which surveyed investment advisors focused on the retirement marketplace, found that auto-enrollment - allowing employers to automatically enroll workers in a retirement plan - and auto-escalation - allowing employees to automatically increase their annual plan contributions, are features most likely to shape the retirement marketplace over the next three years, Putnam said.

"Our 401(k) advisors strongly agree that auto features will be one of the dominant drivers of increased retirement savings, but the hurdle of perceived added program costs means that many plan sponsors will not provide these features to their employees," said David Tyrie, managing director of Putnam's retirement services, in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:01 AM | Comments (0)

Alnylam advances Medtronic partnership

Alnylam Pharmaceuticals Inc. of Cambridge said today it is advancing its collaboration with Medtronic Inc. to develop a drug-device combination for the treatment of Huntington's disease.

Alnylam and Medtronic of Minnesota have been collaborating on the project since early 2005; the firms said they decided to advance the collaboration following "positive pre-clinical data" generated during the early development phase.

Alnylam seeks to develop novel technologies based on RNA interference, or RNAi, a naturally occurring mechanism within cells for selectively silencing and regulating specific genes; since many diseases are caused by the inappropriate activity of specific cells, the ability to silence genes selectively through RNAi has great potential.

Alnylam is also working with several other drug companies, including Novartis AG of Switzerland and Biogen Idec Inc. of Cambridge.

A Globe story earlier this month noted that the international drug giant Roche signed a $331 million deal with Alnylam for the rights to develop drugs using RNA interference.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:06 AM | Comments (0)

VoIP services grew 125% in 2006

Consumer adoption of VoIP services grew 125 percent in 2006 from the previous year to reach more than 9 million subscribers, according to a report out today from the Yankee Group.

The group, a Boston-based consulting firm that focuses on global connectivity, said that consumer VoIP services made headway by penetrating 9 percent of all US households, up from 4 percent in the previous year.

The report also noted that as consumers begin to demand "inexpensive anywhere connectivity," there is more demand for mobile VoIP. The opportunity for VoIP on dual-mode mobile phones will increase as the number of units in use rises from 913,000 in 2006 to 22 million in 2011, Yankee Group predicted.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:06 AM | Comments (0)

Desktone lands $17m in funding

Desktone Inc. of Chelmsford announced today that it has closed $17 million in venture funding.

Desktone is a provider of a unified virtual desktop platform.

Desktone said the Series A funding round was led by Highland Capital Partners, a venture capital firm with offices in Lexington and California, and SoftBank Capital, a venture capital firm with offices in Newton and New York.

"As the cost and complexity of managing large-scale PC and server environments becomes overwhelming, the trend toward virtualization is growing exponentially," Ron Fisher, managing partner at SoftBank, said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:47 AM | Comments (0)

Riverside buys Beverly shopping center

Riverside Capital Partners of Danvers purchased a small shopping center in Beverly for $2.41 million, according to a broker involved in the transaction.

The broker is NAI Hunneman Commercial, a commercial real estate services firm with offices in Boston.

The seller was JK Junior Associates Realty Trust, NAI Hunneman said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:44 AM | Comments (0)

Visteon employs PTC technology

Parametric Technology Corp. of Needham announced today that Visteon Corp., an automotive supplier, is using its Mathcad product to help design automotive electronics.

Parametric, which refers to itself as PTC, provides product lifecycle management, content management, and dynamic publishing solutions to a range of companies, including companies in the automotive industry.

According to PTC, users of its Mathcad product can develop mathematical models to verify that designs will meet customer requirements over varying production and environmental conditions.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:41 AM | Comments (0)

US foreclosures up 55 percent

Foreclosure activity for the first half of 2007 was up 55 percent from the same period a year ago, according to a survey from RealtyTrac, a California-based online marketplace for foreclosure properties.

The report showed a foreclosure rate of one foreclosure filing for every 134 US households during the first half of the year.

Nevada, Colorado, and California posted the top foreclosure rates; Massachusetts ranked 18th in the number of foreclosure filings with 18,355, RealtyTrac said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:36 AM | Comments (0)

Study: add cranberries to your cookout

A cranberry burger, anyone?

Ocean Spray Cranberries Inc., a cooperative of cranberry growers based in Lakeville and Middleborough, today issued a heads-up to barbecue cooks eager to keep their cookout guests safe from food poisoning: The notice involves a study that showed that combining cranberries with hamburgers "create a perfect defense against food borne illness."

According to Ocean Spray, a cookout can be ripe for a "food safety fiasco" because of inadequate food preparation and storage in a hot-weather al fresco setting.

The study, from the University of Maine, suggests that the cranberry's "antimicrobial effect" not only offers a unique defense against food poisoning, but when small amounts of cranberry concentrate are added to ground beef, a la Hamburger Helper, people didn't notice a change in taste, Ocean Spray said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:34 AM | Comments (0)

July 27, 2007

Aquafina will identify source on label

So you thought that water in your Aquafina bottle came from some far-away spring bubbling deep in a glen?

Try the same place as the water in your tap.

PepsiCo Inc. is the latest company to offer some clarity about the source of its top-selling bottled water as it announced today that it would change the label on Aquafina water bottles to spell out that the drink comes from the same source as tap water.

Aquafina's source, it turns out, is the Ayer, Massachusetts municipal water supply.

A group called Corporate Accountability International has been pressuring bottled water sellers to curb what it calls misleading marketing practices. The group has criticized PepsiCo over its blue Aquafina label with a mountain logo as perpetuating the misconception that the water comes from spring sources.

Aquafina is the single biggest bottled water brand, and its bottles are now labeled "P.W.S." The new labels will spell out "public water source."

"If this helps clarify the fact that the water originates from public sources, then it's a reasonable thing to do," PepsiCo spokeswoman Michelle Naughton said today.

The corporate accountability group is also pressing for similar concessions from The Coca-Cola Co., which owns the Dasani water brand, and Nestle Waters North America, seller of Nestle Pure Life purified drinking water, which gets some of its water from municipal sources.

Dasani's Web site says that Dasani comes from local water supplies, is filtered using a process called reverse osmosis and enhanced with minerals.

"We don't believe that consumers are confused about the source of Dasani water," Coca-Cola spokeswoman Diana Garza Ciarlante said. "The label clearly states that it is purified water."

Sales of bottled water has been a growing source of revenue for companies such as PepsiCo, based in Purchase, N.Y., and Atlanta-based Coca-Cola as they lessen their dependence on sales of traditional carbonated sodas, as consumer concern over health issues has weakened demand.

Nestle said today it has been printing new labels for its Pure Life water that say whether the water comes from municipal supplies or ground water, and the labels will begin showing up later this year. Pure Life is the only Nestle bottled water that uses public water sources and the company did not have an estimate for how much of its supply originates from public sources.

Wholesale sales of bottled water grew to $11 billion in 2006, according to the Beverage Marketing Corp., and the industry is expected to maintain growth rates of about 10 percent. The fastest growing segment of the industry is sales of bottles of less than 1.5 liters, which includes the individual serving sizes sold in many convenience and grocery stores.

The decisions by Nestle and PepsiCo come as criticism grows over environmental concerns about the industry's use of local water sources as well as consumption of resin and energy to package and ship the bottles.

Last month alone, a barrage of news hit the industry: San Francisco Mayor Gavin Newsom banned city-funded purchases of bottled water; New York City launched an ad campaign called "Get Your Fill" to promote the benefits of tap water; and the U.S. Conference of Mayors adopted a resolution to bring attention to the importance of public water systems and the negative impact of bottled water.

"I think it's unfortunate we have gotten into this tap water vs. bottled water debate," the CEO of the International Bottled Water Association, Joe Doss, said. "I do not think consumers are uniformly replacing tap water with bottled water."

PepsiCo shares fell 55 cents to $66.29 in afternoon trading Friday amid a broad market pullback. (AP)

Posted by globebusiness at 4:35 PM | Comments (0)

Report: Mass. economy outpacing nation's

The Massachusetts economy cooled a bit in the second quarter, but still grew faster than the nation's, the University of Massachusetts reported.

The state economy grew at a 3.6 percent annual rate in the second three months of the year, compared to 4.1 percent in the first three, UMass said. The US economy grew at 3.4 percent annual rate in the second quarter, rebounding from a sluggish 0.6 percent in the first quarter, the Commerce Department reported.

The Massachusetts economy was boosted by technology, science, financial services and health care sectors, where employment is growing at more than twice the overall rate of 1.1 percent, said Alan Clayton-Matthews, a public policy professor at UMass-Boston.

The weak housing market, however, remains a drag on the economy, UMass said. Prices are expected to fall further, and mortgage delinquencies and foreclosures are likely to rise, according to UMass.

Separately, Mass Insight, a Boston research and consulting firm, reported consumer confidence in Massachusetts fell to its lowest level in a year. The state index dipped 12 points last quarter, to 85 from for 97 in the previous quarter.
(By Robert Gavin, Globe staff)

Posted by globebusiness at 2:50 PM | Comments (0)

Haverhill joins EPA program

City of Haverhill said today that it will sign onto the Environmental Protection Agency's Community Energy Challenge, pledging to reduce energy use in public buildings by 10 percent with assistance from the federal agency and KeySpan, the largest distributor of natural gas in the Northeast.

The announcement comes two days after City of Salem's decision to sign up to the same program. KeySpan and EPA will assist Haverhill city government in examining the energy efficiency of the various public buildings and pinpoint areas in need of upgrades with the aim to reduce greenhouse gas emission.

For more details about the project, see Wednesday's item about Salem's announcement.
(By Se Young Lee, Globe correspondent)

Posted by globebusiness at 2:45 PM | Comments (0)

Reebok drops Vick jerseys

Reebok International Ltd., an athletic apparel maker based in Canton, said today that it will immediately stop selling jerseys of Atlanta Falcons quarterback Michael Vick, who appeared at a federal court yesterday to face a felony charge stemming from his alleged involvement in a dogfighting ring.

"Although Reebok does not have an individual endorsement or marketing relationship with Michael Vick, we are the official supplier of apparel and equipment to all 32 NFL teams and the league's 1,800 active players," said Reebok in a statement. "While we respect the legal process we find the allegations against Mr. Vick too disturbing to ignore."

The announcement comes a week after Nike's decision to suspend the release of the quarterback's new shoe line. Nike, however, has decided to keep Vick as its pitchman for now, although the company said it will keep a close eye on future developments.
(By Se Young Lee, Globe correspondent)

Posted by globebusiness at 2:38 PM | Comments (0)

Cisco buys equity in EMC's VMware

VMware Inc., a subsidiary of storage system maker EMC Corp., today said Cisco Systems Inc. will buy an equity stake in the firm through the purchase of $150 million of VMware's Class A common shares currently held by EMC.

Upon closing of the investment, the computer-networking company will own about 1.6 percent of VMware's total outstanding common stock. Palo Alto, Calif.-based VMware also agreed to consider the appointment of a Cisco executive to its board in the future.

The two companies also intend to expand efforts around joint development, marketing, customer and industry initiatives.

Shares of Cisco dipped 17 cents to $29.50 in premarket activity, while EMC dipped 7 cents to $18.32. (AP)

Posted by globebusiness at 11:49 AM | Comments (0)

Coverall donates cleaning to Pine Street Inn

Coverall Cleaning Concepts said today that it will partner with Procter & Gamble to provide a free day of services to Boston's Pine Street Inn homeless shelter on July 30.

According to Coverall's press release, the janitorial services firm based in Florida will send a team of workers to the shelter, which serves more than 1,200 homeless and low-income people in the Boston area, to strip and wax the floor of the shelter's staff cafeteria and community room -- which have a combined 1,740 square feet of tile. The community room is used as a classroom for the shelter's job readiness course, which helps more than 100 people secure and keep a job annually. The cafeteria, run by homeless students working in the shelter's food services training program, provides 100 meals a day to shelter employees and visitors.

“We have great admiration for the services that Pine Street provides and the amount of work required to keep the facility going. The minute you walk in the door, you know that this is an organization that deserves help,” said Joe Falbo, Regional Director of Coverall Cleaning Concepts’ Boston Support Center, in a press release. “They fill a critical need in the community, and this is our way of showing appreciation for their efforts.”
(By Se Young Lee, Globe correspondent)

Posted by globebusiness at 11:09 AM | Comments (0)

Thomas Lee sues Refco's law firm

Buyout firm Thomas H. Lee Partners LP, once the controlling shareholder of Refco Inc., has sued law firm Mayer, Brown, Rowe & Maw LLP over the alleged firm's role in the futures and commodities broker's collapse.

In a lawsuit filed Thursday with the U.S. District Court in Manhattan, Lee accused Mayer, Brown of handling 17 sham transactions between February 2000 and August 2005 that it said were intended to help Refco hide debt and conceal its true financial condition.

It also said Mayer, Brown did not disclose the transactions while the private equity firm was preparing its August 2004 purchase of a majority stake in Refco for $452 million. Lee said it would not have made the purchase had it known of the hidden information.

"Mayer, Brown's conduct here goes well beyond zealous representation of a client," the complaint said.

Refco and 23 affiliates filed for Chapter 11 bankruptcy on Oct. 17, 2005, a week after revealing that former Chief Executive Philip Bennett hid $430 million of debt, and two months after going public. It later liquidated its operations.

Lee is seeking at least $245 million of damages, and in the complaint said this can be tripled under a federal racketeering law.

Mayer Brown, in a statement, said the complaint is "without merit. We will defend the lawsuit vigorously, and are confident of a positive resolution." The firm has about 1,500 lawyers.

Earlier this month, a court-appointed examiner reviewing Refco's bankruptcy, Joshua Hochberg, said there were grounds to support lawsuits against Mayer, Brown for negligence and for helping Refco commit fraud.

He also found grounds for possible lawsuits against former Refco auditor Grant Thornton LLP, and against Ernst & Young LLP, which provided tax services.

Lee said it intends to sue Grant Thornton, which has said the examiner's criticisms did not reflect the facts.

Lee is represented by the law firm Weil, Gotshal & Manges LLP. Hochberg in his report said that firm might also be sued for failing to use appropriate care in representing Refco, although it was a close call.

Weil Gotshal said it "performed its due diligence responsibilities regarding Refco thoroughly, professionally and conscientiously."

Bennett, former Refco Chief Financial Officer Robert Trosten, and former Refco President Tone Grant are awaiting trial on conspiracy, fraud and other charges. (Reuters)

Posted by globebusiness at 10:55 AM | Comments (0)

Hospitality Partners sells 18 hotels

Hospitality Properties Trust said late Thursday it sold 18 Homestead Studio Suites hotels for $205.4 million.

The real estate investment trust, which is based in Newton, Mass., anticipates an approximately $95 million gain on the sale. It plans to use proceeds to lower outstanding amounts under a revolving bank credit agreement.

Seventeen of the hotels were purchased by a Lightstone Group affiliate for about $192.3 million, with the remaining hotel bought by HRPT Properties Trust for approximately $13.1 million. The property purchased by HRPT will be short-term leased by a Lightstone affiliate until it can be redeveloped as part of a larger project, which includes adjacent property owned by HRPT.

Shares of Hospitality Properties Trust shed 9 cents to $38.59 in morning trading. (AP)

Posted by globebusiness at 10:25 AM | Comments (0)

Profit falls at Sepracor

Drug developer Sepracor Inc. said today that its second-quarter profit fell 44 percent as research and development and sales and marketing costs rose.

The company earned $6.1 million, or 5 cents per share, compared with a profit of $11 million, or 10 cents per share, during the same period a year prior. Revenue rose 5 percent to $278.1 million from $264.4 million.

During the first quarter, the company had a charge of 28 cents per share related to the settlement of two shareholder lawsuits. Sepracor did not say whether costs from those settlements factored into the second-quarter results. But, analysts polled by Thomson Financial expected profit of 37 cents per share on revenue of $327.2 million.

Revenue from Lunesta rose 2.7 percent to $143 million while sales of the respiratory drug Xopenex fell 9 percent to $104.9 million.

Total operating expenses rose 8 percent to $256.3 million.

Shares of Sepracor fell $8.61, or 23 percent, to $29.64 in morning trading. (AP)

Posted by globebusiness at 10:21 AM | Comments (0)

Eaton Vance raises $1.3b fund

Eaton Vance Corp., a Boston-based financial services firm, said it has raised $1.3 billion from the initial public offering of shares to its closed-end equity fund.

According to a press release, the Eaton Vance Risk-Managed Diversified Equity Income Fund has issued 65 million shares at the initial price of $20 under the ticker symbol ETJ on the New York Stock Exchange today.

The fund's primary goal is to "provide current income and gains," the release said. The fund will maintain a diversified portfolio of common stocks and utilize various options strategies, the release said.

Citigroup Global Markets, Inc., Merrill Lynch & Co., UBS Investment Bank, Wachovia Securities and A. G. Edwards were named as major underwriters in the press release. Eaton Vance Management, a subsidiary of Eaton Vance Corp, will manage the funds; Rampart Investment Management Company Inc. will handle the options strategy.
(By Se Young Lee, Globe correspondent)

Posted by globebusiness at 10:16 AM | Comments (0)

Point lays off top executives

Point Therapeutics Inc., a Boston-based biopharmaceutical firm, said today that it has terminated the employment of several top executives, including its chief executive officer and chief financial officer.

According to a press release, the contracts of Donald Kiepert, chief executive, Richard Small, chief financial officer, Michael Duffy, general counsel, and BArry Jones, chief scientific officer, were terminated as part of an ongoing effort to save costs. The company announced in May that it laid off 60 percent of staff to cut expenditures after one of its drugs for non-small cell lung cancer in the final stages of clinical studies was put on hold by federal regulators.

Point Therapeutics said some or all of the executives will be used as consultants to help the company as it seeks a buyer or partner. The company will also be relocating next week to a smaller office in the suburbs. It declined to state in the press release a specific location.
(By Se Young Lee, Globe correspondent)

Posted by globebusiness at 10:08 AM | Comments (0)

Raytheon launches summer math site for kids

Raytheon, a Waltham-based defense technology company, said yesterday that it has launched Camp MMU, an online math camp to make summer learning more fun for middle school students.

Camp MMU, a part of Raytheon’s MathMovesU program, requires students to solve math problems involved in adventure activities to win cool prizes.

According to a press release, Camp MMU uses popular activities like wakeboarding, mountain biking, and whitewater rafting to "help take the monotony out of studying math during the summer break." Users of the site can answer questions from as many as six themed virtual cabins per week, and those who answer questions from any two cabins is entered into a random drawing for a prize like a portable DVD player and a Nintendo Wii.

"We know kids would rather spend their holidays at the beach or the amusement park," said Kristin Hilf, Raytheon vice president of community relations, in the press release. "Camp MMU pairs that love of outdoor activities with the attraction of the Internet."
Camp MMU is part of Raytheon’s MathMovesU program, which features online contests, games, awards and scholarships designed to inspire middle school students to pursue educational tracks in math and engineering.
(By Se Young Lee, Globe correspondent)

Posted by globebusiness at 9:56 AM | Comments (0)

NE Council to honor 3 New Englanders

The New England Council said yesterday it will give three New England residents "New Englander of the Year" honors.

Peter Meade, executive vice president of corporate affairs for Blue Cross Blue Shield of Massachusetts, U.S. Representative Barney Frank, and James Wright, president of Dartmouth College, will all be honored.

According to the council's press release, the awards are given out annually to individuals "based on their commitment and contributions in their fields of work and leadership and impact on the region's quality of life and economy."

"We are pleased to honor these outstanding recipients," said Council President James T. Brett in the press release. "From business and higher education to public service, these honorees are some of the most influential champions of the region whose contributions are making dynamic changes in the region's landscape."

The New England Council is an alliance of large and small companies, educational institutions, nonprofit and other agencies dedicated to promoting economic development and a high quality of life in the six-state region.
(By Se Young Lee, Globe correspondent)

Posted by globebusiness at 8:57 AM | Comments (0)

Mass. Mutual offers disability options

Massachusetts Mutual Life Insurance Co. said yesterday that it will allow buyers of its disability income insurance customize their coverage based on their occupation.

Disability income insurance policies protect workers from financial hardships due a disability or serious illness. MassMutual's own occupation rider, according to the company, will help consumers tailor their disability income insurance to fit their needs for an extra fee.
"Our 'own occupation' rider will give our policyholders the flexibility to choose the coverage that's right for them individually, depending on
their profession and their unique, changing needs," said Melissa Millan, senior vice president of product management, MassMutual's U.S. Insurance
Group, in the company's press release.

Robert Taylor, executive director of Council for Disability Awareness, said in the press release that most Americans think they'll never become disabled in their lifetime. He said this assumption is incorrect, quoting a 2006 US Bureau of the Census report that said 51.2 million Americans were disabled in 2002.

Posted by globebusiness at 8:39 AM | Comments (0)

Varian predicts higher earnings

Chip equipment company Varian Semiconductor Equipment Associates Inc. said it expects fourth-quarter earnings above analysts' expectations.

The company predicts net income of 50 cents per share to 55 cents per share, or between 65 cents per share and 70 cents per share, excluding one-time items.

Analysts polled by Thomson Financial expect a profit of 59 cents per share. Analyst estimates typically exclude one-time items.

Varian expects revenue between $287 million and $297 million.

Analysts predict revenue of $275.6 million. (AP)

Posted by globebusiness at 8:31 AM | Comments (0)

July 26, 2007

Zipcar partners with Equity Residential

Zipcar, a car sharing service headquartered in Cambridge, said today that it reached a deal to provide residents of apartments owned by a Chicago-based firm access to its cars.

According to a Zipcar press release, residents of apartments owned by Equity Residential, a Chicago-based company, will have exclusive access to Zipcar memberships in areas where both companies operate. Further, some Equity Residential properties in Boston, Berkeley and Washington DC will have Zipcars on site for use.

"Given the difficulty of owning a car in the city, Equity residents are a perfect fit for car sharing," said Scott Griffith, chief executive of Zipcar, in a press release. "We look forward to working with them to optimize our service for their residents."

The deal is part of Equity Residential's Perks program, which seeks to attract more tenants by providing exclusive deals with certain companies. Under the terms of this deal, Zipcar will provide Equity Residential residents with exclusive offers like $75 in free driving credit.
(By Se Young Lee, Globe correspondent)

Posted by globebusiness at 3:09 PM | Comments (0)

Hydra Bioscience partners with Pfizer

Hydra Biosciences, a Cambridge-based biotech firm, said today that it reached a collaboration agreement with Pfizer Global Research and Development for its drugs that seek to reduce pain from conditions like post surgical pain, Osteo and rheumatoid arthritis.

According to Hydra's press release, Pfizer will pay for all research and development in exchange for exclusive access to Hydra's current patents for drugs that act directly on ion channels, prominent components of the nervous system, to treat various forms of pain such as acute, chronic and neuropathic. Pfizer will also be entitled to exclusive license to commercialize any new drug developed from the collaboration, and will pay royalties to Hydra once the drugs hit the market.

"Today’s collaboration with Pfizer, a leader in the pain field, represents an important validating step for this novel approach for the treatment of pain and for our core ion channel technology," said Russell Herndon, chief executive of Hydra.
(By Se Young Lee, Globe correspondent)

Posted by globebusiness at 1:18 PM | Comments (0)

Sonus predicts revenue growth

Sonus Networks Inc., which makes Internet telephony equipment and software, said today that it expects to report revenue growth for the first half of the year based on its preliminary results.

Sonus Networks expects revenue to increase between 16 percent and 18 percent for the first half of 2007.

Sonus said its performance in the first half of 2007 reflects an expected shift in some capital spending to the second half of the year.

The company also noted that its has experienced a longer than expected approval cycle for a significant initial order from a new customer, which is now expected in the second half of the year.

"While we achieved solid revenue growth during the 1st half of 2007, we are of course disappointed that we did not reach the even greater revenue growth opportunities we have been targeting due to the shift in capital spending patterns of certain operators," said Chairman and Chief Executive Hassan Ahmed.

Sonus shares plunged $2.03, or 24.5 percent, to $6.25. The stock has traded between $3.96 and $9.03 during the past 52 weeks.

For fiscal year 2007, Sonus expects full-year revenue growth of 14 percent to 17 percent, due to the capital spending shift combined with the scope and complexity of certain large deployments.

For the fourth quarter, Sonus said it continues to target adjusted operating income growth of 17 percent to 20 percent. (AP)

Posted by globebusiness at 1:05 PM | Comments (0)

PerkinElmer declares dividend

PerkinElmer Inc. yesterday announced a regular quarterly dividend of 7 cents per share.

The Waltham, Mass.-based company will pay the dividend Nov. 9 to shareholders of record Oct. 19. (AP)

Posted by globebusiness at 1:00 PM | Comments (0)

Javelin begins second pain drug study

Javelin Pharmaceuticals, Cambridge-based drug developer, said today it began a second phase 3 study of its anti-inflammatory drug in the US.

Javelin's drug, called Dyloject, is an injectable form of diclofenac that would treat post-operative pain. The second phase of the study will have the drug administered to patients with pain from elective orthopedic surgery. Results from the first study, which focuses on pain from adbominal surgery, are expected to be released by the end of the year.

Phase 3 studies are important because they are the last test for the effectiveness of the drug before it is submitted to the Food and Drug Administration for approval for sale in the US.

Javelin says its drug could reduce the need for need for opioids like morphine.
"We are pleased to have met yet another important corporate milestone on time," said Daniel Carr, chief executive of Javelin. "This trial advances the US Dyloject program towards commercialization as we prepare for its anticipated launch in Europe.”
(By Se Young Lee, Globe correspondent)

Posted by globebusiness at 12:54 PM | Comments (0)

Record revenue at Diomed

Diomed Holdings Inc., developer of minimally invasive medical procedures based on laser and other technologies, reported today that it recorded a record total revenue of $6.5 million for the second quarter of this year ending June 30, a 7 percent increase from the same period last year.

According to the company's press release, total revenue for the six months of this year was $12.4 million, a 17 percent increase from the same period last year. Gross profit for the second quarter of this year was $3 million, a 3 percent increase from the same time last year.

“Our ability to deliver a record sales performance during this quarter is remarkable in the face of aggressive, head-to-head competition in our primary market,” said James A. Wylie, chief executive of Diomed, in a press release.

The company saw strong growth in revenues from its ELVT laser treatment for varicose veins. Total revenue from the treatment increased by 14 percent in the second quarter from the first quarter of this year. ELVT laser sales increased by 29 percent in the same period, as well.

The company also said it won major victories in the court against AngioDynamics Inc. and Vascular Solutions Inc. for patent infringement. The company was awarded $12.4 million in damages by a jury in March as a result, and will receive another $2.2 million from a post-trial agreement with AngioDynamics and Vascular Solutions, according to Diomed's release from earlier this month.
(By Se Young Lee, Globe correspondent)

Posted by globebusiness at 12:33 PM | Comments (0)

Ryan resigns at ImmunoGen

Cambridge-based ImmunoGen Inc., which develops drugs designed to kill cancer cells, said today one of its top executives has resigned.

Pauline Jen Ryan, most recently the senior vice president of corporate development and operations, is leaving the company to pursue other interests, ImmunoGen said. The company declined to specify the exact reason for the resignation.

“We are deeply grateful to Pauline for her distinguished service to the company over the past eight years,” stated Mitchel Sayare, ImmunoGen's chief executive, in a press release.

“Pauline’s contributions helped provide us with a solid framework for growth as we go forward, and we wish her the very best in her future endeavors."

ImmunoGen said it has begun the search to replace Ryan, and that her day-to-day responsibilities will be handled by other senior executives until the position is filled.
(By Se Young Lee, Globe correspondent)

Posted by globebusiness at 12:27 PM | Comments (0)

Boston Private names two to board

Boston Private Financial Holdings Inc. today announced two new appointments to the company's board of directors.

The financial services company said Deborah Foye Kuenstner, chief investment officer and vice president of investment management at Brandeis University, and Adolfo Henriques, chief executive of Florida East Coast Industries, are members of the board as of July 25, bringing the total number of Boston Private's board members to thirteen.

“We are delighted that Deborah Kuenstner and Adolfo Henriques have both agreed to join our board,” said Timothy Vaill, chief executive of Boston Private, in a press release. “They bring a wealth of experience and particular expertise to our Board, which complements the already diverse business competencies represented. We welcome the new perspectives and knowledge they will bring to the table."

Kuenstner, who joined Brandeis in her current capacity in January, worked for Fidelity Management & Research Co. and Putnam Investments as well as the Federal Reserve Bank of New York in the past. She graduated from Wellesley College and received her masters in Business Administration with Distinction from New York University. Henriques previously worked for Regions Bank; he was recently named one of the 12 most powerful people in Miami by The Miami Herald.
(By Se Young Lee, Globe correspondent)

Posted by globebusiness at 12:12 PM | Comments (0)

Mass. AG names tech development chief

Massachusetts Attorney General Martha Coakley today named James Scafide as chief of the new Business, Technology, and Economic Development Division of the attorney general's office.

According to a press release, the division will be charged with examining issues affecting the business community. One of the first tasks for the division will be to review the state's regulations to identify statutes that are unnecessary, overly burdensome or inconsistent with statutory mandates. The process will involve discussions with representatives from business owners, state agencies, experts and members of the general public.

“I believe that the Attorney General, as the chief legal officer of the Commonwealth, should promote a healthy economy in Massachusetts,” Coakley said in the release. “Through the newly created Business, Technology and Economic Development Division, we will work with the business community, other government agencies and the general public to promote appropriate economic development in Massachusetts."

Scafide is a Cambridge resident; previously he was general counsel at Presstek, Inc., a New Hampshire-based firm. He is a graduate of Kent State University and Boston College Law School.
(By Se Young Lee, Globe correspondent)

Posted by globebusiness at 10:53 AM | Comments (0)

Former Brooks CEO indicted

A former chief executive of Chelmsford-based Brooks Automation was indicted for income tax evasion yesterday.

According to a press release from the chip manufacturing equipment maker, a criminal indictment against Robert Therrien, who retired as chief executive of Brooks in 2004, was filed yesterday in the US District Court for the District of Massachusetts. The Securities and Exchange Commission filed a separate civil complaint against Therrien on the same day, charging him with violations of federal securities laws.

While the release did not say what Therrien is alleged to have done in either cases, Brooks said it announced a restatement of its financial results from fiscal year 1996 to fiscal year 2005 due to "errors in its stock option granting practices." The company's internal investigation determined that no individual currently involved with the company was part of any intentional wrongdoing related to the stock options, and the company said it is cooperating fully with the Securities and Exchange Commission and the US Attorney's Office for the District of Massachussets. The company has not been charged with any wrongdoing.
(By Se Young Lee, Globe correspondent)

Posted by globebusiness at 10:24 AM | Comments (0)

Income up at Interactive Data

Interactive Data Corp., a Bedford-based firm that provides various financial data and services, said its net income for the second quarter of 2007 increased by 32.8 percent from same time last year.

According to a press release, the company's second quarter revenues for 2007 was $170.0 million, a 12.4 percent increase from $151.2 million last year. Net income rose to $29.1 million from $21.9 million in the same period.

Stuart Clark, Interactive Data's chief executive, said in a press release that the company is seeing strong growth in its business due to changes in the climate from factors like new regulatory mandates and drive to automate processes such as trading operations. He said the company expects to exceed its original revenue and profit targets.
(By Se Young Lee, Globe correspondent)

Posted by globebusiness at 10:17 AM | Comments (0)

Voltaire shares start trading today

Shares of Voltaire Ltd., an Israeli developer of server and storage switching products, are expected to begin trading today after its initial public offering priced at the low end of the company's already-reduced expectations.

The offering, which totaled 5.8 million ordinary shares, priced at $9 per share.

On Wednesday, Voltaire slashed the anticipated price range of its offering to $9 to $11 per share, from a range of $12 to $14 per share. Voltaire also cut the expected size of the IPO to 5.8 million ordinary shares from 7.7 million ordinary shares.

Voltaire expects to receive $46 million after expenses from its portion of the offering, which is scheduled to close on Tuesday.

Voltaire plans to use the net proceeds to fund research and development, as well as business development and marketing. The company also plans use $5 million of the net proceeds to repay a loan in full.

JP Morgan Securities Inc. and Merrill Lynch are acting as the IPO's lead underwriters. Thomas Weisel Partners and RBC Capital Markets are also listed as underwriters. Voltaire has given the underwriters an option to buy up to 865,500 additional ordinary shares to cover any overallotments.

The company's shares will be listed on the Nasdaq Stock Market under the symbol "VOLT."

Voltaire's U.S. headquarters are located in Billerica, Mass. (AP)

Posted by globebusiness at 10:09 AM | Comments (0)

MKS predicts income below estimates

MKS Instruments Inc., which makes control and measurement products for the semiconductor industry, today predicted third-quarter adjusted net income below Wall Street estimates.

The company expects adjusted earnings of between 29 cents and 35 cents per share for the quarter on sales between $180 million and $188 million.

Analysts polled by Thomson Financial expect adjusted earnings of 43 cents per share sales of $200.2 million.

MKS forecast net income between 25 cents and 31 cents per share.

MKS shares lost $3.28, or 12.3 percent, to $23.40 in premarket trading. The stock has ranged from $18.11 to $28.47 over the past year. (AP)

Posted by globebusiness at 10:04 AM | Comments (0)

Report: online video branding will rise

Yankee Group, Boston-based technology research and consulting firm, said yesterday that the Internet will emerge as a major medium for brand advertising through the development of online video.

According to the firm's report, The New Persuaders: Brand Advertising Is the Next Big Online Thing, online video has potential to be an effective platform for brand advertising because of the medium's ability to convey emotion and will provide better oppotrunities to target certain audiences, among other reasons. While advertisers have yet to take full advantage of online video, Yankee Group said it expects advertisers to place more emphasis on this form of advertising and make changes in ther budget accordingly.

“In this fragmented world emerging from the impacts of global connectivity, brand marketers are questioning the effectiveness and value of large expenditures on traditional advertising,” said Anette Schaefer, Yankee Group director of Consumer Research and co-author of the report, in a press release. “In the long term, the Internet needs to transform from a response platform to a brand medium to attract and secure larger budgets from brand advertising.”
(By Se Young Lee, Globe correspondent)

Posted by globebusiness at 9:46 AM | Comments (0)

New umbrella predicts rain. "Take me!"

The Ambient Umbrella

Don't trust the weatherman? Then why not take your cues from an umbrella?

Ambient Devices, a Cambridge-based company that enables everyday products to display Internet information, has begun selling the Ambient Umbrella. The umbrella, which receives weather information from Accuweather.com over the company's wireless infocasting network, has a handle that will light up if there is rain in the forecast. It is designed to stand upright so that the handle will be visible.

“The Ambient Umbrella perfectly demonstrates Ambient’s ability to embed the intelligence of the Internet in everyday objects,” said Nicholas Negroponte, member of Ambient Devices’ Board of Directors, in a press release.

The umbrella, priced at $125, is available through national retailers, including Hammacher Schlemmer.
(By Se Young Lee, Globe correspondent)

Posted by globebusiness at 8:43 AM | Comments (0)

Thermo Fisher raises expectations

Thermo Fisher Scientific Inc. today reported a sharply higher second-quarter profit that beat Wall Street expectations, and the maker of scientific instruments and laboratory supplies raised its financial expectations for the full year.

The company, which more than doubled in size after the former Thermo Electron acquired New Hampshire-based Fischer Scientific last November, reported net income for the April-June period of $163.9 million, or 37 cents per share.

The profit was more than triple last year's second-quarter net income of $47.9 million, or 29 cents per share, when Thermo Electron was a standalone company.

Revenue also more than tripled from a year ago, from $713.5 million to $2.39 billion.

Had the two companies been combined in the second quarters of both years, comparable revenue growth was 9 percent.

Excluding one-time gains and expenses, Thermo Fisher's profit in the latest quarter was 65 cents per share, compared with 42 cents per share a year ago, had the companies been combined then. The latest quarter's result beat the consensus forecast of analysts surveyed by Thomson Financial, who forecast a profit of 60 cents per share, on average.

"We've now delivered three strong quarters as Thermo Fisher Scientific, clearly demonstrating that we are successfully operating as one company," said Marijn Dekkers, president and chief executive.

Waltham-based Thermo Fisher reported a 6 percent revenue gain in its laboratory products and services segment, to $1.43 billion, and a 13 percent increase to $1.04 billion in its analytical technologies segment.

Based on results so far this year, Thermo Fisher is raising its profit and revenue expectations for the full year. The company now expects to post a profit ranging from $2.50 to $2.56 per share, compared with its previous guidance of $2.43 to $2.53 per share.

Revenue is now expected to reach $9.5 billion to $9.55 billion for the year, up from previous guidance of $9.4 billion to $9.5 billion.

Analysts expect a full-year profit of $2.50 per share, on average, on revenue of $9.566 billion.

The 11,000-employee Thermo Electron acquired Hampton, N.H.-based Fisher Scientific, which had 19,500 workers. The company's customers include pharmaceutical companies, government research labs, hospitals and universities.

Products are branded under the names Fisher Scientific and Thermo Scientific, competing against rivals such as Agilent Technologies Inc., Beckman Coulter Inc. and Becton, Dickinson & Co. (AP)

Posted by globebusiness at 8:39 AM | Comments (0)

Profit up at Raytheon

Raytheon Co. said today that second-quarter net profit rose sharply, helped by a one-time gain from the sale of its aircraft unit and strong revenue from its missiles and military electronics units.

The U.S. No. 5 defense contractor also raised its full-year profit forecast, citing operational improvements across the board.

Raytheon, which makes Tomahawk missiles and a range of military electronics, is the fourth major defense company to raise profit forecasts this week, following rivals Lockheed Martin Corp., Boeing Co. and General Dynamics Corp.

The Waltham, Massachusetts-based company reported quarterly net profit of $1.335 billion, or $2.97 per share, compared with $310 million, or 69 cents, a year ago.

The figure included almost $1 billion of gains on the recently completed sale of its Raytheon Aircraft Co. unit, which makes business jets and military training planes.

Profit from continuing operations, excluding one-time items, was 79 cents per share. That beat Wall Street's average forecast of 68 cents, according to Reuters Estimates.

Sales rose 9 percent to $5.4 billion, just above analysts' average forecast of $5.3 billion.

Raytheon raised its full-year earnings forecast to a range of $3.05 to $3.20 from its previous range of $2.85 to $3.00. Analysts are expecting $3.06 per share, on average. (Reuters)

Posted by globebusiness at 8:34 AM | Comments (0)

Steady losses at Millennium Pharmaceuticals

Biotechnology company Millennium Pharmaceuticals Inc. said today that its second-quarter loss remained flat as the company maintained is spending on research and development programs.

The company lost $17.7 million, or 6 cents per share, matching the loss during the same period a year prior. Revenue fell 6 percent to $113.3 million from $120.1 million on a drop in revenue from collaborations.

Millennium included a $5.8 million restructuring charge in its results.

The majority of revenue during the quarter came from sales of the cancer drug Velcade, which rose 6 percent to $62.7 million, the company said. Royalties rose 14 percent to $38.9 million. The company is studying Velcade's use as a treatment for non-Hodgkins lymphoma and several other indications.

Research and development costs fell slightly to $73.4 million from $79.3 million. Total costs and expenses fell slightly to $140.1 million from $140.8 million.

The company raised its forecast for 2007, expecting a net loss between $50 and $60 million. The previous outlook was for a loss between $60 million and $90 million. Also Velcade sales are now expected to total between $250 million and $260 million, narrowed from the previous range of $240 million to $260 million. (AP)

Posted by globebusiness at 8:26 AM | Comments (0)

July 25, 2007

Monotype Imaging begins trading

Shares of Monotype Imaging Holdings Inc., which provides technology that allows consumer electronic devices to display text, began trading today after the company’s initial public offering priced at $12 per share, below expectations.

Monotype, of Woburn, had expected the offering, which totaled 11 million shares, to price between $13 and $15 per share.

Monotype is selling 6.5 million of the shares in the IPO. A group of shareholders, including private equity firm TA Associates Funds, will offer the remaining 4.5 million shares.

Monotype will receive net proceeds of about $68 million, excluding expenses, from its portion of the offering. The company plans to use the net proceeds, together with funds from an increase in its term loan and cash on hand, to repay certain outstanding debt and to redeem its preferred stock.

Monotype provides technologies and fonts that enable the display and printing of digital text for laser printers, digital copiers, mobile phones, digital televisions, digital cameras, and other consumer electronic devices.

Monotype’s shares will be listed on the Nasdaq Stock Market under the symbol TYPE.
(AP)

Posted by globebusiness at 2:15 PM | Comments (0)

ClickSoftware issues strong outlook

ClickSoftware Technologies Ltd. said today that it expects revenue growth in 2007 after the business software company reported strong second-quarter earnings.

The company raised its revenue guidance to between $41 million and $42 million, compared with $32.4 million last year.

Shares of ClickSoftware added 52 cents, or 10.2 percent, to $5.60 in premarket activity. The company' stock has traded between $1.68 and $6.76 in the past year. (AP)

Posted by globebusiness at 2:03 PM | Comments (0)

Survey: 1.7 work hours wasted daily

Waltham-based Salary.com said today that the average employee wastes 1.7 hours of a typical 8.5 hour work day, according to its 2007 report on slacking.

According to the firm's 2007 Wasting Time Survey, more than 63 percent of respondents said they wasted time at work. 34.7 percent of respondents said they kill time at work by surfing the Web. Socializing with co-workers, at 20.3 percent, and conducting personal business, at 17 percent, were the two other leaders in time-wasting activities. The top two reasons for wasting time was not having enough work to do (17.7 percent of responders) and working hours being too long (13.9 percent).

"While a certain amount of wasted time is built into company salary structures, our research indicates that companies with a challenged and engaged workforce can expect more productivity in return," said Bill Coleman, chief compensation officer at Salary.com, in a press release.

The amount of time wasted by employees has decreased from 2005, when the first survey was conducted, by 19 percent, down from 2.06 hours. Coleman attributes the decline to the shortage of labor and tighter corporate budgets.
(By Se Young Lee, Globe correspondent)

Posted by globebusiness at 1:57 PM | Comments (0)

Children's Hospital renews with AT&T

AT&T said today that Children's Hospital Boston renewed its voice services contract with the telecommunications company for another two years.

According to a press release, the hospital has been using AT&T's OneNet service to connect its staff members, spread out in 17 different locations throughout the US. AT&T has been working with the hospital for 20 years.

"Children’s is dedicated to providing the highest-quality care to children and to supporting their families,” said John Meek, telecommunications manager at Children’s Hospital Boston, in the press release. “In critical-care situations, a few minutes can make a huge difference. With AT&T, we are confident that our specialists are supported by highly efficient and reliable voice services."
(By Se Young Lee, Globe correspondent)

Posted by globebusiness at 1:44 PM | Comments (0)

BladeLogic's shares surge on first day

Shares of BladeLogic Inc., a provider of data center automation software, spiked more than 50 percent today, their first day of trading after the company's initial public offering priced at the high end of the expected range.

The shares opened at $24.25, 43 percent above the $17 offering price. After dropping to $22.55, the stock has traded as high as $26.52, more than 50 percent above the offering price.

The Lexington, Mass.-based company had originally expected the IPO to price between $12 and $14 per share. On Tuesday, BladeLogic raised the anticipated price range to $16 to $17 per share.

Of the 5 million shares being offered, 3.9 million will be sold by BladeLogic, and 1.1 million are being sold by a group of shareholders. The underwriters have the option of buying up to an additional 750,000 shares from the company to cover any over-allotments.

Morgan Stanley and Merrill Lynch are serving as the lead underwriters for the offering.

In midday trading, BladeLogic shares surged $8.15, or 47.9 percent, to $25.15. (AP)

Posted by globebusiness at 1:38 PM | Comments (0)

Boston condo sales on the upswing

Condominium sales and prices in downtown Boston surged during the last quarter, according to a report released today.

In the second quarter, the median price for a downtown condo increased nearly 4 percent over year-ago prices, to $472,750 according to a report on the downtown market from Listing Information, or Link. High-end sales saw an even bigger boost: the average price, which is magnified by sales of the priciest units sold downtown, surged 11 percent, to $643,568.

Link tracks 12 core neighborhoods downtown, including South End, Back Bay, the waterfront, Beacon Hill, and the Leather District.

Strong demand drove up prices. Downtown sales rose 7.5 percent in the second quarter, to 1,128 transactions, compared with 1,049 in the second quarter of 2006. The data cover all closings in the second quarter.

But inventories of new listings for sale are also tightening, boosting prices, because new developments coming on line for sale are slowing in the aftermath of the city's unprecedented building and sales boom, which peaked in 2004 and 2005.

On June 1, there were 1,301 properties on the market for sale in Boston, down 25 percent.
(By Kimberly Blanton, Globe staff)

Posted by globebusiness at 1:05 PM | Comments (0)

Citigroup to host ice cream promotion

Citigroup Inc. will have an ice cream truck in Boston Thursday and Saturday to promote its new mobile payment service.

Citi recently partnered with Obopay Inc., a mobile payment service company based in California, to launch a new service that would allow customers to make financial transactions and keep track of their Citi accounts via any cell phone through any carrier. The truck, which will give away ice cream for free, is equipped with computers that customers can use to sign up for the mobile service.

The truck will be at Copley Square from 6 am until midnight Thursday. It will also be at the Boston Common on Saturday from 10 a.m. to 3:30 p.m., then at the Feast of St. Joseph in the North End from 4:30 p.m. to 11 p.m.
(By Se Young Lee, Globe correspondent)

Posted by globebusiness at 11:32 AM | Comments (0)

Generex expands distribution for spray

Generex Biotechnology Corp., a Worcester-based firm, said today that two major online retailers, Amazon.com and Walgreens.com, have begun carrying its over-the-counter spray drug for diabetics.

Generex's Glucose RapidSpray, which has been sold through a variety of Web sites and retailers in North America as well as in the Middle East, allows diabetics to take in the fat-free, low-calorie glucose formation by spraying it inside their mouth.

"We are pleased to expand the marketing and distribution of Glucose RapidSpray to additional retail chains with multiple locations," said Rose C. Perri, Generex's chief operating officer, in a press release. "We recognize the importance of the e-commerce market and we are pleased to have the opportunity to distribute within this marketplace as well."
(By Se Young Lee, Globe staff)

Posted by globebusiness at 11:00 AM | Comments (0)

Revenue up 9.7% at iParty

Dedham-based iParty Corp., a party goods retailer, reported that its 2007 second quarter revenues increased by 9.7 percent compared to last year.

According to a press release, the retailer's consolidated revenue in the second quarter this year reached $20.4 million as opposed to $18.6 million last year. Gross profit margin was up from 41.4 percent last year to 43.2 percent, and the company's net income for the quarter was $512,000 compared to $122,000 last year -- a 320 percent increase.

"We are very proud of the improvements made throughout our business which are helping us to drive same store sales increases," said Sal Perisano, chief executive of iParty, in a press release. He attributed the growth to strong sales from the graduation season.
The company has 50 retail stores in the US, 26 of which are in Massachusetts.
(By Se Young Lee, Globe staff)

Posted by globebusiness at 10:52 AM | Comments (0)

Boston #2 in parking costs

Having trouble finding a place to park?

Not surprising. A monthly parking spot in Boston costs more than one in any city other than New York, according to Colliers International's latest parking rate survey.

Colliers, a global real estate services company, said its survey, conducted in 51 US cities and 10 Canadian cities, showed a 3.5 percent increase in US monthly parking rates over the last 12 months because of increasing demand and lack of new construction. The median cost for monthly parking in Boston is $460, according to Colliers. Only downtown Manhattan, at $500 per month, and midtown Manhattan, at $630 per month, cost more.

"As businesses occupy more office space, parking inventory... nationwide is becoming increasingly tight," Ross Moore, senior vice president and director of market & economic research at Colliers, said in a press release. "This dearth of parking coupled with spiking fuel prices adds yet another headache for commuters."

Daily parking rates have also increased by 2.9 percent over the past year, according to Colliers. The report also said 19.1 percent of parking facilities reported that they had a waiting list, and that the average wait time for a space was about 4.9 months as opposed to 3.4 months last year.
(By Se Young Lee, Globe correspondent)

Posted by globebusiness at 10:27 AM | Comments (0)

Salem launches "green" program

The city of Salem said yesterday that it is partnering with the Environmental Protection Agency and KeySpan, the largest natural gas distributor in the Northeast,to improve energy efficiency of its public buildings.

Salem, according to a KeySpan press release, has signed onto the EPA's Community Energy Challenge and pledged to cut energy use in its municipal buildings by 10 percent in an attempt to cut greenhouse gas emissions.

“In Salem, we believe strongly that climate change is a pressing issue facing our society and affecting us at the local, regional, national and global levels,” said Mayor Kimberly Driscoll. “As a community, we are proud to take proactive steps to help combat climate change by focusing on improving energy efficiency in our own facilities and educating our residents about making wise energy decisions, including using higher efficiency appliances, windows and insulation, and choosing cleaner burning fuels.”

KeySpan and EPA will assist Salem's city government in examining the energy efficiency of the various public buildings and pinpoint areas in need of upgrades. KeySpan has also launched the "Be Green, Win Green" campaign in April that works with Massachusetts and New Hampshire towns and individuals to cut greenhouse gas emissions and increase energy efficiency by providing grants and other financial incentives.
(By Se Young Lee, Globe correspondent)

Posted by globebusiness at 10:19 AM | Comments (0)

Alpha now has 1.25 million customers

Alpha Software Inc., a Burlington-based software development company, said yesterday it has acquired more than 1.25 million customers for its database building and management program.

Alpha Five Version 8, the latest version of Alpha Software's database program, is the flagship program of the company. The program, which allows creation and maintenance of desktop or Web-based databases, was released in April and now has clients in 112 countries. The software also helped earn Alpha Software the 2007 Emerging Technology Award from CRN, a US computer applications publication.

"It's clear that, by significantly reducing the development and maintenance cycles for desktop and Web applications, Alpha Five Version 8 can have a material impact on an organization's bottom line and its agility overall," said Selwyn Rabins, co-chairman of Alpha Software. "We are not only making developers more productive - we're making entire organizations more productive."
(By Se Young Lee, Globe correspondent)

Posted by globebusiness at 10:07 AM | Comments (0)

Synergy purchases Boston building

Synergy, a Boston-based real estate firm, said yesterday that it purchased a 30,000 square-foot office building in the Bulfinch Triangle district for more than $6 million.

The property, located at 133 Portland Street, is a six-story office building that was previously owned by Edgewood Capital Advisors LLC. The building was constructed in 1888 and renovated in 1988, according to Synergy's press release.

"133 Portland is a solid acquisition in an emerging district," said Dympna Minnock, vice president of Synergy, in the press release. "This asset will complement our ownership of other assets within the Bulfinch Triangle."

Synergy, which operates mainly in the New England region, has spent $200 million for acquiring properties in the past year and has the rights to about 650,000 square feet of office and retail properties.
(By Se Young Lee, Globe correspondent)

Posted by globebusiness at 8:46 AM | Comments (0)

Earnings up at Genzyme

Genzyme Corp. said today that its second-quarter earnings rose on higher sales of its drugs for rare and chronic diseases, prompting it to increase its forecast for the year.

The Cambridge, Massachusetts-based biotechnology company said net earnings rose to $139.9 million, or 51 cents a share, from $134.5 million, or 49 cents a share, a year before.

Excluding one-time items, the company posted a profit of 88 cents a share. Analysts had expected earnings of 81 cents a share.

Revenue rose 18 percent to $933.4 million.

The company increased its earnings outlook for 2007 to between $3.35 a share and $3.40 a share from a previous range of $3.20 to $3.30. (Reuters)

Posted by globebusiness at 8:41 AM | Comments (0)

Boston Scientific gets junk rating

Ratings firm Moody's Investors Service on Tuesday cut Boston Scientific Corp.'s credit rating to below investment-grade status, marking the first such ratings downgrade for the company.

Moody's cited a handful of concerns, including second-quarter results that indicated tough conditions in Boston Scientific's top two device markets: stents and implantable defibrillators. Moody's also cited "the lack of definitive action related to material asset sales." The move followed a downgrade to the lowest level of investment grade status on Monday by Standard & Poor's.

Boston Scientific said the Moody's downgrade won't lead to a higher interest rate, since it's the only rating below investment-grade status.

The company, meantime, also announced late Tuesday that it plans to explore the sale of its fluid management business as part of an ongoing review of "non-strategic assets" and ways to improve its financial strength. The business makes products used during certain procedures, including angioplasty.

The Natick, Mass., medical device company didn't put a value on the business, where sales are reported as part of Boston Scientific's big interventional cardiology business. That business posted sales of $767 million in the first quarter, off 20 percent from a year ago amid declining sales of drug-coated stents.

A fluid management sale would probably include facilities in Glens Falls, N.Y., and Tullamore, Ireland, Boston Scientific said.

"We are in the early stages of discussions with several potential acquirers, and we expect the process to take a number of months," Paul LaViolette, Boston Scientific's chief operating officer, said in a release.

Boston Scientific racked up debt through last year's $27 billion purchase of Guidant Corp., a deal that brought Boston Scientific implantable defibrillators, or ICD heart-rhythm devices. The U.S. ICD market has been rocky since Guidant product troubles came to light in 2005, and Boston Scientific had a tough second quarter in ICDs.

Additionally, Boston Scientific saw big declines in sales of coated stents, or tiny scaffolds for heart arteries, which have been pressured on a number of fronts. In light of the second quarter and other factors, Moody's lowered Boston Scientific's senior unsecured debt rating to Ba2, down two notches, and said the company's rating outlook is negative.

"Persistent weakness in the (stent) market and inability to gain consistent traction in ICD sales contribute to Moody's concerns regarding the company's cash flows," Moody's analyst Diana Lee said in a release.

Standard & Poor's cut Boston Scientific's corporate credit rating to BBB- on Monday, citing the "disappointing second quarter" and "increased concerns regarding the company's ability to reduce debt in line with prior expectations." Fitch, meantime, cut its rating on the company to the same level in late April.

Boston Scientific spokesman Paul Donovan said in an emailed statement that the Moody's downgrade alone will not mean an increased interest rate.

"We are a diversified, growth-oriented company with strong gross profit margins, robust operating cash flows, a $2 billion undrawn revolving credit facility and more than $1.5 billion of cash on hand," Donovan said. "It has been -- and continues to be -- our practice to maintain a sound financial position to support our long-term objectives."

Matthew Dodds, an analyst with Citigroup, said in a note that the Moody's downgrade suggests Boston Scientific will face higher interest rates down the road. The debt status issue also adds a distraction for the company as it juggles issues in the heart-rhythm and stent markets, "a tricky cost reduction plan" and the potential partial spinoff of its Endosurgery business, Dodds said.

Boston Scientific closed the second quarter with $7.4 billion in net debt, down from $7.6 billion after the first quarter, said Samuel R. Leno, the company's chief financial officer, on Friday on an earnings call with analysts. He noted that the company's first two principal payments are $650 million in April 2008 and another $650 million in April 2009

COO LaViolette outlined plans at a financial conference in early May to consider sales of units that aren't considered strategic, long-term contributors. He also said Boston Scientific was undertaking a corporation-wide efficiency improvement program that he estimated would deliver sales in the "hundreds of millions of dollars" range.

CFO Leno also said Friday that Boston Scientific is aiming to cut expenses and head count to bring them in line with the company's revenue base, given the slower-than-expected recovery in the company's two big heart device markets. More details are due in the fourth quarter.

Shares of Boston Scientific slipped 2.2 percent Tuesday to close at $14.37. Shares were up slightly to $14.50 in after-hours trading.
(Dow Jones/AP)

Posted by globebusiness at 8:25 AM | Comments (0)

Parking rentals boost Boston Properties

Boston Properties Inc., which primarily develops and manages office space, said late Tuesday its second-quarter funds from operations improved on higher revenue from parking rentals and hotels.

Funds from operations climbed to $142.9 million, or $1.18 per share, versus $129.4 million, or $1.10 per share, a year ago.

FFO, which the real estate industry uses to gauge operating performance, adds depreciation and amortization expenses, as well as other non-operating items, back to net income.

Earnings after paying preferred dividends dropped to $102.3 million, or 84 cents per share, from $625.7 million, or $5.23 per share, in the previous year -- which included $581.3 million of real estate gains.

Quarterly revenue grew 5 percent to $375.1 million from $357.9 million.

Revenue from parking rentals rose to $16.5 million from $14.1 million, while hotel sales increased to $9.3 million from $8.4 million. (AP)

Posted by globebusiness at 8:19 AM | Comments (0)

July 24, 2007

Boston Communications may lose a big client

Boston Communications Group Inc., which makes billing and payment software used by cellphone service providers, said a significant customer may reduce or wind down its operations.

In documents filed with the Securities and Exchange Commission, Boston Communications said the customer, Amp’d Mobile Inc., submitted a motion in Bankruptcy Court on Friday seeking authorization to sell assets.

Amp’d has not been able to obtain financing.

Boston Communications said a significant reduction or winding down of Amp’d business operations would hurt its financial condition.

In April, Boston Communications said it would reduce its workforce by about 21 percent to prepare for an expected decrease in revenue from its largest customer, Sprint, which was moving to another third-party provider.

This month, Indian computer programmer Megasoft Ltd. agreed to buy Boston Communications for about $65 million. A shareholder has sued to try to stop that deal.
(AP)

Posted by globebusiness at 3:38 PM | Comments (0)

Tishman to manage YMCA Greenway project

The YMCA of Greater Boston has picked Tishman Construction Corp. of Massachusetts as project manager for building a new Y on the Rose Fitzgerald Kennedy Greenway.

‘‘We will design and build a Greenway Y that combines vital services with inspiring public spaces for Boston residents and visitors,’’ Stacey Lucchino, chairman of the Y’s board, said today in a prepared statement.

The Y will occupy the Greenway’s Parcel 6, near the Haymarket MBTA station.

In April, a Y official estimated the cost at $35 million.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 2:27 PM | Comments (0)

United Way puts "housing first"

United Way of Massachusetts Bay and Merrimack Valley announced today that it will invest $950,000 in local nonprofit groups that are committed to ending homelessness by putting a "housing first" philosophy into practice.

According to United Way, the housing first approach seeks to change the way homeless people are served by placing them in housing as a first step and providing home-based case management.

In a statement, United Way senior vice president Jeffery Hayward outlined one reason why adopting the housing first philosophy is preferable to pursuing previous policy.

"Our current homeless shelter system was designed 30 years ago as a response to an emerging problem and has resulted in a system of managing homelessness rather than ending homelessness," he said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:10 PM | Comments (0)

Coakley cuts back NStar settlement

Massachusetts Attorney General Martha Coakley has sharply cut back a deal made by her predecessor to give NStar millions of dollars for lobbying for wholesale electric market changes that cut consumers' bills.

Under a 2005 settlement with former attorney general Thomas F. Reilly, the Boston utility was allowed to ask to keep 25 percent of the money it could persuade the attorney general's office it had managed to save consumers by lobbying the federal government. Reilly agreed to give NStar $30 million from the resolution of a complex 2005 Federal Energy Regulatory Commission case involving payments to New England power plants.

After an outcry from critics who said the deal gave NStar an unfair windfall, Coakley and NStar agreed today to cut that payment to $19 million. Also, its maximum bounty for future savings it can show flowed from its lobbying efforts will be cut to 12.5 percent instead of 25. “Today’s agreement saves our residential and commercial customers millions of dollars, both in the short and long term,” Coakley said in a statement. (Peter J. Howe)

Posted by globebusiness at 1:01 PM | Comments (0)

National Amusements to host events

Dedham-based movie exhibitor National Amusements Inc. has entered into an affiliate agreement to present alternative music and sports events at some of its movie theaters.

The agreement is with National CineMedia LLC of Colorado.

Through special satellite-based High Definition projection and encryption services, National CineMedia's Cinecast Network distributes live and pre-recorded events, including music and sports event, to theaters across the country, often during off-peak movie-going hours.

Under the agreement, National CineMedia will expand its Cinecast Network to include 25 National Amusement theater locations.

National Amusements president Shari Redstone said in a statement: "National Amusements is focused on reinventing the movie-going experience, making our theaters a community entertainment destination. This partnership is an important step in that process and allows us to expand our existing alternative programming, such as simulcasts of concerts, children's programming, and other unique concepts."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:16 PM | Comments (0)

Phase Forward partners with Sentrx

Phase Forward Inc. and Sentrx announced a partnership today that aims to provide life sciences companies with software and services to manage safety data and adverse-event reporting.

Phase Forward of Waltham is a provider of software, services, and hosted solutions that customers use in clinical trials and drug-safety monitoring; Sentrx of New Jersey is a provider of technology-enabled services for global drug safety.

The two companies said they plan to explore further synergies in their offerings.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:45 AM | Comments (0)

June gas price averages $3.11

June gasoline prices in Boston, while high by the standards of the past two decades, are somewhat below recent spikes and are lower than prices in the early 1980s after adjusting for inflation, the Bureau of Labor Statistics said today.

The June average price of gas of all types in Boston was $3.11, effectively the same price per gallon as the national average, said the bureau, which is part of the US Department of Labor.

Gas prices in Boston rose 54 cents per gallon between March and June, the bureau added.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:57 AM | Comments (0)

Bain, Prides Capital put $60m in Princeton Rev.

Two investment firms with Boston ties, Bain Capital Ventures and Prides Capital LLC, have agreed to invest $60 million in the Princeton Review Inc., the provider of test preparation and educational support services said today.

The New York-based Princeton Review also said that Michael J. Perik, former chief executive of the Learning Co., will become chief executive of Princeton Review; Perik succeeds company founder John S. Katzman, who will remain as executive chairman.

"We are certain the company can become a major international player in the educational marketplace," Michael Krupka, a Bain Capital managing director, said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:53 AM | Comments (0)

NStar plans to offer wind power alternative

A Maple Ridge wind turbine looms over the landscape in upstate New York. (Photo by Michael J. Okoniewski/Getty Images for The Boston Globe)

The Boston utility NStar plans to allow its residential and small business customers to buy their electricity from environmentally friendly wind farms -- for a price.

In a first of its kind for Massachusetts utilities, NStar is proposing to let its 1.1 million electric customers in Boston and 80 eastern Massachusetts cities and towns buy their power directly from a wind farm in upstate New York and a second under development in Maine.

Because the wind farms are more expensive than conventional sources like coal and nuclear power, a typical homeowner would pay a premium of about $7.50 to $15 monthly. The program, being announced today, will need approval from state utility regulators before it is launched, which could be as soon as Jan. 1.

Other utilities in Massachusetts and other states have launched so-called green power programs, such as National Grid USA's GreenUp. But National Grid's and many other programs only direct customers to third-party organizations that collect what are effectively voluntary contributions by participants to subsidize indirectly various "green" energy installations around the country, including solar and hydroelectric power plants and facilities that burn landfill gas or wood waste to make electricity. Fewer than 6,000 of National Grid's 1.3 million customers participate.

The two major differences with NStar's plan is that it will have the direct marketing power of the $3 billion utility behind it, and customers will be paying for electricity from the 195-turbine Maple Ridge wind project near Camp Drum in upstate New York and from a 44-tower wind project now under development at Kibby Mountain in Maine expected to open by 2009.

"We have something real and tangible, and we can take you up there and show you the source of where your power is coming from,'' NStar chief executive Thomas J. May said. NStar is signing 10-year contracts to buy a total of 30 megawatts of power from each installation, in total equal to the electric demand of about 45,000 average homes or small businesses. That's about 2 percent of the utility's average total demand, and May said, "We hope the program is oversubscribed and we have to go back and buy more.''

Alan Nogee of the Union of Concerned Scientists in Cambridge, one of several environmental groups that advised NStar on developing the plan, said, "We are very excited by NStar's long-term commitment to wind energy and their green power program. They're helping customers say yes to choosing a responsible energy future and a more stable climate.''

Nationally, more than 600 utilities and municipal electric departments now offer "green power" choices to customers, according to the US Energy Department. Outside of New England, states including California, Illinois, Maryland, New Jersey, New York, Pennsylvania, Texas, and Virginia all offer ways for people to pay for electricity from renewable sources.

But fewer than 1 percent of customers are signing up because the programs almost always require people to pay more than they would for conventional coal-, gas-, or nuclear-generated electricity, said Philip Giudice, commissioner of the Massachusetts Division of Energy Resources.

Compared to other programs that subsidize broad portfolios of renewable energy projects, Giuidice said, "It's neat for customers to be able to say: I'm part of this specific wind project.'' Giudice wouldn't flatly predict the NStar plan will be a success but said, "We'll see how this works out over time. Let's do some experiments and see what can work in the marketplace. This is an interesting experiment.''

Technically, NStar customers would not get their power directly from the Maine and New York wind farms, because it is impossible to transmit electricity through the power grid to a specific meter.

But by paying for the turbines at Maple Ridge and Kibby Mountain to feed into the interconnected New England and New York power grids the same amount of power they're drawing from conventional sources closer to Boston like coal, nuclear power, and gas- and oil-fired plants, NStar customers signing up for the program will be able to say they use the equivalent of 100 percent wind power.

May said he hopes that the 20-tower Hoosac Wind proposal in the Western Massachusetts towns of Florida and Monroe is approved and built and becomes an NStar supplier, because "we'd love to support the growth of the renewable-energy industry right here in the commonwealth.''

Bill Burke, a fifth-generation dairy farmer in Lewis County, N. Y., who has six Maple Ridge wind turbines on his 600-acre farm, said the project has been a huge economic boost for his family and his region. "I think it's great that people in Boston can get a chance to participate in this,'' Burke said in a telephone interview. Besides enjoying an undisclosed revenue stream that's enabling him to retire from farming, Burke said the turbines have proven to be good neighbors.

"They're quite majestic to watch,'' Burke said. "They're more mesmerizing than they are anything else. When they're all turning, you know that everything is OK with the world.''
(By Peter J. Howe, Globe staff)

Posted by globebusiness at 10:34 AM | Comments (0)

AMSC gets $70m Chinese order

American Superconductor Corp., which makes wires used in power lines, said today that it received a $70 million order for wind turbine electrical systems from China-based Sinovel Wind Corp. Ltd.

Shares of American Superconductor surged $1.42, or 7.3 percent, to $21 in premarket activity on the news.

The order calls for American Superconductor to ship the customized electrical systems to Sinovel next year for use in its 1.5-megawatt wind energy systems.

The companies signed a contract in March under which American Superconductor's Windtec subsidiary, and Sinovel will jointly develop 3- and 5-megawatt wind energy systems. Sinovel plans to market and sell the systems worldwide.

The company's stock has traded between $8.90 and $23.58 in the past year. (AP)

Posted by globebusiness at 10:05 AM | Comments (0)

Liberty Mutual cites tougher competition

Boston financial-services provider Liberty Mutual Group said second-quarter net income rose 5 percent compared to the same period a year earlier on growing sales of personal insurance policies.

Liberty Mutual reported profit of $339 million on revenue of $6.3 billion for the three months ended June 30, compared with profit of $323 million on revenue of $6.1 billion for the same period a year earlier.

Cash flow from operations was $787 million, down $339 million from the same period a year earlier, including a decline of $290 million in immediate annuity sales.

Liberty Mutual chief executive Edmund F. Kelly said the company took conservative reserves and was disciplined in its underwriting of policies to deal with what he called a challenging commercial market worldwide because of tougher competition.

On a conference call for analysts and investors this morning Kelly also said in the US the company is seeing "behaviors we haven't seen since the late 1990s'' in the market such as multi-year deals, generous guarantees on workers-compensation polices and some cases of what he called "irrational behavior'' such as policies priced below cost.

Taken together, he said, "It's pretty disturbing to see it, it doesn't auger well for the next year or two.''
(By Ross Kerber, Globe staff)

Posted by globebusiness at 9:42 AM | Comments (0)

Profit up at Waters

Waters Corp., which makes a range of instruments for scientific analysis, said today that second quarter profits rose 25 percent, helped by adoption of new products and favorable currency conversion.

The company posted net income for the period ended June 30 of $59.9 million, or 59 cents per share, compared with earnings of $47.8 million, or 46 cents per share a year earlier. The company beat Wall Street estimates of 58 cents per share in the quarter, as polled by Thomson Financial.

Total sales in the period grew to $352.6 million, up from $301.9 million in the same period last year. Waters Corp. said currency conversions added 2 percent to sales growth.

Waters Chief Executive Douglas Berthiaume said the company benefited from increased demand for life science products, especially from large pharmaceutical companies.

Shares of Waters Corp. rose 54 cents early today to $62.75 in premarket trading. (AP)

Posted by globebusiness at 9:13 AM | Comments (0)

Biogen posts strong earnings

Biogen Idec Inc. reported better-than-expected earnings today, boosted by strong sales of its drugs for multiple sclerosis and cancer, and raised its outlook for the year.

The Cambridge, Massachusetts-based biotechnology company posted a profit of 70 cents a share excluding one-time items, compared to 57 cents a year ago.

Analysts had on average expected earnings of 63 cents a share, according to Reuters Estimates.

Revenue rose 17 percent to $773 million, driven by sales of the multiple sclerosis drugs Avonex and Tysabri and cancer drug Rituxan.

Biogen posted net profit of $186 million, or 54 cents a share, compared to a net loss of $171 million, or 50 cents, a year ago when it took substantial one-time acquisition-related charges.

The company increased its outlook for the year to between $2.60 and $2.70 a share excluding one-time items and stock option expenses. It expects revenue growth of 16 percent to 18 percent over 2006. (Reuters)

Posted by globebusiness at 8:57 AM | Comments (0)

Spalding launches backboard website

Spalding, the Springfield basketball equipment company, is launching an online effort to promote its basketball backboards.

An expanded website will devote some of its pages to the company's residential backboards; a special section of the website at www.spalding.com/backboards will offer "full sight and sound product demonstrations" for more than dozen backboard systems, the company said.

According to Spalding, users can interact with each system, watch video demonstrations on a multitude of product attributes, compare specifications, experience 360-degree views, and be led to purchase any of these systems at an e-tailer of their choosing.

"It's as if we're providing a virtual sales person for all of the e-tailers that sell our basketball systems," Spalding director of consumer marketing Bob Llewellyn said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:43 AM | Comments (0)

WSI buys radar company

WSI Corp. announced today the acquisition of radar manufacturer Enterprise Electronics Corp.

Andover-based WSI is a provider of weather information to business and government.

The company's press release did not disclose a purchase price for Enterprise Electronics, an Alabama company known for its weather radar products.

"This acquisition expands the range of products and services we can offer our clients," WSI president Mark Gildersleeve said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:40 AM | Comments (0)

Sycamore opens China R&D center

Sycamore Networks Inc. of Chelmsford announced today the opening of a research and development center in China.

Sycamore, which makes telecom network equipment, said the center, located in Shanghai, "significantly enhances the company's product and technology development capabilities by tapping into the expanding pool of highly skilled technical talent in China."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:36 AM | Comments (0)

Captivate upgrades offerings

Captivate Network said today it is broadening its reach as it offers new options to its customers.

The Westford company installs video screens in the elevators of office buildings that display information, entertainment, and advertising; according to Captivate, the digital at-work news and entertainment network shown on these screens helps building landlords to attract and retain high-quality tenants.

Captivate Network said today that its next-generation of products offers more options for landlords and more opportunities for advertisers seeking to reach a target audience.

According to the company, its network reaches over 2.3 million viewers each day.

Captivate is part of Gannett Co., a Virginia-based information company that publishes many newspapers including USA Today.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:31 AM | Comments (0)

J.P. Licks offers scratch card

J.P. Licks, the Boston-based homemade ice cream cafe that brought locals such July flavors as cucumber and sangria, is unveiling an August scratch-card promotion.

Every Monday during August, scratch cards will be given away in all seven of the chain's locations, the company said.

Besides J.P. Licks treats, prizes include free admissions to the New England Aquarium and Ringling Bros. and Barnum & Bailey Circus of Dreams, as well as a grand prize of a two-night getaway at the Jay Peak Vermont resort, the company said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:26 AM | Comments (0)

Liberty Mutual gets J.D. Power certification

Liberty Mutual Group said it has been recognized for call-center customer service excellence under the J.D. Power & Associates certified call center program.

Based in Boston, Liberty Mutual is a provider of home and auto insurance; J.D. Power is a California-based marketing information firm that conducts surveys on customer satisfaction.

To receive certification from J.D. Power, Liberty Mutual said it passed a detailed audit of its recruiting, training, employee incentives, management roles and responsibilities, and quality assurance capabilities; in addition, J.D. Power conducted a random survey of recent call-center callers to determine that Liberty Mutual met its customer-satisfaction standards before issuing certification.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:09 AM | Comments (0)

EMC's 2q profit rises 19.8 percent

EMC Corp. said today its second-quarter profit rose 19.8 percent as the data storage vendor recorded double-digit sales gains at its biggest businesses.

Hopkinton-based EMC said net income rose to $334.4 million, or 16 cents per share, for the April-through-June period, up from a profit of $279.1 million, or 12 cents a share, in the same quarter a year ago.

Revenue rose 21 percent to $3.12 billion from $2.57 billion a year ago.

The latest quarter's per-share profit matched the consensus estimate of analysts surveyed by Thomson Financial. EMC's revenue beat analysts' consensus forecast of $3.07 billion.

Unlike the previous quarter, when EMC's overseas operations posted far stronger sales gains than domestic operations, the company's North American business posted a 20 percent sales gain in the latest quarter, nearly matching 23 percent growth overseas.

EMC's second-quarter revenue from software licenses jumped 27 percent, outpacing the 18 percent growth in the storage systems business at EMC, whose rivals include IBM Corp., Hewlett-Packard Co., and Network Appliance Inc. Revenue from professional services and systems maintenance grew by 18 percent.

Joe Tucci, EMC's chairman, president and chief executive, said the quarter was highlighted by "solid revenue growth that was well balanced across our systems, software and services businesses and all major geographies.

"Add to this the explosion of digital information and the positive 2007 IT (information technology) spending outlook we see in all major geographies, and it is clear that we are in a sweet spot of the IT industry."

This quarter marked the 16th consecutive period in which EMC posted double-digit revenue growth. (AP)

Posted by globebusiness at 7:53 AM | Comments (0)

July 23, 2007

One Laptop Per Child has 3 million orders

Governments have ordered 3 million of the inexpensive yet rugged computers for schoolchildren through the One Laptop Per Child project, giving the nonprofit group enough volume to kick-start mass production.

The Cambridge organization would not disclose the countries that will be first in line for its $175 laptops when production starts in October. One Laptop Per Child’s leaders have said they had interest, if not firm commitments, from several countries, including Libya, Thailand, and Uruguay.

The ‘‘XO’’ machines feature an open-source interface designed to be intuitive for children; a sunlight-readable display; very low power consumption; built-in wireless networking; and a pull cord for recharging by hand.

The laptops are being made by Quanta Computer Inc., of Taiwan, the world’s leading manufacturer of portable computers.

The long-term goal for the project is to bring the cost down even further, which is why the effort was originally known as the ‘‘$100 laptop.’’
(AP)

Posted by globebusiness at 2:37 PM | Comments (0)

Law firm opens an office in D.C.

Edwards Angell Palmer & Dodge LLP opened an office today in Washington, D.C., the Boston law firm’s 10th US office.

It will help the firm increase its presence in the intellectual property area and in Japanese patent prosecution work, the firm said. One of its specialties is patent and trademark law.

Four lawyers, including two partners, are joining Edwards Angell Palmer & Dodge in the Washington office.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 2:31 PM | Comments (0)

Gas prices fall 2 cents a gallon in Mass.

Gasoline prices in Massachusetts fell 2 cents per gallon over the past week, AAA of Southern New England said today.

The automobile association’s statewide survey found an average price of $2.90 per gallon of self-service regular unleaded. The figure is down from $2.92 last week, when prices rose 2 cents a gallon compared with the previous week.

Massachusetts’ gas prices remain below the nationwide average of $3 per gallon, AAA said.

A year ago, the average price in Massachusetts stood at $3.02.
(AP)

Posted by globebusiness at 2:24 PM | Comments (0)

Shaw's partners with Red Sox Radio

Entercom Communications Corp. and Shaw's Supermarkets Inc. said today that they have agreed to a multi-year partnership that makes Shaw's "the official supermarket of the Red Sox radio network."

Shaw's is Red Sox Radio's first naming rights sponsor, said the companies, which did not disclose the financial terms of the agreement.

The broadcasts of Red Sox baseball are split between two radio stations, WRKO-AM (680) and WEEI-AM (850), both of which are among the radio stations operated by Pennsylvania-based Entercom.

The naming-rights agreement will enable Shaw's to offer in-store sweepstakes and added benefits for Shaw's Rewards Members, the companies said.

With corporate offices in West Bridgewater, Shaw's is part of a more than 200-store division of Supervalu Inc., a Minnesota-based supermarket retailer and food distributor.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:58 PM | Comments (0)

Doubletree earns "energy star"

Doubletree Guest Suites Boston said today it has earned an "energy star" from the US Environmental Protection Agency for conserving energy.

Doubletree Guest Suites Boston said it earned the star by using at least 35 percent less energy than average buildings.

Doubletree Guest Suites Boston, a 308-suite hotel, is managed by Hilton Hotels Corp. of California.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:34 PM | Comments (0)

Ze-gen opens New Bedford facility

Ze-gen Inc. said it is hosting a ribbon-cutting ceremony today to mark the opening of its newly constructed demonstration facility in New Bedford.

Headquartered in Boston, Ze-gen specializes in gasification technology to convert waste streams into synthetic natural gas and low-emissions electricity.

The hope is that the New Bedford demonstration facility will yield valuable data to Ze-gen.

"This is the first step in testing the mechanics of our operation and will allow us to perfect our technology and position us for the launch of a full-time facility," Ze-gen chief executive Bill Davis said in a statement. "We're encouraged to have such enthusiastic support from the city of New Bedford, the Massachusetts Department of Environmental Protection, and other state entities."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:51 AM | Comments (0)

Bain buys American Standard

American Standard Cos. Inc. said today it has agreed to sell its worldwide bath-and-kitchen products business to Bain Capital Partners LLC for $1.755 billion in cash.

Headquartered in Boston, Bain Capital is a private investment firm.

Upon completion of the sale, Bain Capital will acquire all of American Standard's bath and kitchen business, which had 2006 annual sales of $2.4 billion, 26,000 employees, and 54 production facilities in 23 countries, said American Standard, which has its headquarters in New Jersey.

"We look forward to supporting the management team and dedicated employees in realizing the company's full potential through operational improvements, further enhancing and leveraging its strong family of brands, and accelerating growth," Walid Sarkis, a Bain Capital managing director, said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:15 AM | Comments (0)

TomTom to buy Tele Atlas for $2.5b

TomTom, the world's biggest maker of car navigation devices, plans to buy its main map supplier, Tele Atlas, for 1.8 billion euros ($2.5 billion) to improve the digital maps used by millions of drivers.

By buying one of the industry's main suppliers of digital maps, TomTom, which is based in the Netherlands but has an office in Concord, Mass., is moving beyond hardware where double-digit profit margins are expected to decline in line with other consumer electronics makers, analysts said.

TomTom said on Monday it intended to make a cash offer of 21.25 euros per share for Tele Atlas, which also supplies online mapping Web sites such as Google Maps, as well as mobile phone maker Nokia.

The offer is supported by Tele Atlas and represents a 32 percent premium over the map maker's average share price in the last three months, the companies said. It values the equity of Tele Atlas, which has a net cash position, at 2 billion euros.

Shares in TomTom, which has sold more than 10 million of the navigation devices which perch on a car dashboard or windshield, were up 9 percent at 44.66 euros at 1442 GMT, while Tele Atlas rose 30.3 percent to 21.56 euros, above the offer price.

The news also sent shares in Tele Atlas rival Navteq, the only other company to offer comprehensive digital maps and main supplier to TomTom's main competitor Garmin, up by more than 15 percent to $55.80.

Analysts ruled out a counterbid for Tele Atlas by Navteq because it would effectively create a monopoly for digital maps of the United States and Europe, but analysts said companies like Microsoft, Google or even Nokia could be interested.

TomTom and Tele Atlas said they planned to tap into TomTom's user base to get feedback on where maps were out of date and gather statistical information on traffic flows to create new features such as daily map updates and predicting traffic jams.

TomTom Chief Executive Harold Goddijn told a news conference the company was already receiving 16,000 error reports per month from its users.

"The best maps in the future will be produced by companies that have direct access to huge communities of users," Tele Atlas CEO Alain De Taeye said. "We're striving for the holy grail of digital mapping."

Tele Atlas becomes more profitable as revenue increases due to its fixed costs, which could balance out the likely long-term decline in TomTom's profit margins, Rabo Securities analyst Frits de Vries said.

Tele Atlas, which will continue to supply other manufacturers, could however lose some of its clients, particularly those companies that compete directly with TomTom in the market for portable devices, analysts said.

Makers of built-in navigation systems as well as mobile phone manufacturers -- areas in which TomTom has little presence -- could be attracted by the new features, Petercam analyst Eric de Graaf said in a note.

"We also believe that a price war between Navteq and Tele Atlas has become less likely, as the biggest prize, TomTom, can no longer be persuaded to move to Navteq," De Graaf said.

TomTom will take on 1.3 billion to 1.5 billion euros of debt to fund the acquisition, Chief Financial Officer Marina Wyatt said, adding the deal was expected to contribute to earnings, adjusted for non-cash items, within 12 months from closing.

The formal offer is expected in October and the deal is expected to close by the end of the year.

TomTom also announced quarterly results early and said it sold 1.8 million portable navigation devices in the second quarter, above the average forecast of 1.69 million devices given in a Reuters poll of 10 analysts.

Sales rose 29 percent from the first quarter to 380 million euros. Net profit increased to 68 million euros from 44 million in the first quarter, above the average forecast of 50 million.

TomTom maintained its 2007 sales forecast of 1.6-1.8 billion euros and said it expects to sell between 8 to 9 million devices this year. (Reuters)

Posted by globebusiness at 10:44 AM | Comments (0)

MFA buys Forsyth property

The Museum of Fine Arts said today it has agreed to buy the nearby Forsyth Institute property in the Fenway as part of its expansion plans.

No financial details of the transaction, which involves a building with 107,000 square feet of space on 1.6 acres of land, were disclosed in a statement issued by the two parties.

Forsyth is a nonprofit research group focused on oral and related biomedical science; it also provides dental care to children through a school-based health program.

Forsyth has administrative offices and laboratories in the property involved in the proposed transaction.

Forsyth said it will eventually relocate to new modern facilities; when the transaction closes, Forsyth will temporarily be a tenant of the MFA's as Forsyth scouts for a new location.

"This is a once-in-a-lifetime opportunity for the museum," Malcolm Rogers, the MFA director, said in a statement. "The purchase of this venerable building, along with the museum's expansion plans for the new American Wing, which overlooks Forsyth Way and the revitalization of the Fenway entrance, will dramatically transform the museum and this neighborhood for generations to come."

The sale of the building at 140 The Fenway will help the Forsyth Institute to gain access to contemporary state-of-the-art technology and possibly "co-locate with others in the scientific community," Dominick P. DePaola, chief executive of the Forsyth Institute, said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:35 AM | Comments (0)

Vela Systems lands $6m in financing

Vela Systems of Somerville said today that it has secured $6 million in Series A funding.

The company focuses on mobile software for the architecture, engineering, and construction industry; its software suite is designed to accelerate field processes related to construction, capital projects, and capital equipment.

Vela said the funding round was co-led by two local venture capital firms, Commonwealth Capital Ventures of Waltham and GrandBanks Capital of Newton.

Vela said it will use the funds to roll out national sales coverage, launch the company's channel partner program, and expand internationally.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:07 AM | Comments (0)

IBM completes Watchfire purchase

International Business Machines Corp. said today that it has completed the acquisition of Watchfire Corp., a privately held security and compliance software company based in Waltham.

IBM of Armonk, N.Y., announced its plans to buy Watchfire on June 6; financial terms of the transaction were not disclosed.

IBM said that Watchfire's technology will extend its risk-management strategy, with broad security and compliance capabilities integrated into the software development lifecycle.

"Watchfire technology incorporated into the IBM Rational Software Delivery Platform will help our customers address online security and compliance management requirements early in the process - before their applications go live," Danny Sabbah, general manager of IBM Rational Software said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:55 AM | Comments (0)

Krivickas joins Fast Search

Fast Search & Transfer today announced that Joseph Krivickas has joined the company as president and chief operating officer.

The Norwegian company, a global provider of search technologies, said that Krivickas is based at its US headquarters in Needham.

Krivickas's resume includes a stint as executive-in-residence at Charles River Ventures, a venture capital firm with offices in Waltham and California, Fast Search & Transfer said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:49 AM | Comments (0)

GetThere enables handheld travel services

GetThere, a Texas company that specializes in online corporate travel reservation technology, announced today that its corporate customers can soon offer business travelers the capability to book and manage trips via handheld devices.

The company unveiled the new functionality at the annual National Business Travel Association Convention & Exposition, which is being held in Boston this week.

With the handheld-device functionality, options for air, car, and hotel are provided in the same manner as if the traveler was shopping on a computer, GetThere said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:46 AM | Comments (0)

Mass. housing slump continues

Massachusetts single-family homes and condominium sales continued to fall in June, a month that is typically one of the busiest of the year for closing real estate transactions, according to industry reports out today.

"June was a tough month for housing sales - one of the toughest this year," said Timothy Warren Jr., chief executive of the Warren Group, a Boston-based provider of real estate data, in a statement.

The Warren Group issued a report on monthly housing data, and so too did the Massachusetts Association of Realtors; because they use different methods to gather data, their results can differ.

According to the Massachusetts Association of Realtors, the number of Bay State single-family homes that sold in June dropped 6 percent to 4,959 when compared with June 2006, and on year-to-year basis, the median price for a single-family home in Massachusetts fell 1.6 percent, from $370,000 in June 2006 to $364,000 in June 2007.

"The month of June is following the trend of the past several months in that sales volume is down, but median prices are stable compared to the year before," Doug Azarian, the association's president, said in a statement.

In its separate report, the Warren Group said that Massachusetts single-family home sales fell 8.3 percent in June, the second biggest drop this year; the median price for a single-family was $334,000, down 4.6 percent from $350,000 in June 2006.

The Massachusetts Association of Realtors reported that condominium market also saw a decline in sales compared to June of last year with a 3.6 percent to 2,352 units sold, but the median selling price for a condo was up 4.4 percent over June of last year, from $283,500 in June 2006 to $296,000 in June 2007.

According to the Warren Group, condominium sales experienced the worst drop in sales all year in June, with sales falling 12.3 percent from June 2006; the median sale price in June fell 4.1 percent to $280,000.

According to the Massachusetts Association of Realtors, the inventory of residential listings that was on the market as of June 30 - the inventory includes both single-family home and condo listings - decreased 16.6 percent compared to the same time last year, from 65,325 listings in 2006 to 54,497 listings in 2007.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:35 AM | Comments (0)

Cushman & Wakefield launch new group

Cushman & Wakefield today announced the launch of a global life science practice group to focus on life-sciences related real estate.

With offices in Boston, Cushman & Wakefield is a real estate services firms.

Noting the presence of more than 300 life-sciences companies in Boston, Cambridge, and surrounding communities, Cushman & Wakefield said that this concentration of companies has helped create "a newly stabilized asset class for mainstream investors who are bullish on the Boston market."

"Boston's regional life-sciences cluster is widely considered to be one of the largest in the world in terms of leasing activity and investment," said Mark Winters, executive director of Cushman & Wakefield New England and a member of the firm's Global Life Science Practice Group. "The most significant trend in commercial real estate since 2000 has been the rapid influx of global pharmaceutical firms into Cambridge and surrounding areas."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:29 AM | Comments (0)

Arnold ad a finalist for Emmy

Boston ad agency Arnold said that the 59th Primetime Emmy Awards has announced that an antismoking ad Arnold worked on has been selected as a finalist for outstanding commercial.

Titled "Singing Cowboy," the ad was created by Arnold and Crispin Porter + Bogusky, a Miami ad agency, for the American Legacy Foundation, a public health foundation committed to reducing cigarette smoking.

The ad is part of a larger foundation marketing campaign titled "truth," Arnold said.

The awards will announced Sept. 16 in Los Angeles, Arnold said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:23 AM | Comments (0)

July 20, 2007

Exact Sciences chief executive is leaving

Exact Sciences Corp. said that it is expanding its relationship with Laboratory Corporation of America Holdings, or LabCorp, and that its chief executive Don Hardison will resign to join LabCorp as its chief operating officer, effective Sept. 4.

Based in Marlborough, Exact Sciences uses applied genomics to develop screening technologies for detecting cancer.

The company said that Patrick J. Zenner has been appointed as its executive chairman and interim chief executive and that chief financial officer Jeffrey R. Luber has been promoted to president.

Exact Sciences' relationship with LabCorp centers on Exact Sciences' proprietary stool-based DNA technologies for colorectal cancer screening.

With headquarters in North Carolina, LabCorp offers a wide range of clinical laboratory tests used by the medical profession.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 4:01 PM | Comments (0)

Green pilot program picks Westwood Station

Westwood Station, a huge planned mixed-use community, has been selected to participate in a cutting-edge energy-and-environmental-design program, one of its developers said.

The program is called the Leadership in Energy and Environmental Design for Neighborhood Development, or LEED-ND, and it is overseen by the United States Green Building Council.

"Westwood Station has been committed to smart growth and sustainable design practices since its inception, and we are honored that it will be one of the first projects in the nation to participate in the experimental, pilot version of the LEED-ND program," Jay Doherty, president of Cabot, Cabot & Forbes, said in a statement.

Doherty's firm is part of the joint venture that is developing Westwood Station; other partners in the venture are Commonfund Realty Inc. and New England Development.

The developers' plan is to replace the University Avenue industrial park in Westwood with a 4.5-million-square-foot transit-oriented community with 1,000 residences, office space, retail shops and restaurants, and two hotels, all near the MBTA's Route 128 station.

Developers hope to break ground by year's end, and the expectation is that Westwood Station will be fully completed in 2017.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:53 PM | Comments (0)

Delaware selects Best Doctors

Best Doctors Inc. said today it has been hired by the State of Delaware Employee Benefits Committee to administer a diagnosis evaluation component for the state group health insurance program.

Founded in 1989 by two Harvard Medical School professors, Best Doctors of Boston provides advisory services to more than 260 insurers, employers, and health plans.

Under the agreement, state of Delaware employees, pensioners, and their eligible family members who are uncertain of a serious diagnosis or have questions about a treatment plan can receive answers from the company's network of doctors, Best Doctors said.

The agreement between Best Doctors and the state of Delaware is expected to be for a one-year duration, with up to three one-year optional renewals, the company said.

Financial details about the agreement were not mentioned in a Best Doctors press release.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:33 PM | Comments (0)

Website pairs social networking and politics

Syrinx Consulting Corp. announced the beta launch of www.thevoteweb.com, a website that seeks to bridge the gap between traditional voter campaign drives and social networking.

Syrinx, a Waltham-based software engineering and consulting firm, said it has been retained for the project by VoteWeb LLC, a political campaign start-up based in Cambridge.

According to Syrinx, social-networking software is layered over voter registration files at the new website to enable effective voter contact; rather than relying on cold calls and door-to-door campaigns, the new website allows volunteers to build "viral networks among trusted peers, using the platform to reach out to friends and colleagues."

VoteWeb LLC said it was formed to develop social networking websites that enable effective interactions between political, charitable, environmental, and other organizations and their constituencies.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:27 AM | Comments (0)

Lipscomb joins CB Richard Ellis/New England

CB Richard Ellis/New England announced that Lauren Phelan Lipscomb has joined the commercial real estate services firm as a vice president on its downtown brokerage team.

Lipscomb was previously a leasing representative for Boston Properties Inc., a Boston-based real estate investment trust, her new firm said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:54 AM | Comments (0)

Passenger volume falls at Bradley airport

The number of passengers at Bradley International Airport in Windsor Locks, Conn., fell sharply in the airport's fiscal year that ended June 30 as airlines switch to smaller regional planes.

From July 2006 through June 2007, 6.6 million passengers used Bradley, down by about 9 percent, from 7.2 million in the same period the previous year.

Airport officials said they expected the drop because most major airlines at Bradley have replaced larger aircraft with smaller regional jets, reducing the number of seats and driving up ticket prices.

"It has nothing to do with demand," said L. Scott Frantz, chairman of Bradley's board of directors. "It has everything to do with the aircraft mix at the airport."

Bradley has been trying without success to persuade airlines to bring back larger planes, he said.

Despite the declining number of passengers, Bradley will likely end its fiscal year with a budget surplus due to reduced costs and higher revenue from concessions, Frantz said. Bradley anticipates a surplus of roughly $1 million, or 2 percent. Final numbers were not available.

The Air Transport Association of America, an airline trade group, projects a profitable 2007 and the first back-to-back years of profitability since 1999-2000. (AP)

Posted by globebusiness at 8:54 AM | Comments (0)

Stent sales slide at Boston Scientific

Boston Scientific Corp. posted a lower-than-expected quarterly profit today as sales of its flagship drug-eluting heart stents fell by 32 percent.

The cardiovascular device maker, whose shares slipped in pre-market trade, said second-quarter profit, excluding charges, was $271 million, or 18 cents per share, compared with $412 million, or 31 cents per share, a year ago.

On that basis, the consensus estimate on Wall Street was for a profit of 19 cents per share, according to Reuters Estimates.

Net earnings were $115 million, or 8 cents per share, and included a special after-tax charge of $9 million, or less than a penny per share. That compares with a year-ago loss of $4.26 billion, or $3.21 per share, including an after-tax charge of $4.54 billion, or $3.42 per share, relating to the acquisition of Guidant.

Quarterly sales dipped to $2.07 billion, missing Reuters Estimate consensus of $2.09 billion. In the year-ago quarter, Boston Scientific recorded sales of $2.11 billion.

Sales of its drug-eluting heart stents were $437 million in the quarter, down from $647 million in the year-ago period.

Pro forma sales of cardiac rhythm management products acquired in the Guidant deal were $529 million, which included $383 million of sales of implantable cardioverter defibrillators known as ICDs. In the 2006 period, cardiac rhythm management sales were $354 million, which included $273 million of ICD sales.

Looking ahead, Boston Scientific, whose shares have been languishing for the past year near five-year lows, forecast third-quarter sales of $2.0 billion to $2.1 billion and net earnings of 3 to 8 cents per share.

"At this stage, the stock is trading on revenue and ICD sales, so the good news for the company is that the revenue number is within the range of expectations," said Joanne Wuensch, an analyst with BMO Capital Markets, adding that the earnings outlook is below expectations. (Reuters)

Posted by globebusiness at 8:35 AM | Comments (0)

Clinical Data looks at test for warfarin use

Clinical Data Inc. said it has "established a relationship" with an affiliate of George Washington University to examine the impact of genetic testing in treatments involving warfarin, a blood thinner.

Clinical Data is a biotechnology company headquartered in Newton.

The company said its PGxHealth division, which focuses on genetic tests and biomarker development, will work with the George Washington University Medical Faculty Associates Department of Orthopaedic Surgery to examine the integration of genomic testing in warfarin treatment.

The program will look at patients who have been prescribed the blood thinner warfarin as a treatment following orthopedic surgery, and one goal of the program is to evaluate the safety and benefits of using a genetic test to determine optimal warfarin dosing, the company said.

George Washington University is in Washington, D.C.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:26 AM | Comments (0)

American Superconductor offers stock

American Superconductor Corp. announced today the pricing of a public stock offering of 4.7 million shares of its common stock at $21.25 per share.

The Westborough-based firm specializes in energy technologies.

The offering is expected to close on or about July 25, the company said.

Morgan Stanley & Co. Inc. is acting as the book runner for the offering; Jefferies & Co. Inc. and Needham & Company LLC are acting as co-managers for the offering, the company said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:00 AM | Comments (0)

RCN widens its Greater Boston footprint

RCN Corp. said today it is continuing to expand its coverage area in Greater Boston.

Headquartered in Virginia, RCN provides what it calls a "triple-play" of Internet, cable TV, and telephone services.

"RCN is excited to be expanding our services in Massachusetts and bringing our triple-play bundle now to residents in Milton, Dorchester, Mattapan, and the Roslindale sections of the city of Boston," Richard Wadman, senior vice president and general manager of RCN Boston, said in a statement. "We've completed construction that enables us to reach more customers in the Roslindale area, and ongoing construction will soon make RCN service available to more homes in Dorchester."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:47 AM | Comments (0)

Nauset lands Cape renovation projects

Nauset Construction Corp. said it has been selected by Radius Management Services Inc. to renovate two senior living communities on Cape Cod.

Nauset of Needham said it has extensive experience in the senior living sector.

The estimated construction costs of the two projects at the Cape Heritage and the Cape Regency skilled nursing facilities is about $2.3 million, the companies said.

According to its website, Radius is based in Framingham.
(By Chris Reidy, Globe staff

Posted by globebusiness at 7:28 AM | Comments (0)

July 19, 2007

Nucryst's antimicrobial cream OK'd

Nucryst Pharmaceuticals Corp., of Wakefield, said the Food and Drug Administration approved its antimicrobial topical cream.

The cream acts as a barrier to organisms, including bacteria, involved in antibiotic-resistant Staph infections.

Nucryst shares rose 18 cents, of 8 percent, to $2.41 in after-hours trading. They finished the regular session up 1 cent at $2.23.
(AP)

Posted by globebusiness at 8:45 PM | Comments (0)

New BRA official to oversee Harvard expansion

The Boston Redevelopment Authority’s board has approved the appointment of Michael F. Glavin as deputy director for institutional development.

The BRA is the city’s planning and development agency.

Glavin, formerly a manager of community investment programs at Bank of America and its Boston-based predecessors, including BankBoston, will lead a team that oversees Harvard University’s expansion into Allston, among other projects.

Mayor Thomas M. Menino said Glavin will be an ‘‘invaluable resource.’’
(Thomas C. Palmer Jr.)

Posted by globebusiness at 8:29 PM | Comments (0)

Cabot's Chinese venture to expand plant

The Boston-based specialty chemical company Cabot Corp. today said that its joint venture with Shanghai Coking Chemical Co. will invest $65 million to expand its carbon black facility in China’s Tianjin Economic Technical Development Area.

The joint venture, which is called Cabot Chemical (Tianjin) Co. Ltd., will put the investment toward building two more rubber blacks units, Cabot said. This will raise the facility’s nameplate capacity to about 250,000 metric tons.

Cabot shares lost 9 cents to $48.77 in after-hours trading, after finishing regular trading up 92 cents at $48.86.
(AP)

Posted by globebusiness at 8:20 PM | Comments (0)

Mayor: Don't move pushcarts to City Hall Plaza

Mayor Thomas M. Menino reacted cooly today to a proposal to relocate some pushcart merchants to City Hall Plaza during massive redevelopment at Downtown Crossing.

"We're not going to abandon Downtown Crossing," Menino said. "What about all the stores that are there? We're going to continue to promote it as a shopping destination during this difficult time."

A recent Globe story noted that Downtown Crossing faces big challenges as five development projects get underway; due to construction, a pushcart program with more than 40 vendors could lose 23 spots.

City Council President Maureen E. Feeney of Dorchester and Councilor Sal LaMattina of East Boston today proposed a measure that would ask the mayor to allow displaced pushcarts to temporarily move to City Hall Plaza.

Feeney described the proposal as "win-win" because it would save pushcarts while revitalizing City Hall Plaza.

Menino said that his administration will soon unveil plans for keeping Downtown Crossing a viable shopping destination during construction but added that displaced pushcarts should be moved to other locations around Downtown Crossing.

City Hall Plaza, he said, is too far away.

Feeney issued a second statement, which read in part: "The clock is ticking on the eviction notices for these vendors. I hope the administration moves swiftly in announcing its proposal to keep Downtown Crossing a vital business district during construction."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 6:05 PM | Comments (0)

Hospital association picks a new CEO

The Massachusetts Hospital Association today selected Lynn B. Nicholas, former head of the American Diabetes Association, to be its chief executive.

Nicholas was the top outside candidate from a search that began in January, when the board of trustees of the hospital association fired then-CEO Ronald M. Hollander.

Nicholas also formerly headed the Louisiana Hospital Association.

When the board voted today, the choice was between Nicholas and Robert Gibbons, a longtime MHA lobbyist who has been interim CEO since January.
(Jeffrey Krasner, Globe staff)

Posted by globebusiness at 4:12 PM | Comments (0)

Massport's waterfront meters to match city's

Starting Sept. 1, motorists parking on the South Boston Waterfront won't have to worry anymore about whether they're parking at Massachusetts Port Authority meters or City of Boston meters.

Despite signs that try to make it clear, hundreds of motorists have been surprised to discover -- from a ticket on the windshield -- that Massport-operated meters require people to pay on Sundays and holidays. City-metered parking spots are free on those days. Massport controls scores of parking spaces along Northern Avenue, Harbor Street, and other streets near the World Trade Center and Black Falcon Pier.

Massport's board of directors unanimously voted today to synchronize their parking rules with city rules starting in September. Massport also agreed to make its spaces free any day that the mayor of Boston declares free parking at city-operated meters, such as holiday shopping season.

(By Peter J. Howe, Globe staff)

Posted by globebusiness at 2:33 PM | Comments (0)

Councilors: Move pushcarts to City Hall Plaza

Washington Street is popular with pushcart vendors. (Globe file photo)

Pushcart merchants pushed out of Downtown Crossing by upcoming construction should be relocated to City Hall Plaza, two Boston city councilors say.

Council President Maureen E. Feeney, of Dorchester, and Councilor Sal LaMattina, of East Boston, say they have proposed asking Mayor Thomas M. Menino to provide temporary space on the plaza.

Downtown Crossing is facing its biggest challenge in three decades, a Globe story reported this month: Five big developments are getting underway in the area, including the $625 million redevelopment of the historic Filene’s building. That project will include a 38-story retail, residential, hotel, and office tower.

The Downtown Crossing Association, which runs a pushcart program with more than 40 vendors, will lose 23 spots due to construction; it’s requiring owners with multiple pushcarts to give up at least one by September.

‘‘City Hall Plaza is yearning for new activity,’’ Feeney said in a prepared statement. ‘‘This would appear to be a win-win: We would save our city’s pushcart vendors while bringing new life to our plaza.’’
(By Chris Reidy, Globe staff)

Posted by globebusiness at 2:29 PM | Comments (0)

Interest builds for Mascoma's ethanol plant

Michigan hopes to open one of the nation's first commercial-scale ethanol fuel factories using wood as the main energy source, state officials said today.

Cambridge-based Mascoma Corp. plans to build a cellulosic ethanol factory in Michigan, and it could be running by late 2008 or early 2009.

Governor Jennifer Granholm said the factory could be a key step in Michigan's efforts to become a national leader in the alternative fuels industry.

Mascoma officials said the total investment in the plant could top $100 million, but other details including the site, number of jobs and tax incentives to aid the company, have not been finalized.

The factory could be in northern Michigan or the Upper Peninsula, where the state's forests are concentrated, said Mascoma chief executive Bruce Jamerson.

Jamerson is a University of Michigan graduate. The company's work could be aided by research from Michigan State University and Michigan Technological University.

Michigan already has several ethanol factories running or in the planning stages. But those primarily are based on corn as the main energy source.

The Mascoma project would use wood and possibly other non-crop products such as switchgrass. (AP)

Posted by globebusiness at 12:37 PM | Comments (0)

Netezza shares jump in early trading

Netezza Corp. saw its stock shares shoot up roughly 30 percent in early action today in its first day of trading on the New York Stock Exchange.

Framingham-based Netezza, whose products enable companies to store and analyze vast amounts of data, priced its initial public offering at $12 per share, exceeding the expected range of $9 to $11.

In morning trading today, shares were trading at $15.73, or 31 percent above its initial price.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:33 AM | Comments (0)

Avici shares up on second-quarter results

Avici Systems Inc. said today that its profit grew by more than 50 percent in the second quarter, and shares shot up in premarket trading.

Shares of the small-cap Billerica company, which makes computer networking equipment, gained $1.98 or 23.5 percent, to $10.40 in heavy premarket electronic trading, from their close at $8.42 yesterday on the Nasdaq Stock Market.

Avici's strong forecast for full-year revenue also likely caught the attention of early traders. (AP)

Posted by globebusiness at 10:03 AM | Comments (0)

Genzyme successfully tests treatment

Genzyme Corp. said today it has successfully completed its Phase 3 trial of Mozobil as a potential treatment for patients with non-Hodgkin's lymphoma, or NHL.

The Cambridge biotechnology company said that the Mozobil trial "has robustly met its primary and secondary endpoints."

Based on those results, Genzyme said it expects to file for US and European approval in lymphoma in the first half of 2008.

Genzyme also said that it is completing a second Phase 3 trial of Mozobil in multiple myeloma and that results are expected in the coming weeks.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:51 AM | Comments (0)

Fidelity brokerage assets rist to $1.87 trillion

Boston mutual funds giant Fidelity Investments said today that total client assets at its brokerage arm, one of the industry's biggest, stood at $1.87 trillion at the end of June.

That's up 23 percent from a year earlier.

Fidelity Brokerage Co., however, took in only $30.9 billion in net new client assets in the second quarter of 2007, down 26 percent from the same period of last year, Fidelity said in a statement. Net new client assets include sales of Fidelity and non-Fidelity mutual funds and individual securities. (Reuters)

Posted by globebusiness at 9:24 AM | Comments (0)

Boston Scientific tests new stent

Boston Scientific Corp., a Natick-based medical device maker, announced today the start of a clinical trial to evaluate a new generation of stents.

Stents are wire-mesh tubes used to keep open arteries that have been unclogged during medical procedures; stents are an important product for Boston Scientific.

The company said it is testing Taxus Element Stent, which features a new design and a Platinum Chromium Alloy, a material specifically designed for stents.

The stent being tested is drug-eluting - that is, the wire mesh tube is a coated with a drug intended to reduce the rate at which the arteries can reclog.

There has been recent debate in the medical community about whether drug-eluting stents are safer and more effective than bare metal stents that aren't drug coated.

In a statement today, Dean J. Kereiakes, the principal investigator for the Taxus Element Stent trial, said, "With the innovative design of the Taxus Element Stent System, we anticipate seeing a significant advancement in the performance offered in a drug-eluting stent."

Kereiakes is the medical director at the Christ Hospital Heart and Vascular Center and the Lindner Research Center in Cincinnati.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:20 AM | Comments (0)

Sally Beauty Supply taps Demandware

Demandware Inc. of Woburn announced today that Sally Beauty Supply has selected Demandware's e-commerce platform.

According to Demandware, its e-commerce platform "empowers merchandising and marketing talent with total control over the online shopping experience and continuous competitive differentiation."

Sally Beauty Supply is part of Sally Beauty Holdings Inc. of Texas, a specialty retailer and distributor of professional beauty supplies with revenues of more than $2 billion annually.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:43 AM | Comments (0)

Alnylam grants license to Japanese supplier

Alnylam Pharmaceuticals Inc. announced today it has granted a non-exclusive license to provide some of its research products and services to a company that supplies the Japanese and Korean markets.

Alnylam is a Cambridge biopharmaceutical company seeking to develop novel technologies based on RNA interference, or RNAi, a naturally occurring mechanism within cells for selectively silencing and regulating specific genes; since many diseases are caused by the inappropriate activity of specific cells, the ability to silence genes selectively through RNAi is thought to have great potential.

The company being granted a license for Alnylam's RNAi research products is Hayashi Kasei of Osaka, Japan, Alnylam said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:25 AM | Comments (0)

Patent is issued for Dyax product candidate

Dyax Corp., a Cambridge biopharmaceutical company, announced today the issuance of another US patent for its lead product candidate.

That product candidate is the company's DX-88 program, which seeks to prevent or reduce blood loss in patients undergoing certain types of cardiothoracic surgery; the company describes DX-88 as "a non-naturally occurring kallikrein inhibitor."

Dyax said it now has eight issued US patents covering DX-88 as well as other related kallikrein inhibitors and their uses.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:03 AM | Comments (0)

Brigham's scoops Bada Bing in pints

Brigham's Ice Cream said it opened an ice cream parlor earlier this month at the Mall at Rockingham Park in Salem, N.H., as it looks to bulk up its presence in the Granite State.

Other recent developments from the Arlington-based purveyor of frappes and sundaes: a premium light ice cream line with less fat and fewer calories and a pint-size line for convenience stores, the company said.

Pint flavors include "You, Me, The Couch" (vanilla ice cream with caramel and fudge sauces) and Bada Bing (cherry ice cream with real cherries and chocolate chips).
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:41 AM | Comments (0)

Wanted: "Scape artists" to map virtual world

EveryScape Inc., a Waltham company that seeks to create a virtual 3D Internet experience of the entire world, is seeking public input on where to begin as well as volunteer "Scape Artists" to contribute content.

The firm has previously said that it will map and image several cities, including Boston, to get its "The People's World Project" up and running, and today it said that it wants the public to weigh in on other places that should be included in its initial efforts.

By the end of the year, EveryScape said it plans to launch 3D Web experiences of 10 metropolitan areas, five of which will be determined by a vote of visitors to its site.

Votes can be cast at www.everyscape.com through Aug. 31, and the winning communities will be announced in early September, the company said.

The company is also looking for "Scape Artists" to contribute photos that can be used to help create the company's online 3D experience of a particular location.

EveryScape began life five years ago under another name with another business model - selling technology and services to resort hotels interested in creating virtual online experiences of their hotels as a way of luring potential customers.

Thinking big, EveryScape decided to take this virtual approach to public spaces and create online experiential street scapes of major cities and towns.

The company thinks local businesses that appear in a street scape might be willing to advertise on it or pay for a sponsored link.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:20 AM | Comments (0)

July 18, 2007

Netezza's shares priced higher than expected

Netezza Corp., whose products enable companies to store and analyze large amounts of data, priced its initial public offering at $12, exceeding the expected range.

The Framingham company had expected to price the IPO between $9 and $11.

Netezza is offering 9 million shares. The underwriters have been given the option to buy up to 1.4 million additional shares to cover any overallotments.
(AP)

Posted by globebusiness at 9:35 PM | Comments (0)

PolyMedica chairman dies after long illness

PolyMedica Corp., a Wakefield provider of blood glucose testing supplies and services, said chairman Thomas O. Pyle died today, following a long illness.

James J. Mahoney Jr., currently a director, has been named chairman.

Pyle, who was 66, joined the company’s board in 2004 and was named chairman in 2005.

Mahoney, 64, joined PolyMedica’s board in November 2005. He is currently president and adviser of the Mahoney Group, a private financial consulting firm he founded in 2004.
(AP)

Posted by globebusiness at 8:41 PM | Comments (0)

FAA won't penalize botched landing

Federal aviation officials have closed their investigation into a June 22 incident in which a Cape Air pilot landed her nine-seat propeller plane on a taxiway at Logan International Airport instead of on the adjacent runway.

The pilot, whose name was not released, can continue to fly planes for Cape Air, which is not facing any financial or other penalties.

No other planes were on that part of the airfield during the 4:56 p.m. incident, Federal Aviation Administration spokesman Jim Peters said. He did not know how many passengers were on the plane, if any, which Logan officials said was arriving from Nantucket.

Peters said Cape Air had removed the pilot from active service until the investigation was completed.

Cape Air officials had no additional comment. A Logan spokesman said it’s an FAA matter and declined to comment.

Peters said the pilot was cleared to make a visual landing on Runway 33 Right, a 2,557-foot-long, 100-foot-wide strip. The pilot told the tower she had briefly lost sight of the runway, then regained it, and then landed on Taxiway November, a narrower strip used by planes rolling to or from runways.

The incident was not a so-called runway incursion, Peters said, because the Cape Air plane was never close to violating the required distance from other planes. It was determined to be a ‘‘pilot deviation’’ from the landing path. ‘‘These kinds of events do happen very infrequently, but they do happen,’’ he said.
(By Peter J. Howe, Globe staff)

Posted by globebusiness at 2:24 PM | Comments (0)

Gulf Oil LP announces gas promotion

Gulf Oil Limited Partnership today announced a new Gulf MasterCard promotion that allows customers to earn free gas.

Based in Newton, Gulf Oil LP is a large wholesaler of refined petroleum products in the Northeast.

During the first 60 days that their Gulf MasterCard account is open, customers can earn up to 25 percent in rebates on Gulf gas purchases and 2 percent back in rebates on all other purchases, the company said.

These terms apply for Gulf MasterCard accounts opened between July 1 and Sept. 15; once customers accumulate $20 in rebates, the company said it will automatically mail a $20 Gulf Gift Card, which can be used for gas purchases at any of its retail centers in the Northeast.

"This program actively thanks new and existing customers for committing to Gulf," Gulf Oil LP president and chief executive Joseph Petrowski said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:51 PM | Comments (0)

Mercer HR taps Sternklar as COO

Mercer HR Services said today that Michael Sternklar has joined the firm as chief operating officer and head of Americas.

The consulting firm, which has offices in Norwood, said Sternklar joins Mercer from Fidelity Investments, the Boston-based mutual funds giant, where he most recently served as executive vice president of client services and sales.

Sternklar, 46, will oversee Mercer HR Services operations and service delivery, product strategy and development, marketing and communications, and the firm's organizational effectiveness practice; he will be a member of Mercer's global operating committee, Mercer said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:27 PM | Comments (0)

Profit rises at Courier Corp.

Book manufacturer and publisher Courier Corp. said today that its fiscal third-quarter earnings increased 10 percent as sales of education book rose.

But the Chelmsford-based company lowered full-year guidance on softer religious and home book sales.

Net income rose to $6.7 million, or 53 cents per share, in the third quarter from $6.1 million, or 48 cents per share, in the year-ago period.

Quarterly revenue grew 4 percent to $73.4 million from $70.4 million during the same period last year.

Book publishing sales jumped 18 percent to $17.9 million from $15.2 million on high demand for test-preparation materials from its Research & Education unit. Creative Homeowner, which the company bought in April 2006 , contributed $6.8 million in sales during the quarter, but the softer housing market slowed sales of its home design and improvement books.

Book manufacturing sales edged up 1 percent to $58.5 million from $57.7 million on growth in the education and specialty trade markets, which offset slumping sales in the religious market.

Courier expects fourth-quarter sales of $89 million yo $93 million with earnings of 86 cents per share to 91 cents per share.

For the full year, the company lowered its guidance and forecast sales of $303 million to $307 million with net income of $2.15 per share to $2.20 per share. When it reported its second-quarter results in April, Courier expected 2007 revenue of $304 million to $311 million with earnings of $2.20 per share and $2.30 per share.

Courier shares fell 62 cents to $39.61 in morning trading on the Nasdaq Stock Exchange. (AP)

Posted by globebusiness at 10:23 AM | Comments (0)

June energy costs rise in metro Boston

June energy costs in the Boston metropolitan area increased 1.8 percent from the previous month, the Bureau of Labor Statistics reported today.

The June increase was a result of higher prices in three energy categories - gas, utility piped gas, and electricity, said the bureau, which is part of the US Department of Labor.

Regional commissioner Denis M. McSweeney noted that despite the monthly increase, June 2007 energy prices were 1.1 percent lower than a year ago.

June grocery food costs rose 0.5 percent over the previous month, largely because of higher dairy prices, and June 2007 grocery prices were 3 percent higher than they were in June 2006, the bureau said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:02 AM | Comments (0)

State Street sponsors BSO European tour

State Street Global Advisors announced today its sponsorship of the Boston Symphony Orchestra's first European tour in six years and the symphony's first international tour under music director James Levine.

State Street Global Advisors is the investment management arm of State Street Corp. of Boston, which provides financial services to institutional investors.

"Our long-standing partnership with the Boston Symphony Orchestra reflects our commitment to preserving the vitality of cultural institutions in Boston and around the world," William Hunt, president and chief executive of State Street Global Advisors, said in a statement.

The two-week, seven-city tour is scheduled from Aug. 26 through Sept. 7, the company said.

In addition, State Street Global Advisors said it will sponsor the BSO's Tanglewood season for the second straight year.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:39 AM | Comments (0)

Abiomed products get Canadian OK

Abiomed Inc. announced today that its ventricular-assist and pump catheters have received Canadian regulatory approvals.

The Danvers-based medical device company has a focus on circulatory support technologies such as catheters and pumps that are designed to help heart-failure patients.

One product that received Canadian regulatory approval is the Impella 2.5 ventricular-assist catheter, which can provide cardiovascular support for high-risk patients during such medical procedures as the implantation of a stent or a balloon angioplasty, the company said.

Abiomed's Impella 5.0 catheter technology also received Canadian approval, the company said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:20 AM | Comments (0)

Schwartz eyes more European expansion

Schwartz Communications announced plans today to open a London office in October.

Headquartered in Waltham, Schwartz is a public relations firm with a focus on the high-technology, medical device, pharmaceutical, and biotechnology industries.

The firm, which said that 14-year Schwartz veteran Nigel Smith will head the London office, also has offices in San Francisco and Stockholm.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:40 AM | Comments (0)

Cedar Point hires Halsted as CFO

Donald Halsted, a former chief financial officer with 3Com Corp., will take the same position at Cedar Point Communications, Cedar Point said today.

Headquartered in Derry, N.H., Cedar Point specializes in VoIP switching technologies.

Halsted will join the company as chief financial officer later this month, Cedar Point said.

Based in Marlborough, 3Com provides secure and converged networking solutions to organizations of all sizes.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:30 AM | Comments (0)

ChoiceStream expands executive team

ChoiceStream Inc. of Cambridge said today it has added three executives to its management team.

ChoiceStream, which helps companies personalize Web content so it is relevant to individual consumers, has hired Toffer Winslow as executive vice president, Bob Hiss as senior vice president, and Steve Mullen as vice president.

"Over the past 12 months, demand for personalization has grown dramatically as online, mobile, and TV services look for new and creative ways to differentiate themselves and drive revenue," ChoiceStream chief executive Steve Johnson said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:15 AM | Comments (0)

Profit rises 4 percent at United Technologies

Diversified manufacturer United Technologies Corp. reported a 4.1 percent higher net profit todat, boosted by strong demand from the commercial construction and aircraft markets.

Based in Hartford, Conn., the company also raised its profit forecast for the year to $4.15 to $4.25 per share from a prior range of $4.05 to $4.20 per share.

Analysts, on average, expect $4.19 per share, according to Reuters Estimates.

The company, which makes products ranging from Carrier air conditioners to Black Hawk military helicopters, said second-quarter profit came to $1.15 billion, or $1.16 per diluted share, compared with $1.1 billion, or $1.09, a year earlier.

Revenue came to $13.9 billion, up 13.4 percent from $12.26 billion a year earlier.

Analysts, on average, had expected revenue of $13.3 billion, according to Reuters Estimates.

The company, which generates about 60 percent of its revenue outside the United States, has benefited from strong investment in office buildings, airports and other infrastructure projects in developing countries, particularly China. (Reuters)

Posted by globebusiness at 7:47 AM | Comments (0)

Kodak taps Kopin for viewfinder

Kopin Corp. said that Eastman Kodak Co. has selected a Kopin electronic viewfinder for one of Kodak's new digital cameras.

Kopin, a Taunton-based provider of microdisplays for mobile consumer electronics, said that Kodak is the third major camera company this year to use Kopin viewfinders in their products; the other brands are Olympus and Fuji.

Kopin said that Kodak, a Rochester, N.Y., company that develops and manufactures imaging products, has selected Kopin's CyberEVF 230K-NF electronic viewfinder for Kodak's new Easyshare Z712 IS camera, which has a suggested retail price of $299.95.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:41 AM | Comments (0)

Upromise expands website content

Upromise Inc., a Newton program that helps families save for college, has unveiled a redesigned website that aims to help consumers at all stages of life achieve the goal of higher education for themselves, a family member, or a close friend.

Upromise also announced that it has reached a record 8 million members.

"Our new website has significantly expanded to include content relevant to all life stages, from parents of young children, to recent college graduates paying down student loans, to grandparents who want to help with their grandchildren's education," Upromise president David Rochon said in a statement.

Upromise is a wholly owned subsidiary of SLM Corp. of Virginia; commonly known as Sallie Mae, the company's primary business is to originate and hold student loans.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:22 AM | Comments (0)

Iron Lore appoints Goodsill as president

Iron Lore Entertainment announced the promotion of Jeff Goodsill as president.

With offices in Maynard, Iron Lore is a development studio for such role-playing games as "Titan Quest" and "Titan Quest: Immortal Throne."

"Jeff brings a wealth of game-industry experience to his new role as president of Iron Lore," firm creative director and cofounder Brian Sullivan said in a statement.

The company also said it has hired Steve Marvin as design director; Marvin most recently served as senior and lead designer on "Warhammer: Age of Reckoning."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:03 AM | Comments (0)

July 17, 2007

New rules would allow retail health clinics

Massachusetts health officials will propose new regulations to allow retail-based medical clinics, saying the move could also encourage not-for-profit hospitals, community health centers, and businesses to expand basic medical services.

The plan was triggered by a recent application by CVS Caremark Corp. to open a MinuteClinic in one of its stores in Weymouth — a first in the state, the Department of Public Health said.

Current regulations do not cover retail clinics.

There are about 500 retail-based health clinics nationwide, said Carolyn Castel, spokeswoman for CVS Caremark, the parent company for MinuteClinic, a Minneapolis-based chain of about 200 clinics in 20 states.

The company plans to set up 20 to 30 such facilities during the first stages of operations in Massachusetts, Castel said.

Critics warn that retail clinics may put profits ahead of patient health.
(AP)

Posted by globebusiness at 9:23 PM | Comments (0)

Investor repeats call for sale of Sonesta

Mercury Real Estate Advisors LLC has raised its stake in Sonesta International Hotels Corp. to 9.8 percent and reiterated its call for the Boston company to sell its assets to a third party.

In a filing with the Securities and Exchange Commission, Mercury said it increased its holdings in Sonesta to 362,642 Class A shares, or a 9.8 percent stake, from 347,442 Class A shares, or a 9.4 percent stake.

Mercury, of Greenwich, Conn., also made a second plea to Sonesta’s board urging it to consider taking the company private, given the company’s undervalued share price and the growing number of investors interested in real estate assets, particularly hotel assets.

Mercury suggested Sonesta is worth between $110 and $125 per share of Class A common stock, much higher than the stock’s 52-week range of $15.53 to $40.50.

Sonesta lacks the critical mass to support the expense of being a public company, Mercury said, and noted it isn’t opposed to Sonesta’s owner, the Sonnabend family, pursuing a management buyout.
(AP)

Posted by globebusiness at 3:03 PM | Comments (0)

Brookwood makes first RI purchase

Brookwood Financial Partners LP said today that an affiliate has acquired three office properties in Middletown, R.I., for $17.4 million.

Brookwood, a Beverly-based private equity firm that acquires real estate, said the transaction was its first in Rhode Island.

According to Brookwood, Middletown has emerged as a center for high-technology businesses, many of which have ties to the defense industry.

"This acquisition is consistent with our current strategy of acquiring real estate assets in secondary and tertiary markets," Thomas W. Brown, Brookwood's director of acquisitions, said in a statement. "While we previously purchased properties in major metro areas, we are now targeting smaller markets that offer more attractive pricing and higher yields."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:09 PM | Comments (0)

Fixing tech problems can eat up a vacation

Because they're pressed for time or lack geek skills, many consumers spend up to 80 hours a year, or the equivalent of a two-week vacation, trying to solve their technology problems, according to a new survey.

The survey is from HiWired Inc., a Needham-based provider of technology solutions and services, and the survey claims that at any given moment, 18 million people, or a number equal to the population of Florida, are grappling with technology problems.

Hardware, software, networking, and personal computer configuration caused the largest proportion of technology problems, the survey found.

For the survey, HiWired said it queried more than 2,400 consumers nationwide by e-mail regarding their technology challenges, attitudes, and spending habits.

"Although technology has become an inescapable part of our lives, most consumers continue to find managing all their devices and associated software to be confusing and time consuming," HiWired president Michael Wexler said in a statement. "Data backup, wireless network security, and keeping software patches up-to-date often fall through the cracks in the busy day-to-day management of our lives."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:20 PM | Comments (0)

Novartis reports 18 percent profit rise

Drugmaker Novartis AG posted an 18 percent rise in second-quarter earnings today, led by strong sales across its divisions.

The Swiss company, which has its research headquarters in Cambridge, saw net profits increase to $2 billion in the three months ending June 30, exceeding analysts' forecasts of around $1.9 billion. Sales rose 10 percent to $10.12 billion from $9.18 billion in the same period last year.

"All areas of our strategic health care portfolio performed well in the first half of 2007 despite some setbacks in the pharmaceuticals division," said Novartis Chairman and CEO Daniel Vasella. "We have already achieved seven major regulatory approvals this year and more are expected in the second half," he said in a statement.

The company did not break down sales for hypertension drug Tekturna, which it launched in the second quarter, but spokesman John Gilardi said they were ahead of expectations.

Tekturna, which was approved in March by the Food and Drug Administration, has been shown to be more effective than some other treatments.

Novartis said in its statement that it was lowering its sales outlook due to an expected slowdown in prescription drug sales for the second half mainly because of generic competition for hypertension drug Lotrel and antifungal drug Lamisil. These added to a drop in sales after the company withdrew its constipation drug Zelnorm in the United States earlier this year at the request of the FDA.

But the company said it expects sales growth to pick up again in the second half of next year thanks to proceeds from drugs expected to come on the market in the first half of 2008 and those already launched this year.

Novartis shares slipped 1.4 percent to 65.40 Swiss francs ($54.42) in Zurich trading.

"The numbers are somewhat better than expected," said Karl-Heinz Koch, analyst at bank Vontobel, but he said it was still unclear when Novartis would satisfy the FDA with additional data required for diabetes drug Galvus.

Galvus is one of two potential blockbusters that Novartis had hoped to launch this year, but its U.S. approval was delayed when the FDA in February requested further data.

Novartis said Tuesday it submitted a request for an additional trial on Galvus to the FDA and expects feedback at the end of August.

Novartis also said it plans to use proceeds from the sale of noncore businesses to fund targeted acquisitions and repurchase up to $4 billion of its shares by February next year, as part of an ongoing buyback program.

The company is in the process of selling baby food unit Gerber to Nestle SA for $5.5 billion. Last month Novartis last month received EU regulatory approval to sell its medical nutrition unit to Nestle SA. (AP)

Posted by globebusiness at 11:56 AM | Comments (0)

Salem will issue Haunted Passports

Salem, a city known for its history of witches, said today it will launch Haunted Passport, an affinity program designed to boost Halloween tourism and extend it well beyond October.

The program will offer discounts to visitors and marketing opportunities to local merchants, Salem said.

The passports, which will be in effect from Oct. 1 through April 30, are $13 each; children under the age of 13 are covered by an adult with a passport, Salem said.

The program is a partnership between the city and King Fish Media of Salem, the city said, and radio station MIX 98.5 and The Boston Globe are the program's exclusive media sponsors.

In a statement, Salem Mayor Kim Driscoll noted that money that the city earns from the passport program will be used to "make the month of October more manageable from a public safety standpoint."

According to Driscoll, more than 100,000 visitors came to Salem last October.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:18 AM | Comments (0)

Papa Gino's expands with geoVue software

GeoVue said today that Papa Gino's Holding Corp. is using geoVue optimization software to help expand its restaurants into new and existing markets.

Headquartered in Woburn, geoVue offers predictive store software that allows customers to decide which markets to enter, expand, or exit; the software also helps customers to decide how they should optimize store networks within each market and how to localize marketing and merchandising.

Papa Gino's Holding Corp. of Dedham operates two chains: the Papa Gino's chain of family pizzerias and the D'Angelo Grilled Sandwiches chain.

In March, the Globe reported that Papa Gino's plans to more than double its restaurants to 355 pizzerias over the next five years as it expands for the first time outside its hometown market of New England.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:53 AM | Comments (0)

State Street earnings top forecasts

State Street Corp., the world's biggest institutional money manager, today reported a better-than-expected 61 percent jump in quarterly profit and raised its revenue forecast for the year.

Boston-based State Street, which also makes money by holding trillions of dollars in securities in custody and calculating the bulk of mutual fund prices printed in newspapers, said net income climbed to $366 million, or $1.07 per diluted share, in the second quarter.

That compares with $227 million, or 68 cents, a year earlier, when non-cash tax adjustments of 25 cents a share weighed on earnings.

Analysts had expected State Street to report $1.01 for the quarter, according to Reuters Estimates.

Revenue rose 16 percent to a record $1.9 billion from $1.7 billion as State Street wooed new clients and sold more products to existing ones like Merrill Lynch and Bank of America Corp.

Total assets under management grew 26 percent to $1.93 trillion while total assets under custody rose 20 percent to $13.04 trillion.

State Street, like other companies that earn fees based on the amount of assets they manage, benefited from stronger equity markets around the world, analysts said.

This helped investment management fees at the company's State Street Global Advisors money management unit climb 22 percent while fees for services like record-keeping rose 12 percent.

Also results at Investors Financial, State Street's cross-town rival which it acquired earlier this month in order to gain a bigger foothold in the fast-growing hedge fund and private equity industries, were strong, the company said.

While they were not included in State Street's second-quarter earnings, they prompted State Street's chairman and chief executive officer to raise his forecast for year-end results.

"The biggest positive surprise this quarter was not the numbers, which we had expected to be good, but the raised revenue and earnings forecasts based on the Investors Financial acquisition," said Gerard Cassidy, analyst at RBC Capital Markets.

State Street, which competes with Bank of New York Mellon and Northern Trust as well as large asset managers like Franklin Resources Inc., now expects revenue for the full year to grow between 20 percent and 22 percent instead of 16 percent to 18 percent, CEO Ron Logue said.

Logue also forecast that operating earnings per share will be at the upper range of its previously announced growth rate of 10 percent to 15 percent.

State Street's share price has climbed nearly 30 percent in the last 52 weeks, but its performance over the last six months has been less robust as investors worried that the $4.5 billion it paid for Investors Financial might have been too high. Since January, State Street stock has gained 4.4 percent, trailing the broader Standard & Poor's 500 index by 4.5 percent.

Shares of State Street were up $2.31, or 3.3 percent, at $72.70 in early trading on the New York Stock Exchange.

State Street is trading at 18.5 times future earnings, roughly the same as Bank of New York Mellon but far less than money managers Eaton Vance and Janus Capital, for example, which are both trading above 30 times expected earnings. (Reuters)

Posted by globebusiness at 9:57 AM | Comments (0)

EarthWorks wins award, grant

EarthWorks was cited for its environmental efforts by a program supported by Citizens Bank of Massachusetts and New England Cable News.

According to its website, EarthWorks seeks to develop ecological awareness and commitment by helping urban residents experience the nature that exists in Greater Boston.

As a result of such efforts, Citizens and NECN named EarthWorks as this quarter's "champion in action" in Massachusetts under the category of environmental support.

As part of the award, EarthWorks will receive a $25,000 unrestricted grant from the Citizens Bank Foundation and extensive media coverage and promotion from NECN, Citizens and NECN said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:32 AM | Comments (0)

Boston Scientific is testing new stent

Boston Scientific Corp. announced today the first successful implantation of a new type of stent, which was inserted into a patient during a medical procedure in New Zealand.

The Natick company makes medical devices, including stents, which are wire-mesh tubes designed to keep open coronary arteries after they are unclogged during medical procedures.

According to Boston Scientific, as much as 30 percent of coronary artery disease occurs at a bifurcation where one artery branches into smaller arteries and where plaque build-up often occurs.

Conventional coronary stents are designed to treat tubular arteries and are "less than optimal for the Y-shaped anatomy of a bifurcation," the company said.

So Boston Scientific is working on a new kind of stent that would be suitable for use in bifurcations; the company calls the new product the Taxus Petal Stent, which consists of a traditional drug-eluting stent with a side structure called the petal strut that opens into a side branch artery, the company said.

The successful implantation of this stent is an encouraging sign that Boston Scientific will be ultimately able to gain US and international approval for the commercialization of the Taxus Petal Stent, the company said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:04 AM | Comments (0)

Cybex opens Minnesota facility

Cybex International Inc. announced today that it has opened a $15 million eco-friendly manufacturing facility in Owatonna, Minn.

Based in Medway, Cybex is a manufacturer of premium exercise equipment for commercial and consumer use.

"The expansion marks a new phase of innovation and is also an example of our disciplined approach to growth," Cybex chairman and chief executive John Aglialoro said in a statement. "We're investing in our employees and our processes and believe that with a sound work force and progressive manufacturing capabilities, we will continue to grow our business and reinforce our brand with the high levels of quality control and the short lead times that are absolutely critical to our business."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:46 AM | Comments (0)

Cadmus promotes Kline to chief executive

The Cadmus Group Inc. said today that its board has appointed company president Ian Kline to be chief executive.

Headquartered in Watertown, employee-owned Cadmus helps government, nonprofit, and corporate clients address challenges in the environmental and energy sectors.

Cadmus said Kline's appointment continues a succession plan established by its founders and board of directors to ensure a successful transition to the next generation of leadership.

Kline succeeds company cofounder Ralph T. Jones, who will remain with the firm as a managing director, Cadmus said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:27 AM | Comments (0)

Boston Foundation taps Robert Lewis Jr.

The Boston Foundation announced the appointment of Robert Lewis Jr. to the post of vice president for program.

The organization, which is Greater Boston's community foundation, said Lewis will assume his new duties Sept. 4.

In his new job, Lewis will be responsible for overseeing grantmaking for the foundation, which distributed more than $26 million to local nonprofit organizations in 2006, the foundation said.

Lewis most recently served as executive director of the Boston Centers for Youth and Families, the city of Boston's largest youth and human service agency, the Boston Foundation said.

Lewis succeeds Terry Saunders Lane, who retired earlier this year, the foundation said.

In a statement, foundation president Paul S. Grogan said of Lewis, "He has built a reputation as a visionary and an effective leader in Boston, earning universal respect for his deep knowledge of the city and his ability to inspire and engage everyone from school children to corporate leaders."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:17 AM | Comments (0)

J. Jill unveils finalists in design contest

J. Jill, a women's clothing brand owned by Talbots Inc., has announced the finalists in its second annual competition to design a T-shirt that celebrates the "nature of compassion."

Headquartered in Hingham, Talbots is perhaps best known for its classically styled clothing for middle-age women; J. Jill aims at a similar demographic but the brands puts more emphasis on relaxed weekend wear and casual business attire.

J. Jill said it has received more than 2,500 original entries in a T-shirt competition that is seeks to benefit poor and homeless women; the competition asks entrants to submit original artwork depicting inspirational elements of nature.

Through the end of the month, the public can view the finalists' designs and vote for their favorite either when visiting any J. Jill store or logging onto to the chain's website, J. Jill said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:01 AM | Comments (0)

Back-to-school spending could top $18b

Back-to-school spending this year is estimated to top $18 billion as young scholars clamor for cellphones and iPods.

The estimate is from the National Retail Federation, a merchants trade group.

The federation said families with school-age children are expected to spend $563 on back-to-school merchandise, up 7 percent from last year's average of $527.

Spending on clothing and accessories is expected to be flat, but families are likely to spend 13 percent more on electronics than last year; average spending on electronics this year is expected to be $129, compared with last year's average of $114, the group said.

"Electronics have evolved from luxuries to necessities, not only for college students but also for their younger siblings," Tracy Mullin, the group's chief executive, said in a statement. "While some students may be pleading with mom and dad for an iPod or a cellphone, parents are also investing in desktop or laptop computers, educational software, and printers to support their children's learning."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:44 AM | Comments (0)

Akamai elects Kenny to its board

Akamai Technologies Inc. has a new board member - David W. Kenny, who recently helped engineer the sale of Digitas Inc. to Publicis Groupe SA.

Akamai of Cambridge is a global service provider for accelerating content and applications online.

In December, Boston marketing firm Digitas agreed to be acquired for $1.3 billion by the French advertising giant Publicis in a bid to create the world's largest digital marketing firm.

Kenny, 45, has been chief executive of Digitas since 1997 and now is also a member of the executive committee of Publicis, where he leads its overall digital and interactive strategy.

"Akamai provides a unique set of services to help companies manage, deliver, and monetize their digital assets and initiatives," Kenny said in a statement. "Marrying those services with innovative online advertising campaigns is a key opportunity moving forward."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:23 AM | Comments (0)

July 16, 2007

State to allow auto insurers to compete for the first time in 30 years

Insurance Commissiner Nonnie S. Burnes said today she plans to give the state's 4 million drivers a taste of auto insurance competition next year, letting them shop around for the best deal for the first time in 30 years.

Instead of approving one set of rates for 2008 that every company must charge, Burnes said she plans to let companies set their own rates under close supervision from the Division of Insurance. She called the new system "managed competition," but offered few details of how it would work.

Massachusetts is currently the only state in the nation where regulators set all auto insurance rates. As a result, many large national insurers, such as Progressive Corp., Geico, and Allstate Corp., shun the state because of its heavily regulated system.

The state last experimented with competition in the auto insurance market in 1977. The average insurance policy rose 14.5 percent, but the effects varied wildly across Massachusetts. Rates for young drivers and motorists in urban areas went up dramatically, while rates for some rural drivers dropped. After seven months of intense political pressure, the state reverted to fixed rates.

Drivers aren't clamoring for change. Massachusetts premiums are among the highest in the nation, in part because the accident rate here is the highest in the nation. But rates have been falling here as they have elsewhere around the country, dropping 8.7 percent in 2006 and 11.7 percent this year. Rates are expected to drop sharply again next year.

Burnes said she also plans to give insurers the power to deny coverage to those drivers they consider too risky to insure. Drivers who are rejected would still be able to obtain insurance, but they would lose the ability to select their insurer. The rejected drivers would be assigned randomly to carriers, with the number of assignments to any carrier based on that company's market share.

The commissioner said she will hold at least one public hearing on the regulatory framework she will follow in moving to managed competition. She said the framework would establish which parameters companies can use in setting their premiums, such as driving record, the number and severity of at-fault accidents, and traffic violations.

Where a driver's car is garaged plays an important role in current rate setting, but Burnes said she plans to issue regulations lessening the impact in 2009.

"Based on industry information, I expect that automobile insurance rates will decline in 2008," Burnes said in a letter accompanying her decision. "I anticipate, therefore, that the rates for most drivers will decline in 2008. Although rate decreases are not likely to be uniform across all territories, I do expect that good drivers, regardless of where they live, will enjoy significant premium reductions."

In ruling in favor of competition, Burnes is following the wishes of Governor Deval Patrick, her current boss and legal partner at Hill & Barlow in the late 1980s and early 1990s. During the campaign for governor, Patrick indicated he would support increasing competition among auto insurers within the existing regulatory framework.

A study group appointed by Patrick backed limited competition. Some industry officials have said competition would drive down insurance premiums, but the study group supported phased-in competition.

"The automobile insurance market is ailing, and some form of competitive rating is essential to attract and retain insurers willing to write this line of business," the study group said.

Those opposed to auto insurance competition in Massachusetts are dismayed that Burnes, the appointee of a Democrat, is following the lead of former Republican Governor Mitt Romney. Romney pushed hard for auto insurance competition in the Legislature, but got nowhere. His insurance commissioner, Julianne M. Bowler, did not implement competition administratively.
(By Bruce Mohl, Globe staff)

Posted by globebusiness at 6:52 PM | Comments (0)

Rodger Lawson named FMR Corp. president

Fidelity Investments today named Rodger A. Lawson as president of FMR Corp., the holding company for the firm’s businesses.

Fidelity, the Boston-based mutual funds giant, said Lawson, 60, will assume his new position Aug. 6 and report to Edward C. Johnson 3d, Fidelity’s chairman and chief executive.

Lawson, who headed Fidelity’s retail operation in the late 1980s, rejoins the firm from Prudential Financial Inc., a New Jersey financial services company where he was the vice chairman responsible for the international insurance and investments division.

He will be responsible for Fidelity Employer Services Co., Fidelity Investments Distribution and Operations Co., and Fidelity Technology Group.

Edward Johnson will continue to oversee Fidelity Management & Research Co., Pyramis Global Advisors, and Devonshire Investors, and the firm’s administrative functions, Fidelity said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 3:40 PM | Comments (0)

Houghton Mifflin plans $4 billion acquisition

Houghton Mifflin Co., a Boston publisher focused on education, said today it has agreed to pay about $4 billion to acquire several divisions of Reed Elsevier PLC, a London-based publishing company.

In a transaction consisting of $3.7 billion in cash and $300 million of common stock of Houghton Mifflin Riverdeep Group PLC, its parent company, Houghton Mifflin said it has agreed to acquire the Harcourt Education, Harcourt Trade, and Greenwood-Heinemann divisions of Reed Elsevier.

"The addition of the Harcourt businesses to Houghton Mifflin will strengthen our position in the highly competitive educational publishing business," Barry O'Callaghan, the principal shareholder of Houghton Mifflin, said in a statement.

He added, "The combination will broaden and deepen the geographic reach of our combined sales force and enable us to develop the most innovative, updated, and customer-focused technology and educational programs and products to meet the evolving needs of customers, educators, and students throughout the country."

The combined businesses will be led by Tony Lucki, chairman, president, and chief executive of Houghton Mifflin and a former chief executive of Harcourt Education and Harcourt Inc., Houghton Mifflin said.

Although it makes most of its money in the educational market, Houghton Mifflin, which traces its roots in Boston, to 1832, may be best known for the American Heritage Dictionary, US editions of "The Lord of the Rings" trilogy, and the "Curious George" series.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 2:11 PM | Comments (0)

NH regulators approve KeySpan acquisition

Electricity distributor National Grid PLC said today that New Hampshire regulators approved its acquisition of KeySpan Corp.

The action clears the way in that state for National Grid's takeover of KeySpan.

The approval removes all but one roadblock to the $7.3 billion acquisition, which was announced in February 2006. It has yet to be cleared by the New York State Public Service Commission.

National Grid said a deal reached with the New Hampshire Public Utilities Commission and the Office of Consumer Advocate in April covers gas and electric rates, a plan to enhance electric system reliability, and incentives for National Grid to maximize savings and share them with natural gas customers.

London-based National Grid, which operates the entire electricity transmission system in England and Wales, distributes electricity to about 3.4 million customers in Massachusetts, New Hampshire, New York and Rhode Island. It also provides natural gas to about 569,000 customers in New York and 245,000 customers in Rhode Island.

KeySpan, based in the New York City borough of Brooklyn, serves 2.6 million natural gas customers in New York, Massachusetts and New Hampshire. It also generates power in New York State, providing power to 1.1 million on Long Island.(AP)

Posted by globebusiness at 12:39 PM | Comments (0)

Mass. gas prices rise 2 cents

Gasoline prices in Massachusetts rose 2 cents per gallon over the past week, ending a streak of six straight weekly declines, AAA of Southern New England said today.

The automobile association's statewide survey found an average price of $2.92 per gallon of self-service regular unleaded, up from $2.90 the previous week.

Gas prices had fallen during the previous six weeks after hitting a peak of $3.04 in late May.

Massachusetts' gas prices remain below the nationwide average of $3.05 per gallon, AAA said. (AP)

Posted by globebusiness at 12:00 PM | Comments (0)

Millennium looks to widen Velcade use

Millennium Pharmaceuticals Inc. said today it has started testing that could result in its Velcade drug being approved for a wider range of patients.

Velcade is the Cambridge company's only product and so far it has been approved for two uses - for patients with multiple myeloma, a type of blood cancer, who have failed a previous therapy, and for patients with another blood cancer called mantle-cell lymphoma.

The Phase III trial that the company disclosed today is designed to test Velcade's effectiveness for new multiple myeloma patients; if that application is approved, Velcade would be a potential treatment for a wider pool of cancer patients.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:15 AM | Comments (0)

Law firm opens Boston office

Law firm Cooley Godward Kronish LLP said today it has opened an office in Boston.

The firm, which according to its website has offices in New York, California, Colorado, and the Washington, D.C., area, said the Boston office will be headed by John Hession and Lester J. Fagen.

According to Cooley Godward Kronish, Hession joined the firm from the Boston office of law firm McDermott Will & Emery, and Fagen joins from the Boston office of law firm Goulston & Storrs.

"Boston is one of the leading technology and life science centers in the world and given Cooley's strength and leadership in these sectors, this is a natural market for the firm's expansion," Stephen C. Neal, chairman and chief executive of Cooley, said in a statement.

With the arrival of 10 Boston-based partners from several national firms with Boston offices, Cooley said it will establish a significant New England presence with expertise in emerging and public companies, life sciences, venture and private equity fund representation, mergers and acquisitions, intellectual property and commercial litigation.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:01 AM | Comments (0)

Dunkin' Donuts breaks celebrity TV ads

Dunkin' Donuts said today it is debuting new TV ads featuring supermodel Naomi Campbell and Kiss guitarist Ace Frehley.

Dunkin' Donuts is a coffee and baked goods chains operated by Dunkin' Brands Inc. of Canton.

The TV ads were developed by Boston ad agency Hill Holliday, and the spots were directed by screenwriter, director, producer, and actor Zach Braff, the chain said.

The Campbell and Frehley ads support Dunkin' Donuts iced tea and iced latte summer beverages respectively, the company said.

Dunkin' Donuts said the ads use the celebrities as "foils to illuminate how Dunkin' Donuts understands and celebrates the everyday folks who make America run."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:38 AM | Comments (0)

List: Milton is one of America's best places

Milton ranked seventh on a list of "America's Best Places to Live" compiled by Money magazine, and Hanover, N.H., placed second.

The magazine said its editors drew up the list by looking at such criteria as economic vitality, job availability, safety, racial and ethnic diversity, and cultural amenities.

At the top of the list was Middleton, Wis.

Other communities that ranked high on Money's list included Louisville, Colo., (3); Lake Mary, Fla., (4); and Claremont, Calif., (5).

"There's a big difference between a gated McMansion subdivision and a town where you can put down roots and participate in a community that has a broader list of concerns than the height of the hedges," Money executive editor Craig Matters said in a statement. "The latter are the kinds of places that Money looks for in naming America's Best Places to Live."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:16 AM | Comments (0)

RFID tech comes to the greenhouse

Tagsys said today that a Dutch greenhouse supplier is integrating radio-frequency identification, or RFID, technology into its offerings as a way for its customers to grow plants more efficiently.

Headquartered in Cambridge, Tagsys specializes in RFID infrastructure.

By allowing growers to fit each flower pot with a Tagsys RFID tag, Walking Plant Systems, a Dutch supplier to greenhouse botanical growers, can "optimize" the growing process, Tagsys said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:40 AM | Comments (0)

Certeon raises $15 million

Certeon said today it has raised $15 million in Series B funding.

The Burlington company sells products that accelerate enterprise Web applications over wide area networks, or WANs.

The funding round was led by RRE Ventures, a New York investment firm, Certeon said.

The funding will be used to expand Certeon's global sales and marketing efforts, Certeon said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:25 AM | Comments (0)

Study: VCs cautious about "cleantech"

Significantly different business models and regulatory involvement make investing in clean technology companies a challenge for venture capitalists, according to a new study.

The study, titled "Cleantech and Venture Capital: A Whirlwind Romance or Just Dating?", is from the Topline Strategy Group, a Newton consulting and market research firm.

The study defines "cleantech" as any technology that enhances the use of natural resources.

Investment in cleantech is still small, according to Topline, which noted that of the nearly $25 billion in US venture capital transactions made in the 12-month period that ended in March, $1.36 billion was made in cleantech ventures.

"Mainstream venture capital investors are interested, but they are moving cautiously as they begin to understand the unique needs of the space." Topline general partner Jonathan Klein said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:11 AM | Comments (0)

Akamai forges strategic partnership

Akamai Technologies Inc. said today it has entered a strategic partnership that will help it to offer its services to federal, state, and local government agencies.

Headquartered in Cambridge, Akamai is a service provider for accelerating content and applications online.

Akamai said it is partnering with DLT Solutions Inc., a value-added reseller of information-technology products, to offer Akamai's application performance solutions to government agencies.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:46 AM | Comments (0)

Krall will step down as Avid chief executive

Avid Technology Inc. announced today that David Krall will step down from his positions as president, chief executive and company board member at the end of July.

Avid of Tewksbury is a video editing supplier that offers digital media creation, management, and distribution solutions to people in such fields as video, animation, and gaming.

Avid said that Nancy Hawthorne, current board member and former chairman, will serve as interim chief executive as the board begins an immediate search for a permanent replacement.

In a statement, Krall said, "The time is right for new leadership at the helm."

Krall has served as Avid's president and chief executive for the past seven years, and he will be available as a consultant to the company during the transition period, Avid said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:26 AM | Comments (0)

Bain invests in Canadian company

Bain Capital Ventures helped secure $13.6 million in financing for Apparent Networks Inc., a Canadian company that provides network performance diagnostic solutions.

Bain Capital Ventures is the Boston-based venture capital arm of Bain Capital.

Bain Capital Ventures was joined in the financing round by JMI Equity, a private equity firm with offices in Baltimore and San Diego.

As part of its investment, Bain Capital Ventures managing director Ben Nye will join Apparent Networks' board of directors, the companies said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:06 AM | Comments (0)

Verizon's FiOS TV comes to Bedford

Verizon Communications Inc. said its FiOS TV service is now available to 4,300 households in Bedford.

According to Verizon, FiOS TV, which is now available in 45 Massachusetts communities, offers superior quality and more choices than rival TV services.

Headquartered in New York, Verizon delivers broadband and other wireline and wireless communications services to mass market, business, government, and wholesale customers.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:48 AM | Comments (0)

Vermont loves Harry Potter

When it comes to Harry Potter fever, Massachusetts ranks fifth in the USA, according to Amazon.com, and on a per capita basis, Vermont is the "Harry-est State" in the union.

As the publication of the last Potter novel draws nigh, the online bookseller has issued a list that ranks communities and states based on the numbers of orders that have been placed with Amazon.com for "Harry Potter and the Deathly Hallows."

According to the company, Falls Church, Va., has placed more Amazon.com orders per capita for Deathly Hallows than any other US community, and Washington, D.C., tops the list of states.

After Washington, D.C., on the state list comes Vermont, Utah, and Washington state; rounding out the top 10 are Maine, New Hampshire, Wyoming, Maryland, and Connecticut; Rhode Island, the remaining New England state, ranked 16th.

Oddly, New England didn't fare well on the list of Amazon.com "Top 100 Harry-est Towns in America."

Maybe that's because local Potter fans are evenly distributed throughout the region, and in other parts of the country, they are narrowly concentrated in hotbeds of Harry-mania.

Other top Harry towns include Gig Harbor, Wash.; Fairfax, Va.; and Vienna, Va.

And when residents aren't reading about local hero Roger Clemens of baseball fame, they may be reading about Potter; Katy, Texas, ranked fifth on Amazon.com's list of Harry-est Towns.

For full results of the survey, go to Amazon.com/harrypotter.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:25 AM | Comments (0)

July 13, 2007

Boston Scientific settles defibrillator claims for $195m

Boston Scientific Corp. will pay $195 million to settle a class-action suit against its Guidant division, ending a legal battle in which patients claimed Guidant Corp. knowingly hid defects in its implantable heart devices.

After negotiating with a magistrate judge, the two sides reached a settlement in federal court in Minnesota. The cases had been schedule to go to trial on July 30.

The settlement resolves more than 1,500 lawsuits representing approximately 4,000 people who received defective Guidant defibrillators. A number of other suits are pending against Guidant elsewhere in the US and Canada, but the Minnesota case is the largest single piece of litigation.

"We are pleased by this resolution," Boston Scientific chief executive Jim Tobin said in a statement issued after the close of the stock market.

The defibrillators, about the size of a deck of cards and costing $25,000 or more, are designed to re-start the heart if it spontaneously stops. Because of a defect, some Guidant defibrillators were unable to deliver the lifesaving shock, and the lawsuit claims Guidant executives knew of the defect long before first disclosing it in 2005. The company continued to recall devices after merging with Boston Scientific in 2006.

Only a handful of deaths were caused by the defect, and the defective devices can be replaced in a surgical procedure. The plaintiffs are suing for the cost of medical care, as well as the effects of replacement or the anxiety associated with having a potentially defective device.

Boston Scientific of Natick acquired responsibility for Guidant's liabilities when it bought the company for $27 billion last year.

Guidant's defibrillator problems were key to Boston Scientific's deal to buy the firm in the first place. Guidant, an Indiana manufacturer of heart devices, had already signed a deal to be bought by Johnson & Johnson when word of the quality problems began to emerge. As Guidant's reputation suffered and doctors began to shy away from its defibrillators, Johsnon & Johnson publicly bargained the price down, and Boston Scientific swooped in with a higher offer. The two companies jousted over Guidant until Boston Scientific won the bidding war in January 2006.

A $195 million settlement would be significantly less money than Boston Scientific has set aside to deal with its Guidant liabilities. According to a May filing with the US Securities and Exchange Commission, the company had accrued $732 million to pay for its legal defense and any potential settlement.

Rival defibrillator makers Medtronic Inc. and St. Jude Medical Inc., both of Minnesota, have also disclosed defects in their defibrillators, and the overall market for the devices has suffered in the past two years.
(By Stephen Heuser, Globe staff)

Posted by globebusiness at 4:08 PM | Comments (0)

Round 1: Duck bests Super Duck

Super Duck Tours, which began offering amphibious sight-seeing trips of Boston and Boston Harbor eight weeks ago, is not feeling so super.

The Maine-based business, which operates locally out of Charlestown, has received a federal court order to stop using the words "duck tours" or its cartoon duck logo in the Boston area because they are confusingly similar to the name and logo of a 13-year-old rival firm.

This morning's ruling by US District Court Judge Nathaniel M. Gorton came in response to a lawsuit filed by Boston Duck Tours, which is based in Copley Square and has been offering local sight-seeing trips in brightly painted World War II amphibious vehicles driven by "ConDUCKtors" since 1994. The company also uses a cartoon duck mascot in its marketing and advertising.

According to the suit, Super Duck Tours, which has two tour vehicles, "intentionally designed its business model" to be a copycat version of 24-vehicle Boston Duck Tours, and as a result has caused significant consumer confusion and poached away sales.

Since Super Duck Tours began operating May 21, Boston Duck Tours has documented at least 30 cases of customers who believed the two companies were one in the same, according to the trademark infringement complaint, which was filed July 2. It asked that the upstart firm be prevented from using the name "super duck tours" or a cartoon duck in association with its sightseeing business.

The confusion among tourists and other consumers "was so abundant that we couldn't ignore it," said Cindy Brown, a general manager and part-owner of Boston Duck Tours. "Our whole company is just relieved."

The lawsuit also alleges that employees at Super Duck Tours have intentionally made false statements about Boston Duck Tours, such as erroneously claiming that its tickets cost nearly twice their actual amount.

A Boston lawyer for Super Duck Tours, Ralph C. Martin Jr., said the company -- which contends that "duck tours" is a generic term for amphibious sightseeing tours -- will appeal the ruling. In the meantime, the company will operate under the name "Super Ducks."

"We're still in business," Martin said, "and we'll continue to conduct tours and go about the business of competing properly while we appeal the restriction."

Gorton also ordered Boston Duck Tours to post a $100,000 bond that will compensate Super Duck Tours for any costs and damages if the younger company ultimately prevails in court.
(By Sacha Pfeiffer, Globe staff)

Posted by globebusiness at 2:23 PM | Comments (0)

Ocean Spray seeks ultimate cranberry recipe

Ocean Spray Cranberries Inc. is posting a $25,000 reward for the culinary artist who can concoct the ultimate cranberry recipe.

The competition, dubbed the "Ultimate Cranberry Recipe Contest," is the latest effort by Ocean Spray, a growers cooperative based in Lakeville and Middleborough, to convince consumers that the cranberry is more than just a Thanksgiving condiment but also a versatile fruit for all seasons.

Waxing rhapsodically in a press release, Ocean Spray described this tart product of the bogs as "the little red wonderberry."

Aspiring uber chefs interested in transforming the little red wonderberry into a gourmet triumph can submit original recipes from now until Aug. 23 to Ocean Spray's website, the cooperative said.

Finalists will be selected in November, just in time for Thanksgiving, Ocean Spray said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 2:04 PM | Comments (0)

MassHousing allocates loans for Roxbury

MassHousing, the state's affordable housing finance organization, said today that it has made loan commitments of up to $8.9 million to a Roxbury property that is being redeveloped into 48 units of affordable rental housing.

The property is the long vacant Kasanof Bakery on Blue Hill Avenue, MassHousing said.

Plans call for 38 of the apartments to be allocated to residents with incomes at or below 60 percent of the area median income; for a two-person household, 60 percent of the median would equal $40,380, MassHousing said.

Ten units will be set aside for residents at or below 30 percent of the area median income.

The property is being developed by Nuestra Comunidad Development Corp. of Roxbury, a community based development corporation.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:14 PM | Comments (0)

Thermo Fisher names new board members

Thermo Fisher Scientific Inc. said today that Michael A. Bell and Stephen P. Kaufman have been named to its board.

Headquartered in Waltham, Thermo Fisher makes laboratory supplies, equipment, and other products for pharmaceutical and biotech companies.

Bell is a managing director of Monitor Clipper Partners, a private equity firm with offices in Cambridge, Thermo Fisher said.

Kaufman is a senior lecturer at the Harvard Business School, the company said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:20 AM | Comments (0)

Intel makes peace with One Laptop Per Child

The nonprofit that aims to seed the developing world with inexpensive laptop computers for schoolchildren has made peace with Intel Corp., the project's biggest and most powerful rival, the Associated Press reported today.

The One Laptop Per Child program, which is based in Cambridge, and Intel said today that the chip maker would join the board of the nonprofit and contribute funding.

The nonprofit effort -- known as the "$100 laptop" because of the low price it hopes to reach with mass production -- has been trying to line up governments in several countries to buy the machines, which for now cost $175. But competition from Intel's child-focused Classmate PC has made things tough in some countries for One Laptop Per Child.

For example, Intel -- which expects the Classmate's price to fall to near $200 this year -- signed a deal to sell 700,000 of the machines in Pakistan.

One Laptop Per Child's computers will continue to use processors from Intel rival Advanced Micro Devices Inc., but Intel is expected to work with the project on future technical developments.

Intel of California develops advanced integrated digital technology platforms and components such as integrated circuits for the computing and communications industries.(AP)

Posted by globebusiness at 11:00 AM | Comments (0)

Oscient reports preliminary 2q revenues

Oscient Pharmaceuticals Corp. said today that it expects to report second-quarter revenue in the range of $15 million to $16 million.

In issuing preliminary results, the Waltham biopharmaceutical company said that range would compare with $4.6 million in revenues for its second quarter in 2006.

Last August, Oscient acquired the US rights to Antara, a cholesterol drug, which is expected to account for about $14 million in second-quarter 2007 revenues for Oscient, the company said.

Oscient also sells Factive, a treatment for certain types of bronchitis and pneumonia; Factive is expected to generate about $1.5 million in second-quarter 2007 revenues, the company said.

The AP reported that, on average, analysts surveyed by Thomson Financial had expected Oscient's second-quarter revenue to be $17.4 million.

The company said it plans to report second-quarter financial results in early August.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:14 AM | Comments (0)

Dyax increases size of public offering

Dyax Corp. said today it increased the size of a public stock offering by 1 million shares to 10.5 million shares of common stock.

The Cambridge biopharmaceutical company also priced the offering at $3.67 per share.

Dyax is giving the underwriters a 30-day option to buy up to an additional 1.6 million shares to cover any overallotments. (AP)

Posted by globebusiness at 8:53 AM | Comments (0)

Skyhook Wireless secures $8.5m in funding

Skyhook Wireless Inc. said today it has secured $8.5 million in new financing, which will be used to help expansion.

The Boston company brings location awareness to devices with Wi-Fi capabilities. Many mobile devices rely on GPS-based systems, which can lose effectiveness in densely populated and indoor environments; Skyhook's Wi-Fi Positioning System, in contrast, leverages Wi-Fi rather than satellites or cell towers, the company said.

The funding round was led by RRE Ventures, a New York investment firm, and RRE general partner Will Porteous will join Skyhook's board of directors, Skyhook said.

RRE was joined in the round by existing investors Bain Capital Ventures of Boston, Intel Capital of California, and CommonAngels of Lexington, Skyhook said.

To date, Skyhook said it has raised $16.8 million.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:37 AM | Comments (0)

Verizon FiOS TV gets Melrose OK

Melrose Mayor Robert J. Dolan has granted a cable franchise to Verizon Communications Inc. that will enable Verizon to make its FiOS TV service available in the city, Verizon said.

According to Verizon, its FiOS TV offers superior digital quality and more choices than other TV services.

Dolan's decision means that FiOS TV will be an option for 5,800 Melrose households, said Verizon, which added that Dolan's authorization brings to 51 the total number of Massachusetts communities where FiOS TV is either already available or soon will be.

Headquartered in New York, Verizon delivers broadband and other wireline and wireless communications services to mass market, business, government, and wholesale customers.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:56 AM | Comments (0)

Idenix shares fall over drug concerns

Stock shares of Idenix Pharmaceuticals Inc. fell 32 percent in morning trading after the Cambridge company said that the Food and Drug Administration had placed its hepatitis C drug candidate on "clinical hold."

Idenix said the FDA based its decision about the drug - valopicitabine - "on the overall risk/benefit profile observed to date in clinical testing."

Until the FDA has additional information that would warrant the drug candidate's removal from clinical hold, studies of valopicitabine in people cannot be conducted in the United States, an Idenix spokeswoman said.

In morning trading on the Nasdaq Stock Market, Idenix shares fell $1.87 to $3.92.

Idenix is codeveloping valopicitabine with the Swiss drug giant Novartis AG, which is also the majority owner of Idenix.

"We are disappointed with the FDA's perspective on the program and are working with Novartis to evaluate our options for valopicitabine," Idenix chairman and chief executive Jean-Pierre Sommadossi said in a statement.

Reuters reported that during a conference call with analysts, Sommadossi said, "I believe this drug will have no future in further clinical development."

Idenix noted that it is working on other drug candidates and that as of June 30, it had about $160 million of cash, cash equivalents, and marketable securities.

"Our balance sheet is strong, and we believe that we have enough cash to fund early clinical development of the pipeline," Idenix chief financial officer Ronald Renaud said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:32 AM | Comments (0)

July 12, 2007

Lawmakers seek aid for Quaker Fabric workers

Senators John Kerry and Edward Kennedy and US representatives Barney Frank and James P. McGovern are calling on the federal government to help the 900 or so employees expected to lose their jobs when a Fall River company closes.

They have asked US Labor Secretary Elaine Chao to support Quaker Fabric’s application for funding under the Trade Adjustment Assistance program.

The program provides training and other assistance to workers who have lost jobs due to foreign competition.

Quaker Fabric, which provided upholstery fabric for furniture makers, has said it will probably have to liquidate its business and sell off its assets.

Kerry said intense competition from foreign textile makers has cost thousands of jobs throughout New England.
(AP)

Posted by globebusiness at 8:28 PM | Comments (0)

Bankrupt Tweeter accepts a $38m bid

Tweeter Home Entertainment Group Inc. today said it has accepted a $38 million bid for its assets as the best offer in the electronics retailer’s Chapter 11 bankruptcy.

The bid, from Schultze Asset Management, was one of two offers that Tweeter said on June 26 it had received in the initial phase of a court-supervised auction. Other bidders were then given the chance to submit competing offers.

Purchase, N.Y.-based Schultze agreed to acquire all of Tweeter's assets in a ‘‘going concern’’ bid to maintain Tweeter's business operations and its 103 stores, Canton-based Tweeter said.

Schultze agreed to assume costs related to the bankruptcy and offer a $10 million line of credit to help Tweeter buy merchandise and cover other expenses during bankruptcy.

Schultze, which invests in financially troubled companies, also bid for Tweeter's 18.75 percent ownership stake in Tivoli Audio, a consumer electronics manufacturer.

Tweeter filed for bankruptcy protection June 11. It will seek court approval for the sale to Schultze on Friday. If approved, the transaction would close on the same day, Tweeter said.
(AP)

Posted by globebusiness at 7:06 PM | Comments (0)

Wagamama to open in Harvard Square

Aficionados of noodle chow-downs may be glad to hear that Wagamama will open a restaurant in Harvard Square Aug. 13.

The restaurant, at 57 JFK St., will be the 80th for the London-based chain of noodle restaurants, a local spokeswoman for Wagamama said.

The chain recently opened a restaurant in Boston, near Faneuil Hall.

According to a news release, the menu features such Asian-inspired fare as duck gyoza and tori kara age as well as noodle- and rice-based dishes and ramen soups.

The Cambridge Wagamama, with 4,250 square feet, will have communal-style seating for 130.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 3:32 PM | Comments (0)

Stop & Shop chooses renewable energy

The Stop and Shop Supermarket Co. said today it has purchased renewable energy certificates to match 100 percent of its electricity use at a new store it opened last month in Kennebunk, Maine.

Headquartered in Quincy, Stop & Shop operates 389 stores in the Northeast.

The company said it purchased the certificates from Sterling Planet.

According to its website, Sterling Planet, with offices in Georgia, is a retail provider of solar, wind, and other clean, renewable energy through direct sales and electric utility partnerships.

By purchasing certificates from Sterling Planet, Stop & Shop said it will avoid nearly 4 million pounds of carbon dioxide pollution in the next year.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:12 PM | Comments (0)

Investors hope Vertex drug will match hype

Investors in Vertex Pharmaceuticals Inc. have had a rough ride over the past seven months and there is no indication that the road will get smoother any time soon.

The Cambridge biotechnology company's stock has plunged nearly 40 percent since December amid fears that its experimental hepatitis C drug VX-950, or telaprevir, will not live up to its hype.

What was once talked about as a wonder drug that promised to cure most patients with the liver-destroying disease is taking longer to develop than expected and may not work as well as many had hoped.

"The drug is still safe and effective and promising, but perhaps not as safe and effective and promising as people thought six months ago," said Phil Nadeau, an analyst at Cowen & Co., who has an "outperform" rating on the stock.

There is more money riding on telaprevir than on almost any biotech drug out there that is at a similar stage of development. And optimism over its potential accounts for most of the company's $3.7 billion market value.

Much of the excitement is due to the size of the market for hepatitis C, which affects roughly 4 million people in the U.S. alone, and data from early clinical trials which suggested that telaprevir might crush the disease.

Those expectations have been ratcheted back as more data have emerged, but the hope is that it will still increase the cure rate and shorten the duration of treatment. Current treatments cure only 45 to 50 percent of patients and must be taken for a year.

Vertex's drug is the most advanced in a new class designed to block the protease enzyme needed for the blood-borne virus to replicate and most analysts believe it will be approved, albeit later than originally expected.

If successful, annual sales could rise as high as $1.5 billion, they say, leading some to argue that Vertex's shares are undervalued.

Mike McCully, an analyst at Recombinant Capital, which consults to the biotech and pharmaceuticals industry, says "there is still tremendous upside for Vertex investors."

Based on current market capitalization-to-revenue multiples in the biotech sector, sales of $1.5 billion would put Vertex on track for a market capitalization of $7.5 billion. At the higher end, it could be much greater, he said.

Similarly, Geoffrey Porges, an analyst at Sanford Bernstein who has an "outperform" rating on the stock, believes telaprevir "is one of the most compelling new drug opportunities in the industry."

But others are more circumspect, saying that much depends on the performance of an emerging crop of rival drugs, including those being developed Schering-Plough Corp. and Intermune Inc.

If either one turned out to have fewer side effects or could be given twice a day instead of three times a day, telaprevir could become obsolete very quickly.

"A lot depends on how the competitive market shapes up," said Jason Kolbert, an analyst at Susquehanna Financial Group, who has a "neutral" rating on the stock. "If a rival drug arrives a year after Vertex's drug, it will have the shortest life-cycle in history."

More data on the drugs are expected at a medical meeting in November.

Ding Ding, an analyst at Maxim Group, believes the competitive risk, combined with uncertainty over whether the drug would prove substantially more effective than current treatments, make Vertex shares too expensive, and she recommends that investors sell.

"We no longer believe the current valuation of Vertex is sustainable," she said.

The pullback in the company's shares also reflects greater investor skepticism towards the company's management, which has championed telaprevir with a passion some have come to distrust.

"I think people discount management quite a bit now and evaluate the drug on its own terms," said Edward Nash, an analyst at Stifel Nicolaus, who believes it will be approved and rates the stock a "buy." "People are willing to pay a premium for hepatitis C drugs because it is such a huge and underserved market."

In the end, however, no single drug added to current therapy is likely to solve the problem, experts say. Combinations of different classes of drugs are likely to be needed to not only suppress the virus but keep it suppressed over time.

"The hepatitis C virus is more capable of breeding resistance than the HIV virus," Kolbert said. "It's Darwinism in its finest mode."
(Reuters)

Posted by globebusiness at 12:35 PM | Comments (0)

Euclid taps Lee as algorithmic chief

Euclid Discoveries announced today the appointment of Nigel Lee as its chief algorithmic engineer.

The privately held Concord company develops video processing software that helps to compress video images.

With experience in matrix theory, adaptive signal processing, and systems analysis, Lee will work on the commercialization of Euclid's video compression technology.

"Nigel's experience and background in creating processing algorithms is a great fit and brings to the team key competencies needed as we take the technology from the research phase into commercial application," Euclid chief technology officer Charles Pace said in a statement.

Before joining the firm, Lee was a principal investigator in the Advanced Sensor Techniques Group at the MIT Lincoln Laboratory in Lexington, Euclid Discoveries said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:57 AM | Comments (0)

BJ's June sales beat expectations

BJ's Wholesale Club Inc. said today its same-store sales grew 5.3 percent in June, including a 1.4 percent boost from gasoline sales which was offset in part by a lack of pharmacy sales.

The results for Natick-based BJ's beat Wall Street's outlook for 3.3 percent growth, according to an analyst survey by Thomson Financial.

Same-store sales, or sales at stores open at least a year, is a key measure of retailer performance, because it measures growth at existing stores rather than from newly opened ones.

Total sales for June increased 9.8 percent to $886.8 million from $807.3 million last year. Sales increased in all geographic regions, with the most growth in the Mid Atlantic and Upstate New York regions, and the smallest increase in the Southeast.

Excluding sales of gasoline, the average transaction amount for June rose about 3 percent. Traffic increased by about 2 percent, helped in part by stronger results versus last year in the spring trial membership program.

BJ's said food sales rose 6 percent, as general merchandise sales increased about 1 percent. Departments with strong growth included cheese, juices, meat, milk, produce, soda & water, snacks and televisions. Weaker categories included air conditioners, cigarettes, computer equipment, residential furniture, tires and toys.

The company currently operates 174 BJ's clubs in 16 states. (AP)

Posted by globebusiness at 11:25 AM | Comments (0)

Baron Funds selects State Street Corp.

State Street Corp. said today that it has been appointed to provide custody, fund accounting, and fund administration services for about $18 billion in assets for the Baron Funds' US mutual funds.

Headquartered in Boston, State Street provides financial services to institutional investors.

"We are delighted to forge this new relationship with Baron," State Street executive vice president Alan Greene said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:17 AM | Comments (0)

Putnam is picked as a Sirtex medical director

Sirtex Medical Inc. announced today that Samuel G. Putnam has been named medical director for its US operations.

With US headquarters in Wilmington, Austalia-based Sirtex manufactures SIR-Spheres microspheres, a microsphere therapy for colorectal cancer that metastasizes to the liver.

Putnam joins Sirtex after nearly a decade as a practicing interventional radiologist at the Fox Chase Cancer Center in Philadelphia, Sirtex said.

Putnam's "experience, both as a practicing physician and leader at Fox Chase Cancer Center, will be invaluable as we continue to advance the use of microsphere therapy and improve the lives of people with liver cancer," Nat Geissel, Sirtex chief executive, said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:53 AM | Comments (0)

National Grid names new director

National Grid plc announced today the appointment of Tom King as an executive director.

National Grid is an international energy delivery company; in Massachusetts, it supplies electricity to an estimated 1.3 million residential and business customers.

The company said King will be based in the United States and will have responsibility for the electricity distribution and generation businesses.

Most recently, King was chief executive of Pacific Gas and Electric Co., a large utility that serves parts of California, National Grid said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:09 AM | Comments (0)

Analyst upgrades Raytheon

Shares of Raytheon Co. inched higher today in premarket trading after a JP Morgan analyst upgraded the military contractor, seeing strong sales growth this year and next.

The stock for the Waltham-based defense contractor gained 49 cents to $53.25, following a $52.76 finish in regular trading Wednesday.

Analyst Joseph B. Nadol III raised Raytheon to "Overweight" from "Neutral." He based his higher rating on likely strong sales growth, relative to some other defense companies, and potential for share buybacks that should contribute to earnings per share growth.

"We expect Raytheon to post organic growth of approximately 7 percent in 2007, which would be the second fastest among the defense primes," Nadol wrote in a client note.

Nadol also upgraded rival Lockheed Martin Corp. to "Neutral" from "Underweight," anticipating sales growth in the company's aeronautics unit in 2009.

"While investors will likely continue to focus on slow growth, due to a declining top-line in aeronautics in 2007 and 2008, the outlook improves in 2009 and 2010," Nadol wrote.

At the same time, Nadol downgraded Northrop Grumman Crop. to "Neutral" from "Overweight" suggesting it may be hard for the shares to move higher.

"We see few reasons for the stock to continue its recent outperformance," Nadol wrote in a client note. (AP)

Posted by globebusiness at 9:45 AM | Comments (0)

Point Therapeutics slashes staff

Boston biopharmaceutical company Point Therapeutics Inc. said today it has reduced its work force from 33 employees to eight as it contemplates a sale or a possible bankruptcy as it looks to conserve cash.

The company's lead product candidate is talabostat, a potential treatment for cancer.

The company said it plans to further reduce its work force and replace departed employees with a consulting team as it "seeks a buyer or partner for its technology and related intellectual property and other assets, in bankruptcy or otherwise," Point Therapeutics said in a statement.

The company also said it plans to move out of its Boston headquarters and relocate to "substantially smaller, temporary suburban space."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:36 AM | Comments (0)

TJX reports strong sales

TJX Cos. reported strong Junes sales today, a sign that shoppers are remaining loyal despite a recent security breach at the Framingham-based company that involved the theft of millions of credit card and debit card numbers.

Sales for the five-week period that ended July 7 were $1.7 billion, up 9 percent over the comparable period in 2006, said the company, which operates such offprice retail chains as T.J. Maxx, Marshalls, HomeGoods, A.J. Wright, and Bob's Stores.

At stores open at least year, sales for the five-week period rose 5 percent, TJX said.

According to a Thomson Financial survey, analysts expected a 3.3 percent rise at stores open at least a year, the AP reported.

"With an above-plan May and June, we are looking forward to reporting strong second-quarter operating results," TJX chief executive Carol Meyrowitz said in a statement.

TJX said it now expects second-quarter earnings per share from continuing operations to be in the range of 34 cents to 36 cents, excluding costs related to the previously announced "computer intrusion(s)".

That range represents a 17 percent to 24 percent increase on top of last year's strong increase, TJX said.

TJX said it continues to expect that second-quarter earnings per share from continuing operations will be reduced by an estimated 2 to 3 cents for costs incurred during the second quarter related to "the intrusion(s)."

Beyond those costs, TJX said it continues to evaluate additional losses it may occur, along with related costs and expenses, arising from the "intrusion(s)".

TJX said it will record known losses when "they become both probable and reasonably estimable."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:16 AM | Comments (0)

Romance authors wanted

Fresh from a contest dubbed as "American Idol for Books," Gather.com is putting out an all-points bulletin for aspiring romance novelists.

Gather.com, a Boston-based social-networking website for adults, said today it is teaming up with the Pocket Books imprint of publishing house Simon & Schuster to announce a romance writing competition in which the winner will receive a publishing contract for his or her manuscript.

Gather.com has tried this before; in May, Gather.com noted that an earlier literary competition produced a winner with an idea for a mystery about a newspaper editor who investigates a friend's death in coastal Maine.

Now Gather.com looks to romance novels, a genre where bodices heave, damsels swoon, and action verbs can get an overheated workout.

Would-be novelists have until late August to submit manuscripts to romancenovel@gatherinc.com, and Gather.com members will have a say in selecting the winner, the company said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:48 AM | Comments (0)

Expense Management taps McCarthy

Expense Management Solutions Inc. announced the appointment of Christopher T. McCarthy as vice president of sales.

The Southborough company is a provider of strategic advisory programs for corporate real estate and administrative services.

The company said McCarthy joins EMS from International Business Machines Corp., where he worked as a business development executive specializing in global strategic outsourcing.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:07 AM | Comments (0)

Report: Hub office market is strengthening

The Greater Boston office market showed continued signs of strengthening in the second quarter, with vacancy rates dropping 0.9 percent to 14.3 percent and the average asking lease rates rising 89 cents to $38.58 per square foot.

That's the headline from a new report from Richards Barry Joyce & Partners LLC, a full-service commercial real estate firm.

The firm released its findings in a report titled officeSTATus - Greater Boston Summer 2007.

"Greater Boston's office market is very strong as of the close of the second quarter," RBJ vice president of research Brendan Carroll said in a statement. "And while certain areas are certainly stronger than others, we are really seeing positive indicators in all segments of the market. We're still not at historic rates for vacancy and absorption, but we are continuing in that direction."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:43 AM | Comments (0)

Ariad and Merck will collaborate on drug

Ariad Pharmaceuticals Inc. of Cambridge and Merck & Co. announced today a global collaboration to develop and commercialize Ariad's lead product candidate, a partnership that will provide Ariad with an initial payment of $75 million.

Ariad calls its lead product candidate AP23573 and describes it as a small molecule inhibitor of the protein mTOR, a "master switch" in cancer cells.

The agreement between the two companies provides for an initial payment of $75 million to Ariad and up to $452 million more in milestone payments to Ariad based on the successful development of AP23573 in multiple cancer indications, and additional payments as well, the companies said.

It is expected that AP23573 will enter into Phase III clinical development for the treatment of metastatic sarcomas beginning this quarter, the companies said.

Merck is global pharmaceutical company with corporate offices in New Jersey.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:22 AM | Comments (0)

July 11, 2007

Robot maker wins $17.5m military contract

Burlington-based iRobot Corp. today said the US military has ordered $17.5 million worth of robots from the company.

The government’s Robotic Joint Project and the Naval Sea Systems Command ordered a total of 74 robots.

The US military has previously used the remote-control robots to examine and identify bombs in Iraq and Afghanistan.

Shares of iRobot Corp. rose 21 cents to close at $19.58.
(AP)

Posted by globebusiness at 7:13 PM | Comments (0)

Accounting firm makes best workplaces list

Moody, Famiglietti & Andronico said it has been named one of the 50 best small and medium-size companies to work for in the country.

MFA, an accounting and consulting firm, is based in Tewksbury.

The list was drawn up in part by Great Place to Work Institute Inc., a San Francisco research and consulting firm; it works with Fortune Magazine, HR Magazine, and other publications to recognize the best companies.

‘‘We’re determined to prove it is possible work at an accounting firm and have fun,’’ MFA managing partner Carl J. Famiglietti said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 3:08 PM | Comments (0)

Expo building will have walls of water

Walking through walls will be possible and even encouraged.

When next year’s world expo opens in Zaragoza, Spain, fairgoers will encounter a building with walls made of thin sprays of water.

Inside, there will be normal building stuff: a cafe, an exhibition space, overhead lighting.

The water will come from thousands of little jets that can be switched on and off, rapid-fire, by computer-controlled sensors.

The resulting effect will enable images and text to scroll in the water walls. Or as a person approaches, the sensors could shape the water flow to make a door appear anywhere in the wall, and then close it after the person ambles through.

The 5,400-square-foot building could also vanish in moments, as the roof can be lowered from its 16-foot height all the way to the ground.

Cool tricks, but so what?

The Massachusetts Institute of Technology architects who developed the idea say it’s a boundary-pushing artistic statement, in the tradition of the Crystal Palace and White City of long-ago world’s fairs. Current estimated cost is about $3 million.

‘‘One of the dreams of architecture in recent years has been to create reconfigurable, interactive, dynamic buildings, but of course if you do it with bricks it’s not so easy,’’ MIT researcher Carlo Ratti said.

The theme of the Zaragoza fair is water and sustainable development, and Ratti points out that by using all recycled water, which in turn provides evaporative cooling and no need for air conditioning, the building has a low environmental footprint.

And even if other buildings aren’t about to be made of water, Ratti says future structures should adopt the water pavilion’s goal of ‘‘total control of every single element, so nothing gets wasted.’’

A computer-animated demo is at http://digitalwaterpavilion.com.

(AP)

Posted by globebusiness at 3:01 PM | Comments (0)

Raytheon denies link to probe of rival

Raytheon Co. today denied accusations it was involved in getting the Justice Department to investigate British defense conglomerate BAE Systems PLC.

The Waltham defense contractor said any suggestions are ‘‘patently false’’ that it influenced Senator John Kerry, Democrat of Massachusetts, who wrote last month to Justice and the Treasury Department asking about allegations BAE had paid bribes to the Saudi Arabian government.

The Times of London today ran a story suggesting that Kerry, who has long had close ties to Raytheon, played a role in Justice’s launching the probe.

‘‘At no time did Senator Kerry’s office contact Raytheon about this, at no time did Raytheon contact our office about it, and no irresponsible spasm from the London Times changes the fact that they just got it wrong,’’ said Amy Brundage, Kerry’s press secretary.

Brundage confirmed Kerry had written to Justice and Treasury regarding the matter; he has yet to receive a response from either agency.

Last month, Justice opened an investigation into BAE, one of the world’s largest arm makers, to determine whether the company illegally sweetened a Saudi oil-for-arms deal with the British government. It allegedly funneled millions of dollars through a US bank in Washington to an account controlled by Saudi Prince Bandar bin Sultan.

BAE has denied accusations that it paid kickbacks to members of the Saudi royal family as part of an $86 billion Al-Yamamah contract for more than 100 planes in 1985.
(AP)

Posted by globebusiness at 2:41 PM | Comments (0)

Mass. settles with AOL for $165,000

Massachusetts will receive $165,000 as part of a 48-state settlement with America Online, Massachusetts Attorney General Martha Coakley said today.

The agreement requires AOL, an Internet services provider, to make significant changes in honoring cancellation requests and in making refunds for unauthorized service charges, Coakley’s office said.

The settlement resolves complaints that consumers were experiencing difficulties when attempting to cancel their services.

‘‘This settlement ensures that AOL will no longer charge customers for services that they thought they had canceled,’’ Coakley said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 2:18 PM | Comments (0)

Fremont to halt foreclosures for 90 days

Fremont General Corp., which has made thousands of subprime loans in Massachusetts, will stop foreclosure proceedings for 90 days in the state.

Martha Coakley, Massachusetts’ attorney general, today said her office had reached a preliminary agreement in which the California savings and loan will stop foreclosures on over 2,000 Massachusetts loans it services, to give state officials time to review all transactions.

‘‘No foreclosures can occur until the Attorney General’s Office has been provided with documentation for each delinquent loan and a 90-day period to review each transaction,’’ Coakley said in a prepared statement.

The company will pay the costs of the loan review process.

A spokesman for Fremont declined to comment.

Coakley’s office previously warned Fremont, which has seen its shares fall 33 percent this year amid its exposure to home buyers with poor credit, to fix lending practices that violate a consumer protection act or face an enforcement action.

Fremont exited the subprime mortgage business earlier in the year, one of many 30 lenders who have stopped making these risky loans to people with poor credit in the last 12 months.
(Reuters)

Posted by globebusiness at 2:11 PM | Comments (0)

Janitorial giant sold to Australian company

Unicco Service Co., a Newton janitorial and maintenance-services company, said today it has agreed to be acquired by an Australian company for $408 million.

The buyer is United Group Ltd., which said it is embarked on an acquisition strategy to build a global property services company.

United Group said the addition of Unicco to its existing operations will allow it to deliver "a full range of property services."

Expected to close in September, the transaction will "have little or no impact" on Unicco's 18,000 employees, United Group said.

When the transaction closes, three members of Unicco's founding family - chairman and chief executive Steve Kletjian and vice chairmen Richard Kletjian and Robert Kletjian -- will leave the company.

United Group that Unicco's remaining management team "will continue to build Unicco and drive its future growth."

Steve Kletjian said in a statement, "After more than 50 years in this business, my family and I thought it was an appropriate time to explore new opportunities to provide our customers with the widest breadth of innovative services that reflect all of their needs as well as current market trends."

Unicco's Boston operations were the primary target of a contentious, 24-day strike in 2002 by members of Local 254 of the Service Employees International Union that led to higher wages and increased healthcare coverage for the union's members.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:07 PM | Comments (0)

iBasis in compliance with Nasdaq rules

iBasis Inc. said today that it has been informed by the Nasdaq Stock Market that it is in compliance with the market's listing rules.

The Burlington-based provider of Internet telephone services had previously announced that it had received notice that it was not in compliance with Nasdaq listing requirements due to its failure to file periodic financial results.

That failure was the result of discrepancies in measurement dates for determining the accounting treatment of certain stock option grants.

Last month, iBasis said it filed its annual report for 2006 after restating results for the prior two years due to stock-options backdating.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:50 PM | Comments (0)

Galvin begins inquiry into sales practices

State regulators today began an inquiry into the sales practices of Massachusetts broker-dealers who sell complex securities known as "structured products" to retail investors.

The inquiry was disclosed in a statement from Massachusetts Secretary of State William F. Galvin, and initial inquiries have gone to units of Bank of America Corp., Morgan Stanley, and Wachovia Corp., Galvin's office said.

A structured product is a security whose value is based on or derived from an index, a commodity, or another security, and broker-dealers are increasingly pitching such products to retirees and Main Street investors, according to Galvin's office.

"These 'structured product' instruments are highly complex and assume a level of research on the part of the investor which is higher than most securities require," Galvin said in a statement. "It is in the public interest for the Securities Division of this office to assess the compliance procedures and supervision of Massachusetts broker-dealers offering these products to retail investors in the commonwealth."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:46 PM | Comments (0)

Brookline is set to launch WiFi network

The town of Brookline said today it will launch the region's first border-to-border municipal WiFi network at a July 18 "wire-cutting event."

The network was deployed in a public-private partnership between Brookline and Galaxy Internet Services, a Newton-based Internet service provider, the town said in a press release.

The goal of the project is to satisfy Brookline's need for improved public safety and municipal communications while providing consumers and business with new options for Internet access, the town said.

In addition to paid wireless Internet access for consumers and businesses, limited free access will be available in certain commercial areas and public parks, the town said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:12 PM | Comments (0)

Conference Board: CEO confidence falls

An index that measures the confidence of chief executives nationwide fell sharply in the second quarter, the Conference Board said today.

The index measured 53 in the first quarter of this year but fell to 45 in the second quarter, the board said.

A reading of more than 50 points reflects more positive than negative responses.

"Several quarters of sluggish economic growth have taken a toll on CEOs confidence, erasing two quarters of improvement," Lynn Franco, director of the Conference Board Consumer Research Center, said today in a statement. "Looking ahead, CEOs do not expect a significant turnaround in conditions and profit expectations."

The Conference Board is a nonpartisan and not-for-profit research organization.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:28 AM | Comments (0)

Top Yankee Candle executive will resign

Yankee Candle Co. said today that senior vice president Bruce H. Besanko will leave the Deerfield company at the end of the month to take a similar job at Circuit City Stores Inc.

Yankee Candle, a designer, manufacturer, and retailer of scented candles, was recently purchased by Madison Dearborn Partners LLC, a Chicago-based investment firm, in a deal valued at about $1.7 billion.

Besanko, who also holds the title of chief financial officer, "played a critical leadership role in the successful recent sale of the company," Craig W. Rydin, chairman and chief executive of Yankee Candle, said in a statement.

Circuit City is a consumer-electronics retail chain headquartered in Virginia.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:14 AM | Comments (0)

Boston Micromachines unveils new product

Boston Micromachines Corp. said today it is introducing a new low-cost deformable mirror that can accomplish "proof of concept" experiments that require wavefront correction.

The Watertown company specializes in micromachined deformable mirrors that researchers can use in astronomy, laser control and retinal imaging, among other applications.

Referring to the company's new product in a statement, chief executive Paul Bierden said, "To meet the needs of the next generation of biological imaging, we have developed a low-cost, high-performance deformable mirror with enhanced stroke which will enable widespread adoption of adaptive optics."

Posted by globebusiness at 10:00 AM | Comments (0)

BAE begins production of interceptor seeker

BAE Systems said today it has received a $62.3 million contract from defense company Lockheed Martin Corp. to begin production on a high-altitude interceptor seeker.

Assembly, integration, and testing of production equipment will take place at BAE Systems facilities in Nashua, N.H.; Lexington, Mass.; and Johnson City, N.Y., BAE Systems said.

The work is on the production of the Terminal High Altitude Area Defense, or THAAD, Interceptor Seeker, a key component of missile defense system.

The seeker provides infrared imagery of the targeted warhead to the missile to guide the interceptor to the target, BAE Systems said.

The first THAAD systems will be fielded in fiscal 2009 and ready for worldwide deployment in fiscal 2010, the company said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:39 AM | Comments (0)

Maven Networks teams up with TV Guide

Maven Networks is partnering with TV Guide.

Maven Networks of Cambridge said today it has been selected by Gemstar-TV Guide to power its online video channels.

As a technology partner, Maven enables media companies to create, distribute, and profit from direct-to-consumer Internet TV channels and networks.

Maven said it will work with TV Guide to "launch next-generation broadband video experiences for TV Guide on its 300 dynamically generated video players at www.TVGuide.com, delivering vast amounts of media and entertainment content to the site's highly engaged user base."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:20 AM | Comments (0)

Ray is named chief executive of SolidWorks

Dassault Systemes SA announced today the appointment of Jeff Ray as the chief executive of SolidWorks, the company's Concord-based unit.

Dassault of France and SolidWorks specialize in 3D and computer-aided design software and other products that companies can use to design products of their own and manage the product's lifecycle.

Ray joined SolidWorks in 2003 as chief operating officer, and he replaces John McEleney, who is "retiring to embrace personal opportunities," the company said.

McEleney will "remain closely linked to the company as a member of SolidWorks' board of directors and Dassault Systemes' global management team until the end of the year," the company said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:02 AM | Comments (0)

Exact Sciences cites cancer screening study

Exact Sciences Corp. today pointed to a new study that indicates that many consumers prefer the method of colorectal screening for cancer that Exact Sciences is exploring.

The Marlborough company, which uses applied genomics to develop screening technologies for cancer detection, is working on stool-based DNA testing of colorectal cancer.

The study that Exact Sciences pointed to appears in the July issue of The American Journal of Managed Care, the company said.

According to Exact Sciences, the study concluded that patients who are educated about, but inexperienced with, the various colorectal cancer screening methods prefer stool-based DNA technology over other non-invasive methods.

Posted by globebusiness at 8:47 AM | Comments (0)

Christmas Tree Shops will move its HQ

Discount retailer Christmas Tree Shops is further severing ties to the Cape Cod town where it got its start.

The company, whose motto is "Don't you just love a bargain?", will move its corporate headquarters from Yarmouth to the chain's distribution center in Middleborough by next summer, Christmas Tree Shops marketing director Michelle Watkins said.

The company's first store opened in Yarmouth in 1970. The company closed the cramped and outdated store earlier this year, but still has another store in town. Company headquarters have been located in town since 1982.

The chain, founded by a local family, was bought by Bed Bath & Beyond Inc. in 2003 and has expanded to 35 stores in New England, New York, New Jersey and Pennsylvania. The chain plans on opening its 36th store in Delaware this summer.

"This is a business decision based on the fact that we lease the Yarmouth location and we actually own the facility in Middleborough," Watkins said.

Expansion at the 40,000-square foot Cape Cod location was also limited, she said. The 750,00-square foot distribution center in Middleborough will be expanded to accommodate the corporate headquarters.

There will be no job losses as a result of the move, and all employees will be given the opportunity to work at the new facility, she said. (AP)

Posted by globebusiness at 8:25 AM | Comments (0)

Study: Virtualization is going mainstream

The virtualization services market will grow from $5.5 billion in 2006 to $11.7 billion in 2011, according to a new study.

The study is from IDC, a Framingham-based global provider of market intelligence.

"Virtualization" software dramatically increases the number of tasks that can be performed on a single computer; one result of a move toward virtualization is that companies can buy fewer computers and cut energy costs.

At the moment, the market for virtualization services is "nascent compared to the overall market" for information-technology services, the IDC study said, but that market will dramatically expand as "virtualization goes mainstream" and data center managers struggle to address power and cooling issues and the need for increased capacity.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:21 AM | Comments (0)

Law firm expands intellectual property group

Foley Hoag LLP named Donald R. Ware to become chair of the Boston law firm's expanded intellectual property group.

Dana Gordon was named as the group's deputy chair, the firm said.

Foley Hoag, which said that it has long been a presence in the intellectual property area, now looks to reorganize and expand its intellectual property group as clients are looking for more IP expertise, the firm said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:01 AM | Comments (0)

American Superconductor lands new orders

American Superconductor Corp. of Westborough said today it has received orders for its energy technology products that will result in $1.5 million in fiscal 2007 revenues.

The orders are for its Power Quality Static VAR Compensator, which eliminates voltage sags and flicker, the company said.

One order is from a Pennsylvania-based steel company that will use the VAR Compensator in a rolling mill application, American Superconductor said; another order if from a Canadian oil-and-gas company that will use the product for two of its natural-gas pipelines in Texas.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:50 AM | Comments (0)

StudySmart opens new offices

StudySmart Inc. announced the opening of new offices in metro Atlanta, Dallas, and Detroit.

Headquartered in Watertown, StudySmart focuses on one-on-one tutoring and test preparation for such tests as the SATs.

With fall SAT and ACT tests approaching, StudySmart said the offices will offer 30-, 24- and 18-hour tutoring programs designed to give "students an edge in an increasingly competitive environment for college admissions."
(Chris Reidy, Globe staff)

Posted by globebusiness at 7:39 AM | Comments (0)

Hub private equity firm buys Texas company

CyrusOne announced today that it has been acquired by ABRY Partners, a Boston-based private equity firm that focuses on media and communications investments.

CyrusOne of Texas provides data center services such as hosting, colocation, and managed information technology services.

Financial terms of the transaction were not disclosed.

CyrusOne's existing management team will continue to lead the company as CyrusOne seeks to accelerate its expansion, the companies said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:25 AM | Comments (0)

July 10, 2007

Robotic arm wins FDA clearance

Federal regulators have granted clearance to market a robotic arm brace designed to help stroke survivors regain use of paralyzed limbs and relearn how to move affected muscles, the device’s maker said today.

Boston-based Myomo Inc. said it would begin marketing the e100 NeuroRobotic System now that it has Food and Drug Administration clearance.

The lightweight brace slides onto an arm. Sensors detect slight muscle contractions. That triggers a motor, contained in a backpack the user wears, that allows the user to control the arm’s movement.

Unlike with other devices, no electrical stimulation or invasive procedures are required, Myomo says.

Rather, the device helps individuals use their own biological signals to recover muscle control.

The destruction of brain cells from a stroke causes loss of function. The researchers say with repetitive therapy, other neurons can take over some of the lost function.

Myomo — an acronym for My Own Motion — developed the arm based on research by two Massachusetts Institute of Technology graduates who won a $50,000 MIT business plan competition in 2004. Myomo is the privately held company that the MIT grads, John McBean and Kailas Narendran, are using to market the device.

The device is expected to cost $5,000 to $10,000.

The device is intended for use in clinical settings, and hasn’t yet been shown to be safe or effective for home use.
(AP)

Posted by globebusiness at 8:34 PM | Comments (0)

Howie Carr sues WRKO to leave station

Conservative WRKO-AM radio personality Howie Carr sued his employer today, a day after he shocked the local radio world with the announcement that he would move from his afternoon show to a morning drive-time slot on rival station WTKK-FM.

Carr alleged in his lawsuit filed at Suffolk Superior Court that a clause in his contract that gives WRKO the right to match any offer from a competitor is illegal under state law.

Yesterday, Carr's lawyer, Bret Cohen at Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo, announced that the talk show host would move from his current afternoon slot to the a 5:30 to 9 a.m. show on WTKK beginning Oct. 1.

"Without relief from this court, Mr. Carr will be unlawfully precluded from pursuing this opportunity and will be forced to continue working for an employer for whom he no longer wants to work," the lawsuit stated.

Cohen said that when his client's current contract with WRKO expires on Sept. 19, he is free to go wherever he wants, and reiterated that the decision to move was not a financial one, but was about the opportunity to move to a station with a clearer signal and different audience.

"I've wanted to be on FM for a long time and being on in the mornings is the greatest challenge in radio," Carr said in a statement. "I plan to bring fast-paced, 'felon-free' entertainment to morning drive," he added, in a dig at Tom Finneran who hosts the time slot on WRKO and will become a competitor.

Media buyers said that if Carr moves to WTKK, he will leave a vacuum, dealing a huge blow to WRKO.

"That's a huge hole that 'RKO has to fill, and to be honest with you I have no idea how they're going to fill that hole," said Carol Porter, vice president and account director at ad agency the Media Planning Group. "For now they have the Red Sox, but I don't know what's going to happen when the Red Sox leave in the fall."
(By Carolyn Johnson, Globe staff)

Posted by globebusiness at 4:48 PM | Comments (0)

Abt Associates buys NYC firm

Abt Associates, of Cambridge, has acquired the research and strategy firm SRBI, of New York City, in a bid to expand and strengthen its data-collection and survey-research capabilities.

Financial terms were not disclosed.

SRBI, which stands for Schulman, Ronca & Bucuvalas Inc., will operate as a wholly owned subsidiary of Abt Associates, which is led by president and chief executive Mark Schulman, Abt said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 3:50 PM | Comments (0)

Staples unveils Trump chairs

Staples Inc. has unveiled a new line of office chairs ‘‘inspired by the lifestyle’’ of Donald J. Trump, the flamboyant tycoon and TV personality.

The Framingham-based retailer of office supplies said the new chairs bring ‘‘affordable luxury, style, and quality from the board room to the every day office.’’

Trump Office for Staples features five chairs, including the $349.99 Bedminster, which features a ‘‘truffle brown durable chenille fabric,’’ and the $549.99 Westchester, a study in ‘‘chocolate brown leather.’’

Staples and Trump have some history: In 2005, Trump’s TV show, ‘‘The Apprentice,’’ challenged contestants to invent an office product to clean up their clutter in a promotion with Staples.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 3:03 PM | Comments (0)

MooBella receives $25m in venture funds

MooBella LLC, a Taunton company that seeks to deploy an unusual method of making and selling ice cream, said today it has closed on a $25 million round of financing.

The financing was provided by W. Health L.P., a venture fund managed by Inventages Venture Capital Investment Inc., a venture capital and private equity firm with offices in Geneva, Auckland, and Nassau, MooBella said.

According to a Globe story from 2006, MooBella looks to deploy machines that are roughly the size of vending machines that can mix, aerate, and flash-freeze a frozen concoction into fresh ice cream in a matter of seconds.

MooBella said the financing will enable it to introduce its ice cream system to more locations.

Erich Sieber, an Inventages partner, is joining MooBella's board of directors, MooBella said.

Posted by globebusiness at 2:47 PM | Comments (0)

Bernanke: Oil prices not a top inflation concern

Swings in volatile energy and food prices will have minimal impact on inflation as long as inflation expectations are held steady, Federal Reserve chairman Ben Bernanke said today in Cambridge.

‘‘If inflation expectations are well anchored, changes in energy [and food] prices should have relatively little influence on ‘core’ inflation, that is, inflation excluding the prices of food and energy,’’ Bernanke told the National Bureau of Economic Research.

Some analysts have suggested that policy makers may need to pay more attention to broad measures of inflation that include food and energy, given the recent persistence of gains in these prices.

However, Bernanke appeared to firmly endorse the Fed’s long-standing practice of focusing more heavily on core price measures in setting monetary policy.

‘‘Inflation is less responsive than it used to be to changes in oil prices and other supply shocks,’’ he said.

At the same time, Bernanke said the Fed, when forecasting inflation, must acknowledge any possible effects of jumps in food and energy costs on other price rises.

‘‘Forecasts of core inflation must take into account the extent to which food and energy costs are passed through to other prices,’’ he said.
(Reuters)

Posted by globebusiness at 1:36 PM | Comments (0)

Bar association chooses Boston -- for 2014

The Massachusetts Convention Center Authority said today that the American Bar Association will hold its annual meeting at the John B. Hynes Veterans Memorial Convention Center in 2014.

It will be the first time that the ABA has scheduled its annual meeting for Boston, a spokeswoman for the authority said.

The event, scheduled to take place from Aug. 7 through Aug. 12 of 2014, is expected to draw more than 10,000 attendees who will likely book 32,850 hotel room nights, the authority said.

Headquartered in Chicago, the ABA is a voluntary professional association of lawyers.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:19 PM | Comments (0)

Hyannis firm cooks up "smart cookies"

Late July Organic Snacks said today it is unveiling a new line of sandwich cookies that features such ingredients as dark chocolate, Madagascar vanilla beans, and green tea.

Headquartered in Hyannis, Late July is a family owned business that seeks to produce "organic updates on classic snacks."

According to the company, using ingredients that include fiber and antioxidants give new meaning to the term "smart cookie."

"Our mission was to take the ordinary sandwich cookie and upgrade it into something I would love and feel good about sharing with my children," company cofounder Nicole Dawes said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:08 PM | Comments (0)

Enpockets powers mobile ads for TV show

Enpocket said today it has been selected by The N, a teen network that is part of MTV, to power mobile advertising for the network's new series "The Best Years."

Enpocket of Boston seeks to provide advertisers with ways to make marketing to personal devices such as cellphones simple and effective.

The campaign for "The Best Years" features mobile Internet ads promoting awareness, a mobile Internet site offering consumers "a range of innovative engagement experiences" such as a quiz for viewers to find which characters on the show they are most similar to, Enpocket said.

According to Enpocket, the mobile advertising program recently went live and will continue to run for 13 weeks coinciding with a premier episode every Friday at 8:30 p.m.

The show follows orphan and full-ride scholar Samantha Best as she starts her freshman year at the prestigious Charles University in Massachusetts, Enpocket said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:08 AM | Comments (0)

Dunkin' Brands launches heroes program

Dunkin' Brands Inc., the Canton-based parent of Dunkin' Donuts, announced today the launch of a new program to recognize community heroes.

The first person to be honored by the "Serving Heroes" program is New York carpenter Gerry Crimmins, who spent vacation time rebuilding firehouses destroyed in the aftermath of hurricanes that ravaged New Orleans, said Dunkin' Brands, which also operates the Baskin-Robbins ice cream chain.

The Serving Heroes is a new program from the Dunkin' Brands Community Foundation, and it will encourage the public to call attention to people who do community service in times of crisis, the company said.

Each month, the foundation will identify a new hero, who will be eligible for a year's supply of free Dunkin' Donuts coffee or Baskin-Robbins ice cream, the company said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:50 AM | Comments (0)

Global Partners plans buy of L.I. terminals

Global Partners LP, a Waltham-based distributor of gasoline and residual oil to wholesalers, retailers and commercial customers, said today it agreed to acquire two refined products terminals on Long Island, New York from ExxonMobil Oil Corp.

The terminals have a combined storage capacity of 430,000 barrels of petroleum fuels. Financial terms weren't disclosed.

ExxonMobil has signed long-term throughput contracts with Global Partners to continue to use the terminals upon closing of the transaction, expected in the third quarter.

Global Partners expects to finance the deal through its existing credit facility.

The company said the acquired terminals increase total storage capacity to 8.6 million barrels, enabling the company to further diversify market coverage and grow its customer base.

The acquired properties include an Inwood, New York terminal with active storage capacity of 326,000 barrels which is supplied by barge and the Buckeye Pipeline system. Products distributed from this terminal include gasoline, ultra low sulfur diesel and heating oil.

The Glenwood Landing, New York terminal has active storage capacity of 104,000 barrels and is supplied by barge. Products distributed from this terminal include gasoline, ultra low sulfur diesel and heating oil.

"As with the Albany and Newburgh, New York and Burlington, Vermont terminals we acquired from ExxonMobil earlier this year, we expect this acquisition to be accretive to unitholders in the first 12 months of operation, with improving returns over time," said Eric Slifka, president and chief executive. (AP)

Posted by globebusiness at 10:22 AM | Comments (0)

Unica shares fall on disappointing results

Shares of Unica Corp. plunged at the opening bell today after the Waltham-based marketing software marker reported disappointing sales for the third quarter.

Late Monday, the company projected $23 million in revenue for the third quarter ended in June. Analysts polled by Thomson Financial expected sales of $27 million.

Licensing revenue was $7 million. Jefferies analyst Robert Schwartz said this was dramatically shy of expectations.

Unica said it failed to close a few deals, including some measuring millions of dollars.

Schwartz cut his rating on Unica's shares to "Hold" from "Buy " and reduced his price target to $14 from $16.

Shares of Unica tumbled $3.05, or 19.6 percent, to $12.55 in morning trading today on the Nasdaq Stock Market. The shares have traded in a range of $8.39 and $17.98 over the past year.

Unica makes software under the Affinium brand, which helps marketers coordinate programs, identify consumer behavior and track how people surf the Web. (AP)

Posted by globebusiness at 10:16 AM | Comments (0)

Critical Therapeutics starts Zyflo CR study

Critical Therapeutics Inc. today announced the enrollment of the first patient in a new study designed to evaluate Zyflo CR, the name for an extended-release tablet for the treatment of asthma.

The Lexington company focuses on developing and commercializing products for respiratory, inflammatory, and critical care diseases.

The company described the test as a Phase IV clinical study, which will assess the effect of Zyflo CR on lung function, asthma control, and symptomatic response in adult patients whose asthma has not responded to moderate doses of inhaled corticosteroids, another asthma treatment.

Zyflo CR was approved by the Food and Drug Administration on May 30, the company noted.
(Chris Reidy, Globe staff)

Posted by globebusiness at 9:59 AM | Comments (0)

Massport official is fined $7,000

The Massachusetts State Ethics Commission said today it fined an official at the Massachusetts Port Authority $7,000 for violating the state's conflict of interest law.

The commission said William Lynch, a Massport business analysis manager, violated the law by using his office and office equipment to operate a tax preparation business.

According to a disposition agreement between Lynch and the commission, Lynch prepared the majority of tax returns for his roughly 200 clients using his Massport office computer and office facilities during the 2005 and 2006 tax seasons; between February and April each year, Lynch spent about 12 hours each week after his state work hours on this private tax work.

After an investigation, Massport suspended Lynch one week for inappropriate computer usage, the commission said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:28 AM | Comments (0)

Haemonetics buys Infonale

Haemonetics Corp. said today it has acquired Infonale Inc. for $1.3 million, plus contingent consideration based upon future operating performance.

Haemonetics of Braintree is a provider of blood management solutions, and Infonale of Pennsylvania is a developer of software for optimizing hospital blood use and management.

At a recent shareholders meeting in May, Haemonetics said it outlined a vision to bring its blood collection and hospital customers a suite of blood management solutions that can reduce costs and improve clinical outcomes; Infonale's proprietary software, clinical data base, and consulting services support that vision, Haemonetics said.

Haemonetics is committed to "a total customer value proposition," and Tom Lawlor, president of the company's patient division, noted in a statement, "In the past year, we've introduced four new products that expand Haemonetics' reach in the surgical suite."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:12 AM | Comments (0)

Gather.com plans disease communities

Boston-based social network website Gather.com said today it is teaming up with Harvard Health Publications to launch health-specific online communities to help members manage chronic diseases.

The initiative also includes LifeMasters Supported SelfCare Inc., a California provider of disease management programs.

Harvard Health Publications is a provider of health content from Harvard Medical School.

Plans call for 35 communities, each focused on a specific disease, and each online community will provide Gather.com members with access to content and interaction with doctors from Harvard Medical School along with peer-to-peer support, the companies said.

"When people live with a chronic condition, they have a compelling need for information and contact," Gather.com chief executive Tom Gerace said in a statement. "We are leveraging LifeMasters' expertise in managing chronic disease and Harvard's physicians to provide a platform that allows people to engage in active online conversations not only with each other, but also with well-known medical experts."

Unlike many social network websites that are targeted at young consumers, Gather.com focuses on well educated middle-age consumers who enjoy online discussions on topics ranging from politics to fine dining.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:51 AM | Comments (0)

Hospital group forms sleep center alliance

Sleep HealthCenters and Southcoast Hospitals Group have completed an affiliation agreement to bring expanded sleep health services to the South Coast region of Massachusetts.

As part of the agreement, Southcoast Hospitals Group is moving its sleep services from its temporary location at Tobey Hospital in Wareham to a new location in Dartmouth; the move allows for the expansion of primary care physician services at Tobey, the hospitals group said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:26 AM | Comments (0)

Hampshire LLC buys Cambridge building

Hampshire LLC purchased a Cambridge apartment building for $2.15 million from Webster Domestic Investments, said a broker involved in the transaction.

The broker is NAI Hunneman Commercial, a Boston-based provider of commercial real estate services.

The three-story brick building at 109 Webster Ave. includes 10 apartments, many of them three-bedroom units, NAI Hunneman Commercial said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:12 AM | Comments (0)

Linear Air lands new "very light jet."

Linear Air, a Concord-based air taxi service, said today it has taken delivery of its first Eclipse 500, a so-called "very light jet" that's designed to reduce the costs of personal air travel.

Linear Air said that the Eclipse 500 will be ferried later this week to Hanscom Field in Bedford, where it will soon enter into service.

According to Linear Air, the Eclipse 500 cruises at more than 400 miles per hour, seats three or four passengers with two pilots, and has a range of more than 1,000 miles.

Linear Air said it has ordered 30 Eclipse 500 jets, which are scheduled for delivery over the next two years.

The Eclipse 500 is manufactured by Eclipse Aviation Corp. of New Mexico.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:58 AM | Comments (0)

Clinical Data plans stock offering

Clinical Data Inc. announced plans today to sell 3 million shares of its common stock in an underwritten public offering.

The Newton company, whose shares closed yesterday at $21.54 on the Nasdaq Stock Market, develops and commercializes clinical diagnostics for the healthcare market.

In connection with this offering, Clinical Data said it plans to grant Bear, Stearns & Co. Inc., the sole underwriter, a 30-day option to purchase up to an additional 450,000 shares of common stock to cover over-allotments, if any.

The company said its largest stockholder and chairman, Randal J. Kirk, through one or more of his affiliates, intends to purchase up to an aggregate of about $50 million of the common stock offered by the company; these purchases are intended to result in Kirk, through his affiliates, maintaining, at a minimum, his current 40 percent ownership position in Clinical Data following the offering.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:44 AM | Comments (0)

Work is completed on PerkinElmer HQ

Jones Lang LaSalle Construction said it has completed the interior construction of 115,000 square feet of new headquarters space for PerkinElmer Inc. in Waltham.

PerkinElmer, which was previously based in Wellesley, provides products and systems to the telecom, pharmaceutical, chemical, health sciences, and photonics markets.

According to Jones Lang LaSalle Construction, PerkinElmer's new headquarters features office, lab, and manufacturing space as well as a "high-end board room, multiple conference areas, a two-story dining area with skylight, two interior stair systems, and an employee fitness facility."

Jones Lang LaSalle Construction is part of Jones Lang LaSalle, a real estate money management and services firm headquartered in Chicago.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:21 AM | Comments (0)

July 9, 2007

Akamai to join the S&P 500

Standard & Poor’s said Akamai Technologies Inc., of Cambridge, which provides technology for online content streaming, will replace medical device maker Biomet Inc. in the S&P 500 after the close of trading on Wednesday.

Biomet is being acquired by a private equity consortium.

Additionally, Winthrop Realty Trust Inc., of Boston, will replace Highland Hospitality Corp. in the S&P REIT Composite. JER Partners Acquisitions IV LLC is buying Highland. The date for that change is yet to be determined.
(AP)

Posted by globebusiness at 8:01 PM | Comments (0)

Carr jumps from WRKO to rival WTKK

WRKO-AM radio host Howie Carr, who leads the afternoon talk show ratings in the Boston market, will move to the morning drive-time slot on rival station WTKK-FM this fall, his lawyer said today.

"Howie Carr believes it's a better opportunity," said Bret Cohen, Carr's attorney at Mintz Levin. "He believes he'll have the exact same listeners on a clearer sounding channel that's more accessible to more people."

The move puts Carr head-to-head with his current co-worker and nemesis, Tom Finneran -- the former House speaker who hosts WRKO's morning drive-time show.

"This is a huge loss" to WRKO, said media critic Dan Kennedy. "Certainly the sense for a long time has been that 'RKO has not been doing very well and Howie has been pretty much their one shining exception."

Carr currently holds the number two slot in afternoon programming, behind music station WXKS-FM, according to research firm Arbitron, which said 192,300 listeners tune in to Carr during a typical week, between January and March. His show, from 3 p.m. to 7 p.m. daily, also had a 6.3 percent market share -- a measure calculated through a combination of how many people listen and for how long.

(By Carolyn Y. Johnson, Globe staff)

Posted by globebusiness at 5:27 PM | Comments (0)

Business group lobbies for property tax relief

A business watchdog group issued a report today concluding that the state should honor an agreement that would limit how much Massachusetts communities can collect in future taxes from business properties.

The report, from the Boston Municipal Research Bureau, focused on an agreement that was part of a 2004 tax measure and that sought to reach a compromise at a time when residential property values in Massachusetts were rising far faster than commercial property values.

The compromise temporarily allowed Massachusetts communities to collect a greater share of taxes from business properties.

The compromise is set to expire in 2008 and return the maximum share of what business properties pay as their share of the tax levy to fiscal 2003 levels, the bureau said, but Governor Deval L. Patrick recently proposed extending the measure.

Any extension would be a mistake, said the Boston research bureau, whose report is supported by such companies as Bank of America Corp., Fidelity Investments, and State Street Corp.

"A deal is a deal," the report stated. "This commitment should be executed as planned to give confidence that future agreements between state officials and business leaders can be trusted and will be carried out as negotiated."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 2:42 PM | Comments (0)

Herb Chambers opens Lexus dealership in Sharon

New England auto dealer Herb Chambers opened a $30 million Lexus dealership in Sharon today.

Chambers, who owns 38 auto dealerships, is shifting his Lexus operations from Norwood to a new "state-of-the-art" Sharon facility that features two lounges, wireless Internet service, an espresso bar, and a children's play area, Chambers noted in a press release.

"I traveled around the world looking at the finest dealerships and incorporated the 'best of the best' in Sharon," Chambers said in a statement.

Making use of such high-end materials as stone, polished tile, and mahogany, the facility includes over 50 service bays, and it has the capacity to house an inventory of up to 1,000 vehicles, Chambers said in a press release.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:14 PM | Comments (0)

Luminus expands, relocates to Billerica

Luminus Devices Inc. said today it has moved its corporate headquarters from Woburn to Billerica as part of its expansion plans.

The company develops and manufactures solid-state light sources customized for various applications, including high-definition TV, video projectors, and avionics displays; one line of company light-emitting diode, or LED, products is called PhlatLight.

Luminus Devices said its new Billerica headquarters will be used for housing its engineering, assembly, and test operations as well as its corporate offices; it said its semiconductor foundry will remain in Woburn.

Luminus said it will retain 30,000 square feet of space in Woburn while initially occupying 45,000 square feet of space in Billerica.

The company said it needs to expand its operations because of increased demand for its PhlatLight LED products.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:42 AM | Comments (0)

Galvin fines Oppenheimer $1 million

Massachusetts Secretary of State William F. Galvin today fined Oppenheimer & Co. $1 million for theft, churning, and unauthorized trading by one of its agents, Galvin's office said.

Galvin also ordered Oppenheimer, a broker dealer, to return $135,000 to an elderly widow victimized in the case, Galvin's office said.

In August, Galvin charged Stephen J. Toussaint, a former Oppenheimer broker, with fraud, excessive and unauthorized trading in the investment accounts of William and Doris Pitera of Fall River; Oppenheimer was charged with failure to supervise Toussaint, who has since been indicted for securities fraud by the US attorney for Massachusetts, Galvin's office said.

William Pitera died in 2005, Galvin's office said.

"Returning funds to aggrieved investors was a top priority in bringing this action for unlawful conduct against the broker-dealer, which has a significant presence in the commonwealth," Galvin said in a statement.

Posted by globebusiness at 11:25 AM | Comments (0)

Intel buys stake in EMC's VMware

Intel Corp. will invest about $219 million for a stake in VMware Inc. and a seat on the board of the Silicon Valley software company that parent EMC Corp. of Hopkinton is taking public, the companies said today.

The investment is intended to speed adoption of VMware's software technology on computers using Intel semiconductors, expanding an ongoing strategic relationship.

No. 1 chipmaker Intel will pay $23 a share for 9.5 million shares in VMware, giving it 2.5 percent of all outstanding common stock

VMware also said in a regulatory filing shedding new information on plans for its upcoming IPO that it expects to sell up to 37.95 million shares to the public for an estimated price of between $23 and $25 per share.

After the sale to Intel, the chipmaker will control less than 1 percent of voting shares because the stock is divided into two classes, the companies said.

The software maker's products allow businesses to get more use out of computers by harnessing hardware resources that otherwise go wasted, using a technology known as "virtualization."

VMware software takes processing power on a business computer that isn't being used. It turns that computer into multiple "virtual" machines, reducing the amount of equipment that companies need to buy and maintain in data centers.

No. 1 software maker Microsoft Corp. sells similar technology but analysts widely agree that its functionality is behind that of VMware.

Shares in EMC, the world's biggest maker of corporate data storage gear, rose 9 cents, to $18.75, in early morning trading on the New York Stock Exchange. (Reuters)

Posted by globebusiness at 10:26 AM | Comments (0)

Bridgeline acquires Atlanta web design firm

Bridgeline Software Inc. of Woburn said today that it has merged with Objectware Inc. to expand Bridgeline's presence in the Atlanta market.

Bridgeline develops and markets Web applications and Web software tools.

Bridgeline's press release did not disclose the financial terms of the transaction, and a call to the company was not immediately returned.

Bridgeline said Objectware founder Erez Katz has joined its management team and will assume the role of executive vice president and general manager of Bridgeline Software-Atlanta.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:08 AM | Comments (0)

Staples pushes fashionable school supplies

Young scholars crave notebooks in such "fashion-forward" color schemes as "power pink" and "Hawaiian board shorts," and Staples Inc. aims to please with new back-to-school offerings that tap into the latest fashion trends.

Headquartered in Framingham, Staples is a retailer of office supplies that counts small businesses and people with home offices as among its key customers.

But when a new academic year looms, it also seeks to position itself as a top retail destination for back-to-school shopping.

To that end, Staples said it has tripled its selection of patterns and colors for school supplies so that fashion-hep students will "have multiple options to personalize" their academic paraphernalia.

Besides "power pink," other color schemes and patterns include Argyle, acid green, and "exploding spheres," the retailer said.

"At Staples, we track the trends and talk to teens," Jevin Eagle, Staples executive vice president of merchandising, said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:41 AM | Comments (0)

Mullen's mediaHUB wins Timberland

Wenham ad agency Mullen said today that its media and analytics group, mediaHUB, has been named media agency of record for Timberland Co.

New Hampshire-based Timberland is known for its outdoor apparel and footwear.

Mullen said mediaHUB will handle planning, buying, and analytics across all media platforms for Timberland.

In its press release, Mullen did not disclose how much in revenues that the Timberland account will generate, but it noted that mediaHUB was selected after a competitive review.

Mullen is owned by the Interpublic Group of Cos. of New York, which owns many ad agencies and public relations firms.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:23 AM | Comments (0)

Alnylam strikes a deal with Roche

Alnylam Pharmaceuticals Inc. licensed some cutting edge technology to a major drug developer, and its shares shot up in premarket trading today.

The Cambridge biotechnology company struck a deal that could be worth up to $1 billion with Swiss drug maker Roche. The pact focuses on Alnylam's work in RNAi therapeutics, which aims to identify the gene at the root of a condition or disease and silence it, thereby switching off the condition. Terms were not disclosed.

The non-exclusive license arrangement means Alnylam can license its technology to other companies as well.

Shares of Alnylam surged $8.10, or 53.2 percent, in premarket electronic trading to $23.30. The stock closed Friday at $15.20.

Premarket indicators pointed to a higher opening on Wall Street.
(AP)

Posted by globebusiness at 9:04 AM | Comments (0)

Christy's will switch from Citgo to Gulf

Gulf Oil LP said today that Christy's of Cape Cod LLC, a small chain of convenience stores and gas stations, will switch its gasoline brand from Citgo to Gulf.

Based in Newton, Gulf Oil is a large wholesaler of refined petroleum products in the Northeast.

According to Gulf Oil, this is the latest step in a strategy to become the premier New England brand of petroleum products.

The chief executive of Christy's of Cape Cod is Christy Mihos, who unsuccessfully ran for governor last year.

The chain has seven gas station locations, a Gulf Oil spokesman said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:00 AM | Comments (0)

CVS plans Hub playground makeover

A charitable program associated with CVS Caremark Corp. is donating $250,000 to replace the playground at Harambee Park in Boston's Dorchester neighborhood and make it more accessible for children with disabilities.

Based in Woonsocket, R.I., the company operates a chain of drugstores under the CVS/pharmacy nameplate.

The donation is from the CVS All Kids Can, a program of the CVS Caremark Charitable Trust Inc. and CVS/pharmacy, the company said.

The donation for Harambee Park is part of a larger $1.1 million nationwide pledge that aims to make life easier for children, CVS said.

At Harambee Park, the playground will receive a special ground surface that will enable children in wheelchairs to move about more easily; there will also be special playground equipment so that children of all abilities can play together, CVS said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:43 AM | Comments (0)

Ad agency Arnold creates "sniper" team

Arnold, the Boston ad agency that recently won business from Volvo Car Corp., announced today that it has rehired Paul Renner; Renner will be deployed as a "sniper" with agency creative director Roger Baldacci.

"A sniper is someone who is very mobile and uses expertise and precision to solve a problem," chief creative officer Pete Favat said in a statement. "By stripping out Roger and Paul's management duties and just having them focus on the work, we will be able to more quickly come up with outstanding creative and business solutions that will solve our clients' marketing challenges."

As advertisers shift spending from TV commercials to the Internet, ad agencies are retooling.

In November, Arnold said it would cut 40 jobs and hire 20 new people with such skills as interactive marketing and Web design; it recently hired its first chief digital officer.

At an earlier stint at Arnold, Renner worked on a famous campaign the agency fashioned for Volkswagen of America; Arnold and VW parted ways in 2005.

Renner is a former creative director at Wieden + Kennedy, an Oregon ad agency known for ads for Nike Inc.

Arnold creates advertising for such clients as Citizens Bank; Timberland Co., an outdoor clothing and footwear company; and the American Legacy Foundation, which sponsors the "truth" anti-smoking campaign.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:37 AM | Comments (0)

Dyax plans stock offering

Dyax Corp. said today it plans to offer 9.5 million shares of its common stock in a public offering.

The Cambridge biopharmaceutical company expects to give the underwriters a 30-day option to buy up to 1.4 million shares to cover any overallotments.

UBS Investment Bank is the book-running manager for the offering, while Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc. are co-managers. (AP)

Posted by globebusiness at 8:26 AM | Comments (0)

Pathmark will sell Green Mountain coffee

Green Mountain Coffee Roasters Inc. said today that Pathmark Stores Inc. will introduce its Green Mountain coffee and Newman's Own Organics coffee to most Pathmarket grocery stores.

Green Mountain, a specialty coffee company, is headquartered in Waterbury, Vt.

Based in Carteret, N.J., Pathmark operates 141 supermarkets in the New York-New Jersey and Philadelphia metropolitan areas, Green Mountain said.

Green Mountain said its coffee will be available in 90 Pathmark stores.

"This partnership will enhance the availability of our coffee and our brand presence in the densely populated tri-state corridor," Don Barberio, Green Mountain vice president, said in a statement.

Posted by globebusiness at 8:22 AM | Comments (0)

Aurora names Nobel laureate to panel

Aurora Imaging Technology Inc. today named Nobel Laureate professor Russell Hulse to its advisory board.

Aurora Imaging of North Andover manufactures MRI equipment specifically designed to detect breast cancer.

Hulse recently retired as principal research physicist at the US Department of Energy's plasma physics laboratory at Princeton University, Aurora said.

"Although the mission of Aurora is to detect and fight breast cancer, the means is undoubtedly high technology," Aurora chief executive Olivia Ho Cheng said in a statement. "With this in mind, we are constantly in search of the best scientific minds to assist us in our mission."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:17 AM | Comments (0)

July 6, 2007

2007 summer harbor cleanup launched

Several Boston and Massachusetts organizations joined forces again to launch the Summer 2007 Boston Harbor Marine Debris Cleanup Program.

The program removes potentially harmful material from Boston Harbor and its tributaries to make the waters safer for swimmers and boaters.

A boat operated by Boston Line & Service Co., contracted by The Boston Harbor Association, will pick up debris from the inner harbor, Fort Point Channel, Charles River, Chealsea Creek, and the Mystic River for eight hours a day, four days per week until mid-September.

The Massachusetts Water Resource Authority, Massachusetts Port Authority, City of Boston, and Eastern Salt Co. of Chealsea will combine to raise about $35,000 to pay for the cleaning.

According to a press release, more than 200 tons of debris have been removed in the past seven summers. The most common refuse include plastic cups, bottles, wrappers, and cigarette butts.
(By Se Young Lee, Globe staff)

Posted by globebusiness at 4:11 PM | Comments (0)

Pricewaterhouse to pay $225m in Tyco settlement

PricewaterhouseCoopers LLP said today that it will pay $225 million to settle a class-action case brought by investors in Tyco International Ltd. following the accounting scandal at the diversified manufacturer.

The settlement with the auditing firm, combined with a recent settlement with Tyco that was previously announced, brings the total settlement to more than $3.2 billion, according to a statement from law firm Grant & Eisenhofer and two other law firms representing the plaintiffs.

Tyco last month agreed to pay $2.975 billion into a fund for plaintiffs in 32 class-action lawsuits that resulted from an accounting scandal that sent former Chief Executive Dennis Kozlowski to prison.

The settlement is still subject to approval by U.S. District Court in Concord, New Hampshire.

"PricewaterhouseCoopers has decided to resolve the vast majority of the Tyco litigation involving the firm by joining the global settlement previously announced," said PricewaterhouseCoopers spokesman David Nestor. "While PwC was prepared to continue to defend all aspects of its work in the litigation process, the cost of that defense and the size of the securities class action made settlement the sensible choice for the firm."

Kozlowski and former Tyco finance Chief Financial Officer Mark Swartz were found guilty in June 2005 of looting $600 million from the conglomerate.

The case became one of the best-known cases of the excesses of corporate America when it became clear that Kozlowski had used company funds to pay for luxury items including a $6,000 shower curtain and a $15,000 umbrella stand.

Kozlowski, who is now serving a sentence of up to 25 years at a New York prison, left the company in 2002.

The company has since spun off Tyco Electronics Ltd. and Covidien Ltd. to shareholders.

"This is more a formality today in terms of the filing of the full settlement agreement with the court," said Tyco International spokesman Paul Fitzhenry. (Reuters)

Posted by globebusiness at 4:04 PM | Comments (0)

Constant Contact files for IPO

Constant Contact Inc., a Waltham-based company providing e-mail marketing services as well as online surveys to small businesses, has filed documents to the Securities and Exchange Commission as part of its effort to become a publicly traded company on the Nasdaq Stock Market.

According to the company's filings to the commission, Constant Contact intends to use the proceeds from the public offering for "general corporate purposes," including the development of new products and customers, funding future growth, and repaying debt, although the company has yet to come up with a definite plan. The company said it will not receive proceeds from the shares sold by the selling stockholders.

While the company plans to be traded under the symbol CTCT, its filings did not disclose how much it sought to raise or how many shares it will sell. The company reported a net revenue of $27.55 million in the fiscal year 2006, ending Dec. 31, as opposed to $14.66 million in fiscal year 2005, a 88 percent growth. But the company's net loss grew from $1.23 million to $7.84 million in that same period, as well -- growing by more than five times.

The company reported an increase in customer base from about 25,000 at the end of 2004 to more than 120,000 at the end of June 2007. About two-thirds of its customers employ fewer than 10 workers, the company said in the filings.
(By Se Young Lee, Globe staff)

Posted by globebusiness at 3:19 PM | Comments (0)

Linear buys Wellesley's Central Plaza

Linear Retail Properties LLC of Burlington this week purchased Central Plaza, a 47,000-square-foot shopping center on Central Street in Wellesley Center, according to Jonathan Aron, vice president in the investment group of NAI Hunneman, which represented the buyer.

The property, which was owned by Wellesley Realty Trust, had not been marketed and was sold in a private transaction for $22 million.

The Gap is a currently tenant, along with six other shops, and Citibank plans to take space in the two-story building, which is accompanied by a surface parking lot.
(By Thomas C. Palmer, Jr., Globe staff)

Posted by globebusiness at 2:42 PM | Comments (0)

Comcast sponsors Red Sox Scholars

Comcast said today that it has become a new sponsor for the Red Sox Scholars program, aimed at fifth graders enrolled in Boston public schools.

The cable company, under a program called Comcast Triples for Red Sox Scholars, will donate money every time a Red Sox player hits a triple this season and said it will contribute a total of $25,000 by the end of the season.

Red Sox Scholars program, started in 2003 by the Red Sox Foundation, picks 25 gifted students in lower income families each year. The foundation will donate a $10,000 scholarship to the college of each scholar's choice to help pay for their education so long as they "maintain good grades and conduct."

"We are excited abou the chance to make a real difference for kids in Boston through the Red Sox Scholars program," said Paul D'Arcangelo, vice president for Comcast's Metro Boston Region, in a press release. "This is a great opportunity to show these talented young students that their hard work in school will pay off down the line."

In addition to the Triples for Red Sox Scholars contributions, the press release said Comcast will also run public service advertisements of this year's class of scholars "across Red Sox Nation," a donation worth about $300,000.
(By Se Young Lee, Globe staff)

Posted by globebusiness at 12:14 PM | Comments (0)

Report: rental rates down in Mass.

Sunrise Management & Consulting released a report today showing a $20 decrease in rental rates in the Greater Boston area in spring 2007.

The Spring 2007 Sunrise Multifamily Market Report stated that average rent in Boston and the suburbs fell from $1,471 in its Fall 2006 survey to $1,451. Rent averages in western Massachusetts fell from $949 to $945 in the same period.

The report also noted a decrease in average rental rates in Maine and Rhode Island, and little movement in New Hampshire. But western Connecticut saw a $54 increase after a $24 increase in its fall survey, making it the fastest growing market in the US.

Jesse Holland, president of Sunrise, said in a press release that he expects the Northeast markets to have rebounded by fall -- when the firm will release its Fall 2007 report.
(By Se Young Lee, Globe staff)

Posted by globebusiness at 11:03 AM | Comments (0)

Aspect buys back 2 million shares

Aspect Medical Systems Inc., which makes brain-monitoring products, said today that it exercised an option to buy 2.5 million shares of Aspect common stock held by Boston Scientific Corp. for about $37.7 million.

Aspect bought 2 million shares for $32 million in a deal expected to close on Tuesday. The company also has the right to buy more shares from Boston Scientific during the six-month period beginning Wednesday.

Boston Scientific has agreed not to sell any of its Aspect stock to anyone except Aspect.

The companies ended their neuroscience alliance. After the repurchase, Boston Scientific's holdings in Aspect will be about 1.5 million shares, or 9 percent of the outstanding stock. (AP)

Posted by globebusiness at 10:19 AM | Comments (0)

Genzyme drug misses trial goal

Genzyme Corp. said today that its drug candidate tolevamer missed its main goal in a late-stage clinical trial, proving less effective than standard medication against bacteria-related diarrhea.

The trial was designed to show tolevamer liquid was as effective or more effective than vancomycin in treating 1,100 patients with Clostridium difficile-associated diarrhea, or CDAD. Genzyme said the drug was not as effective as vancomycin, although it was well-tolerated and safe, and recurring infections were rare.

Genzyme said it will present data from the trial at a future medical conference.

"These are disappointing results that alter our expectations about the potential for commercializing tolevamer in the near future," said Henri A. Termeer, chairman and chief executive of Genzyme.

CDAD is a bacterial infection of the colon that disrupts the intestinal lining, causing inflammation that can lead to colitis and diarrhea. Genzyme said the infection usually occurs in people who have been given antibiotics. Tolevamer is designed to stop the bacteria from damaging the intestine.

Genzyme said it is conducting a second late stage trial of tolevamer liquid and expects to release those results later this year.

Shares fell $2.77, or 4.3 percent, to $62.12 in morning trading. (AP)

Posted by globebusiness at 10:14 AM | Comments (0)

Revenues up at Investors Capital

Investors Capital Holdings, Ltd., an investment services firm based in Lynnfield, reported record revenues of about $80 million for the fiscal year 2007 ending March 31, a 17.72% increase from fiscal year 2006.

According to a press release, Investors Capital has increased its annual revenues since its incorporation in 1995. It reported total revenues of approximately $68 million for fiscal year 2006. Gross profit for 2007 was $15.13 million, a 12.9 percent increase from $13.4 million from 2006.

"Our strong showing this year reflects our primary, never-ending focus on delivering premier, Ritz-Carlton level service and support to our representatives," said Theodore E. Charles, chief executive of Investors Capital in a press release.

Investors Capital said the company posted a net loss of about $1.08 million for 2007, which it attributed to expenses from "certain legal and regulatory proceedings that cost the Company approximately $2.20 million" that it said was "unusually costly compared to future legal proceedings that the Company will inevitably face in its chosen marketplace."
(By Se Young Lee, Globe staff)

Posted by globebusiness at 9:53 AM | Comments (0)

PTC stock plunges after forecast

Shares of Parametric Technology Corp. plunged in premarket trading today after the design and engineering software cut its fiscal third-quarter profit and sales forecast.

The Needham, Mass., company said late Thursday it expects to widely miss analyst expectations for the period ended June 30, due mainly to weak license revenue.

The company forecast revenue of about $225 million for the quarter ended June 30, down from its earlier outlook for $235 million to $240 million, while analysts polled by Thomson Financial were expecting, on average, sales of $238.2 million. The company also said earnings per share will fall below previous guidance but did not offer specifics.

Analysts said the problems stemmed from weak sales in North America and Japan.

The warning prompted a downgrade from Kaufman Brothers analyst Barbara Coffey, who cut her rating on the shares to "Hold" from "Buy." She cited the "magnitude" of the revenue miss "and the seemingly surprise nature of this event, all which lead us to consider if this misstep will have implications beyond one quarter."

Parametric shares lost $4.21, or 19.5 percent, to $17.36 in premarket electronic trading, from their Thursday close at $21.57.

Premarket indicators were mixed as investors weighed employment figures released ahead of the bell. Payrolls rose a better-than-expected 132,000 jobs in June, keeping the unemployment rate at low 4.5 percent but sparking concerns that the Federal Reserve may consider raising -- or at least not move to cut -- interest rates.

Among the stocks showing gains in the early session was CBOT Holdings Inc., which moved higher after Chicago Mercantile Exchange Holdings Inc. sweetened its offer to buy its cross-town rival for the third time.

The increased bid would hand Chicago Board of Trade shareholders a 36 percent ownership stake in the combined exchange, up from 35 percent in the previous agreement. All other terms remain the same.

CBOT shares added $5.85, or 2.8 percent, to $212 premarket, from their Thursday close at $206.15.

Merc shares were trading unchanged at $555.69, while shares of IntercontinentalExchange Inc. added $2.64, just under 2 percent, to $154.45, from their close at $151.81.

The Merc offer was aimed at convincing CBOT shareholders to vote against a rival bid from Atlanta-based ICE.

Also gaining were shares of tiny Transmeta Corp., after the chipmaker received a $7.5 million "strategic investment" from Advanced Micro Devices Inc.

Transmeta shares added 34 cents, or 48.6 percent, to $1.04 in premarket trading, from their close at 70 cents Thursday.

AMD, which will get preferred stock in the deal, were off a penny from their Thursday close at $14.19. (AP)

Posted by globebusiness at 9:21 AM | Comments (0)

Yankee Group: videogame ads will grow

Yankee Group, a technology research and consulting firm based in Boston, said worldwide advertising in videogames will grow from $77.7 million in 2006 to $971.3 million by 2011, a 1,150 percent growth.

According to the a report called "Advertising and Games: 2007 In-Game Advertising Forecast," Internet advertising growth outpaced that of the traditional media, a shift that has led to increases in budgets for in-game advertising. Further, the increased online capabilities of the new video game consoles is providing more avenues for inserting advertisements pushing the latest products.

"Advertisers are increasingly finding in-game advertising to be a greater investment value because of the variety of opportunities that exist in and around games," Michael Goodman, director of digital entertainment in Yankee Group's Consumer Research group, said in a press release.

The report also predicts that the number of games with in-game ads will double annually through 2008.
(By Se Young Lee, Globe staff)

Posted by globebusiness at 9:07 AM | Comments (0)

Children's in deal with Oxford BioMedica

Children's Hospital Boston said today that it reached an agreement with Oxford BioMedica Plc., a UK-based biotechnology company, that would extend the license agreement for two genes developed by the hospital to fight cancer.

Endostatin and angiostatin, the genes being licensed to Oxford BioMedica only for gene therapy, could suppress tumor growth by suppressing creation of blood vessels needed.

According to a press release, Oxford Biomedica will pay "an upfront payment, milestone payments and royalties on sales," although it declined to provide the exact details of the agreement reached.

In a separate agreement, Children's Hospital purchased a little over 240,000 shares of Oxford BioMedica for approximately $200,000.
(By Se Young Lee, Globe staff)

Posted by globebusiness at 8:55 AM | Comments (0)

Frontline gets $5 million grant

Frontline, a Public Broadcasting Service documentary series produced by WGHB-Boston, received a $5 million grant from the John D. and Catherine T. MacArthur Foundation that will be used to improve the program's Web presence.

"This very generous support by the MacArthur Foundation will allow us to take the next big steps to integrate our documentary production online, enrich the user experience with new original content, and reach both new audiences and our loyal viewers on this new media platform," said Frontline Executive Producer David Fanning in a press release.

Frontline plans on using the grant to bolster the program's Web site as well as its Frontline/World magazine by developing Web-exclusive content, providing an online public forum, and make its video and print material more accessible within its Web site as well as popular search engines.
(By Se Young Lee, Globe staff)

Posted by globebusiness at 8:45 AM | Comments (0)

Green Mountain approves 3-for-1 stock split

Coffee company Green Mountain Coffee Roasters Inc. said today that its board approved a three-for-one stock split.

Shareholders of record as of July 17 will get two additional shares of common stock for every share they hold, the company said. Green Mountain's transfer agent, Continental Stock Transfer, will distribute any additional shares on July 27, the company said.

Green Mountain said that on July 30 its common stock will start trading on a split-adjusted basis. (AP)

Posted by globebusiness at 8:33 AM | Comments (0)

Stoneham man gets Mr. Appliance honor

Mr. Appliance Corp. has named Joe Romano as its Mr. Appliance Rookie of the Year.

Headquartered in Texas, Mr. Appliance is an appliance repair franchise, and based in Stoneham, Romano is an independent owner of a Mr. Appliance franchise.

"It was a lot of hard work," replied Romano, when asked about the award. "It's a big honor."

The award goes to a new franchise owner who "demonstrates outstanding performance," the company said.

Romano is experienced for a rookie; just as Red Sox pitcher Hideki Okajima spent years playing in Japan before debuting in the Major Leagues, Romano, 35, logged much time in people's homes repairing their broken washers, dryers, and refrigerators before acquiring a Mr. Appliance franchise last year.

Repairing appliances may be more difficult today than when his father practiced the trade, said Romano, who is planning to move his operation to Andover shortly.

Modern appliances are so computerized that a good repair specialist needs constant training to stay up to date, he said.

To excel, "you need to be part plumber, part electrician, and part computer specialist," Romano said. "You have to be well rounded."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:26 AM | Comments (0)

July 5, 2007

BU prof: Go easy on e-mail

When it comes to grammar in an e-mail age, business people don't want massive data dumps, but rather bite-sized lessons, and perhaps the most important lesson of all is to recognize e-mail's limitations.

So states Boston University lecturer Sarah B. Campbell, who aspires to give executives cram courses in the essentials of erudition.

To that end, Campbell has taken to writing slender grammar guides that aim to make "the understanding of grammar a common sense (and even fun) experience."

Her latest offering is the "The Grammar of E-mails for Business," which goes on sale next month at grammarguides.com.

Campbell's guides aim to be a far cry from many traditional grammar books, which are often tomes penned by tweedy pedagogues more familiar with 50-word sentences and the outrage of the dangling participle than with e-mails and text messaging.

According to Campbell, e-mail is an "exploding genre," but it is not a one-size-fits-all communications solution; rather it is one communications tool among many.

The trick, she said, is to know when to use e-mail; too often, people write e-mails when they should be scheduling meetings or writing an old-fashioned letter. Meetings are better when a subject is complex. And if a matter is emotional and private, a letter or a phone call is a better choice than an e-mail.

"People try to do more with e-mail than it can bear," she said.

By the way, Campbell believes that e-mail should be written "email," no hyphen.

Hyphens are for new words just entering the vernacular; at this point, e-mail has become so entrenched in the language that its hyphen, the linguistic equivalent of training wheels, should be discarded, Campbell said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:49 PM | Comments (0)

CardioTech to sell unit to German firm

CardioTech International Inc., a manufacturer of medical devices to treat cardiovascular disease, said today that it will sell one of its subsidiaries to Germany-based Medos Medizintechnik AG in a $6 million stock deal.

CardioTech, which is based in Wilmington, expects to receive $6 million from the sale of its subsidiary Gish Biomedical Inc. That figure, excludes $500,000 in transaction costs and $1 million that will be held in a one-year escrow account to cover any outstanding costs to Medos.

The Stolberg, Germany-based company, which makes medical devises for cardiac surgery, is buying Gish Biomedical to break into the U.S. market.

The deal is expected to close on Monday.

Shares of CardioTech traded flat at $1.37 in midday trading. (AP)

Posted by globebusiness at 12:17 PM | Comments (0)

MassDevelopment funds 5 YMCAs

MassDevelopment, the state's finance and development authority, announced today an $8.5 million financing package for YMCA of Greater Boston.

Bond proceeds will fund expansion initiatives at five YMCAs across the city, including the organization's Fenway headquarters and branches in Brighton, Dorchester, Hyde Park, and West Roxbury, MassDevelopment said.

Aside from having the capacity to serve more children and families, the YMCA said the funding will allow it to hire 20 new full-time employees, according to MassDevelopment.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:28 AM | Comments (0)

HRPT declares dividend

Real estate investment trust HRPT Properties Trust today declared a regular quarterly dividend of 21 cents per share.

The company will pay the dividend on Aug. 24 to shareholders of record on July 25. (AP)

Posted by globebusiness at 11:01 AM | Comments (0)

Genzyme knee treatment data disappoints

Genzyme Corp., a Cambridge biotechnology company, today announced disappointing test results for Hylastan, a treatment designed to manage knee pain caused by osteoarthritis.

Genzyme devised a study to determine whether Hylastan provided superior pain relief than existing steroid treatments, and the study concluded that the difference in relief brought about by Hylastan and steroids was insignificant.

As a result, Genzyme said it will not pursue Hylastan as a knee treatment at this time.

The company currently markets a product called Synvisc, which provides six months of pain relief for patients with osteoarthritis of the knee after a series of three injections.

Genzyme has been exploring treatments that would yield six months of relief from a single injection.

To pursue that goal, Genzyme explored two different paths, one with Hylastan, and the other involving something called Synvisc-One, a single injection that offers the effectiveness of three injections of Synvisc.

Today Genzyme said it plans to focus on Synvisc-One and that it expects to apply for regulatory approval later this month to market Synvisc-One in Europe; Genzyme said it has already filed for approval of Synvisc-One with the US Food and Drug Administration.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:57 AM | Comments (0)

Mass. business confidence falls

A monthly business confidence index for Massachusetts fell three points from May to June as interest rates and energy costs rose and the housing market deteriorated.

The index, compiled by the Associated Industries of Massachusetts, was 54.2 in June, down from 57.2 in May and up from 53.2 in June 2006; a national business confidence index, in contrast, was 54.3 in June, down 1.3 from May.

The group, known as AIM, is a nonprofit employer association of more than 7,600 Bay State businesses and institutions.

"The relative strength of the US index points to employer concerns about state-level conditions and policies - and indeed the proportion of survey respondents calling current conditions in Massachusetts 'bad' is at the highest level since 2003," Andre Mayer, senior vice president for communications and research at AIM, said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:44 AM | Comments (0)

Beacon back in compliance with Nasdaq

Beacon Power Corp. announced today that it has regained compliance with the listing requirements for the Nasdaq Stock Market.

Beacon Power of Wilmington designs and develops products and services to support the stable, reliable, and efficient operation of electricity grids.

The company said today that it received a letter on July 3 from Nasdaq stating that because the closing bid price of the company's common stock has been at least $1 per share or greater for at least 10 consecutive business days, Beacon has regained compliance with Nasdaq's listing rules.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:19 AM | Comments (0)

Samsonite sold for $1.1 billion

Luggage maker Samsonite Corp. today said it agreed to be acquired by funds affiliated with private-equity company CVC Capital Partners for $1.49 per share, or about $1.11 billion.

The company had about 742.1 million shares outstanding as of June 8, according to a filing with the Securities and Exchange Commission, implying a purchase price of about $1.11 billion. Including the assumption of debt, the deal is worth about $1.7 billion.

The price is a 12 percent premium from the company's closing price Tuesday on the Over-the-Counter Bulletin Board.

Samsonite's board approved the deal, and groups that control about 85 percent of Samonsite stock, including Boston-based Bain Capital, have agreed to approve the deal, which is expected to close during the fourth quarter.

Samsonite has been struggling since a major refinancing deal fell through following the Sept. 11, 2001 terrorist attacks. The company has also faced shareholder lawsuits and posted years of net losses. (AP)

Posted by globebusiness at 8:59 AM | Comments (0)

UMass researchers tracking wireless turtles

From the way he thrashed his head, kicked and tried to make a getaway, M16 made it clear he didn't like human contact. But the researchers wrangling with him could be helping to save his species.

Despite his best efforts to escape the clutches of two scientists from the University of Massachusetts and get back to the swamp he was just lifted from, the 40-pound snapping turtle finally gave up and let Mike Jones and Matt Garber do their jobs.

Using a combination of orthodontic cement and duct tape, the students attached a postcard-sized waterproof computer to the turtle's shell. After christening the 16th male turtle he found in the area as "M16," Jones scribbled some information about the turtle's shell markings into a field book and set the snapper free.

Knowing where M16 goes could help scientists protect him.

In an experiment taking place along the Deerfield River in western Massachusetts, two otherwise unrelated groups of researchers are working together: computer engineers like Garber who are testing a new wireless communication network, and biologists like Jones who are tracking snapping turtles -- a species they worry may be headed for decline as land development shrinks their habitat.

The idea behind the technology is to create a network of constantly moving devices that record and store information, transmit data from one device to another, then relay all the saved information to a central location while running on self-charging batteries.

"A lot of the existing technology works great as long as you're not moving around and you have stable networks and people who could recharge batteries," said Jacob Sorber, a doctoral candidate in computer science who designed the network he calls TurtleNet, a project funded by grants from the National Science Foundation.

The solar-powered computers are light enough so they don't weigh the turtles down, and they don't interrupt their mating habits, Jones said.

Stuck to the shells of about 15 turtles found in spots near the Deerfield swamp, the gadgets will take periodic readings of the reptiles' location and body temperature.

When one computer-carrying snapper gets within a tenth-of-a-mile of another, the machines swap information.

The series of short-distance transmissions allows for long battery life in each computer, and the solar panels attached to the units are expected to constantly keep the batteries charged. Without a relay system, a longer transmission would require a larger battery that would drain too quickly or be too big for a turtle to carry.

The turtle-to-turtle relay ends when one of the snappers passes near a single base station that receives all the accumulated information. While Jones thinks the snappers may roam up to 10 miles from the Deerfield swamp they know as home, he says it's in their nature to return to the bog where the base station is.

Working like a cell phone sending a text message, the base station zaps the data to the UMass-Amherst campus about 15 miles away, where biologists are charting each turtle's whereabouts.

"We're trying to get a better idea of their range, the routes they take and where they hibernate," said Jones, who is working on a doctoral degree in biology. "If you have that information for a good number of turtles, you can predict what their patterns will be for the next 50 years or so."

Booming land development and an increase in natural predators has landed seven of Massachusetts' 10 freshwater turtle species on the state's endangered species list. Snappers aren't there yet, but Jones and other biologists are concerned they're on their way.

"People think they're a nuisance, they're aggressive and they're smelly," he said. "And you see a lot of dead snappers on the side of the road. But most of the turtles that people are running over are mothers trying to get somewhere to nest."

By mapping where and how the snappers move, they're trying to generate enough information that could be used to help protect turtle habitats.

Until now, tracking turtles has been a difficult -- and messy -- business.

Jones has been following turtles around New England by attaching radio receivers to their shells. When he goes looking for them, he has to carry a radio receiver while wading through swamps and bushwhacking through woods hoping to pick up a signal. And the radio batteries are good for only about two years.

If TurtleNet -- which was launched in June -- works, he'll be able to spend less time hunting for his subjects. The computers should let him know where the turtles are at any time.

Researchers from Princeton University have been using a similar technology during the past five years to track zebras in Kenya. Unlike TurtleNet, the Princeton project uses computers with larger batteries that could be more easily carried on collars attached to the strong, fast-moving zebras.

Still, the end result is the same, and the Princeton scientists say their studies have shed new light on the animals' migratory patterns.

"These are early examples of using computer engineering to answer questions about biology," said Margaret Martonosi, a professor of electrical engineering at Princeton. "If you know where these animals are going and how they're moving, you could take steps to better preserve the land and their habitat."

While the turtles may not be covering as much ground as the zebras, their interaction with people is increasing. And that puts them in more peril.

"You see a lot of them up the road this time of year," said Les Jackson, who works on a farm adjacent to the swamp where M16 was found.

Early summer is when turtles nest, and finding a place to lay their eggs often means crossing busy roads. The snappers Jackson was referring to were the ones he's seen crushed by cars. (AP)

Posted by globebusiness at 8:43 AM | Comments (0)

Chief investment officer changes at Baring

Baring Asset Management announced today that chief investment officer Michael Hughes will retire at the end of the year and that Marino Valensise will be promoted to replace him.

With offices in Boston, Baring Asset Management is an international investment management firm and it is part of the MassMutual Financial Group of Springfield.

Valensise is currently the head of Baring's fixed-income and currency team; Valensise will be succeeded by the team's deputy, Alan Wilde, Baring Asset Management said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:28 AM | Comments (0)

Mobius moves into South End

Boston Mayor Thomas M. Menino announced that Mobius, a nonprofit arts center, has signed a long-term lease on a new gallery and performance space.

The space is at the ArtBlock development, located at 725 Harrison Ave. in Boston's South End neighborhood, Menino's office said.

In a statement, Menino said of Mobius, "Their new home offers them a stable venue to produce, perform, and showcase their work."

Mobius is known for "incorporating a wide range of the visual, performing, and media arts into innovative live performance, video, installation, and inter-media works," according to Menino's office.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:22 AM | Comments (0)

Icosystem renews its Camb. lease

Strategy consulting firm Icosystem Corp. has renewed its lease for its headquarters in the Alewife neighborhood of Cambridge, said a broker involved in the transaction.

The broker is Meredith & Grew of Boston, which represented the building's landlord, Synergy, a Boston-based real estate investment and development firm.

The building is 10 Fawcett St., a six-story office building with about 130,000 square feet of space, and Icosystem is renewing a lease for just over 11,000 square feet of space, Meredith & Grew said.

In lease renewal negotiations, Icosystem was represented by FHO Partners of Boston, Meredith & Grew said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:16 AM | Comments (0)

Ukranians now tapping Digit Wireless keypads

Digit Wireless of Burlington said that a cellphone now available in the Ukraine is featuring its dual-alphabet Fastap keypad.

That availability is the result of ZTE Corp., a Chinese provider of telecommunications equipment, making its handset available through PEOPLEnet, a company in the Ukraine, Digit Wireless said.

The dual-alphabet Fastap keypad gives mobile phone users in the Ukraine the option to input text using their native language based on the Cyrillic alphabet; the keypad also includes Latin-based raised-letter keys enabling the entry of text in Romanized Ukrainian, English, or other Latin-based languages, Digit Wireless said.

Digit Wireless is focused on providing keypad technology that enhances the usefulness of mobile devices.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:12 AM | Comments (0)

Bulfinch wins industry award

The Massachusetts chapter of the National Association of Industrial and Office Properties announced that it will present its 2007 Distinguished Real Estate Award to the Bulfinch Cos.

Bulfinch, a Needham-based real estate investment firm, is headed by brothers Eric and Robert Schlager, NAIOP noted.

"The Bulfinch Cos. exemplifies the best that our business has to offer - a highly successful and diversified real estate investment and development firm that is grounded in customer service and community partnerships," David Begelfer, chief executive of NAIOP Massachusetts, said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:05 AM | Comments (0)

Provident Int. chooses Applix tech

Applix Inc. announced today that Provident International, a UK-based consumer credit company, has selected Applix to provide financial forecasting and consolidation services.

Applix of Westborough is a provider of business analytics software solutions.

Provident International will implement Applix and its analytics engine, Applix TM1, to provide a real-time, flexible alternative to its complicated forecasting models, Applix said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:02 AM | Comments (0)

July 3, 2007

Mailers union OK's contract with Globe

The members of Boston Mailers Union Number 1, International Brotherhood of Teamsters, approved a new five-year labor agreement with The Boston Globe on Sunday that helps the newspaper control labor expenses while giving the union improved healthcare options and some future hiring opportunities, the company said today.

The agreement, retroactive to Jan. 1, 2006, was hammered out in June. The vote was 112 in favor and 69 against.

No wage increases are provided for. However, the company agreed to make bonus payments to eligible union members of up to $450 annually, provided the Globe’s revenue exceeds prior-year revenue levels. No bonus payments will be made for 2006 or 2007.

The contract reduces current wages for some employees and lowers all wage rates for new employees, to make the overall wage structure more competitive.

The contract also allows for the hiring of former composing room employees with job guarantees into mailroom positions.

The Globe estimates total cost savings at $9.6 million over the remainder of the agreement, or about $3 million per year.

The union won annual payments into its health fund of about 25 percent of the above savings over the same period of time. The Globe will also make one-time lump sum payments ($540 per grandfathered eligible journeymen) into qualified healthcare accounts in 2009, 2010, and 2011.

In all, these quid pro quo payments will total about $2.6 million.
(Globe staff)

Posted by globebusiness at 4:42 PM | Comments (0)

KB Toys launches interactive website

KB Toys Inc. has launched an interactive website, KBclubhouse.com, that features games and activities for children, updates on toys, and exclusive offers for KBclubhouse members.

Customers can sign up for a free membership either online or in stores.

The privately held Pittsfield retailer operates about 570 stores.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:54 PM | Comments (0)

Mohegan Sun picks a construction manager

Skanska USA Building Inc.’s Boston office has been tapped to manage the construction of part of a $740 million expansion project at Mohegan Sun in Uncasville, Conn.

The gambling complex had previously unveiled plans for Project Horizon, which will add hotel and office space and a 3,600-space parking garage.

New Jersey-based Skanska will manage the northern expansion portion of the project. Skanska said it will include $350 million in its second-quarter bookings for the project.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:47 PM | Comments (0)

State Street unit reaches $100b mark

State Street Global Advisors said today that it has reached $100 billion in assets under management for its currency strategies.

State Street Global Advisors is the investment management arm of State Street Corp., a Boston-based firm that provides financial services to institutional investors.

State Street Global Advisors said that its currency assets have more than doubled over the last three years, reflecting the increasing importance of currency strategies in the management of pension fund assets.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:06 PM | Comments (0)

Tom's opens its factory to tours

For Maine vacationers looking to escape the crush of the Kennebunkport summit, there may be a healthful option.

Tom's of Maine, a personal care products company known for such items as toothpaste, recently announced that tours of its Sanford, Maine, facility are now open to the public.

"Getting a behind-the-scenes peek at how the Tom's factory operates has always been a special part of the Tom's of Maine experience," a company press release noted. "Smell the natural ingredients and guess what type of toothpaste we're making - spearmint, peppermint, fennel, or orange mango."

For those who prefer the Kennebunkport experience, there's also the option of taking a virtual factory tour at the Tom's website.

Tom's of Maine, which was founded in Kennebunk, is part of the Colgate-Palmolive Co., a New York-based consumer products company known for such brands as Colgate and Mennen.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:07 AM | Comments (0)

Scroope joins OneBeacon

OneBeacon Insurance Group of Canton announced the appointment of John Scroope as regional president of its Southern New England region.

Scroope succeeds Roger Pare, who has been named chief underwriting officer for commercial lines, OneBeacon said.

Scroope previously worked for Chubb Corp. in Boston, where he was the commercial lines underwriting manager and then regional marketing manager.

At OneBeacon, the Southern New England region, which is made up of Connecticut, Rhode Island, and Massachusetts, works in partnership with select independent agents to offer OneBeacon's suite of specialized products and services for midsize businesses, the company said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:40 AM | Comments (0)

Mass. community group sets $1b target

The Massachusetts Association of Community Development Corporations and their members announced their intention today to collectively raise $1 billion to achieve such goals as building or preserving 6,000 affordable homes and creating or preserving 9,000 job opportunities.

The association is made up of local community economic development organizations from around the state.

The association said its goal is to attract $1 billion of investment over the next four years to build homes, create jobs, grow local businesses, and serve low and moderate income families.

"To achieve these goals, we have to work smarter and more efficiently, and the public and private sectors will have to come to the table with new resources and a commitment to partnership," Joseph Kriesberg, president of the association, said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:35 AM | Comments (0)

Hologic, Cytyc merger plans advance

Hologic Inc. of Bedford and Cytyc Corp. of Marlborough announced today the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act in connection with their proposed merger.

In May, Hologic said it had agreed to buy Cytyc for $6.2 billion in a deal that would pair two companies focused on women's health.

Hologic makes such products as devices that measure bone density for diagnosing such diseases as osteoporosis; some of Cytyc's products are used in cervical cancer screening.

The companies said today that they do not believe any further antitrust approvals are required to complete the transaction.

The transaction is subject to approval of both companies' shareholders as well as other customary closing conditions, and the transaction is expected to close in the third calendar quarter of 2007, the companies said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:06 AM | Comments (0)

Law firm: vacations need rethinking

In a wired world where employees bring a BlackBerry to the beach, companies need to rethink their vacation and work policies, said Nixon Peabody LLP, a law firm with offices in Boston.

As the Fourth of July holiday cranks up in earnest and as many folks looked to turn the fourth into a five-day mini vacation, the firm thought it was a good idea to issue some food for thought that thoughtful employers might chew over.

"If nonexempt employees are checking their e-mail or conducting business while on 'vacation,' they may be entitled to compensation for the time worked" as well as for rest breaks and meal periods, Nixon Peabody said.

There's "more ambiguity" with exempt employees, the firm said; if the employer has an expectation that the employee will check in on voice mail and e-mail, the employee needs to be compensated.

And the firm said that setting rules around BlackBerry and cellphone use is "critical for employee morale."

"Employees who don't need to pretend they were spending their vacation 'in a dead zone' can actually rest, relax, and be fired up to burn the midnight oil upon their return," Nixon Peabody said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:50 AM | Comments (0)

Thomson spins off testing unit

As part of its plans to spin off its testing services business, Thomson Corp. announced Monday it had signed an agreement to sell Thomson Prometric to ETS for $435 million.

ETS, a Princeton, N.J.-based educational measurement and research organization which, among other things, administers the SAT college entrance exam, is to pay $310 million in cash and $125 million through a promissory note due in 2014.

Thomson Prometric has been involved worldwide in technology-enabled assessment services including paper-and-pencil, Internet and computer-based testing.

Thomson Prometric is involved in assessments through a global network of testing centers in 132 countries as well as through the Internet.

ETS said it is Prometric's largest customer for technology-based delivery of tests and assessments. Prometric provides ETS with TOEFL, Test of English as a Foreign Language, the GRE, Graduate Record Examinations, tests and the Praxis teacher licensing assessments.

Thomson said the sale is part of its previously announced strategy to spin off the assets of its testing business through three independent sales.

Thomson, which is based in Stamford, Connecticut, has a significant presence in the Boston area.

The sale is expected to close in the third quarter of this year and is subject to regulatory approvals. (AP)

Posted by globebusiness at 9:12 AM | Comments (0)

Diomed wins patent ruling

Medical device maker Diomed Holdings Inc. said Monday a judge granted a permanent injunction against AngioDynamics Inc. and Vascular Solutions Inc. in a patent case over the laser treatment of varicose veins.

Diomed's shares jumped nearly 16 percent in after-hours electronic trading following the announcement.

In late March, a federal jury in Boston found that devices made by AngioDynamics of Queensbury, N.Y., and Vascular Solutions of Minneapolis infringed a Diomed patent that deals with laser treatments. The company said at the time that the jury found both companies liable and awarded combined damages of just under $12.5 million.

Monday's ruling prohibits the two companies from "promoting, marketing and selling" laser consoles or any disposable products covered by Diomed's patent, said James A. Wylie, president and chief executive of Diomed, in a statement.

Vascular Solutions said in a statement that on April 11, it converted its U.S. Vari-Lase customers to its new Vari-Lase Bright Tip fiber, which is "is clearly outside the scope of Diomed's sole patent in this area and today's injunction order." (AP)

Posted by globebusiness at 9:07 AM | Comments (0)

Applix adds Chinese support

Applix Inc. unveiled a new offering today called Applix 9.1 Unicode, which includes new localized support for simplified Chinese.

Applix of Westborough is a provider of business analytics software that helps companies with a worldwide user base meet the needs of departments across the globe so they can collaborate in performing such functions as reporting, forecasting, and analytical needs.

"Applix 9.1 Unicode is a major product step forward in Applix's global strategy," chief operating officer Michael Morrison said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:50 AM | Comments (0)

Rowing regatta choses Whaleback

Whaleback Systems said that the Head of the Charles Regatta has selected Whaleback as its provider of telephony services.

The 43rd Head of the Charles Regatta is scheduled for the weekend of October 20 and 21 along the Charles River, which divides Cambridge from Boston, according to the event's website; the event is expected to attract more than 8,000 rowers this year and 250,000 spectators, Whaleback said.

Whaleback Systems of Portsmouth, N.H., said the Head of the Charles Regatta has deployed its CrystalBlue Voice service; during race weekend, Whaleback said it will expand the solution to provide end-to-end telephony service at the Regatta operations headquarters, including the group's international media center.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:45 AM | Comments (0)

Air Force extends Protonex contract

Protonex Technology Corp. announced today that it has received an $800,000 extension to a previously awarded Air Force contract to optimize performance of its unmanned aerial vehicle propulsion system, the ProCore UAV.

Headquartered in Southborough, Protonex Technology develops and manufactures compact, lightweight fuel-cell systems for portable power applications.

The company said the advanced version of the ProCore system is expected to enable longer flight times and increased payload capabilities for small unmanned aircraft.

"Increased endurance and payload capacity are critical capabilities that are not feasible with current battery technology being used in small unmanned aerial vehicles today," Paul Osenar, Protonex's chief technology officer, said in a statement.

The company said its contract is with the Air Force Research Laboratory.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:37 AM | Comments (0)

Boston condom makers adds new stores

A Hub condom maker said its products are becoming more widely available.

Global Protection Corp. of Boston recently announced that its One line of condoms is now available at three major retailers: CVS, Rite Aid, and Albertsons.

Each wrapper of a One condom includes a catch phrase, or a "One-liner," which provides an original expression relating to the condom's design, said the company, which added that part of its mission is to make condoms acceptable by combining condoms with pop culture.

"One Condoms' distribution at major retailers provides customers with an effective alternative to other pedestrian condoms on the market," Global Protection president Davin Wedel said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:18 AM | Comments (0)

Spalding signs two basketball endorsers

Springfield sporting goods company Spalding has signed two basketball pitchman.

Spalding, a division of Russell Corp., said that a top National Basketball Association pick, Greg Oden of Ohio State, and Gilbert Arenas, a guard for the NBA's Washington Wizards, will endorse Spalding's basketballs and backboards on a worldwide basis.

"The combination of Greg and Gilbert give Spalding an unbelievable one-two punch to reinforce our worldwide basketball leadership and our partnership with the NBA," Dan Touhey, vice president of marketing for Spalding, said in a statement.

Spalding could use a one-two punch.

As a recent Globe story noted, Spalding encountered some fallout after debuting a new synthetic basketball to the NBA last fall; following months of complaints by many players, the NBA ditched the Spalding synthetic ball and went back to the old leather ball it had used for 35 years.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:12 AM | Comments (0)

July 2, 2007

Fabric maker may begin liquidation

Quaker Fabric Corp., a Fall River maker of upholstery fabric, said it probably will begin a liquidation and sale after failing to meet borrowing requirements under existing lending facilities.

There is ‘‘significant uncertainty’’ about whether the company can continue operations after its annual shutdown period, which this year is July 2-15, it said in a news release.

Quaker expects a liquidation and sale ‘‘would not generate sufficient funds to permit any payment to holders of its common stock.’’ Its stock price plunged 56 percent, to 50 cents.
(AP)

Posted by globebusiness at 7:55 PM | Comments (0)

Sovereign names a CEO for lending unit

Sovereign Bank, which operates banks mainly in the Northeast, has promoted Thomas Nadeau to chief executive of its consumer lending and mortgage banking divisions.

He will oversee the home equity lending, credit card, and mortgage lending operations. Previously, he was a vice president and managing director of automotive finance and aviation lending groups. He will continue to manage both businesses.
(AP)

Posted by globebusiness at 3:14 PM | Comments (0)

Unica shares fall after auditor is fired

Shares of Unica Corp. fell today after the Waltham company, which develops marketing software, dismissed its auditor and an analyst downgraded the stock.

In documents filed Friday with the Securities and Exchange Commission, Unica said it replaced its auditor, Ernst and Young LLP, with PricewaterhouseCoopers but did not give a reason.

In its latest quarterly report, the company disclosed that it did not maintain effective internal control over certain financial reporting procedures. The company warned in its filing that the oversight ‘‘represented a material weakness.’’

Today, Ferris Baker Watts Inc. analyst Raghavan Sarathy downgraded the stock to ‘‘sell’’ from ‘‘neutral.’’

The ‘‘material weakness’’ cited by the company suggests Ernst and Young may have needed to do additional work to verify Unica’s financials, Sarathy wrote.

The dismissal ‘‘implies there was disagreement between the company and the auditors, which we find disturbing, particularly when considering the material weakness was around revenue recognition,’’ he wrote.

The shares were down 6.6 percent in mid-afternoon trading, at $15.41.
(AP)

Posted by globebusiness at 3:04 PM | Comments (0)

BAE wins $183 million Army contract

BAE Systems Inc. said today that it won a $183 million contract from the Army to produce thermal weapon imaging equipment at its Lexington facility for US soldiers in combat operations.

The five-year deal could be worth up $1 billion, the North American subsidiary of British defense conglomerate BAE Systems PLC, said.

Thermal weapon sights allow soldiers in combat to see in all weather conditions, both day and night.

To date, BAE has delivered more than 11,000 thermal weapon sights to soldiers in Iraq and Afghanistan.

In 2000, BAE purchased the Lexington facility, which employs more than 300 people, a company spokesman said. (AP)

Posted by globebusiness at 1:07 PM | Comments (0)

Spreadshirt heading for Boston

Spreadshirt, a growing, Germany-based e-tailer of you-decorate-it clothing, is looking for space in Boston.

But the five-year-old Leipzig company, which sells t-shirts, shoes, and other apparel in Europe and North America exclusively over its website, isn't seeking retail space. Cyber space takes care of the marketing end.

Spreadshirt is looking for ideas. "You've got to be close to the design community," said Jana Eggers, chief executive of Spreadshirt Inc., Spreadshirt AG's US subsidiary. "Boston has a lot of design and creative talent."

Spreadshirt is working with broker CB Richard Ellis and the Boston Redevelopment Authority to find about 30,000 square feet in one of the city's creative neighborhoods -- the South End, the Fort Point Channel district, or the South Boston Waterfront -- by the end of summer.

Customers go on line, choose an item like a t-shirt, specify the color and size, and then select designs, upload their own images, and add words to express themselves -- or, say, to outfit their bowling team.

Click a shirt together, put in your credit card number, and it's produced and shipped from Pennsylvania in 48 hours, said Eggers. One long-sleeved Hanes brand T-shirt with a design in two colors and some wording clicked out at $27.40 -- not cheap, but totally unique.

Sweatshirts and even thongs are available, though messages on the latter must be concise.

"I'm expressing myself" was emblazoned across the stylish shirt on the chest of Alan Sherman, vice president for production management and marketing, at a recent event at Eastern Standard in Kenmore Square. Spreadshirt was founded by two young Germans, but Eggers is from Arkansas, Sherman from Lexington, Mass.

Dave McLaughlin, director of marketing at the BRA, said local public relations woman Marlo Fogelman steered Eggers to the agency for help in finding a good location, and he talked to Eggers.

"She said, 'This is the population we need to hire. This is the population we need as customers."
(By Thomas C. Palmer Jr., Globe staff)

Posted by globebusiness at 12:16 PM | Comments (0)

Goldklank promoted at Channel 7

Sunbeam Television Corp. said today that it has promoted Randi Goldklank to be the vice president and general manager of local TV stations 7 NBC and CW56.

In 2005, Goldklank joined Channel 7 as general sales manager, Sunbeam said; 7 NBC is also known as WHDH-TV, and after Sunbeam acquired WLVI-CW56 last year, Goldklank was promoted to director of sales for the 7 NBC and CW56 sales force, Sunbeam said.

Sunbeam Television is a privately owned company headquartered in Miami.

Posted by globebusiness at 12:12 PM | Comments (0)

Hamilton buys Brookline rental property

The Hamilton Co. has bought Brookline property with 60 rental units from 53-63 Parkman Realty LLC, a broker involved in the transaction said today.

The broker, NAI Hunneman Commercial, a Boston real estate services firm, said it represented the seller and procured the buyer for multifamily properties located at 53-63 Parkman St. and 110 Babcock St. in Brookline's Coolidge Corner neighborhood.

Hamilton Co. is a Boston developer that also owns and manages residential rental properties; it's headed by well known local landlord Harold Brown.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:07 PM | Comments (0)

Implant Sciences exiting prostate seed biz

Implant Sciences Corp., a medical technology and explosives detection device maker, said today that it completed the first phase of its exit from the radioactive prostate seeds business.

Implant Sciences said it ended sales and manufacturing of its I-Plant radioactive prostate seeds and sold part of its assets to a medical device manufacturer for about $350,000.

The company said it's also pursuing the sale of other operating assets related to the prostate seeds business.

In addition, the company said it has reduced the size of its employee base in other areas, but did not reveal specifics.

As a result of the divestiture of the unit, which contributed less than $2 million in annual revenue and operated at a loss, along with other cutbacks, Implant Sciences said it has "significantly reduced its overall cost structure."

Shares of Implant Sciences rose 1 cent to $1.65 in morning trading.
(AP)

Posted by globebusiness at 12:04 PM | Comments (0)

Biogen buys back $3b in stock

Biotechnology company Biogen Idec Inc. said today it repurchased about $3 billion in common stock , according to the final results of a tender offer.

The "Dutch Auction" tender offer expired last Tuesday. The company bought back just over 56.4 million shares at $53 apiece. The shares represent about 16.4 percent of the company's outstanding stock.

The company also said it will borrow $1.5 billion under a loan agreement to help finance the buyback. Merrill Lynch Capital Corp. is the administrative agent and Goldman Sachs Credit Partners L.P. is the syndication agent.

Shares of Biogen rose 11 cents to $53.61 in morning trading. (AP)

Posted by globebusiness at 12:00 PM | Comments (0)

Mass. gas prices dip a penny

Gas prices in Massachusetts fell a penny per gallon over the past week, for the fifth consecutive weekly decline, AAA of Southern New England said today.

A statewide survey by the automobile association found an average price of $2.92 per gallon of self-service regular unleaded, down from $2.93 the previous week.

Prices have declined a total 12 cents per gallon during the current string of declines, which follows a 16-week run of increases that began in early February. Prices rose 89 cents per gallon during that period, and eclipsed the $3-a-gallon mark on May 21.

Massachusetts' gas prices remain below the nationwide average of $2.95 per gallon, AAA said. (AP)

Posted by globebusiness at 11:54 AM | Comments (0)

Wilmington completes Bingham purchase

Wilmington Trust Corp. said today that it has completed its acquisition of Bingham Legg Advisers LLC of Boston.

Bingham Legg is now under the Wilmington Trust name, and its president and chief executive, Peter E. Simmons, is now president of Wilmington Trust's Wealth Advisory Services office of Boston, said Wilmington Trust, a financial services firm based in Delaware.

"Our expansion into Boston leverages investments we have already made in our company and reflects our strategy to grow our business," Ted T. Cecala, Wilmington Trust chairman and chief executive, said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:46 AM | Comments (0)

Bioenvision shareholders reject Genzyme

Genzyme Corp. failed in its initial bid to take over New York biotechnology company Bioenvision Inc. when only one-quarter of the smaller company's shareholders proved willing to sell their stock to Genzyme, the Cambridge company said this morning.

To complete the $350 million deal, Genzyme needed 51 percent of shareholders to tender their shares by Friday at Genzyme's price of $5.60. Today, the company disclosed that only 26 percent of shareholders had submitted their shares. That figure included the 20 percent of shares already committed to Genzyme when the offer was made.

Genzyme said it would extend its deadline for additional investors to submit shares until July 10.

Bioenvision owns rights to a drug that treats a type of leukemia in children, which it also hopes to develop for more cancers, including adult tumors. The two companies are already business partners, with Genzyme selling the drug in the United States and running clinical trials to expand its use.

Although such takeover deals are common in biotechnology, Genzyme's offer price drew a series of public letters from a large Bioenvision shareholder who believed it was unfairly low. It also galvanized small Bioenvision investors to create a website and blog urging shareholders to reject Genzyme's offer, saying the future sales potential of Bioenvision's drug made the company worth far more.

In a statement, Genzyme said it still hoped to acquire Bioenvision. If the takeover did not go through, Genzyme will still acquire the tendered shares and become the company's most powerful shareholder.
(By Stephen Heuser, Globe staff)

Posted by globebusiness at 11:43 AM | Comments (0)

Humboldt promotes Sullivan to top spot

Humboldt Storage and Moving said today that James Sullivan is its new president.

Previously, Sullivan served as general manager of the moving company, said Humboldt; headquartered in Canton, the company is an agent for United Van Lines.

As president, Sullivan will still oversee many of the general manager's responsibilities but will also focus on building and maintaining the company's reputation by implementing new training programs and focusing on new talent, Humboldt said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:41 AM | Comments (0)

Tufts-NEMC selling two buildings

Tufts-New England Medical Center is selling two buildings but still wants to use the space.

The center, located in Chinatown and the Theater District of Boston, is offering 15 Kneeland St. and 260 Tremont St. -- the building with the entrance to the Wang Theatre -- for sale with a provision to lease back the space for 10 years.

The real estate firm Grubb & Ellis is marketing the properties.

The Biewend Building, at 260 Tremont, has 154,528 square feet and is 14 stories. It's a medical office building, built in 1924 and renovated in 1985; it got a new facade in 1992.

The more modern looking Tupper Building, at 15 Kneeland St., is 97,559 square feet and 14 floors. It also was built in 1924, and it underwent renovation in 1983. It is used for laboratory and related office space.

The Tupper Building is on the edge of the campus, next to Tufts Dental School. The Biewend Building is on the opposite edge of the campus, adjacent to the Wang and the Wilbur Theatre.
(By Thomas C. Palmer Jr., Globe staff)

Posted by globebusiness at 10:21 AM | Comments (0)

Boston Scientific launches spinal cord system

Boston Scientific Corp. announced today the launch of a spinal-cord stimulation system to treat back and limb pain.

According to the Natick-based maker of medical devices, its Precision Plus Spinal Cord Stimulation System is the "world's smallest rechargeable" spinal-cord-stimulation neuromodulation device for the treatment of chronic pain of the trunk, back, and limbs.

"Since the launch of the Precision system in 2005, we have delivered the technology and support infrastructure needed to gain more than 25 percent share of the pain management market," Michael Onuscheck, president of the company's pain management business, said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:54 AM | Comments (0)

ViaCells names new CFO

Biotechnology company ViaCell Inc. today named John F. Thero chief financial officer.

He replaces Stephen G. Dance, who is leaving to pursue other opportunities. Dance will remain at ViaCell during a transition period.

Thero, 46, was most recently chief financial officer of Acusphere Inc., a specialty drug maker. (AP)

Posted by globebusiness at 9:19 AM | Comments (0)

Biogen partners with Cardiokine

Biogen Idec Inc. and Cardiokine Inc. said today they have signed an agreement to jointly develop a compound called lixivaptan that would treat a condition that sometimes affects patients with congestive heart failure.

Under the agreement, Cardiokine will receive a $50 million upfront payment and up to $170 million in additional milestone payments for successful development and global commercialization of lixivaptan, as well as royaltie on commercial sales, said Biogen Idec, a Cambridge biotechnology company.

Headquartered in Philadelphia, privately held Cardiokline focuses on developing drugs to treat heart failure.

Lixivaptan has shown promise in treating hyponatremia, an imbalance of sodium and water in the body; lixivaptan is expected to enter a Phase III clinical trial this year for the potential treatment of hyponatremia in patients with congestive heart failure.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:15 AM | Comments (0)

Mass. tunes insurance for young adults

Paul Bruns is your typical 26-year-old: athletic and ambitious. He's also uninsured.

"I definitely think about it when I'm thinking about skiing or snowboarding or doing something else crazy," said Bruns, who's been without health insurance for 10 months. "What would happen if my appendix burst, which is totally reasonable for a guy my age?"

When Massachusetts was crafting a landmark health care law that officially took effect on Sunday, much of the focus was on older residents who typically face larger insurance bills.

But those overseeing the law realized they were missing a key demographic -- young adults like Bruns between the ages of 19 and 26, often in low-paying jobs and strapped with debt.

To entice those like Bruns, the Commonwealth Health Insurance Connector, the state agency overseeing the law, worked with private insurers to come up with young adult plans with monthly premiums as low as $106.

Sunday was the deadline for virtually everyone in the state to be insured, although there is a grace period until the end of the year. Anyone without insurance by Dec. 31 faces the loss of a $219 personal exemption when filing state taxes next year.

One of the toughest challenges is simply convincing younger people they need insurance.

"If you're young and healthy, it's not at the top of your mind," said Larry Levitt with the Kaiser Family Foundation, a California-based nonprofit health policy foundation. "Young people frankly don't think about catastrophic coverage and don't think about access to the system for routine coverage."

About 27 percent of Massachusetts residents ages 19 through 26 are uninsured, compared with 10 percent of the under-65 population as a whole, Levitt said, citing U.S. Census figures.

The young adult plans, from $106 to $220 per month, are available for anyone aged 19 through 26 who makes more than $30,630 annually, doesn't get health insurance through work or school, isn't still on a parent's plan, and isn't qualified for subsidized care.

They are being offered by the state's top insurers including Blue Cross Blue Shield of Massachusetts, Harvard Pilgrim Health Care, Fallon Community Health Plan, Tufts Health and others.

"These are designed to be affordable," said Dick Powers, a spokesman for the Connector.

But even the low cost can be a burden on some young people, said John McDonough, executive director of Health Care For All, a group that backs universal and comprehensive health care.

"If you're living paycheck-to-paycheck, you're paying off student loans, paying rent, you're in a different situation from someone who isn't already burdened by debt," he said.

The problem isn't unique to Massachusetts.

There are about 13.7 million people in the 19-to-29 age bracket in the U.S. without insurance, according to the New York City-based Commonwealth Fund.

It's the fastest and largest segment of the uninsured population, said Sara Collins, Commonwealth Fund assistant vice president lead author of "Rite of Passage? Why Young Adults Become Uninsured and How New Policies Can Help."

"This age group does tend to be healthier than the population at large, and per capita spending on health care for this age group is about $1,500 per year," she said.

The state has tried to educate the 19-to-26 age bracket with a series of newspaper and television ads and opinion pieces submitted to college newspapers. One print ad featured a photo of a young woman bungee jumping off a bridge. A TV ad has run during Red Sox games, hoping to reach roughly the same demographic.

Not everyone is convinced. Critics say anyone who exceeds the annual maximum benefits -- which can be as low as $50,000 -- may find themselves deep in debt.

"Many of these young adult plans aren't real insurance," said Andrew Cohen, of The Access Project, a Boston-based health care resource center affiliated with Brandeis University. "The real reason for insurance is to protect you from financial burden, and these plans don't do that." (AP)

Posted by globebusiness at 9:04 AM | Comments (0)

Alkermes reports on alcohol drug

Alkermes Inc. today reported encouraging preliminary results from a clinical trial of ALKS 29, a potential treatment for alcohol dependence.

Based on those results, the Cambridge biotechnology company said it plans to move forward with its development program for oral product candidates to treat alcohol dependence.

"We are encouraged by the positive results from this initial proof of concept study, which provide further rationale for the continued expansion of our addiction franchise," Elliot Ehrich, Alkermes chief medical officer, said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:01 AM | Comments (0)

Millennium reports positive Velcade results

Millennium Pharmaceuticals Inc. reported positive findings today for Velcade, which can be part of a therapy to treat multiple myeloma.

The data were from a comparative Phase III trial designed to evaluate a Velcade-based therapy in newly diagnosed multiple myeloma patients, the Cambridge company said; those results were "substantially stronger" than those of a commonly used induction chemotherapy regimen, the company said.

Velcade is being co-developed by Millennium Pharmaceuticals and Johnson & Johnson Pharmaceutical Research & Development LLC.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:50 AM | Comments (0)

Network Parking gets Winthrop Sq. contract

The city of Boston has selected Network Parking Co. Ltd. as the new parking facility operator for the Winthrop Square garage.

In downtown Boston, businessman Steve Belkin, owner of Trans National Properties, is proposing to build a tall skyscraper on the site.

Last month, the Boston Redevelopment Authority, the city's planning agency, said that seven companies had bid to operate the garage.

The new lease with Network Parking will be for one year, with the option to extend on a year-to-year basis for no more than three additional years, but with a written 60-day cancellation clause, the city said.

Network Parking is an affiliate of Forest City Enterprises Inc., a real estate company headquartered in Cleveland, the city said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:37 AM | Comments (0)

State Street completes Investors purchase

State Street Corp. of Boston said today it has completed its acquisition of cross-town rival Investors Financial Services Corp.

State Street is a provider of financial services to institutional investors. Referring to the acquisition, State Street chairman and chief executive Ronald E. Logue said in a statement today, "Our mutual commitment to excellence, combined with an expanded portfolio of services across a global platform, will provide customers with an investment servicing partner that is unique in the industry."

To complete the transaction, State Street said it issued about 61 million common shares worth about $4.2 billion.

A Globe story that reported on the acquisition's announcement in February described it as $4.5 billion deal that could result in the loss of about 1,700 jobs, many of them from attrition.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:32 AM | Comments (0)

Pro-Pharmaceuticals seeks alternatives

Pro-Pharmaceuticals Inc. said today that the securities purchase agreement between the company and investors was terminated following the American Stock Exchange's notice that the company is not in compliance with listing standards.

The Newton company said it believes that a proposed new pricing, based on the current trading price of its common stock, would be "excessively dilutive" and not in the best interest of its shareholders; the company said it is evaluating other financing alternatives.

Pro-Pharmaceuticals is engaged in the discovery, development, and commercialization of therapeutic compounds for advanced treatment of cancer, liver, microbial, cardiovascular, and inflammatory diseases.

The firm's lead drug candidate is Davanat, a drug target delivery compound that Pro-Pharmaceuticals hopes can be brought to market with multiple chemotherapy drugs.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:28 AM | Comments (0)