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February 29, 2008

PerkinElmer completes acquisition

PerkinElmer Inc., a Waltham health sciences company, said today that it has completed its acquisition of the newborn metabolic screening business of Pediatrix Medical Group of Florida.

PerkinElmer, which sells an array of life sciences instruments and services, said the completion of this transaction expands its capabilities in the neonatal health field.

In December, PerkinElmer announced plans to buy the business; terms of the transaction were not disclosed.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 3:44 PM | Comments (0)

Akamai prevails in patent lawsuit

Akamai Technologies Inc. said today that it prevailed in a patent lawsuit against Limelight Networks Inc. and was awarded nearly $46 million in damages by a jury in the US District Court of Massachusetts.

Akamai of Cambridge is a global service provider for accelerating content and business processes online.

In afternoon trading on the Nasdaq Stock Market, Akamai shares were up $2.43, or 7.3 percent, to $35.91.

Akamai said that the jury returned a verdict today that Arizona-based Limelight is infringing the content delivery patent asserted by Akamai, and as a result, the jury awarded Akamai $45,526,946 in damages, plus interest.

An attempt to reach Limelight was not immediately successful.

The verdict, which came at the end of a three-week trial in Boston, stemmed from a lawsuit that Akamai had filed in 2006, the company said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 3:00 PM | Comments (0)

Customer notifications going out in TJX breach

Millions of customers who may have had credit card information compromised by a data breach at stores owned by Framingam-based retailer TJX Cos. are being told about their rights under a proposed settlement.

A program that includes mailings and newspaper and magazine notices began Friday in the United States, Canada, and Puerto Rico.

Notification was ordered by the federal court in Boston that's handling a consumer lawsuit that led to the proposed settlement.

The court hopes to reach people who made purchases or returned items at stores owned by TJX Cos., including such chains as T.J. Maxx and Marshalls.

The breach wasn't detected until December 2006.

A toll-free phone number has been set up for consumer information -- 1-866-523-6770 -- along with a Web site, www.TJXsettlement.com. (AP)

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

Sonus shares fall after it reported preliminary sales

Sonus Networks Inc. shares fell today after the Westford company predicted its fourth-quarter revenue will slightly miss analysts' estimates and gave first-quarter and 2008 guidance that disappointed analysts.

The networking hardware and software maker's shares fell 62 cents, or 16.1 percent, to $3.24, in morning trading on the Nasdaq Stock Market. In the past year, the stock has traded between $3 and $9.03.

Sonus said late yesterday that according to preliminary results it expects fourth-quarter revenue of $97.1 million, compared with $79 million in the year-ago quarter.

Analysts polled by Thomson Financial expect revenue of $97.3 million.

For the full year, Sonus anticipates $320.3 million in revenue, compared with $279.5 million in the prior year.

The company said it is waiting to release full financial results until an audit of its financial statements has been finished, and it plans to file a late filing notification for its annual report with the Securities and Exchange Commission.

Sonus plans to report its full-year 2007 results in mid-March.

Also Thursday, the company predicted in a conference call that its first-quarter revenue will total about $72 million to $76 million. Sonus also predicted 2008 revenue will rise 20 percent over 2007 revenue -- which assumes an expectation for about $384.4 million in full-year revenue.

Analysts expect first-quarter revenue of $90.4 million and 2008 revenue of $417 million.

Cantor Fitzgerald analyst Edward Jackson reiterated his "Buy" rating for the stock and lowered his price target to $4.75 from $5.50 on Friday, based on the company's preliminary fourth-quarter results and "disappointing" first-quarter and full-year 2008 guidance.

"While yesterday's call was frustrating, it does not negate the strength of Sonus' financial position or the competitive position the company maintains in its addressable markets," he said in a note to investors.

The analyst also lowered his 2008 estimates for Sonus.

Also Friday, Jefferies & Co. analyst George C. Notter reiterated his "Hold" rating for the stock in a note to investors and lowered his price target to $3.50 from $6.25.

"This quarter's disappointing guidance was consistent with our concerns about the company's 'real' quarterly run-rate. In hindsight, one has to wonder if Sonus is really a $75 million/quarter business with fourth-quarter results that were anomalous," he said.

Notter also lowered his 2008 estimates for the company. (AP)

Posted by globebusiness at 11:56 AM | Comments (0)

Hub Fed chief: Credit problems may spread

US balance sheet constraints are largely confined to a few large institutions, but there is a risk they could become widespread if house prices fall further, Boston Federal Reserve Bank president Eric Rosengren said today.

Rosengren cited estimates on US mortgage credit losses of about $400 billion, with half of that being borne by leveraged institutions.

"Balance sheet constraints are primarily occurring at a few large institutions with significant exposure to more complicated financial products," Rosengren told a forum sponsored by the University of Chicago Graduate School of Business and Brandeis University International Business School.

"But then again, there is downside risk that balance sheet constraints could become more widespread ... - particularly if housing prices experience more significant declines."

So far, Rosengren said, small and medium-sized businesses are "not complaining" about credit conditions, which reflects the lack of exposure these companies had to securitized products or the risky subprime mortgage market.

He also said that despite the potential risks, he was optimistic that US monetary policy would help mitigate troubles in the mortgage and credit sector.

"Lower rates are likely to result in higher house prices than would occur in the absence of monetary easing," he said. "This should reduce the foreclosure rate and reduce some of the concern that housing problems will become more widespread."

He added though that monetary policy is not a "panacea" to the credit sector's problems, but a solution would involve a combination of monetary, regulatory, and fiscal measures.

He said some of the possible solutions to addressing the credit problems are not tied to monetary policy.

In recent years, he said the subprime market had become the major avenue for low- and moderate-income borrowers to buy homes. "There would seem to be a strong economic incentive for borrowers to seek FHA (Federal Housing Administration) insurance and get a prime rather than a subprime rate." (Reuters)

Posted by globebusiness at 11:44 AM | Comments (0)

Stop & Shop expands "Low Prices Every Day" push

The Stop & Shop Supermarket Co. said today that it is expanding its "Low Prices Every Day" program to include salad dressings and condiments.

The Quincy-based chain of 389 stores started the program in the fall of 2006; it initially covered produce, and the program has since been expanded to cover other categories, including dairy products, frozen foods, and baby care products, a spokesman said.

Now the program will also cover products such as ketchup, mustard, and relish as well as olive oil, mayonnaise, pickles, and olives, Stop & Shop said.
(By Chris Reidy, Globe staff)

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

Biogen Idec prices a public offering

Biogen Idec Inc. said it has priced a public offering of $1 billion principal amount of senior unsecured notes.

The Cambridge company markets such drugs as Rituxan for non-Hodgkins lymphoma and rheumatoid arthritis and Avonex, a multiple sclerosis drug; with another firm, it markets a second MS drug called Tysabri.

Biogen Idec said the offering of senior unsecured notes includes $450 million in aggregate principal amount of 6.0 percent notes due 2013 and $550 million in aggregate principal amount of 6.875 percent notes due 2018.

Sale of the notes is expected to close March 4.

The company plans to use the net proceeds from this offering, together with cash on hand, to repay indebtedness under its $1.5 billion bridge facility, the proceeds of which were used to repurchase shares of Biogen Idec's common stock in a $3 billion "Dutch Auction" tender offer settled July 2.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:23 AM | Comments (0)

Extreme Makeover talks trash with WMI

Waste Management, a Houston provider of waste-management services, said it will help reunite a Maynard family in a dream home that will result from an episode of "Extreme Makeover: Home Edition," an ABC reality show.

Waste Management said it will be among the supporting cast of contractors and service providers that will work with the Extreme Makeover team to ensure that Renee and Paul Giunta and their children receive a new home in seven days.

In addition to providing free waste services, Waste Management said that "all material generated by the project will be recycled or converted into green power."
(By Chris Reidy, Globe staff)

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

Alnylam says it has acheived RNAi first

Alnylam Pharmaceuticals Inc. said that it has established a significant first with results from a research trial that support its theory of creating drugs and treatments based on RNA interference, or RNAi.

Specifically, the Cambridge biopharmaceutical company announced today that its Gemini trial has achieved "human proof of concept with an RNAi therapeutic, a first for the industry."

Alnylam is seeking to develop novel technologies based on RNA interference, or RNAi, a naturally occurring mechanism within cells for selectively silencing and regulating specific genes; because 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.

Today the company said that results from its Gemini trial with ALN-RSV01, an RNAi therapeutic for the treatment of respiratory syncytial virus, or RSV, showed statistically significant anti-viral efficacy.

“With the positive results from Gemini, we believe that Alnylam has demonstrated the first ever human proof of concept with an RNAi therapeutic,” Alnylam chief executive John Maraganore said in a statement. “As such, these new data represent a key milestone and a major ‘de-risking’ event for the advancement of RNAi therapeutics, as well as important progress for our RSV program. While there’s more to do in our efforts, these results also highlight Alnylam’s continued leadership in the field of RNAi therapeutics, and our commitment to advancing this promising new class of medicines to patients.”

Alnylam said it has scheduled a conference call this morning to discuss the results of the Gemini tests further.
(By Chris Reidy, Globe staff)

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

3Com postpones vote on buyout

3Com Corp. said it will adjourn today's shareholder meeting without a vote on its proposed $2.2 billion buyout by Bain Capital Partners and China's Huawei Technologies Co.

The networking equipment maker said it will continue to work with Bain to address U.S. lawmakers' concerns over the deal's implications for national security.

Huawei has strong ties to the Chinese government, and lawmakers and Bush administration officials have expressed concerns that sensitive military technology could be transferred to China through the 16.5 percent 3Com stake that would be held by Huawei.

3Com and Bain said last Wednesday they had withdrawn their filing on the deal with the Committee on Foreign Investment in the U.S.

The shareholders meeting will be reconvened on March 7.

3Com's shares jumped 49 cents, or 16.8 percent, to $3.40 in premarket trading. (AP)

Posted by globebusiness at 8:32 AM | Comments (0)

Nintendo tournament coming to Worcester

When it came to selecting a suitable site for a Wii Olympics of sorts, the video-game gurus of Nintendo could not overlook Worcester.

After all, Worcester Polytechnic Institute lays claim to having launched the first-in-the-nation undergraduate majors program in interactive media and game development.

So it is only fitting and just that WPI's campus center was designated to host one of four regional Nintendo Wii game tournaments, and the Wii Worcester wing-ding is scheduled for 3 p.m. tomorrow.

The tournament is part of Nintendo's promotion of the impending launch of a new Wii game - Super Smash Bros. Brawl.

According to WPI, the tournament will provide the first 256 people in attendance the chance to "brawl" one-on-one with other contestants in a single-elimination tournament to determine a winner in each region; regional winners will face off in a final multiplayer "brawl" at the New York City tournament, and the grand prize winner will receive that Croix de Guerre of gaming - a crystal-coated Wii.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:28 AM | Comments (0)

Sepracor swings to fourth-quarter loss

Sepracor Inc., a research-based pharmaceutical company, said today that it swung to a fourth-quarter loss, due to a hefty drug-licensing payment.

For the quarter ended Dec. 31, the Marlborough company lost $5 million, or 5 cents per share, compared with profit of $95.2 million, or 82 cents per share, a year ago. The recent quarter included a $75 million, or 70 cent per share, upfront payment to Bial to license its pipeline product, eslicarbazepine acetate, for epilepsy.

In addition, the company said it plans to restate its financials back to 2005 to reduce the amount of product revenue earned, due to government drug pricing.

Revenue fell 4 percent to $340 million from $353.3 million, hurt by the Centers for Medicare and Medicaid Services' (CMS) decision during the second quarter 2007 to institute a new, bundled payment amount for two of its inhalable products: Xopenex and generic albuterol.

Analysts polled by Thomson Financial, on average, expected profit of 53 cents per share, on revenue of $341.3 million.

"This past year was a challenging but transitional year for Sepracor. We took major steps toward securing the next phase of our planned growth, as evidenced by our corporate partnerships for the Lunesta franchise outside of the United States, advancements in our clinical pipeline, and strengthening of our commercial capabilities and organization," said president and chief executive Adrian Adams.

For the full year, profit fell to $58.3 million, or 50 cents per share, from $171.2 million, or $1.48 per share. Revenue rose to $1.23 billion from $1.18 billion.

Looking ahead to 2008, Sepracor projected earnings per share of $1.40 to $1.80, on revenue of $1.35 billion to $1.45 billion. In October, the company forecast earnings per share between $2.35 and $2.45.

Analysts forecast earnings of $2.28 per share on revenue of $1.34 billion. (AP)

Posted by globebusiness at 8:27 AM | Comments (0)

MassHousing approves $230k for sober housing

MassHousing, the state's affordable housing bank, said it has approved nearly $230,000 in funding for affordable sober housing in Brockton, Chelsea, Weymouth, and Worcester.

Since 2003, MassHousing said that it has created or preserved more than 1,000 units of sober housing across the state.

Homeless people and veterans are among those in need of affordable sober housing, the agency said.
(By Chris Reidy, Globe staff)

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

Shepley Bulfinch gets Campbell U. project

Boston architect firm Shepley Bulfinch Richardson & Abbott has been selected by Campbell University to help with the relocation of its law school to Raleigh, N.C.

The university's Norman Adrian Wiggins School of Law is set to move to Raleigh in mid 2009, and Campbell University said it has retained Shepley Bulfinch and Raleigh architect firm Small Kane to do design work for the law school's $27.5 million building project.

The law school is currently located on the Campbell University campus in Buies Creek, N.C.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:21 AM | Comments (0)

February 28, 2008

Novell swings to a quarterly profit

Business software maker Novell Inc. swung to a profit in its fiscal first quarter, aided by rising maintenance and subscription revenue and lower operating expenses.

The Waltham company also raised its 2008 revenue outlook.

Novell shares rose 34 cents, or 5.2 percent, to $6.88 in after-hours trading, after finishing regular trading down 24 cents, or 3.5 percent, at $6.54.

For the quarter, Novell earned $16.8 million, or 5 cents per share, compared with a loss of $20 million, or 6 cents, a year earlier. On an adjusted basis, Novell earned 8 cents per share.
(AP)

Posted by globebusiness at 7:01 PM | Comments (0)

$1 million in aid coming for foreclosure counseling

At least half a dozen Massachusetts nonprofits that counsel people facing foreclosure will get more than $1 million in federal aid to expand their efforts.

The money is the state’s share of about $130 million Congress allocated in December to fund counseling for up to 400,000 families nationwide.

Most of the Massachusetts money will be distributed by the Housing Partnership Network to nonprofits in Springfield, on Cape Cod, on the South Shore, and possibly to a fourth group in Boston.

The rest of the money will be divided among a nonprofit with a statewide focus, the Citizens’ Housing and Planning Association, and two smaller groups focused on Boston.
(By Binyamin Appelbaum, Globe staff)

Posted by globebusiness at 6:45 PM | Comments (0)

Fidelity profits up 22 percent

A strong stock market and a reorganization of its leadership team helped push pre-tax income at Fidelity Investments, the world's largest mutual fund company, up 22 percent last year to $2.2 billion, the company said in its annual report.

In a letter to shareholders of Fidelity's parent company, FMR LLC, chairman and chief executive Edward C. "Ned" Johnson III said the company posted "strong operating results" for 2007.

But expenses also rose, he wrote, citing costs for employees, advertising, and interest. Johnson also noted that while the performance of many of Fidelity's mutual funds has improved, so far that hasn't translated into a flow of new investments into the funds.

Fidelity publishes the report to inform shareholders of the parent company. It is not required to make its financial performance public, but voluntarily chooses to do so.

Last year, the company converted to a limited liability corporation for tax purposes. As a result, it reports pre-tax income, which is then distributed to shareholders, rather than net income. The company also named Rodger A. Lawson, formerly vice chairman of Prudential Financial Inc., as its president. Lawson had previously worked at Fidelity in the late 1908s.

Fidelity is one of the largest employers in Massachusetts. At the end of December, the company employed 46,500 workers worldwide, including 12,700 in Massachusetts.
(By Ross Kerber, Globe staff)

Posted by globebusiness at 4:47 PM | Comments (0)

Bids for state-subsidized insurance come in high

New bids from four insurers who provide subsidized insurance under Massachusetts’ universal healthcare law have come in far higher than expected.

Chairwoman Leslie Kirwan has canceled today’s meeting of the Connector Board and is considering a public statement discussing the unanticipated cost growth and her hope the insurers can cut their proposed rate increases.

The insurers, Fallon Community Health Plan, BMC HealthNet Plan, Neighborhood Health Plan and Network Health, service the Commonwealth Care program. It provides subsidized healthcare to people earning up to three times the federal poverty level.

Last month, the board proposed raising copayments on the 169,000 people covered by the program. The concern is the suggested rate increases won’t be enough if coverage is more expensive than expected.
(AP)

Posted by globebusiness at 3:02 PM | Comments (0)

Mass. hospitals win fight over Medicare rates

A judge has ordered the US Department of Health and Human Services to reimburse Massachusetts hospitals up to $200 million because of an improperly calculated Medicare reimbursement rate.

Sixty-two hospitals in the state sued over a change in the way HHS calculates the hospital wage index that is used in reimbursing hospitals under Medicare.

In a ruling issued Tuesday, a federal judge in Washington, D.C., ordered the government to recalculate the wage index and pay the hospitals based on the new calculation.

The hospitals say the miscalculation cost them about $200 million.

The hospitals include Anna Jacques Hospital in Newburyport, Brigham & Women’s Hospital in Boston, and UMass Memorial Medical Center in Worcester.
(AP)

Posted by globebusiness at 2:47 PM | Comments (0)

Mass. jobless rate rises to 4.5%

Massachusetts added 900 new jobs in January, but the overall unemployment rate rose to 4.5 percent.

The December 2007 unemployment rate was originally reported at 4.5 percent, but officials later revised the figure down to 4.3 percent.

The tiny job growth in January was caused mainly by gains in education and health services as well as in leisure and hospitality jobs.

The Massachusetts unemployment rate continues to outperform the national rate for the eighth month running. The US unemployment rate stands at 4.9 percent in January, down from 5.0 percent in December.
(AP)

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

Globe offers voluntary buyouts to employees

The Boston Globe's publisher announced today that the newspaper will be offering voluntary buyout packages as part of a broader cost-cutting effort.

The Globe is looking to cut 60 positions; the Worcester Telegram & Gazette will cut 20 positions. Boston.com will be excluded from the buyout offer. The publisher said the company would "continue to invest in this growing area of the business."

Employees will be offered two weeks pay for every year of service, with a cap of one year's pay. Those Globe employees with lifetime job guarantees will be offered three weeks pay per year of service, capped at two years' pay.

Publisher P. Steven Ainsley said in a memo to the staff, "This reduction in staff is a difficult but necessary step toward our ongoing goals of reducing costs and finding efficiencies that allow for the long-term health of our business."
(By Beth Healy, Globe staff)

Posted by globebusiness at 2:13 PM | Comments (0)

Liberty Mutual to open office in Springfield

Liberty Mutual Group plans to hire up to 300 people for a new office in Springfield.

Gov. Deval Patrick made the announcement today with officials from the insurance company. The office will open later this year.

Liberty Mutual says the expansion is partly due to the state's shift to a "managed competition" system for auto insurance.

The office will be located in the former Springfield Armory in the Springfield Technical Community College park. It will include a customer service call center, among other business operations.

Liberty Mutual currently has 4,400 employees in 33 locations across Massachusetts. (AP)

Posted by globebusiness at 12:46 PM | Comments (0)

Avici shares up after profit, sales surge

Shares of Avici Systems Inc. jumped today after the networking technology company said its fourth-quarter profit multiplied nearly tenfold as revenue from its Internet routing products soared and operating costs declined.

The company, which is changing its name to Soapstone Networks, earned 29.2 million, or $1.90 per share, up from a profit of $3 million, or 21 cents per share, in the same period a year earlier.

Revenue jumped to $44.8 million from $15.9 million.

Product sales were $42.1 million, up from $14 million a year earlier.

Operating costs fell 13 percent to $8.1 million as research and other expenses declined.

For the full year, the company earned $62.3 million, or $4.16 per share, up from a profit of $8.3 million, or 60 cents per share, in 2006.

Revenue rose to $124.3 million from $82.2 million.

Shares rose 98 cents, or 13.8 percent, to $8.23 in late morning trading. The stock has traded between $5.76 and $13.96 in the past 52 weeks. (AP)

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

Au Bon Pain expands in Pittsburgh

Au Bon Pain, an international cafe franchise headquartered in Boston, said it plans to two build two more cafes in Pittsburgh.

The chain, which currently has nine cafe locations in Pittsburgh, said it has contracted with Encore Construction Inc., a Maryland firm whose specialties include building restaurants, to build two full-service cafes in Pittsburgh.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:18 PM | Comments (0)

Verizon details Mass. broadband expansion plans

Verizon Communications Inc. announced today that it will invest $200 million in Massachusetts in 2008, applying to bring television service to 30 new eastern Massachusetts communities and DSL high-speed Internet to 23 communities in western Massachusetts.

The announcement comes in the midst of the Patrick Administration's push to expand broadband access to unserved and under-served communities, with a proposed $25 million broadband incentive fund.

State legislators from western Massachusetts praised the expansion by Verizon, which will bring service to two-thirds of the 32 towns that the state has said lack access to high-speed Internet.

"The Internet is basically the highway of the 21st century, and you can't build an economy without the ability to access the highway," said state senator Stan Rosenberg.

Verizon will also build its FiOS TV service beyond the 63 Massachusetts communities where it is available today. According to a preliminary filing with the state this year, Verizon had more than 78,000 television customers at the end of 2007.

Verizon said it will apply for licenses to offer television service in Ashland, Bellingham, Billerica, Danvers, Dover, Easton, Grafton, Hanover, Hingham, Hudson, Hull, Kingston, Lakeville, Malden, Marblehead, Mansfield, Maynard, Middleton, Milford, Millbury, North Andover, Northborough, Plymouth, Stoughton, Stow, Sutton, Taunton, Walpole, Westford, and Weston.

The company will also build DSL internet service to Becket, Blandford, Colrain, Cummington, Florida, Goshen, Hancock, Heath, Leverett, Leyden, Middlefield, Monroe, Montgomery, New Ashford, New Marlborough, Pelham, Plainfield, Rowe, Sandisfield, Tolland, Westhampton, Windsor, and Worthington.

Verizon will also add 200 customer service jobs within Massachusetts, and double the speed of its Internet offerings in two dozen communities mainly in central Massachusetts.
(By Carolyn Yoon Johnson, Globe staff)

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

Javelin Pharmaceuticals complies with Amex rules

Javelin Pharmaceuticals Inc., a Cambridge company focused on pain-management treatments, said today that it has regained compliance with American Stock Exchange rules regarding director independence.

The company said it reported in a Securities and Exchange filing earlier this month that it had determined that Martin Driscoll, a company director, no longer qualified as independent.

But on Feb. 18, Javelin said its board elected Peter D. Kiernan III as a director and qualified him as independent under the Amex Rules.

The company further added that its corporate governance and nominating committee met Feb. 24 and reviewed the independence requirements for directors; the committee determined that of the board's eight directors, five qualify as independent under Amex rules.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:10 AM | Comments (0)

Settlement reached on Woburn Superfund cleanup

The federal government has reached a settlement with two companies over cleanup of a Superfund site in Woburn.

The Justice Department and Environmental Protection Agency filed the agreement on Wednesday in federal court in Boston.

The settlement resolves disagreements over the second phase of cleanup at the Industri-Plex site. Heavy metals and other contaminants are left over from more than a century of chemical and glue-making operations that ended in 1969.

The settlement spells out the cleanup obligations of two companies, Pharmacia and Bayer CropScience. Both firms are successors to companies that previously operated at the site.

Cleanup costs are estimated to be nearly $26 million for the second phase. (AP)

Posted by globebusiness at 10:49 AM | Comments (0)

Bruker shares hit 7-year high on profit news

X-ray technology and molecular analysis company Bruker Corp. said today that its fourth-quarter profit rose 44 percent on a surge in product sales.

The stock hit a seven-year high on the results, jumping more than 13 percent to reach $14 in morning trading.

The company earned $14 million, or 13 cents per share, compared with a profit of $9.7 million, or 9 cents per share, during the same period a year prior. Revenue rose 35 percent to $183.7 million from $135.6 million.

Analysts polled by Thomson Financial expected profit of 11 cents per share on revenue of $154.5 million.

Product sales made up the bulk of the revenue, rising 37 percent to $164.9 million, while service fees rose 23 percent to $18.4 million. Other revenue accounted for $449,000.

For the full year, the company earned $31.5 million, or 30 cents per share, compared with a profit of $18.5 million, or 18 cents per share, in 2006. Revenue rose to $547.6 million from $435.8 million.

Also, the company said it closed the $914 million cash-and-stock buyout of Bruker BioSpin Group on Tuesday. (AP)

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

AMAG Pharmaceuticals shares hit year low

Shares of biotechnology company AMAG Pharmaceuticals Inc. plunged today after the company said it may have to conduct additional studies in order to gain approval for its experimental cancer imaging agent Combidex.

The stock fell $3.18, or 6.8 percent, to $44 in morning trading. They earlier traded as low as $42.70, after trading in a 52-week range of $43.59 to $72.95.

The Food and Drug Administration's review of Combidex has been ongoing since March 2005, when it asked for additional clinical data. In December, AMAG's European marketing partner Guerbet S.A. withdrew its application for the drug with regulators there after they indicated it was not effective.

Combidex, known as Sinerem in Europe, designed to help detect cancerous lymph nodes in conjunction with magnetic resonance imaging.

"Based on our review of the data from the Guerbet trial, it appears unlikely that the data from that trial will be sufficient to address the concerns raised by the FDA, which means we may have to sponsor one or more additional clinical trials to obtain approval for Combidex," AMAG said in a Securities and Exchange Commission filing Wednesday. "We cannot at this time predict with certainty the timing or likelihood of our ability to satisfy the conditions specified by the FDA for approval of Combidex, if at all."

The company is also waiting for FDA approval on its lead product candidate, Ferumoxytol, an intravenous iron replacement therapy for iron deficiency anemia in chronic kidney disease patients. Earlier in February, the FDA rejected a rival drug candidate, made by Daiichi Sankyo Co., sparking some investor concern that Ferumoxytol could face a tougher review process.

The FDA is expected to make a decision on Fermuxytol by Oct. 19. (AP)

Posted by globebusiness at 10:37 AM | Comments (0)

Affiliated Managers to open London office

Affiliated Managers Group Inc., a diversified asset management company in Beverly that refers to itself as AMG, today announced the opening of an office in London.

The opening of the London office is part of a company plan to extend the global institutional distribution capabilities of its affiliates to the Middle East.

"The Middle East, which includes some of the largest, most sophisticated pools of managed assets in the world, offers significant opportunities for AMG to help its affiliates service existing clients, as well as establish significant new client relationships," AMG executive vice president and chief operating officer Nate Dalton said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:10 AM | Comments (1)

Inverness to close British facility

Inverness Medical Innovations Inc., a Waltham company specializing in rapid point-of-care diagnostic products, today announced its intention to close its Unipath facility in Bedford, England.

Inverness, which seeks to transfer Bedford manufacturing operations to lower cost production facilities such as those in China, said Unipath will commence discussions with employee representatives as part of a consultation process required by English law.

Unipath, Inverness said, employs over 400 people in the United Kingdom.

The intention to relocate those Bedford manufacturing operations "represents an acceleration of Inverness' ongoing plans to significantly reduce product cost, increase margins and extend product life cycles for its women's health and professional diagnostic product lines," Inverness said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:56 AM | Comments (0)

Boston Scientific launches new devices in Europe

Boston Scientific Corp. announced today the first European implants of new devices to treat heart failure and sudden cardiac arrest.

The Natick medical device maker said that doctors began performing implants of its Cognis cardiac resynchronization therapy defibrillator and its Teligen implantable cardioverter defibrillator.

The implants represent the beginning of the products' market launch in Europe, and the company said it plans to "build to a full launch in Europe and other international markets in the second quarter."

The devices are pending approval by the US Food and Drug Administration, Boston Scientific said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:42 AM | Comments (0)

Nano-Terra partners with Nestle affiliate

Nano-Terra Inc. announced technology collaboration agreements with Nestec Ltd., an affiliate of the Swiss food giant Nestle.

Nano-Terra is a privately-held Cambridge company focused on the commercialization of industrial applications of surface chemistry and smart materials.

Under the terms of the agreement, the companies said they will work together to use new techniques to develop and bring to market advanced next-generation pet product packaging solutions and manufacturing processes.
(By Chris Reidy, Globe staff)

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

FOX affiliate to be launched in Springfield

Western Massachusetts is about to get another TV station.

The new owner of Springfield's WGGB-TV, John Gormally, says he plans to launch a FOX network affiliate by the end of next month. He says the station will also air a local nightly newscast at 10 p.m.

The new station would give Springfield four commercial TV outlets as well as a PBS affiliate.

Gormally purchased WGGB, an ABC affiliate, from Sinclair Broadcasting last year for $21.1 million. (AP)

Posted by globebusiness at 8:27 AM | Comments (0)

Mass. AG fines Hingham excavating company

Attorney General Martha Coakley's office said it has reached a settlement with a Hingham excavating company over alleged violations of Massachusetts record-keeping laws.

As part of settling allegations that they failed to submit true and accurate certified payroll records, Albert Emanuello Sr. and Albert Emanuello Jr. of Emanuello Excavating admitted to violating state record-keeping laws, Coakley's office said.

The Emanuellos agreed to pay $17,000 in fines and also agreed to a agreed to pay $17,000 in fines and also agreed to a voluntary debarment under which they cannot bid on public works jobs for a period of one year, Coakley's office said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:24 AM | Comments (0)

Supercuts offers cellphone coupons

Local cellphone users may no longer have an excuse to sport a shaggy mullet, an unkempt coiffure, or, heaven forfend, an un-pomaded pompadour.

That's because a California company called Cellfire Inc. said it is teaming up with the salon chain Supercuts to offer discounts on haircuts and other grooming services at 75 stores in New England.

Cellfire describes itself as a nationwide mobile-coupon and discount-offer service.

Supercuts is offering Cellfire users a $2 discount off a haircut, $5 off a color service, or a free shampoo with the purchase of a haircut; consumers can subscribe to Cellfire’s mobile-coupon service to receive the Supercuts discounts at Cellfire.com or by texting “hair” to 22888, Cellfire said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:14 AM | Comments (0)

Northeastern wins $10m Homeland Security grant

Northeastern University said it is the first university in Massachusetts to win a Centers of Excellence Grant from the US Department of Homeland Security for explosive detection, mitigation, and response.

The Department of Homeland Security said that Northeastern will receive a grant of $10 million over the next four years and noted that research involving explosives detection could eventually lead to significant job creation.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:06 AM | Comments (0)

Justice Department investigates stent use

Natick medical-device maker Boston Scientific Corp. said the Justice Department is looking into allegations that Boston Scientific and other makers of bile-duct stents improperly promoted the devices for unapproved uses, Bloomberg News and Dow Jones Newswires reported.

Bloomberg and Dow Jones said that Boston Scientific disclosed the investigation in a filing with the Securities and Exchange Commission.

In the filing, Boston Scientific said it was cooperating with authorities and described the investigation as civil rather than criminal.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:57 AM | Comments (0)

Brennan will be Iron Mountain's new chief executive

Iron Mountain Inc. announced today that president and chief operating officer Bob Brennan will succeed Richard Reese as its chief executive in June.

Iron Mountain, a Boston company that provides information protection and storage services, said that Reese had notified its board of directors of his intention to step down as chief executive, a position he has held since 1981, at Iron Mountain’s annual meeting on June 5; he will become the company’s first executive chairman of the board.

“This transition represents a natural evolution of the senior leadership at Iron Mountain," Reese said in a statement. "I have been discussing a succession plan with the board and I feel that now is the appropriate time to implement it. Bob has been a leading candidate for the CEO position since he joined the company in 2004.”
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:23 AM | Comments (0)

February 27, 2008

SoundBite acquires a text-messaging company

SoundBite Communications Inc., of Bedford, which makes automated calling systems used in collections, has acquired the mobile text-messaging company Mobile Collect Inc., of Rochester Hills, Mich.

Mobile Collect specializes in delivering text messages to mobile phones at no charge to the recipient. Auto repair companies, advertisers, and debt collectors use the service to contact mobile phone users.

SoundBite will pay $500,000 for Mobile Collect and may pay additional fees of up to $2 million, depending on the revenue generated by the text-messaging business.
(By Hiawatha Bray, Globe staff)

Posted by globebusiness at 6:53 PM | Comments (0)

Shares tumble after EnerNOC posts a loss

Shares of EnerNOC Inc. tumbled today after the Boston company reported a much greater fourth-quarter loss than Wall Street had expected.

EnerNOC shares fell 32 percent, to $17.35, in afternoon trading.

The company, which makes products that allow utilities and electric grid operators to regulate supply and demand, lost $9 million, or 48 cents per share. That compares with a loss of $4.1 million, or $1.07 per share in the year-earlier period, when the company had almost 80 percent fewer outstanding shares.

Analysts had forecast a loss of 30 cents per share, on average, according to a Thomson Financial survey.

EnerNOC’s revenue more than tripled during the quarter to $19.7 million as it added customers and increased megawatts of capacity under management. However, costs outpaced the sharp revenue growth as the company added employees and posted higher stock-compensation expenses.

For the full year, EnerNOC’s loss widened to $23.6 million, or $1.80 per share, from $5.8 million, or $1.60 per share.
(AP)

Posted by globebusiness at 3:26 PM | Comments (0)

Biogen, Elan warn of liver injury from Tysabri

Biogen Idec Inc and Elan Corp Plc notified doctors of reports that "significant" liver injury occurred in some multiple sclerosis patients as early as six days after their first dose of Tysabri, the U.S. Food and Drug Administration said on Wednesday.

"Tysabri should be discontinued in patients with jaundice or other evidence of significant liver injury. Physicians should inform patients that Tysabri may cause liver injury," the FDA said in a notice posted on its Web site.

A copy of the companies' joint letter was posted at http://www.fda.gov/medwatch/safety/2008/Tysabri-dhcp-letter.pdf. (Reuters)

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

Report: Weak economy won't hurt college job market

Many employers have not altered plans to hire spring college graduates, according to a survey by Challenger, Gray & Christmas Inc., a Chicago-based global outplacement consulting firm.

Despite signs of a steadily weakening economy, the survey found that less than three percent of employers have cancelled campus recruiting visits or plans to attend job fairs, the firm said, while 46 percent of respondents said their companies planned to hire the same number of graduates as a year ago.

The survey was conducted among 100 human resources executives during the week of Feb. 18, Challenger, Gray said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:53 PM | Comments (0)

EnerNOC stock shares fall on earnings report

Shares of EnerNOC Inc. fell 15.3 percent in morning trading today after the company reported a larger fourth-quarter loss than some Wall Street analysts had expected.

Boston-based EnerNOC, which uses technology to help power-grids manage their electricity supply during peak demand periods, said it lost $9 million, or 48 cents a share, for the fourth quarter.

Bloomberg News reported that five analysts that it had surveyed had estimated a loss of 29 cents a share.

In the fourth quarter from a year ago, EnerNOC lost $4.1 million.

Revenues for the fourth-quarter of 2007 were $19.7 million, up 234 percent from the same quarter a year ago, EnerNOC said.

At one point during morning trading on the Nasdaq Stock Market, EnerNOC shares were down $3.91 to $21.59.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:44 AM | Comments (0)

Staples awards $300k in grants

Framingham-based office-supply retailer Staples Inc. said its private foundation has awarded more than $300,000 in grants to nonprofit organizations across the country.

Donations from the Staples Foundation for Learning included seven grants to Massachusetts nonprofits that totalled $68,500, Staples said.

Among Massachusetts groups receiving grants were Artists for Humanity in Boston, the Boys and Girls Clubs of Greater Boston, and the Williamstown Rural Lands Foundation, Staples said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:40 AM | Comments (0)

Covidien gets tentative FDA approval

Medical products maker Covidien Ltd. said today that federal regulators granted tentative marketing approval for its generic version of Bristol-Myers Squibb Co.'s Cardiolite, an imaging agent used in cardiac stress tests.

Covidien's product, the Kit for the Preparation of Technetium Tc 99m Sestamibi Injection, helps clinicians see how well blood is flowing through the heart.

Tentative FDA approval means the FDA found Covidien's generic product to be safe and effective for use as recommended in the submitted labeling. Final approval can be granted once Cardiolite's marketing exclusivity period expires on July 29.

Shares of Bermuda-based Covidien fell 24 cents to $43.55 in morning trade. (AP)

Posted by globebusiness at 10:13 AM | Comments (0)

NE Advertising Hall of Fame inducts new members

The Ad Club of Boston inducted Jack Connors, Ed Eskandarian, and Paul La Camera into the New England Advertising Hall of Fame last night.

Connors is a founding member of Boston ad agency Hill Holliday; Eskandarian is chairman and chief executive of ad agency Arnold Worldwide, and La Camera is general manager of the WBUR Group, which includes a Boston NPR radio station.
(By Chris Reidy, Globe staff)

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

Allurent partners with Coremetrics

Allurent said today it is partnering with Coremetrics to "deliver effective Web 2.0 shopping solutions."

Allurent of Cambridge provides e-commerce products that helps such retailers as Borders Group Inc. and Kohl's Corp. to create "compelling shopping experiences" at their online stores.

California-based Coremetrics is a provider of digital marketing optimization solutions.

Their partnership, Allurent and Coremetrics said, will help retailers "measure the effectiveness of Rich Internet Applications (RIAs) across their online stores - from site navigation to checkout - and then adjust their website to take advantage of this added insight."

Allurent and Coremetrics said their joint solution is already deployed at Anthropologie.com and UrbanOutfitters.com.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:48 AM | Comments (0)

Clean Harbors forecasts revenue uptick

Clean Harbors estimates first-quarter revenue between $225 million and $230 million

Clean Harbors Inc., a provider of environmental and hazardous waste management services, said today it expects first-quarter revenue of $225 and $230 million.

Favorable industry trends and the company's established position in the market are expected to help its revenue throughout the year, Alan McKim, Clean Harbors' chairman and chief executive, said in a statement. The first quarter is typically the slowest for Clean Harbors because of weather, the company said.

For the full year, Clean Harbors expects revenue to increase between 6 percent and 8 percent. In 2007, the company made $946.9 million in revenue. (AP)

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

Student biologist wins Lemelson-MIT prize

MIT graduate student Timothy Lu was awarded the $30,000 Lemelson-MIT Student Prize for Inventiveness, the Lemelson-MIT Program said today.

Lu, a synthetic biologist, was honored for "for inventing processes that promise to combat bacterial infections by enhancing the effectiveness of antibiotics at killing bacteria and helping to eradicate biofilm, bacterial layers that resist antimicrobial treatment," the program said.

The Lemelson-MIT Program cites its goals as recognizing outstanding inventors, encouraging sustainable new solutions to real-world problems, and enabling and inspiring young people to pursue creative lives and careers through invention.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:22 AM | Comments (0)

Serbian software firm opens Boston office

Spinnaker New Technologies, a Serbian software development company, announced the official opening of an office in Boston, the company's first in the United States.

Spinnaker said its Boston office will offer a full range of information-technology services and solutions, including IT-consulting, custom software development, and system integration.

Spinnaker New Technologies is a wholly owned subsidiary of ComTrade Group, also of Serbia.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:20 AM | Comments (0)

DG Energy to power Haverill's Penacook Place

American DG Energy Inc. said it has agreed to provide clean energy to Penacook Place, a not-for-profit nursing home facility in Haverhill.

American DG Energy is a Waltham utility offering electricity, heat, hot water, and cooling to hospitality, housing, healthchare, and athletic facilities.

The value of the 15-year agreement with Penacook Place to American DG Energy is estimated to be $2 million over the program term, American DG Energy said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:15 AM | Comments (0)

New tenants move into Solomon Pond Park

Solomon Pond Park, an office park in Marlborough, is welcoming new tenants that will collectively account for 44,000 square feet of its roughly 495,000 square feet of space, one of the park's owners said.

One new tenant for 28,000 square feet of space is Toronto-based Brookfield Power, a power generation company, said Nordic Properties, which is part of a local venture with Great Point Investors LLC that owns the park.

Blue Cod Technologies, which provides custom computer programming, is expanding into an additional 12,500 square feet of space, Nordic Properties said, and Community Education Centers Inc. is leasing 4,300 square feet of space.
(By Chris Reidy, Globe staff)

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

Mortgage applications down

A drop in mortgage refinancing activity drove a decline in mortgage applications in the latest weekly survey from the Mortgage Bankers Association, a group that represents the real estate finance industry.

For the week ending Feb. 22, the survey's market composite index, a measure of mortgage loan application volume, was 665.1, a decrease of 19.2 percent on a seasonally adjusted basis from the previous week's reading, the association said, and on an unadjusted basis, the latest index was up 5.1 percent compared with the same week one year earlier.

The survey's refinance index decreased 30.4 percent from the previous week, and the seasonally adjusted index that tracks mortgage applications for newly purchased homes rose 0.2 percent, the association said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:06 AM | Comments (0)

Parametric Technology sets annual meeting date

Parametric Technology Corp., which refers to itself as PTC, announced today that it will hold its annual meeting of stockholders March 5 at 9:00 a.m. at its headquarters in Needham.

The annual meeting may be attended in person by shareholders, the company said, and there will be an audio webcast of the event at the company's investor website, PTC said.

PTC provides product lifecycle management, content management, and dynamic publishing solutions to more than 50,000 organizations worldwide.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:04 AM | Comments (0)

February 26, 2008

Comcast accused of stifling Internet debate

Comcast Corp. today acknowledged hiring people to fill seats before the start of a contentious federal hearing on how the company manages its broadband network.

Many people were turned away before the Federal Communications Commission hearing at Harvard Law School, leading critics to accuse Comcast of stifling debate on its practice of favoring some forms of Internet traffic over others.

Comcast said it hired people to hold seats only after an advocacy group called Free Press urged its backers to attend.

‘‘For the past week, the Free Press has engaged in a much more extensive campaign to lobby people to attend the hearing on its behalf,’’ Philadelphia-based Comcast said.

After Free Press accused Comcast of using unfair tactics, Comcast spokeswoman Sena Fitzmaurice confirmed the company hired people to fill seats. As Comcast employees arrived, they replaced the hired seat-warmers. Fitzmaurice declined to say who or how many were hired, how the company found them, or how much they were paid.

Hiring people to fill seats isn’t unknown in Congress and other forums, but Comcast’s critics said this case is unique.

‘‘First, Comcast was caught blocking the Internet. Now it has been caught blocking the public from the debate,’’ said Timothy Karr, director of an advocacy campaign backed by a coalition including Free Press. ‘‘The only people cheering Comcast are those paid to do so.’’

Comcast says its traffic management practices are necessary to keep other Internet traffic, like Web content, flowing smoothly.

During the hearing, FCC commissioners signaled they were ready to enforce ‘‘open Internet’’ policies.
(AP)

Posted by globebusiness at 8:17 PM | Comments (0)

Caliper settles patent case with licensing deal

Caliper Life Sciences Inc., which makes software used for drug development, today said it will cross-license technology with AntiCancer Inc. in order to settle a patent lawsuit.

Caliper, of Hopkinton, gains the rights to sublicense AntiCancer’s protein optical imaging patents to third parties. San Diego-based AntiCancer obtains rights to license Caliper’s fluorescent protein imaging patents to a specified number of third parties. That figure was not disclosed.

Each company will receive a royalty fee from the other for internal and contract research. The companies will share revenue from the licensing of each other’s patented products.

Additional details were not disclosed.
(AP)

Posted by globebusiness at 3:37 PM | Comments (0)

Court bars certain foreclosures

Attorney General Martha Coakley has won a court order that could prevent a subprime mortgage lender from foreclosing on many Massachusetts borrowers.

A judge granted her request for a preliminary injunction against Fremont Investment and Loan.

Coakley sued the California-based lender in October, accusing it of selling risky loans that it knew would fail, including ‘‘no documentation’’ loans.

She said Fremont significantly contributed to the state’s foreclosure crisis.

The injunction bars Fremont from pursuing foreclosure if an individual mortgage loan is deemed to be what the court order calls ‘‘presumptively unfair.’’

A phone message seeking comment from Fremont was not immediately returned.
(AP)

Posted by globebusiness at 2:52 PM | Comments (0)

Stop & Shop expands executive team

Stop & Shop of Quincy and sister supermarket chain, Giant Food of Landover, Md., announced the appointment of three executive vice presidents to complement their leadership structure.

Jim Dwyer, most recently a president for a unit of American Standard Cos., was named executive vice president of strategy and business development and will lead the company's marketing, corporate brands, store format development, pharmacy, strategic planning, and the Peapod home delivery service, the chains said.

Robin Michel joins the company as executive vice president and general manager of Giant-Landover, and will oversee Giant sales, operating profits, and employees, the chains said.

Jeff Slater will lead the company's human resource efforts as executive vice president of people, the chains said.

With 575 stores and 82,000 employees, Stop & Shop and Giant are owned by Dutch food retailer Royal Ahold NV.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:56 PM | Comments (0)

Monotype Imaging swings to profit

Monotype Imaging Holdings Inc, a provider of fonts and imaging software, said today that it swung to a fourth-quarter profit on rising sales and an accounting charge in last year's quarter.

The company, which is based in Woburn, reported earnings after preferred dividends of $4 million, or 11 cents per share, compared with a loss of $7.3 million, or $2.77 per share in the prior year.

Per-share results were adjusted to account for a 4-for-1 stock split in July.

Monotype, which had its initial public offering in July, also said its year-ago results were lowered by $9.9 million to account for the addition of convertible redeemable preferred stock. The stock was converted to common and redeemable preferred shares, with the preferred stock redeemed in connection with the IPO.

Sales for the period ended Dec. 31 rose to $27.5 million, up 8 percent from $25.4 million a year earlier.

Monotype's annual loss after preferred dividends widened to $25 million, or $1.55 per share, from $17.3 million, or $7.37 per share.

Full-year revenue gained 22 percent to $105.2 million from $86.2 million. (AP)

Posted by globebusiness at 12:41 PM | Comments (0)

Hub gas prices were still below peak

January gasoline prices in Boston, while high by historical standards, were somewhat below recent spikes and were lower than inflation-adjusted prices from the early 1980s.

That's one finding of a snapshot report on gas prices compiled by the Bureau of Labor Statistics, which is part of the US Department of Labor.

In January, the average price for all types of gas in Boston was $3.067 per gallon, which was slightly less per gallon than the national average at $3.096, the bureau said.

Since 1981, the lowest real price for gas in Boston was reported in March 1999, when gas was $1.296 per gallon, and the highest real price was in September 2005, shortly after Hurricane Katrina, when gas was $3.528 per gallon, the bureau said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:21 PM | Comments (0)

EMC, Partners collaborate on hypertension program

EMC Corp. and a division of Partners HealthCare announced a collaboration today that aims to help EMC employees with hypertension to better manage their health through proactive monitoring and education.

EMC of Hopkinton is a provider of data storage products, and Partners HealthCare of Boston is an integrated health system founded by Brigham and Women's Hospital and Massachusetts General Hospital.

The Partners HealthCare division collaborating with EMC is the Center for Connected Health.

EMC is the first company to participate in SmartBeat, a program designed by the Center for Connected Health, which uses a wireless blood pressure cuff and communicator, and an Internet-based feedback system, to aid employees volunteering for the study to self-manage their high blood pressure, the center said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:55 AM | Comments (0)

Suffolk Interiors lands FundQuest project

Suffolk Interiors, a unit of Suffolk Construction Co. of Boston, said it has been tapped to do an extensive remodeling project for the Boston office of FundQuest Inc., a provider of managed account investments and technology.

Suffolk Interiors said it expects to complete a 30,000-square-foot "fit out" on two floors within the One Winthrop Square building for FundQuest in mid March.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:18 AM | Comments (0)

Four South African firms select Progress Software

Progress Software Corp. said today that four South African companies have selected Progress EasyAsk software for their operational business intelligence.

Progress Software of Bedford is a global supplier of application infrastructure software used to develop, deploy, integrate, and manage business applications.

The South African companies using its software are Nedbank, Europ Assistance, Matrix Vehicle Tracking, and Integrated Healthcare Distribution, Progress Software said.

The software will help those companies to "enhance their business users' ability to quickly and easily access critical business data that can help them in their day-to-day decision-making," Progress Software said in a press release.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:03 AM | Comments (0)

Verizon FiOS coming to Abington

The board of selectmen in Abington yesterday granted Verizon Communications Inc. a cable franchise for its FiOS TV service, Verizon said.

The board's action will make the option of Verizon FiOS TV available to about 5,000 households, said Verizon, which added that FiOS TV service is available in 63 Massachusetts communities.

Headquartered in New York, Verizon delivers broadband and other wireline and wireless services to mass market, business, government, and wholesale customers.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:48 AM | Comments (0)

Calnan completes Wyeth project

J. Calnan & Associates Inc., a Quincy construction management firm, said it recently completed construction of a new administrative office in Wilmington for Wyeth, the pharmaceutical giant.

The build-out of the 50,000 square feet of space was a collaborative effort that included Jones Lang LaSalle, which represented the building's owner; Cambridge architect ADD Inc.; and RDK Engineers, which has offices in Andover and Boston, J. Calnan said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:41 AM | Comments (0)

Schnitzer joins Boston Scientific

Natick medical device maker Boston Scientific Corp. announced that Jay J. Schnitzer will join the company next month as a vice president and associate chief medical officer.

Schnitzer will be responsible for leading the medical input process for the company's endosurgery, neurovascular, and neuromodulation businesses, and he will report to chief medical and scientific officer Donald S. Baim, Boston Scientific said.

Schnitzer most recently served as an associate professor of surgery at Harvard Medical School, the company said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:59 AM | Comments (0)

IPG Photonics buys British Telecom portfolio

IPG Photonics Corp., an Oxford company specializing in high-power fiber lasers and amplifiers, today reported that it has purchased a photonics patent portfolio from British Telecom.

The patents are in the fields of optical fiber lasers and amplifiers, semiconductor devices, integrated optics, fiber gratings, high-speed systems, and optical networking, said IPG, whose press release did not disclose financial details of the transaction.

"With the purchase of these important patents, IPG's intellectual property portfolio is unparalleled in the fiber laser field," Valentin P. Gapontsev, IPG Photonics' chief executive, said in a statement.
(By Chris Reidy, Globe staff)

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

Mass. home sales, prices fall

Massachusetts single-family home sales had their worst January in at least 21 years, according to a report from the Warren Group, a Boston company that tracks New England real estate data.

"Single-family home sales fell 28.3 percent from 2,943 sales in January 2007 to 2,110 in January 2008," reported the Warren Group, which is also the publisher of Banker & Tradesman . "The median price for single-family homes dropped 4.4 percent from $340,000 to $325,000."

It was the worst sales performance for a January since the Warren Group began tracking real estate data in 1987, the firm said.

“This was a weak start for 2008’s housing market, but it was not unexpected,” Tim Warren Jr., Warren Group chief executive, said in a statement. “Sales have shown notable weakness since September 2007, and that trend continued in January.”

The Warren Group analysis of January sales echoed a separate report out today from the Massachusetts Association of Realtors, which uses a different method to track real estate activity.

According to the realtors association, the number of Massachusetts single-family homes sold in January fell 27.7 percent from January 2007, and the median selling price fell 5.6 percent, from $340,000 in January 2007 to $321,000 in January 2008.

January condo sales in Massachusetts fell 33.7 percent on a year-to-year basis, but the median selling price for a condo rose 3.5 percent, from $268,000 in January 2007 to $277,500 in January 2008, the Massachusetts Association of Realtors said, and in January, 1,984 single family homes were sold in Massachusetts, and there were 843 condo sales, the association said.

The Warren Group said: "Condominium sales declined 36.2 percent in January from 1,778 to 1,135. The median price fell 1.5 percent from $274,000 for sales in January 2007 to $270,000 for sales made in January 2008."

Association president Susan M. Renfrew said in a statement: “There is no question January reflects the anxiety people were feeling about the economy that last two months of 2007. However, this continues to be a buyer’s market, and there is opportunity. That, combined with low interest rates and the economic stimulus package recently signed by President Bush, should help the market.”

Tim Warren of the Warren Group offered his assessment of the local housing market in his statement.

“Judging by the last few months of lackluster sales and the ever-increasing number of foreclosures, which can create a glut of low-cost homes on the market, these downward trends are many months from ending,” Warren said. “The market is getting better and better for potential homebuyers as prices drop. But we have yet to see increased buyer interest translate into increased sales.”

Yesterday the National Association of Realtors reported that sales of existing homes nationwide fell to a nine-year low.
(By Chris Reidy, Globe staff)

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

Texterity makes executive changes

Texterity Inc. announced top management changes in a response to company growth.

Texterity, a privately held company headquartered in Southborough, is a provider of digital publishing solutions.

Texterity said it promoted Cimarron Buser to the post of senior vice president of marketing and business development, and it promoted Carl Scholz to senior vice president of technology and operations.

Bob Ludwick was appointed vice president of sales; most recently, he worked for the Pohly Co., where he was publisher of Continental, the inflight magazine for Continental Airlines, Texterity said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:18 AM | Comments (0)

Comprehensive gets Mass. pharmacy contract

Pharmacy services provider Comprehensive Pharmacy Services said it has been hired by the commonwealth of Massachusetts to manage pharmacy services in the state's 41 pharmacy facilities.

The Tennessee company said it has an $80 million, seven-year contract with the Massachusetts Department of Public Health's Office for Pharmacy Services; the contract goes into effect in April.

The Massachusetts Office for Pharmacy Services provides pharmacy services to public sector healthcare organizations, according to the company's press release.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:14 AM | Comments (0)

US foreclosure rates rise 8 percent

Nationwide foreclosure filings rose 8 percent in January from December, and filings were up nearly 57 percent from January 2007, according to RealtyTrac Inc., a California firm that is an online marketplace for foreclosure properties.

By RealtyTrac's definition, foreclosure filings include default notices, auction sale notices, and bank repossessions.

In January, foreclosure filings were reported on 233,001 properties, RealtyTrac said.

California, Florida, and Texas reported the highest foreclosure totals for the month, the firm said, and with 7,966 foreclosure filings in January, Massachusetts ranked sixth among states, RealtyTrac said.

“January’s foreclosure numbers demonstrate that foreclosure activity is continuing on its upward trend, substantially increasing from a year ago in many states,” James J. Saccacio, chief executive of RealtyTrac, said in a statement. “However, the 8 percent monthly increase in January is not as precipitous as the 19 percent spike we saw in January of 2007, and several key states actually experienced decreasing foreclosure activity from the previous month. It could be that some of the efforts on the part of lenders and the government - both at the state and federal level - are beginning to take effect."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:08 AM | Comments (0)

Dassault launches new packaging product

The Lowell operations of Dassault Systemes today announced the availability of a new product for consumer packaged goods.

One of the French company's specialties is product lifecycle management solutions.

Now available, Dassault said, is the ENOVIA Consumer Packaged Goods Accelerator for global specification management.

"Designed to simplify the management of design specifications for products spanning multiple brands and markets, the solution will enable companies to more effectively manage regulatory compliance and operational costs while bringing products to market faster," Dassault said in a press release.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:03 AM | Comments (0)

February 25, 2008

Dissident hedge funds raise stake in Times Co.

Two hedge funds trying to elect a dissident slate to the board of The New York Times Co. amassed 19.03 percent of the company’s common stock before last week’s deadline for gaining voting power at the April 22 annual meeting, according to a report filed today.

That rivals the holdings of the Times Co.’s chairman, Arthur Sulzberger Jr., and his family, who have effectively controlled the selection of directors. A two-tiered stock structure gives the family unfettered control of nine of the 13 board seats; what the hedge funds are fighting for is control of the other four.

The funds, Harbinger Capital Partners and Firebrand Partners, contend the company is not taking full advantage of its potential value.

They say the Times Co. should sell assets, focus on the flagship newspaper, The New York Times, and invest more in Internet operations.

The funds have said they do not intend to challenge the two-tiered stock structure or the control of the company by the Sulzbergers.

The company’s assets include About.com, The International Herald Tribune, The Boston Globe, a string of smaller newspapers, and a minority stake in the Boston Red Sox.

Last week, the company nominated four directors for election by Class A shareholders and sent letters to shareholders urging them not to return proxy cards from Harbinger and Firebrand. But it insisted the slate was preliminary and that it was still considering the candidates of the hedge funds.

Harbinger and Firebrand said they accumulated more than 27.2 million shares for about $500 million. They stated they own 19.03 percent of the Class A shares. Class A shares are more than 99 percent of the shares outstanding but have less voting power than the much smaller number of Class B shares.

The company said the Sulzberger family owns about 19 percent of all shares, A or B. That includes a family trust that holds almost 90 percent of the Class B shares, which are not available to the public and have sole power to vote on nine of the 13 board seats.
(New York Times News Service)

Posted by globebusiness at 8:27 PM | Comments (0)

Metabolix names a new CEO

The Cambridge biotechnology company Metabolix Inc. today named Richard P. Eno chief executive, effective March 17.

Eno replaces Jay Kouba, who became president, chief executive and chairman in May 2007 as the company sought a permanent replacement for James J. Barber, who resigned that same month.

Kouba will remain as chairman.

Eno was most recently vice president at CRA International, a management consultancy.
Metabolix is developing biodegradable plastics from corn sugar.
(AP)

Posted by globebusiness at 4:42 PM | Comments (0)

Harvard conference considers broadband traffic

The head of the Federal Communications Commission and other senior officials said today that they were considering taking steps to discourage cable and telephone companies from discriminating against content providers as the broadband companies go about managing heavy Internet traffic that they say is clogging their networks.

Kevin J. Martin, chairman of the FCC, told a hearing on network neutrality and network management today, "While networks may have reasonable practices, they obviously cannot operate without taking some reasonable steps, but that does not mean they can arbitrarily block access to certain services."

The hearing is being held all day today at Harvard Law School, near the congressional district of US Representative Edward J. Markey, a Malden Democrat who as the head of a House telecommunications subcommittee recently introduced legislation intended to prevent cable and telephone companies from discriminating in the way they control broadband traffic. (New York Times News Service)

Posted by globebusiness at 2:13 PM | Comments (0)

SiGe relocates Methuen operations to Andover

SiGe Semiconductor said today that it has relocated its Methuen operations to a larger facility in Andover.

SiGe Semiconductor is a global supplier of radio frequency solutions for wireless
systems.

The company said that it will occupy a newly renovated area of 12,500 square feet in Andover, and that the facility will house the company’s executive team, as well as research and development programs.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:52 PM | Comments (0)

Investors jump into Genentech

Shares of Genentech Inc. soared as much as 11 percent today after US regulators approved its drug Avastin for the treatment of metastatic breast cancer.

Analysts had not expected the ruling so early, and many raised their sales and earnings estimates. The approval is contingent on data to be released later this year from additional trials.

Genentech of California is one of the nation's largest companies in the life sciences sector - a sector of vital importance to Massachusetts.

Avastin is one of Genentech's most important products, with US sales of $2.3 billion in 2007. The breast cancer approval could add $500 million or more in sales a year, according to some analysts.

The approval gives a much needed boost to Genentech, the world's second-biggest biotech by sales. Its shares had fallen nearly 17 percent in the year prior to the FDA's ruling on Friday, compared with a decline of 7 percent in the American Stock Exchange biotechnology index over the same period.

"We view this as the best-case scenario and increase our sales estimates as a result," said Joel Sendek, an analyst at Lazard Capital Markets, in a report. "We forecast significant penetration in metastatic breast cancer as approval validates the safety and efficacy claim."

Some analysts are more cautious.

"Because some physicians already use Avastin extensively in the metastatic setting, we question the robustness of uptake, possibly providing an opportunity for investor disappointment," said William Tanner, an analyst at Leerink Swann & Co, in a report.

In addition, it is possible that data released later this year will show the drug is as effective at a low dose as at a high dose. Many doctors are already prescribing the half-dose for patients with lung cancer, which has caused lung cancer revenue to fall short of expectations, said Jim Reddoch, an analyst at Friedman, Billings, Ramsey.

"Lung cancer is a precedent for what we expect to happen in breast cancer," he said.

Avastin is the first in a class of drugs known as anti-angiogenesis therapies to be approved for use against breast cancer. The drugs starve tumors of essential blood and nutrients by blocking a protein known as vascular endothelial growth factor, or VEGF.

"We are still not certain whether it is possible to achieve the same or even greater benefit by using a lower dose than the maximal dose possible," said Dr. William Li, president and medical director of the non-profit Angiogenesis Foundation, which studies this class of drugs.

The approval of Avastin in breast cancer also establishes a bar for other drugs in the same class that are being tested against breast cancer, including Pfizer Inc's Sutent and Nexavar, a drug made by Onyx Pharmaceuticals Inc and Germany's Bayer AG, he said.

"I think overall the pharmaceutical industry will view this as a very positive development because it establishes that breast cancer is an approvable indication for anti-angiogenic therapies," Li said.

The U.S. Food and Drug Administration approved Avastin for use against breast cancer based on data that showed it extended the time before a patient's disease progressed, a measure known as progression-free survival, even though it did not prove the drug prolongs life.

It is the first time the agency has approved a drug on that basis in the front-line breast cancer setting.

But Bret Holley, an analyst at Oppenheimer & Co, said investors should not take that to mean the FDA will relax the parameters for approval for all cancer drug companies.

"I do think this will be positive for the sector, but this approval comes in the wake of very compelling clinical trial data," he said. "I don't think you'll see marginal drugs approved on this basis."

Genentech's shares were up $6.21, or 8.7 percent, to $77.80 in early afternoon trading on the New York Stock Exchange. Earlier they rose as high as $79.39. (Reuters)

Posted by globebusiness at 1:41 PM | Comments (0)

Japan seeks impact at Boston Seafood show

Japan - one of the world's largest importers of seafood -- is vying for a share of the steadily growing US seafood market with the first government sponsored exhibit at today's International Boston Seafood Show.

Facing a declining birthrate, Japan recently set out to increase its exports of agricultural and fisheries products worldwide to $10 billion in 2013 from about $3.7 billion in 2006, Toshinori Uoya, Japan's assistant director of the export promotion office, said this morning at a breakfast sponsored by the Japanese government.

America, which imports about 80 percent of its seafood, is a ripe market for Japan. In 2007, about $13.8 billion pounds of ocean products were imported -- a 35 percent increase from 2002, according to the National Marine Fisheries Service.

Japan, which boasts the world's largest wholesale fish market known as Tsukiji, in Tokyo, is sponsoring 10 seafood companies at a pavilion at the ongoing International Boston Seafood Show.
(By Jenn Abelson, Globe staff)

Posted by globebusiness at 12:57 PM | Comments (0)

Mass. announces grants for at-risk youth

The Patrick administration announced $3.1 million in grants for expanded job and educational opportunities for at-risk youth across the state.

The grants will be made to dozens of organizations working with such youth, the administration said.

"We know that the single greatest predictor of holding a job as an adult is holding a job as a teenager, and that is why we must do everything possible now to put our youth on a path that will lead to academic success and greater life time earnings," Suzanne M. Bump, Secretary of Labor and Workforce Development, said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:24 PM | Comments (0)

Novell agrees to buy PlateSpin for $205 million

Business software developer Novell Inc. said today that it will pay $205 million for Toronto-based PlateSpin Ltd., which makes software for operating corporate data centers.

Waltham-based Novell expects to close the deal in the second quarter.

It will provide an update on the financial implications of the acquisition during its fiscal first-quarter earnings call, scheduled for Thursday.

Novell said it would integrate PlateSpin into its systems and resource management unit.

Novell products include network management and directory services.

Its shares rose 8 cents to $6.66 in morning trading on the Nasdaq Stock Market. (AP)

Posted by globebusiness at 12:14 PM | Comments (0)

Progressive entering Mass. auto insurance market

Progressive Insurance will begin offering auto insurance to Massachusetts drivers May 1, the company said. Progressive, which sells more auto insurance through agents than any other firm in the United States, said it wanted to enter the Massachusetts market quickly under the new managed competition system put in place by Insurance Commissioner Nonnie S. Burnes.

"We appreciate the work the division has done to create a regulatory environment that allows companies to compete for customers," said Cathy Wilton-Bransch, Massachusetts product manager for Progressive.

Progressive already sells commercial auto insurance in Massachusetts. Starting in May, individual consumer will be able to purchase policies through the company's website, progressive.com. Next year, it plans to have a network of agents in place for consumers who want to buy policies from local agents.

The insurer, based in Mayfield Village, Ohio, claims its rates will be 18 percent lower than the "average rates" paid by Massachusetts drivers in 2007.

Previously, auto insurance rates were set by the Division of Insurance, and insurance companies had little flexibility to vary from the approved prices. Under the new system, companies set their own rates, which go into effect unless they are challenged and disallowed by the insurance commissioner. Drivers whose policies renew April 1 will be first to obtain the lower rates set under the competitive system.

Proponents of managed competition claimed that the new system would draw additional companies into the Massachusetts market, increasing choices and leading to more price competition.
(By Jeffrey Krasner, Globe staff)

Posted by globebusiness at 12:07 PM | Comments (0)

Massachusetts gas prices rise

A surge in oil prices has sent the cost of gasoline soaring in Massachusetts and around the nation.

The latest weekly survey by AAA Southern New England finds self-serve regular selling for an average of $3.05 per gallon in Massachusetts, nine cents higher than last week and 11 cents above the average from the previous week.

The state remains eight cents below the national average of $3.13 per gallon for regular unleaded.

Crude oil prices topped the $100 per barrel mark last week. (AP)

Posted by globebusiness at 12:05 PM | Comments (0)

Converse celebrates "icons"

What do actor James Dean and punk rocker Sid Vicious have in common?

Both are among "icons" being featured in a marketing campaign that is celebrating the 100th anniversary of Converse Inc., the North Andover-based brand of athletic footwear and apparel.

According to Converse, a campaign titled "Connectivity" marks "100 years of disrupting the status quo and features legendary icons from the world of music, arts, sports, and fashion."

Another icon recognized by the Converse campaign is the late gonzo journalist Hunter S. Thompson, who in his writing vigorously espoused such principles as "Free lunch, final wisdom, total coverage."

Converse is a wholly owned subsidiary of Oregon sneaker giant Nike Inc.
(By Chris Reidy, Globe staff)

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

Sherwin-Williams deploys Netezza technology

Netezza Corp. today announced that the Sherwin-Williams Co. has chosen it for the analysis of store performance and market basket information.

Netezza of Framingham specializes in data warehouse and analytic appliances, and Sherwin-Williams of Ohio is known for paint and coatings.

Sherwin-Williams is deploying a Netezza Performance Server appliance to provide its business users with the most up-to-date information available, Netezza said.
(By Chris Reidy, Globe staff)

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

Zappos to install Kiva system

Kiva Systems said today that online retailer Zappos.com plans to install a Kiva fulfillment system at a Zappos distribution system in Kentucky.

Specializing in solutions for the distribution and order fulfillment industry, Woburn-based Kiva utilizes a fleet of mobile robotic drive units that bring inventory directly to warehouse workers.

Zappos plans to use Kiva's ItemFetch split-case picking system and OrderFetch shipping sorter at its Shepherdsville, Ky., facility to store, move, and sort a variety of products, including shoes, apparel, and accessories, Kiva said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:11 AM | Comments (0)

Boston Scientic lands 3 FDA approvals

Natick medical-device maker Boston Scientific Corp. said today that it has received Food & Drug Administration approval for three products in its cardiac rhythm management business.

The products include the Confient implantable cardioverter defibrillator, the Livian cardiac resynchronization therapy defibrillator, and an upgraded Latitude patient management system, the company said.

"Our cardiac rhythm management team is refocused on delivering therapy systems that meet physicians' needs for safety, reliability, and better patient outcomes," company president and chief executive Jim Tobin said in a statement. "These and other recent approvals are tangible examples of the team's revitalized commitment to quality and innovation."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:42 AM | Comments (0)

Voltaire gets supercomputer contract

Voltaire Ltd., a company with its US headquarters in Billerica, said today that its switches are included in a new supercomputer dedicated to environmental science research.

Voltaire, an Israeli provider of grid backbone solutions for data centers, said that the Pacific Northwest National Laboratory will use its Grid Backbone switching solutions as part of a new high-performance computing system that aims to accelerate research discovery in environmental molecular sciences.

This represents a multimillion dollar deal for Voltaire, the company said without going into further detail in its press release about financial information.

According to Voltaire, the supercomputer at a Department of Energy facility in Washington state will be fully operational in September and it will be used for research projects related to bioremediation, energy production and environmental clean-up.
(By Chris Reidy, Globe staff)

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

YouCastr empowers amateur sports commentators

Watch out, WEEI. A Boston start-up is launching an Internet service that allows anyone to ape a radio sports talk-show host or mimic a color commentator covering the big game.

According to YouCastr Corp., its technology creates a "real-time, interactive global sports broadcasting network," and the stars of that network could be you.

In other words, anyone who thinks Tim McCarver is a pretentious gasbag can now offer their own World Series commentary. (Think of it as wannabe jock chroniclers engaging in real-time audio blogging.)

"With YouCastr, anyone can become a sports broadcaster," the company said in a press release. "On the simple, yet powerful website, users can easily broadcast live commentary on sporting events and create shows about their favorite local, high-school, college, and pro teams."

What's more, the YouCastr platform allows "broadcasters and listeners to interact live while simultaneously watching or listening to sporting events."

All that's needed is a personal computer, or a laptop, with a microphone and an Internet connection, the company says, and you too can sit in front of your TV while the game's on and offer commentary on the Bruins getting thrashed one more time by those dastardly Habs of Montreal.

And who's your audience? Anyone you're e-mailed in advance with a heads-up. These folks use their PC to connect to the YouCastr website. Then they tune in the game, and instead of the TV announcers, they hear your analysis over their computer's speakers. (And in case you say something dumb, listeners can get into the act by using YouCastr's live chat feature to twit you in text, the company says.)

The service is free for the moment, but YouCastr eventually envisions making money some day by having ads interspersed with your color commentary and by offering a premium package of services to folks who really get hooked on thinking that they're the next Jerry Remy.

YouCastr recently announced a strategic partnership with the CSB School of Broadcasting, just in case YouCastr users are looking to hone their skills.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:28 AM | Comments (0)

American Tower reviewing books on tax issue

American Tower Corp., which owns wireless communication towers, said today that fourth-quarter revenue rose 12 percent but delayed reporting additional financial information while it resolves a tax issue.

The Boston-based company is reviewing past tax accounting for its former satellite and fiber network access unit, Verestar, and said it may take non-cash adjustments to past revenue and net operating loss carry-forwards -- which are used to determine tax bills.

"The company has discovered potential prior period errors associated with certain non-cash tax-related items," American Tower said in a statement. "The company is in the process of completing its analyses, including an evaluation of the materiality of the potential errors and any impact on prior period financial statements."

American Tower did report revenue and other operating metrics from the fourth-quarter and full year. The company said its customers' need for expanded wireless coverage boosted demand, sending revenue up to $378.1 million. Rental and management revenue added 12 percent to $370.5 million.

Analysts expected revenue of $371 million, according to Thomson Financial.

The company reported $128.9 million in cash from operating activities. Free cash flow was $81.5 million.

Chief Executive Jim Taicelt said in a statement the higher revenue came from "robust demand for tower space among numerous carriers in all of our served markets."

For 2008, American Tower expects revenue from its rental and management segment to come in between $1.52 billion and $1.54 billion. Analysts expect $1.57 billion in total revenue. (AP)

Posted by globebusiness at 8:15 AM | Comments (0)

Visual journal partners with Wiley

The Journal of Visualized Experiments, which focuses on biomedical research, today announced a partnership with the Wiley-Blackwell business of publisher John Wiley & Sons Inc. to produce an online video publication.

According to its website, the journal, which refers to itself as JoVE, is based in Somerville.

The partnership will enhance articles published in Wiley-Blackwell’s Current Protocols with video demonstrations of experimental procedures to help increase their reproducibility, said the firms, which noted that Current Protocols specializes in life sciences research.

“Combining a traditional model of scientific publishing and new Internet technologies will produce strong synergies for JoVE, Wiley, and research scientists,” Rachel Burley, vice president and publisher at Current Protocols, said in a statement. “This partnership with JoVE will increase reproducibility of experimental studies across all the fields of biological and biomedical research.”
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:14 AM | Comments (0)

Captivate Network expands footprint

Captivate Network said its digital at-work news and entertainment network can now be found on more than 8,200 screens in 822 buildings across North America.

Generally found in office buildings, the wireless flat-panel television screens are often located in what the Chelmsford firm describes as a "distraction-free viewing environment," a.k.a. an elevator.

Besides news and entertainment, the screens show ads from the likes of Lexus, Toyota, and BMW, said Captivate Network, which noted that in 2007, it added 68 new buildings and 618 new screens to its portfolio.

Captivate is owned by Gannett Co., the Virginia-based media company.
(Chris Reidy, Globe staff)

Posted by globebusiness at 8:06 AM | Comments (0)

iBasis promotes Joseph to chief technology officer

Burlington's iBasis Inc. today announced that Ajay Joseph has been promoted to chief technology officer.

Joseph joined the company in 1999 and has been vice president of network architecture, said iBasis, a wholesale carrier of international long distance telephone calls and a provider of retail prepaid calling services and enhanced services for mobile operators

"Ajay has been at the forefront of the development of the iBasis global network architecture," Ofer Gneezy, iBasis president and chief executive, said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:03 AM | Comments (0)

Axcelis rejects takeover proposal

Axcelis Technologies Inc., which makes ion implantation devices for chip makers, said today that its board of directors rejected a $544 million takeover proposal by Japan-based Sumitomo Heavy Industries Ltd.

Sumitomo and TPG, a private equity firm, offered to buy the outstanding shares of the Beverly company Feb. 11 for $5.20 per share, a 29 percent premium to Axcelis' closing price on Feb. 8.

The offer price is a nearly 1 percent discount to the company's closing price Friday.

The company said the board concluded the unsolicited proposal "substantially undervalues" the company.

Axcelis added that the proposal appears to be timed to "reap all the benefits" of the investments Axcelis has made in recent years in developing new products. (AP)

Posted by globebusiness at 7:55 AM | Comments (0)

February 22, 2008

Analyst: First Marblehead may face slow recovery

A Friedman Billings Ramsey analyst said today that it may take longer for First Marblehead Corp.'s business to rebound than he expected.

Based in Boston, First Marblehead helps banks like J.P. Morgan and Bank of America package student loans into bonds and sell them in the bond market. The company makes money mostly by charging fees for helping with the bond sales.

As investors sour on many types of risk, the market's appetite for bonds secured by student loans has waned. First Marblehead was unable to close any bond sales last quarter, and the company reported a steep loss.

Friedman Billings Ramsey analyst Matt Snowling wrote in a client note First Marblehead's business probably will not recover until next quarter, and he cannot be sure it will recover even then.

"With no sign of relief in the private student loan asset-backed securities market, we lack any earnings visibility for the company," Snowling said.

First Marblehead is scrambling to raise cash, selling a block of stock to a Goldman Sachs fund for $260 million, and trying to line up a $1 billion credit line.

As financial markets continue to grow more inhospitable, Snowling said First Marblehead is under more pressure to demonstrate it can survive market downturns like this one.

First Marblehead is one of the victims of the fallout in "auction-rate securities," a type of bond that investors abruptly stopped buying this year.

He believes First Marblehead will be able to sell student loan bonds by next quarter, but said it is not guaranteed.

Until First Marblehead proves the strength of its business model, Snowling expects the company's stock to trade at the value of the company's assets: $10 per share.

On the New York Stock Exchange, shares of First Marblehead slipped 41 cents, or 3.3 percent, to $11.88 in afternoon trading Friday. The stock has lost nearly three-quarters of its value in a year. (AP)

Posted by globebusiness at 2:52 PM | Comments (0)

AMAG stock falls on investor concerns

Shares of biopharmaceutical company AMAG Pharmaceuticals Inc. fell today on investor concern over the company's iron deficiency treatment and auction rate securities.

Additionally, the Cambridge-based company on Thursday reported worse results than Wall Street expected. Nevertheless, analysts remained positive on the stock.

The stock fell $2.47, or 5.1 percent, to $46.14 in midday trading. Shares hit a new 52-week low of $45.55 earlier in the trading session.

A key concern centers on the company's drug candidate ferumoxytol. The drug is meant as an intravenous iron replacement therapy for iron deficiency anemia in chronic kidney disease patients.

Earlier this month, the Food and Drug Administration rejected a rival drug candidate, Injectafer, made by Daiichi Sankyo Co. The rejection sparked some concern fermuxytol could face increased scrutiny. The FDA is expected to render a decision on ferumoxytol by Oct. 19.

Furthermore, in a conference call Thursday, AMAG said it has experienced auction rate securities failures. The securities are a type of bond where the interest rate is frequently reset.

"We remain comfortable with the credit worthiness of our auction rate securities and believe that it is probable that we will be able to liquidate these holdings without any material losses in the future," Chief Financial Officer David Arkowitz said.

Analysts brushed off the concerns over ferumoxytol and the securities, and reaffirmed positive ratings.

"We are not concerned about these issues and see AMAG as exceptionally well-positioned, wrote Jefferies & Co. analyst Adam Walsh in a note to investors. He reiterated a "Buy" rating with a $99 price target.

Deutsche Bank-North America analyst Jennifer Chao also reaffirmed a "Buy" rating, with a $100 price target.

Meanwhile, Robert W. Baird analyst Christopher Raymond maintained a "Buy" rating with a $87 price target, citing the company's cash position. He also said a new Medicare reimbursement system is not expected to interfere with the launch of ferumoxytol.

Late Thursday, AMAG reported a fourth-quarter loss of $9.7 million, or 57 cents per share, compared with a loss of $7.4 million, or 60 cents per share, during the same period a year prior. Revenue fell to $391,000 from $619,000.

Analysts polled by Thomson Financial expected a loss of 49 cents per share on revenue of $580,000.

Expenses rose 57 percent to $13.9 million from $8.9 million, as the company prepares to ask the FDA to approve ferumoxytol.

For the full year, the company lost $33.9 million, or $2.15 per share, compared with a loss of $28.6 million, or $2.47 per share, in 2006. Revenue edged lower to $2.6 million. (AP)

Posted by globebusiness at 1:04 PM | Comments (0)

"Dental Wii" could help folks with false teeth

First, there was Wii, a video game from Nintendo that let players control the action by moving their arms, and now there may be "dental Wii" - a prospect that may unnerve a timid patient with visions of dentists flailing about and wildly wind-milling their arms.

But don't ask for a double dose of Novocain just yet, because dental Wii happens in a dental lab, not in a dentist's office.

"Dental Wii" is a term coined by the customers of SensAble Technologies of Woburn, whose products include 3-D touch-enabled modeling systems that can be used to design partial sets of false teeth.

SensAble is now showing off this system at a midwinter dental-society trade show in Chicago.

According to SensAble, its products allow dentists to give patients sets of well-fitting replacement teeth in less time than older methods.

What happens is that a dentist takes measurements in a patient's mouth, and a technician in a dental lab uses those measurements to craft customized false teeth.

SensAble's dental lab customers sometimes refer to this system as a "dental Wii" because the technician is relying "on touch-enabled technology similar to virtual reality gaming," a SensAble publicist noted in an e-mail.

SensAble cites statistics that more than 50 million Americans get crowns, bridges, and partials each year so there is a potential that the system could catch on.

Tufts University associate professor of dentistry Dr. Ron Perry and South Weymouth dental lab owner John Orfanidis provided guidance for the creation of the system, SensAble said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:51 PM | Comments (0)

Chestnut Hill Realty agrees to lead-paint settlement

A property manager has agreed to a nearly $320,000 settlement over its alleged failure to notify renters in the Boston area and Rhode Island about lead paint risks.

The US Environmental Protection Agency announced the agreement that was reached with Boston-based Chestnut Hill Realty.

Federal law requires tenants be notified about health risks in homes with lead paint. The EPA says inspections at five properties managed by Chestnut Hill turned up violations at each location.

The settlement requires the firm to pay a penalty of more than $28,000. The bulk of Chestnut Hill's settlement cost comes from a nearly $290,000 program to replace windows containing lead-based paint at a property in Cambridge.

Chesnut Hill President George McHugh says his company has taken corrective actions to make sure lead paint notification laws are followed. (AP)

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

Next Tuesday is espresso day at Dunkin' Donuts

Dunkin' Donuts plans an espresso offensive for Tuesday.

On that day, the Canton-based coffee-and-baked-goods chain said it will offer all customers a small latte, cappuccino, or espresso drink of their choice, hot or iced, for the special price of 99 cents; the promotion will be available in participating Dunkin' Donuts' shops across the country from 1 PM to 10 PM.

The promotion, according to the chain, follows last week's announcement that, for the second year in a row, "Dunkin' Donuts ranked number one in customer loyalty in the coffee category by the Brand Keys Customer Loyalty Engagement Index."
(By Chris Reidy, Globe staff)

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

Deal to buy 3Com appears to be off

China's Huawei Technologies Co. and Boston investment firm Bain Capital Partners are dropping their plan to buy 3Com Corp., the Marlborough-based maker of computer networking equipment, Bloomberg News reported today.

Huawei and Bain are now longer seeking an application from a federal agency for approval to buy 3Com, Bloomberg said.

It had been reported earlier that Bain's plan to buy 3Com, which supplys the US government with gear to thwart network intrusions, failed to satisfy a federal agency that the transaction wouldn't harm national security.

The deal, proposed in September, would take 3Com private and give a 16 percent stake in the company to Huawei, a telecommunications company with close ties to the Chinese military services, the Globe noted in a story yesterday.

In a story today, Bloomberg cited an e-mailed statement from Huawei.

``Rising costs and a stock market environment that has changed drastically in the past year'' were also factors that made the parties withdraw their application from the federal agency that had the power to block the deal, Huawei said in the statement.
(By Chris Reidy, Globe staff)

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

Boston Private stock continues decline

Shares of Boston Private Financial Holdings Inc. fell today as an analyst cut his rating of the company a day after the financial services firm said it would raise loan-loss reserves at one of its units.

Shares of Boston Private Financial fell $1.62, or 11 percent, to $13.10 in morning trading. Earlier in the session, shares slipped to a 52-week low of $13.08. Shares had traded between $14.19 and $30.33 during the past year.

Boston Private Financial shares lost 27 percent Thursday after the company disclosed the increase in loss reserves.

William Blair & Co. analyst David Long cut his rating on Boston Private Financial to "Market Perform" from "Outperform."

"Given further deterioration in housing-related credits and the company's restatement, we have a lower degree of confidence that the company will keep credit costs at an easily manageable level, and expect it to build reserves in other geographies," Long wrote in a research note.

On Thursday, Boston Private Financial said its affiliate First Private Bank & Trust will increase its loan-loss reserves between $16 million and $19 million for the quarter ending Dec. 31, reducing Boston Private Financial's earnings between 27 cents and 31 cents per share.

The increased reserves are due to potential losses in First Private's portfolio of residential construction and land loans in Southern California.

Long said southern Florida is a likely candidate for additional reserve builds in the coming months.

Long cut his 2008 earnings estimate to $1.45 per share from $1.70 per share, and his 2009 estimate to $1.70 per share from $2 per share. (AP)

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

Survey: bad weather fouls workers commutes

Here's a survey that may get fresh data from local commuters fighting snowstorms and bad weather on their homeward commute today.

The survey released today found that a third of full-time workers reported that their commutes have been affected by bad weather in the last three months.

The survey, which was conducted online in mid January among 2,810 adults nationwide, is from Kronos Inc., a Chelmsford firm that helps companies manage their work forces.

Of the respondents, 23 percent said have arrived to work late; 16 percent said they have had to leave early, and 6 percent said they were not able to make it to work at all, according to Kronos.

In addition, 5 percent said they opted to work from home rather than "attempt to brave the harsh conditions," Kronos said, and additionally, among those full-time employees who commute on a regular basis, 61 percent said that severe weather has added time to their usual commute.
(By Chris Reidy, Globe staff)

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

Vanguard chief executive to step down

Mutual fund company Vanguard Group today said its chief executive officer, Jack Brennan, will step down within a year.

News that Brennan, who has led the $1.25 trillion mutual fund giant since 1996, will move aside and be replaced by company veteran William McNabb surprised many in the $12.7 trillion mutual fund industry, especially considering that Brennan is only 53.

McNabb, 50, who has headed the company's Institutional Investor Group for more than a decade, will become president and director of Vanguard on March 1 and "will succeed Jack Brennan as chief executive office within a year," the company said. Brennan will remain chairman of the board and "active with the leadership team."

"I am a believer that change is a critical part of keeping an organization vibrant and evolving for the better. So, change at the top, if you will, is something that I believe in as well," Brennan said on the company's Web site. (Reuters)

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

KVH enters aviation market

KVH Industries Inc. said today that it received a $20.1 million, multiyear contract from an unnamed in-flight entertainment supplier to make new DirecTV-compatible satellite television antennas.

The antennas will be mounted on aircraft operating in the U.S., KVH said.

KVH, which is based in Middletown, Rhode Island, offers satellite television and phone service for cars and boats. The new deal marks its entry into the commercial aviation market. (AP)

Posted by globebusiness at 9:08 AM | Comments (0)

Iron Mountain targets Australia

Iron Mountain Inc. said that its server backup and protection solutions are now available directly to Australian businesses and partners from a data center in Sydney.

Iron Mountain is a Boston-based provider of backup and archiving software and Storage-as-a-Service, or SaaS, solutions.

Iron Mountain, which noted that its Connected Backup for PC and LiveVault server backup solutions are now available in Australia, said it has begun talks with Australian partners who will "launch co-branded services directly to their customers utilizing Iron Mountain's technology solutions and the local data center on the back end."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:02 AM | Comments (0)

Acme Packet approves stock buyback

Acme Packet Inc. said today that its board of directors has authorized the repurchase of up to $20 million of its common stock over the next 12 months.

Acme Packet of Burlington enables the delivery of interactive communications - voice, video, and multimedia sessions-and data services across IP network borders.

The purchases of common stock will be executed periodically as market and business conditions warrant on the open market, said Acme Packet, which added that the stock repurchase program does not obligate the company to repurchase any dollar amount or number of shares of common stock and that the program may be suspended or discontinued at any time.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:50 AM | Comments (0)

Elixir presents new diabetes data

Elixir Pharmaceuticals Inc. of Cambridge said today that it has presented new data with potential for treating Type 2 diabetes.

At a conference in Canada, an Elixir presentation focused on a hormone called ghrelin and its effect on the appetites of mice; Elixir said it has been studying small molecule ghrelin antagonists as part of its focus on human metabolic diseases such as diabetes and obesity.

Commenting on the Elixir presentation, Peter DiStefano, the company's chief scientific officer, said in a statement, "These preclinical data provide further confirmation of ghrelin's role in metabolic regulation, and we believe that ghrelin receptor antagonism represents one of the most compelling new approaches to treat diabetes and obesity."
(By Chris Reidy, Globe staff)

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

IBasis looks to raise Wall Street profile

Burlington's iBasis Inc. said it plans to launch an investor relations campaign that aims to introduce the company to prospective new investors in Europe and the United States.

The company is a wholesale carrier of international long distance telephone calls and a provider of retail prepaid calling services and enhanced services for mobile operators.

"While we are very well known within the global telecommunications community, we are not well known on Wall Street, and that is part of what makes iBasis a tremendous long-term investment opportunity." Ofer Gneezy, iBasis president and chief executive, said in a statement.

Gneezy himself plans to meet with prospective investors in London during early March and additional meetings are contemplated in both the United States and abroad, iBasis said.
(By Chris Reidy, Globe staff)

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

JFK commemorative watch - yours for $8k

A watch once owned by John F. Kennedy, currently
in the Omega Museum in Switzerland.

Need an $8,250 wristwatch that commemorates JFK? Well, then, the Swiss jeweler Omega is right on time.

In a recent press release, Omega said that it is launching a limited edition timepiece that honors former President John F. Kennedy.

These watches will be "virtually identical" to the Ultra Thin Omega that Kennedy wore during his 1961 inauguration, Omega said.

Not only that, Omega hastened to note, the watches will make the perfect Father's Day gift for Omega enthusiasts and JFK fans alike.

Omega is a member of Swatch Group Ltd., a watch manufacturer.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:02 AM | Comments (0)

February 21, 2008

Dissident investors increase Times Co. stake

A dissident investor group that is now the largest public shareholder in The New York Times Co. today said it was disappointed in a board slate recommended by the publisher and was preparing a proxy battle.

The group — hedge fund Harbinger Capital Partners and investment firm Firebrand Partners — disclosed that it has increased its stake in Times Co. to 15.6 percent.

The company said it was still reviewing the investor group’s four board nominees, but in a preliminary proxy filed with the Securities Exchange Commission it recommended that shareholders vote for its own slate of directors.

The Times Co.’s properties include The Boston Globe, the Worcester Telegram & Gazette, and the About.com website.

Though its stake makes the Firebrand-Harbinger group the largest public shareholder, the company is controlled by the Ochs-Sulzberger family through a dual-class share structure.

‘‘We are particularly concerned that the company refused to interview any of our nominees despite our repeated offers to meet at their convenience,’’ a spokesman for the group said.

The group has hired proxy solicitor DF King and plans to file its preliminary proxy next week. The company’s annual shareholder meeting is April 22.

The Firebrand-Harbinger group aims to transform the company in five years from one that does about 10 percent of its business in digital to one that does most of its business in digital, a person close to Firebrand told Reuters last month.

Veteran newspaper analyst John Morton said the investor group might get some of its candidates on the board, but he doubts its ability to force change.

‘‘All of this is a tempest in a teapot,’’ he said. ‘‘The company is going to do what the family wants it to do.’’

Last week, Times Co. nominated two new candidates to its board: former Salomon Inc. CEO Robert Denham and Drugstore.com CEO Dawn Lepore.
(Reuters)

Posted by globebusiness at 8:24 PM | Comments (0)

EMC to acquire Pi Corp. of Seattle

Data storage vendor EMC Corp. today agreed to acquire Pi Corp., a privately held developer of software and services to help individuals sort through and share increasing volumes of data.

EMC, of Hopkinton, hopes the deal will expand its presence in the emerging field of ‘‘cloud computing,’’ a term for technology that allows computers to work across large pools of shared systems, rather than on local machines or remote server farms.

EMC did not disclose how much it will pay for Pi.

The four-year-old firm and its staff of about 100 engineers will operate as an independent EMC subsidiary, and continue expanding in its Seattle headquarters and offices in Bangalore, India, and Montreal, the companies said.

Pi is testing its first products.

‘‘As the leading provider of information infrastructure, we are positioned to set a new standard for organizing, accessing, and deriving value from this information,’’ said Joe Tucci, EMC’s chief executive.

Pi’s founder and chief executive, Paul Maritz, will be president and general manager of EMC’s newly formed Cloud Infrastructure and Services Division. He spent 14 years with Microsoft Corp.
(AP)

Posted by globebusiness at 5:53 PM | Comments (0)

Calif., Florida loans weigh on Boston Private

Boston Private Financial Holdings Inc.’s stock plunged to its cheapest price in four years today after the investment manager said it needs to squirrel away more money to prepare for unpaid loans.

The Boston company plans to funnel $11 million to $12 million to one of its affiliates, First Private Bank & Trust.

Boston Private is a parent company operating through 15 ‘‘affiliates,’’ investment managers or private banks the company owns a stake in. First Private Bank is the company’s Los Angeles affiliate.

First Private expects to sock away $16 million to $19 million more than it previously planned to cover bad loans. The affiliate, which has a $545 million loan portfolio, said credit quality in a portfolio of real estate development loans in Southern California’s Inland Empire has decayed.

The reserve will siphon $10 million to $12 million from company income in 2007. Boston Private reported profit of $15 million last year.

RBC Capital Markets analyst Gerard Cassidy said Boston Private has until now sidestepped the travails plaguing most lenders with loans in Southern California and Florida. The real surprise, he said, would be if the company had escaped unscathed.

Boston Private has about $700 million in construction loans in Florida and Southern California.

Boston Private’s stock sank $4.74, or nearly 24 percent, to $15.32 in afternoon trading.
(AP)

Posted by globebusiness at 2:06 PM | Comments (0)

Google to sell Web video ads with Brightcove

Google Inc. plans to start selling ads to appear in Web videos and has signed up 20 customers, as it aims to do for videos what it has done for text.

Partners include Cambridge-based Brightcove, an Internet TV platform, the comedy site MyDamnChannel, and YuMe, an online video advertising network.

Brightcove, whose customers include CBS Corp., Time Warner Inc., and Discovery Communications Inc., will begin offering the technology to its clients.

YuMe, a Redwood City, Calif., start-up, said it will serve InVideo overlay advertisements as part of Google’s AdSense advertising program.

Google has traditionally used AdSense for text-only ads.

Google has been working on ways of developing advertising revenue for online video since it bought YouTube, the video-sharing site, in November 2006.

As Internet access speeds become faster around the world, more television and Hollywood-produced video content is moving to the Web on sites like Hulu.com, owned by News Corp. and NBC Universal, and Fancast.com, owned by Comcast Corp.
(Reuters)

Posted by globebusiness at 1:46 PM | Comments (0)

Citizens donated $250,000 to Mass. Salvation Army

The Citizens Bank Foundation said it has donated $250,000 to the Massachusetts Salvation Army’s Kettle Campaign for the second consecutive year.

Citizens Bank, part of Citizens Financial Group of Providence, pledged to match donations up to $250,000 collected at specially-marked green kettles located in cities and towns across the state during the holiday season.

The green kettles, which were available from November 23 through December 24, generated more than $545,000 in contributions, Citizens said.

When the $250,000 match from its foundation was included, Citizens said the Massachusetts Salvation Army raised $3.2 million from the entire 2007 kettle campaign.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:12 PM | Comments (0)

Interactive Data fourth-quarter profit jumps

Bedford-based financial data provider Interactive Data Corp. said today that its fourth-quarter profit jumped 29 percent, fueled by solid results in its pricing and reference data business.

The results beat Wall Street's expectations, and the company's shares rose nearly 10 percent in morning trading.

The company earned $31.9 million, or 33 cents per share, up from a profit of $24.8 million, or 26 cents per share, in the same period a year earlier.

Revenue rose 13 percent to $182.1 million from $161.1 million.

Analysts, on average, expected a profit of 31 cents per share, according to a poll by Thomson Financial.

The company's pricing and reference data business posted sales of $114.3 million, up 16 percent from a year earlier and driven by higher global demand.

For the full year, the company earned $126 million, or $1.30 per share, up 33 percent from $93.4 million, or 98 cents per share, a year earlier.

Revenue rose 13 percent to $689.6 million from $612.4 million.

Shares rose $2.85, or 9.9 percent, to $31.55 on the New York Stock Exchange. (AP)

Posted by globebusiness at 12:53 PM | Comments (0)

NStar seeks rate cut for business customers

NStar, the Boston gas and electric utility, said it hopes to soon be passing along lower electricity prices to some of the state's largest businesses.

Many of the company's commercial and industrial customers will likely see second-quarter power prices that are 3 percent lower than current rates, NStar said.

The decreases can be largely attributed to a drop-off in prices for fuels used to generate electricity, NStar said.

Rate changes require the approval of the Massachusetts Department of Public Utilities, NStar noted, and if the rate change is approved, it would go into effect on April 1.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:32 PM | Comments (0)

Server market grew last year, IDC says

The market for high performance computing servers grew 15.5 percent 2007 to reach a record $11.6 billion.

That's the headline from a preliminary report on the high-performance computer, or HPC, market from IDC, a Framingham-based provider of market intelligence and advisory services.

IDC said that today's report is based on actual results for the first three quarters and preliminary fourth-quarter results.

IDC reported that the HPC server market resumed strong double-digit growth in 2007 after dipping to 9.2 percent growth in 2006, the first single-digit increase since 2002.

"There was no discernible evidence of the general economic slowdown reflected in 2007 HPC system sales," Steve Conway, an IDC research vice president, said in a statement. "Several factors likely helped insulate the HPC market: the length of HPC budgeting cycles, the global nature of the HPC market, HPC's relatively small presence in the financial sector, and HPC's essential role in government, academic research, and industry."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:26 PM | Comments (0)

Verizon, Jordan's Furniture join forces

Verizon Communications Inc. and Jordan’s Furniture, two companies fond of entertainment, today announced a marketing agreement that will let Verizon construct a Verizon lifestyle store within the Jordan’s Furniture complex in Reading.

In addition, Verizon said it has acquired the naming rights of Jordan’s Furniture’s two Imax theaters in Reading and Natick and the Motion Odyssey Movie theater at Jordan's store in Avon.

The store in Reading will feature Verizon’s new FiOS voice, Internet, and TV services, and visitors can experience the services in the comfort of Jordan’s beautiful furniture, Verizon said.

Jordan's president Eliot Tatelman has long believed that shopping is partly about entertainment, hence the installation of theatrical venues at several Jordan's stores

And with his brother Barry, Tatelman made TV ads for many years that were often more engaging than the TV shows in which the ads appeared.

(Eliot Tatelman continues to make TV ads on his own after Barry Tatelman announced in late 2006 that he was leaving Jordan's to pursue other entertainment projects.)

Headquartered in New York, Verizon delivers broadband and other wireline and wireless services to mass market, business, government, and wholesale customers.

According to Verizon, its FiOS TV service offers far better entertainment value than rival TV services.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:04 PM | Comments (0)

Implant Sciences plans to sell semiconductor unit

Implant Sciences Corp. said it has hired investment banking advisor Noblemen Holdings LLC to assist it in selling Core Systems Inc., its semiconductor subsidiary.

The Wakefield-based company said it is looking to focus on its core security-products business, which includes making devices that detect explosives.

In July, Implant Sciences announced that it had completed the first phase of its exit from the radioactive prostate seeds business, the Associated Press reported.

With the approval of its board of directors, Implant Sciences said it recently made the formal decision to "harvest the value it believes has been created in Core since its acquisition in October 2004."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:48 AM | Comments (0)

Covidien gets favorable patent ruling

Health care products maker Covidien Ltd. said late Wednesday a federal jury ruled in its favor in a patent litigation case brought against its United States Surgical unit by Applied Medical Resources Corp.

The jury ruled that United States Surgical doesn't infringe Applied Medical's patent related to trocar seal technology for surgical instruments.

Covidien is based in Mansfield, Massachusetts.

Financial terms, if any, weren't disclosed. (AP)

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

Sirtris collaborates with cancer institute

Sirtris Pharmaceuticals Inc. announced today that it will collaborate with the National Cancer Institute to test the anti-cancer impact of its enzyme activators in numerous models of cancer.

Sirtris is a Cambridge biopharmaceutical company focused on discovering and developing small molecule drugs to treat diseases of aging.

“By providing the resources for this study, the National Cancer Institute is accelerating the testing of our compounds in both solid and hematological models of cancer,” said Sirtris chief executive Christoph Westphal said in a statement. “Cancer is the second leading cause of age-related mortality, and this study will advance our understanding of SIRT1 activation and its potential anti-cancer properties.”
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:28 AM | Comments (0)

Mass. foreclosures rise 128% in January

Nearly 800 foreclosures were recorded in January, the highest number of Bay State homes lost during a single month since August 2007, the Warren Group said today.

The Warren Group of Boston is a provider of local real estate data and the publisher of Banker & Tradesman.

There were 799 foreclosure deeds in January, up 128.3 percent from the 350 deeds in January 2007, the firm said, and January 2008 also marks the highest number of deeds during any month since August 2007, when there were 1,018.

Auction announcements in January reached their highest number since the Warren Group began tracking them in 2005, the firm said, and there were 1,792 announcements in January 2008, up 77.8 percent from the 1,008 in January 2007.

Petitions to foreclose, the first step in the foreclosure process, also increased in December, signaling that Massachusetts’ problems with foreclosures are far from over, the Warren Group said.

“It might have seemed like 2007 was one of the worst years for foreclosures in Massachusetts, but the rising number of petitions to foreclose suggest that 2008, at least until midyear, won’t be much better,” Timothy Warren Jr., chief executive of the Warren Group, said in a statement.

Lenders filed 2,729 petitions to foreclose in December, up 28 percent from the 2,133 filed during the previous December, said the Warren Group, which added that the December 2007 number is up slightly from the 2,723 petitions filed during November 2007.

Petitions to foreclose do not always end in actual foreclosure because some homeowners eventually sell their homes, refinance or otherwise find a way to halt the foreclosure.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:09 AM | Comments (0)

Darlington Fabrics to lay off 31

Darlington Fabrics in Westerly is laying off 31 workers on its weekend shift, citing a deteriorating economy and overseas competition.

Company owner Peter Moore says the weekend shift was added a decade ago but will now be eliminated. Moore says the layoffs are necessary to deal with an economic downturn.

After cutting the weekend shift, Darlington Fabrics will employ 238 workers. It makes knitted elastic fabrics used in swimsuits, intimate apparel and athletic wear.

Several textile companies in southern Rhode Island have recently announced job losses.

Bradford Dyeing Association has said it will lay off 44 people in April. BlueSky Brands Inc. is moving its operations to West Virginia, idling 119 workers. (AP)

Posted by globebusiness at 9:02 AM | Comments (0)

Omtool, Canon form marketing alliance

Omtool Ltd today announced an alliance with Canon USA to jointly market their products.

Omtool of Andover is a provider of document capture and handling solutions that simplify the integration of paper and electronic documents in enterprise information management systems; its flagship product is AccuRoute.

Canon USA, a unit of Canon Inc. of Japan, is known for such products as imageFORMULA ScanFront networking scanning devices.

Under the partnership, the companies will jointly market and promote the compatibility of AccuRoute and imageFORMULA ScanFront to their respective sales channels.

The combination of AccuRoute and imageFORMULA ScanFront will help law firms, hospitals, financial organizations, and many other paper-intensive businesses to capture, convert, and distribute paper documents into virtually any electronic format, the companies said.
(By Chris Reidy, Globe staff)

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

Eaton Vance posts higher profit

U.S. money manager Eaton Vance Corp today posted a higher quarterly profit as assets under management rose and as the year-ago quarter's profit was reduced by one-time expenses.

Eaton Vance said its first-quarter net income rose to $57.9 million, or 46 cents a share, from $2.6 million, or 2 cents a share, in the same quarter of last year. One-time expenses had cut earnings by 34 cents a share in the year-ago quarter. (AP)

Posted by globebusiness at 8:38 AM | Comments (0)

Analog issues flat forecast

Chip maker Analog Devices Inc. said Wednesday it expects fiscal second-quarter revenue to be flat to 4 percent higher sequentially, falling short of Wall Street's expectations.

For the quarter ending in April, the company expects earnings from continuing operations in the range of 39 cents to 42 cents per share.

Analysts, on average, are predicting a profit of 42 cents per share, according to a poll by Thomson Financial.

The company forecast sales of $615 million to $640 million, below analysts' expectations of $644.1 million.

Shares climbed $1.03, or 3.7 percent, to $28.75 in after-hours electronic trading. The stock had closed up 29 cents at $27.72 in the regular session. (AP)

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

Millipore partners with Bayer

Millipore Corp. said today it has entered into a license agreement with a subsidiary of Bayer AG to use Millipore technology to manufacture its biologic drugs.

Millipore is a Billerica life sciences company focused on providing technologies, tools, and services for bioscience research and biopharmaceutical manufacturing.

The worldwide, nonexclusive license will enable Bayer HealthCare AG of Germany to more efficiently manufacture recombinant proteins in mammalian cells by generating higher protein yields in its upstream bioprocessing operations, Millipore said.

Financial terms were not disclosed.
(By Chris Reidy, Globe staff)

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

Wise completes Melrose hospital project

Wise Construction Corp. said it has recently completed the conversion of three existing critical-care areas into new cardiac and endovascular suites at Melrose Wakefield Hospital in Melrose.

Winchester-based Wise is a construction management firm specializing in the healthcare, biotechnology, education, and corporate clients.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:21 AM | Comments (0)

Putnam promotes Morton to global post

Boston money management firm Putnam Investments said it has named Jenny S. Morton to head global consultant relations.

Morton will report to William T. Connolly, senior managing director and head of global distribution, Putnam said.

Morton, who has 17 years of consultant relations experience, joined Putnam in 2005 as director of consultant relations for Europe, the Middle East, Africa, and Asia Pacific, Putnam said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:17 AM | Comments (0)

Hancock variable annuities set record

John Hancock Financial said that full year sales of variable annuities reached a record $10.8 billion in 2007, up from their previous record of $9.1 billion in 2006.

This full-year increase of 18 percent marks the fourth consecutive year that John Hancock has achieved record variable annuity sales, said John Hancock, a Boston-based unit of Manulife Financial Corp., a Toronto-based financial services company.
(By Chris Reidy, Globe staff)

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

Citibank opens branches in Chestnut Hill, Swampscott

Citibank said it has opened two more branches in Greater Boston - one in Chestnut Hill, the other in Swampscott.

Citibank prefers to call its branches "financial centers" because besides traditional banking services, customers can also avail themselves of the wealth management and investment expertise of Smith Barney, a wealth management brand.

Citibank and Smith Barney share a corporate parent in Citigroup Inc., the New York-based financial services giant.
(By Chris Reidy, Globe staff)

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

February 20, 2008

Senior Housing to sell shares to raise money

Senior Housing Properties Trust plans to sell a 6 percent stake in itself to raise enough cash to pay off some debt and finance deals to buy new properties, the Newton real estate investment fund said today.

It filed a prospectus proposing a sale of 5 million shares. The underwriters will be granted the option to buy up to 750,000 additional shares.

Senior Housing Properties Trust expects to raise $116.8 million if the options are exercised and use the proceeds to repay $61 million in debt under a credit line.

It also expects to use some of the proceeds to finance deals, reached in the past few months, to buy 16 senior homes for $197.6 million and lease them to Five Star.

Senior Housing owns 210 senior homes and aged-living facilities in 32 states.
(AP)

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

MIT professor to lead economic research bureau

The National Bureau of Economic Research, best known for determining the beginning and end of US recessions, yesterday named MIT economics professor James Poterba as its next president.

Poterba, who takes the post July 1, succeeds a Harvard economics professor, Martin Feldstein, who said in September that he would step down after leading the Cambridge nonprofit for nearly 30 years.

The bureau investigates a wide range of economic and policy issues, relying on more than 900 professors, including some the nation’s most accomplished economists.

Poterba, 49, is among the leading authorities on how taxes affect the behavior of companies, households, and individuals. He holds degrees in economics from Harvard and from Oxford University and has taught at MIT since 1982, becoming chairman of the economics department in 2006.
(By Robert Gavin, Globe staff)

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

Aquarium and Gorton's will look at fish sustainability

The New England Aquarium said it has been retained by Gloucester seafood company Gorton's Inc. to "conduct a sustainability assesment" of the sources of Gorton's seafood products.

The aquarium, a spokesman said, has done similar assesments for other companies including Royal Ahold NV, the Dutch parent of the Stop & Shop supermarket chain.

In Gorton's case, the species that will be assessed include pollock, salmon, tilapia, shrimp, haddock, sole, and cod from both wild caught and farm-raised sources, the aquarium said.

“Large wholesale buyers of seafood, like Gorton’s, have a tremendous ability to affect positive environmental change in how our seafood is harvested and raised," Lydia Bergen, a director of the aquarium’s sustainable fisheries program, said in a statement. "The power of purchasing decisions in the marketplace should not be underestimated. It is in our best interest to ensure that we better care for the oceans, an increasingly important food source worldwide.”
(By Chris Reidy, Globe staff)

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

Galvin eyes auction-rate market

Massachusetts' top securities regulator is probing the $330 billion auction-rate securities market that recently became the latest victim of the global credit crisis as liquidity dried up.

The state's secretary of the state, William Galvin, has asked nine prominent investment managers, including Boston-based Eaton Vance, MFS Investment Management, and Pioneer Investment Management, for help by supplying information on how their clients have reacted.

By March 7, Galvin wants the firms to say what they are telling their clients to do in the wake of growing evidence that some shareholders of closed-end funds that own these instruments want to sell but cannot do so.

"The inquiry seeks to learn if there have been any redemption problems in closed-end funds, and if they have used auction rate markets for leverage," the secretary's spokesman, Brian McNiff, said.

Auction-rate securities are long-term bonds that behave like short-term debt and have long been popular with conservative investors because of their tax-exempt status. They are often issued by municipalities and their interest rates are often reset frequently. Last week however the auctions failed to find much interest.

MFS, Calamos Financial Services, Evergreen Investment Management, Eaton Vance and Pioneer declined immediate comment on Galvin's request.

Allianz Global Investors, BlackRock Financial Management, Nuveen Asset Management and John Hancock were not immediately available for comment.

Galvin, who has waged an aggressive campaign against brokers and fund managers seen to be cheating investors out of their nest eggs, said, "The impact on closed-end municipal bond funds can be daunting for the investor who has sought a safe and dependable harbor for life savings." (Reuters)

Posted by globebusiness at 1:36 PM | Comments (0)

Medical device makers win legal victory

The Supreme Court today made it harder for consumers to sue manufacturers of federally approved medical devices.

That's presumably good news for Massachusetts, home to many medical device companies, including Boston Scientific Corp. of Natick.

In an 8-1 decision, the court ruled against the estate of a patient who suffered serious injuries when a catheter burst during a medical procedure.

The case has significant implications for the $75 billion-a-year health care technology industry, whose products range from heart valves to toothbrushes.

In a recent three-month span, federal regulators responded to over 100 safety problems regarding medical devices.

At issue before the Supreme Court was whether the estate of Charles Riegel could sue a company under state law over a device previously cleared for sale by federal regulators.

Under federal law, a company must substantiate the safety and effectiveness of a medical device before the U.S. Food and Drug Administration will approve it for the marketplace.

State lawsuits are barred to the extent they would impose requirements that are different from federal requirements, said the ruling by Justice Antonin Scalia.

In dissent, Justice Ruth Bader Ginsburg said that Congress never intended "a radical curtailment of state common-law lawsuits seeking compensation for injuries caused by defectively designed or labeled medical devices."

Seven federal appeals courts including the one in Riegel's case have interpreted federal law on medical devices as prohibiting state lawsuits. The 11th U.S. Circuit Court of Appeals in Atlanta and the Illinois Supreme Court have ruled otherwise.

Charles Riegel's family alleged that the catheter produced by Metronic Inc. had a design defect and an inadequate warning label.

Riegel survived the procedure to unclog an artery, though he had permanent disabilities, his family says. He died in 2004.

The Bush administration sided with industry, saying unfavorable state jury verdicts would compel companies to alter product designs or labels that had already gotten FDA approval.

Lawyers for Riegel's estate argued that a manufacturer can use FDA approval as a legal defense, but cannot use the law to block state lawsuits altogether.

Lawyers for Riegel's estate said that FDA procedures are far less rigorous than Medtronic says. (AP)

Posted by globebusiness at 11:55 AM | Comments (0)

Wall St. flux doesn't spook retirement investors

Many consumers continued to contribute to their retirement accounts despite the economic uncertainty of recent months, a new survey from Fidelity Investments reported today.

A survey of roughly 1,000 consumers found that 60 percent of those who own an Individual Retirement Accounts either have already made a contribution to their IRA for 2007 or plan to do so before the April 15 deadline, said Fidelity, the Boston mutual funds giant.

Another survey finding was that 32 percent of respondents who are saving for retirement also increased the amount they are saving in their IRA over the last 12 months.

In addition, the survey found that 62 percent of IRA owners, and 46 percent of Americans overall, have taken investment action in the past year to prepare for retirement, Fidelity said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:20 AM | Comments (0)

Epix Pharmaceuticals fourth-quarter loss narrows

Lexington biotechnology company Epix Pharmaceuticals Inc. said today that its fourth-quarter loss narrowed on milestone payments from several partnerships.

The company lost $12.3 million, or 33 cents per share, compared with a loss of $16.6 million, or 56 cents per share, during the same period a year prior. Revenue jumped to $5.9 million from $1.6 million.

Analysts polled by Thomson Financial expected a loss of 44 cents per share on revenue of $4.5 million.

Epix said the revenue boost came from milestone payments under partnerships with GlaxoSmithKline and Cystic Fibrosis Foundation Therapeutics.

For the full year, the company lost $62.8 million, or $1.85 per share, compared with a loss of $157.4 million, or $7.57 per share, in 2006. Revenue rose to $15 million from $6 million.

As of Dec. 31, Epix had cash, cash equivalents and short-term investments of $61.1 million compared with $109.5 million a year prior.

Shares of Epix climbed 13 cents, or 6 percent, to $3.20 in early trading on the Nasdaq Stock Market. (AP)

Posted by globebusiness at 10:48 AM | Comments (0)

LiveWire powers Virgin Mobile ringback tones

Virgin Mobile USA Inc. is using LiveWire Mobile of Framingam to power its ringback tones.

According to cellphone provider Virgin Mobile USA, its customers have access to more than 10,000 songs within LiveWire Mobile's ringback service; ringback tones allow a wireless customer to set a song or other tone for an incoming call to sound instead of the typical ringing sound.

LiveWire Mobil is a provider of managed personalization services for mobile operators; it is a division of NMS Communications Corp.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:33 AM | Comments (0)

Inverness posts fourth-quarter loss

Inverness Medical Innovations Inc., which makes home-pregnancy and fertility-monitoring kits, posted a quarterly loss on items.

The Waltham-based company, whose shares were trading down more than 11 percent, posted a fourth-quarter loss of 19 cents a share, compared to a profit of 15 cents a share a year ago.

However, on an adjusted cash basis, which excludes certain items, the company posted earnings of 40 cents a share, up from 34 cents a share in the year-ago period.

Revenue rose to $288 million, from $157 million a year ago, as contributions from its acquisitions fuelled a 168 percent rise in sales at its professional diagnostics segment. The segment reported product sales of $234.2 million.
Analysts on average expected the company to earn 38 cents a share, on a cash earnings basis, and revenue of $270.7 million for the quarter, according to Reuters Estimates.
Last month, Inverness agreed to acquire Matria Healthcare Inc. for $900 million in order to bolster its disease management business.
Inverness shares were trading down $4.87 at $39 in morning trade on the American Stock Exchange. (Reuters)

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

Hub's consumer price index rises 0.6 percent

The consumer price index for consumers in the Boston area increased 0.6 percent for the two months that ended in January, the Bureau of Labor Statistics reported today.

The increase was attributed to higher costs for lodging away from home, food, and fuel oil, said the bureau, which is part of the US Department of Labor.

For the year that ended in January, the consumer price index for urban consumers rose 4.3 percent nationally, a higher rate than the Boston-area increase of 3.4 percent, the bureau said.
(By Chris Reidy, Globe staff)

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

HiWired will offer tech support to BJ's customers

HiWired Inc. said today that it has been hired by BJ's Wholesale Club Inc. to provide support services to BJ's customers who buy personal computers and peripherals at BJ's 177 club stores.

HiWired of Needham is a provider of technology support services.

TechCare is an exclusive new technology services brand launched by HiWired and Natick-based BJ's that offers members 24-hour access to live tech support directly to their computers, HiWired said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:27 AM | Comments (0)

TJX profit jumps nearly 47 percent

Off-price retailer TJX Cos. says improvements in inventory and cost controls helped boost its fourth-quarter profit by almost 47 percent.

The Framingham-based operator of stores including T.J. Maxx and Marshalls also says it has reduced a legal reserve to cover costs from a massive data breach disclosed a year ago.

TJX said Tuesday its profit rose to $301 million, or 66 cents per share. That compares with nearly $206 million, or 43 cents per share, a year earlier.

Not counting one-time expenses and gains, the profit was 64 cents per share. That beat by a penny per share the estimate from analysts polled by Thomson Financial.

Sales at TJX rose 8 percent to $5.49 billion, narrowly beating analysts' forecast of $5.48 billion. (AP)

Posted by globebusiness at 9:09 AM | Comments (0)

LoJack reports fourth-quarter results

LoJack Corp., which makes vehicle-tracking devices, said today that its fourth-quarter earnings slipped 21 percent, mostly due to a write-down related to the value of an acquired company's assets.

The Westwood company earned $2.3 million, or 12 cents per share, compared with $2.9 million, or 15 cents per share, in the year-ago quarter.

The 2007 quarter included a noncash, after-tax impairment charge of about $2.2 million, or 12 cents per share related to certain assets of Montreal-based Boomerang Tracking, which LoJack acquired in 2004.

Adjusted to exclude one-time charges, the company earned $4.5 million, or 24 cents per share in the 2007 fourth quarter.

Revenue rose 8 percent to $55.3 million, from $51.1 million in the prior-year period. The company said surging international sales offset a decline in domestic revenue.

Analysts, who typically exclude one-time charges, were expecting a profit of 25 cents per share on revenue of $53.8 million, according to Thomson Financial.

For the full-year, the company posted a profit of $21.4 million, or $1.13 per share, compared with $16.5 million, or 86 cents per share, in 2006.

Revenue rose 4 percent to $222.7 million. (AP)

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

Mestek unveils the Ray

Mestek Inc. announced today that it is unveiling a technologically advanced cast iron boiler.

The Westfield company, which specializes in commercial and residential HVAC technologies, said the Ray, a high-efficiency, low mass, fully condensing cast iron boiler, represents a "breakthrough in residential hydronic heating appliances."

According to Mestek, the Ray runs either on propane or natural gas and is among the most "green" residential heating options available.
(By Chris Reidy, Globe staff)

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

CMGI agrees to buy Dedham company

CMGI Inc., a one-time Internet high flyer, said today it has agreed to buy Open Channel Solutions Inc. in a deal that values Open Channel at $24.5 million.

CMGI of Waltham is now focused on offering supply chain management services, and OCS of Dedham provides solutions that manage entitlements for software licenses, maintenance and support subscriptions, hardware features, and rights-managed content.

The all-cash transaction is subject to customary closing conditions and is expected to close during CMGI's fiscal third quarter, the companies said.

CMGI said it will pay a net purchase price of $11.0 million due to a minority interest in OCS and the repayment of debt it currently holds; CMGI expects the transaction to be neutral to earnings per share in fiscal 2008 and accretive thereafter.

  OCS' solutions, including its Poetic software product, will enhance the supply chain management services provided by ModusLink, CMGI's supply chain services business, by managing the entitlements associated with both physical and electronic delivery of digital content, CMGI said.
(By Chris Reidy, Globe staff)

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

Acceleron teams up with Celgene

Acceleron Pharma Inc. today announced a global collaboration with Celgene Corp. on a program to treat cancer-related bone loss, a move that will bring Acceleron an upfront payment of $50 million.

Acceleron is a privately held Cambridge company focused on biotherapeutics that modulate the growth of bone, muscle, fat, and the vasculature to treat musculoskeletal, metabolic, and cancer-related diseases.

Celgene, headquartered in New Jersey, is an integrated global pharmaceutical company.

Acceleron and Celgene said the their collaboration centers on ACE-011, a first-in-class, novel bone-forming compound.

Under their agreement, Celgene and Acceleron said they will jointly develop, manufacture, and commercialize Acceleron's products for bone loss.

Celgene will make an upfront payment to Acceleron of $50 million, which includes a $5 million equity investment in Acceleron; in addition, in the event of an initial public offering of Acceleron, Celgene will purchase a minimum of $7 million of Acceleron common stock, the companies said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:59 AM | Comments (0)

Epix Pharmaceuticals narrows loss

Epix Pharmaceuticals Inc., a Lexington company working on treatments for such ailments as Alzheimer's disease and pulmonary disease, said today that its 2007 loss had narrowed.

The net loss for the year ending Dec. 31 was $62.8 million, or $1.85 per share, versus a loss of $157.4 million, or $7.57 a share, the previous year, the company said.

Total revenues for the year were $15 million, up from $6 million in 2006, Epix added.

Epix officials are expected to elaborate on last year's performance and this year's outlook in a conference call with investors set for this morning.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:44 AM | Comments (0)

Mortgage applications fell last week

Mortgage applications declined in the latest weekly survey of the Mortgage Bankers Association, a group that represents the real estate finance industry.

For the week ending Feb. 15, the survey's market composite index, a measure of mortgage loan application volume, was 822.8, a decrease of 22.6 percent on a seasonally adjusted basis from the previous week's reading, the association said.

On an unadjusted basis, the index was up 33.9 percent compared with the same week one year earlier, the association said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:24 AM | Comments (0)

LocaModa lights up Times Square

LocaModa Inc. said today that its technology has been incorporated into a huge billboard in New York City's Times Square.

The Cambridge company specializes in a technology that lets people use cellphones to send messages or pictures to video screens scattered around late night hot spots and other venues where people socialize, a Jan. 1 Globe story noted.

As for Times Square, LocaModa announced today its "platform integration" with a billboard operated by a unit of Clear Channel Outdoor Holdings Inc. - a billboard that in essence is a giant HD video screen.

LocaModa said its platform "enables out-of-home signage to be controlled by mobile consumers and visible from the Web."

The first LocaModa application on the Times Square screen is Jumbli, a text-messaging word game; players who submit the highest scoring words from their cellphones see their names on the billboard, LocaModa said.

Such technology isn't just about fun and games; LocaModa and Clear Channel see it as having potential to generate large amounts of advertising revenue.

Harry Coghlan, president of Clear Channel Spectacolor, said in a statement: "With LocaModa's technology integrated into Spectacolor HD, our advertisers now have the ability to not only attract people in Times Square, but also to interact with them via their mobile phones and the Web. This is the start of a revolution in out-of-home advertising, one in which users can choose to engage with brands while brands get Web-like measurability."

LocaModa noted that the Jumbli game on the Times Square screen is also playable from the Web and that winning words played from the Web will also be displayed on Times Square.

LocaModa added that Jumbli and any of its other interactive applications can also incorporate the branding messages of advertisers.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:11 AM | Comments (0)

February 19, 2008

Shareholder again increases Times Co. stake

Dissident shareholder Harbinger Capital Partners has increased its stake in The New York Times Co. to 11.8 percent, according to documents filed today with the Securities and Exchange Commission.

Harbinger, working with Firebrand Partners founder Scott Galloway, a New York University business professor, has criticized Times Co. for not being aggressive enough in building up its digital businesses.

The investors have nominated four candidates for election to the board at the annual shareholder meeting on April 22.

Harbinger reported owning 16.9 million shares of the New York-based publishing company, which owns The Boston Globe and the Worcester Telegram & Gazette, among other newspapers. Earlier this month, Harbinger disclosed that it had raised its stake to more than 10 percent, from 5 percent.

New York Times Co. shares were up 81 cents, or 4.3 percent, to $19.50 in mid-afternoon trading.
(AP)

Posted by globebusiness at 2:49 PM | Comments (0)

Monopoly game is going global

Monopoly is looking for a few good cities.

Hasbro Inc., which makes the board game, is developing a global Monopoly game that will feature 20 cities from around the world. Fans can vote online for up to 10 of 68 candidate cities until Feb. 28.

They can also nominate a city via a wild card — basically an online write-in ballot — if a favorite place is not on the list.

Beginning Feb. 29, the top 20 most nominated wild card cities will compete in a one-week face-off for the chance to be one of the board’s low-rent properties — the equivalent of Baltic and Mediterranean avenues from the original game.

The Pawtucket, R.I., company points out this wild-card option means it’s conceivable that Paris, Texas, and Paris, France, could both be on the board, or that Kalamazoo could share real estate with Sydney or Cairo.

The railroad properties from the original board will feature land, sea, air, and space travel in the new game.

Monopoly is published in 37 languages and sold in 103 countries.

The new game will be called Monopoly Here & Now: The World Edition. It will go on sale in September.

The 68 candidate cities include Amsterdam, Barcelona, Beijing, Berlin, Bogota, Budapest, Buenos Aires, Cape Town, Caracas, Dubai, Dublin, Hong Kong, Jerusalem, London, Mexico City, Montreal, Moscow, Paris, Rio de Janeiro, Tokyo, and Vancouver.

US cities on the list are Boston, Chicago, Las Vegas, Los Angeles, New York, and Washington.
(AP)

Posted by globebusiness at 1:21 PM | Comments (0)

AG Coakley picks head of forensic computer lab

The office of Massachusetts Attorney General Martha Coakley announced today that David Papargiris has been named to lead the office's planned forensic computer lab.

A Coakley press release described Papargiris as a 20-year veteran of the Norwood Police Department.

“The development of this lab is the next step in bringing Massachusetts to the forefront of fighting and preventing Cybercrimes,” Coakley said in a statement.

Coakley also announced the appointment of Christopher Kelley as the managing attorney in her office's cybercrime division.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:47 PM | Comments (0)

SeaChange authorizes stock buyback program

SeaChange International Inc. announced today that its board of directors has authorized the repurchase of up to $20 million of its common stock through a share repurchase program.

SeaChange is an Acton-based provider of software and hardware solutions for video-on-demand television.

SeaChange said this action will permit it to begin repurchasing shares of its common stock as market and business conditions warrant following its fiscal 2008 fourth quarter earnings release scheduled for March 13.

SeaChange added that the timing and exact number of shares purchased will be at the company’s discretion and that all repurchases, which are expected to be funded from the company’s current cash and investments balance in excess of $80 million, may occur in open market, negotiated or block transactions.

SeaChange said it does not intend to repurchase any shares from its management team or other insiders.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:26 PM | Comments (0)

Corporate Express Rejects Staples Offer

Corporate Express NV today swiftly rejected an unsolicited buyout offer from Staples Inc., saying the office products supplier's $3.67 billion bid was too low.

Framingham-based Staples, the world's largest office products supplier, disclosed earlier today that it had offered to pay a hefty premium in an all-cash bid for Corporate Express.

"Corporate Express is of the opinion that this proposal significantly undervalues the company and fails to reflect Corporate Express' prospects," the Netherlands-based office supplies delivery firm said in a news release, about two hours after Staples announced its bid.

Corporate Express said the offer was not in its shareholders' best interests.

"We therefore reject this proposal and reiterate our commitment to pursuing our declared strategy," the company said.

Staples' offer for Corporate Express came after it made repeated attempts in recent months to discuss a deal.

"We have been disappointed that you have not been willing to do so," Staples chairman and chief executive, Ronald Sargent, said in a text of a letter to Corporate Express' CEO and board.

Staples said it would pay 7.25 euros - equal to $10.63 - a share for Corporate Express.

Staples said that amount represents a 67 percent premium to Corporate Express's closing share price on Feb. 4, before rumors of an offer started circulating. When measured against Corporate Express's closing price yesterday in European trading, the offer represents a premium of about 33%.

On the New York Stock Exchange, Corporate Express' US shares rose $3.11 to $11.20 Tuesday. Shares of Staples fell 27 cents, or 1.2 percent, to $21.77, on Nasdaq Stock Market.

Staples said its cash offer gives Corporate Express a chance to move quickly after the Dutch company announced "strategic reorientation" plans following a recent decline in its stock price, which briefly rose above $15 a share on the New York Stock Exchange in July.

Staples said its offer "would result in superior benefits for Corporate Express' stakeholders, and that such benefits can be achieved more completely and quickly than under your strategic reorientation plans, and with a higher degree of certainty."

Staples' delivery business has consistently posted stronger growth than its retail operations in recent years, with economic concerns in the U.S. recently weighing on retail growth.

A purchase of Corporate Express "is an opportunity to gain scale in the fastest-growing, most profitable part of the office supplies business," said Anthony Chukumba, an analyst with FTN Midwest Securities. "There would be massive opportunities for Staples to have cost synergies by paring back Corporate Express' sales force, as well as revenue synergies, by selling customers more services than they're buying right now."

Corporate Express was known as Buhrmann NV until last spring, when it changed its trading name to that of its most well-known brand, the Colorado-based corporation it acquired in 1999.

Corporate Express has contract operations in 20 countries, with total sales of $8 billion in 2006. About half those sales came in the U.S. and Canada, and about half the company's 18,000 employees are in the U.S.

Staples, a 22-year-old firm with about 74,000 employees, had 2006 sales of $18.2 billion. The company has more than 2,000 retail stores in 22 countries in North and South America, Europe and Asia. (AP)

Posted by globebusiness at 11:42 AM | Comments (0)

Covidien agrees to sell a European business

Covidien Ltd. said today that it has agreed to sell its European incontinence business to a private French company for an undisclosed amount.

With a major presence in Mansfield, Covidien is a healthcare products company; when the deal is completed, something expected to happen in the second quarter, the French buyer plans to rename the business Lille Healthcare.

Covidien's European incontinence business, which is headquartered in Lille, France, was formerly part of Covidien's Medical Supplies segment and had sales of $109 million in fiscal 2007, Covidien said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:28 AM | Comments (0)

AMAG says FDA will review its kidney treatment

Cambridge biopharmaceutical company AMAG Pharmaceuticals Inc. said today that the Food and Drug Administration will review its experimental treatment, ferumoxytol, for chronic kidney disease.

AMAG is seeking marketing approval for ferumoxytol as an intravenous treatment of iron-deficiency anemia in patients with chronic kidney disease.

The company expects FDA action on the new drug application by late October.

Shares of AMAG rose 10 cents to $51.50 in morning trading on the Nasdaq Stock Market. (AP)

Posted by globebusiness at 10:59 AM | Comments (0)

Gotuit powers Carleton U.'s video notes

Gotuit Media Corp. announced today that Carleton University of Ottawa has deployed an on-line video portal powered by Gotuit that lets students view, index, annotate, remix, search, and share class lectures to create an interactive, on-demand eLearning experience.

Woburn-based Gotuit, a provider of video metadata technologies, said that portal is called Carleton University VideoNotes.

"By allowing students to create their own lecture highlight reels with their own comments and annotations, we are providing a rich, personalized learning and enhanced studying experience." Patrick Lyons, Carleton's manager of instructional innovation, said in a statement included in Gotuit's press release.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:45 AM | Comments (0)

Phase Forward plans move to larger HQ

Phase Forward Inc. said today it is relocating its corporate headquarters to larger space as it plans for the possibility that its local work force could more than double over the next five years.

The company, which is moving from one Waltham address to another, provides data management solutions for clinical trials and drug safety.

According to Phase Forward, its new 165,000-square-foot quarters at 77 CityPoint are in the first speculative green building in the Boston suburbs to be awarded the Leadership in Energy and Environmental Design , or LEED, Silver Precertification by the US Green Building Council.

Phase Forward said that the landlord of its new space is Boston Properties Inc., a real-estate investment trust that owns and operates commercial real estate properties.

Phase Forward said it plans to move from its current Waltham location at 880 Winter St. in Waltham to 77 CityPoint in the fourth quarter.

Since moving to its current headquarters in late 2003, Phase Forward said its revenues have more than doubled and its worldwide employee base has grown by more than 45 percent; at the end of 2007, Phase Forward employees in the state numbered 313, and the new location will be able to house up to approximately 350 additional employees as Phase Forward continues to grow its local employee base over the next four to five years.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:20 AM | Comments (0)

Harvard Business School launches history site

Harvard Business School said today that it has launched an "Institutional Memory" website as part of its centennial celebration.

Located on the Web at http://institutionalmemory.hbs.edu, the interactive, multimedia site captures the history of the school through personal narratives and recollections of generations of faculty, staff, students, and alumni, the school said.

Celebrating Harvard Business School's first hundred years, the site "provides a personal perspective on the school's development and accomplishments, including the many innovations it created in both teaching and research," Mary Lee Kennedy, HBS's executive director of knowledge and library services, said in a statement. "Our vision is to tell the story of Harvard Business School, and its pioneering role in management and leadership education and research, through the accounts of the people who know it best. Through audio and video recordings, text and photos, we want to hear from as many people as possible about their experiences at the school."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:55 AM | Comments (0)

United-Continental merger impact weighed

From the Globe-trotting blog....

What would a United-Continental merger mean at Logan?

The answer: Maybe not so much.

I can tell from the blank stare that you are, once again, clueless. OK, let's back up for a second and get you caught up.

The airlines, facing rocketing fuel costs and grinding competition, are scrambling for Advil Extra Strength and answers. Many are feeling the urge to merge, hoping that two can indeed live cheaper and more profitably than one.

For the past few weeks, Delta and Northwest have reportedly been doing the dance and may make an announcement soon. My pal Kim Blanton took a look at that deal in a story last month.

In the past few days, news guys have been filing reports saying that United and Continental are also chatting it up, partly because of concerns about being left in the dust if a Delta-NWA deal gets done.

What does this mean to us? Very likely not much. At least in the short term. United hauls about 10 percent of Logan passengers, and Continental 4 percent, according to the folks at Massport. And there are no overlapping routes: Continental goes to places like Newark and Cleveland while United hits Left Coast hot spots, D.C., and Chicago.

But in the long run, fewer competitors tend to mean higher fares. That you can take to the bank, hombre. Stay tuned.
(By Paul Makishima, Globe staff)

Posted by globebusiness at 9:36 AM | Comments (0)

Staples makes offer for Corporate Express

Framingham-based office supply retailer Staples Inc. said today it has proposed to acquire all the outstanding shares of Corporate Express ordinary stock for about $3.67 billion.

Staples, which said that the acquisition would both improve its geographic reach and expand its range of products, said its offer translates to a per ordinary share consideration of EUR 7.25, representing a total enterprise value of approximately EUR 2.5 billion.

That works out roughly to $10.65 per share and a total value of about $3.67 billion.

The all cash proposal represents a premium of approximately 67 percent to Corporate Express' Feb. 4 closing share price, the last day before rumors of a potential sale circulated in the market, Staples said.

According to the Associated Press, Corporate Express is based in the Netherlands.

Staples' press release included a letter sent to Corporate Express's board from Ron Sargent, Staples chairman and chief executive.

Sargent's letter read in part: "Over the last several months, we have made repeated attempts to engage in discussions with you concerning a business combination, and we have been disappointed that you have not been willing to do so. We believe strongly that a combination between Staples and Corporate Express will offer significant and certain value to Corporate Express' shareholders and other stakeholders and will greatly enhance our ability to serve customers throughout the world."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:56 AM | Comments (0)

Virtual Iron, Avnet expand partnership

Virtual Iron Software and Avnet Technology Solutions announced today the expansion of their European distribution partnership.

Virtual Iron is a Lowell-based provider of enterprise-class server virtualization software, and Avnet is a value-added distributor of enterprise computing products.

The agreement expands the availability of Virtual Iron's software solutions through Avnet to Austria, Switzerland, The United Kingdom, France, Poland, Czech Republic, Slovakia, Hungary, Slovenia, Romania, Russia, the Netherlands, Luxembourg, and Ukraine, the companies said.

Avnet has been promoting and selling Virtual Iron in Belgium, Germany, and Italy since June 2007, Virtual Iron said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:52 AM | Comments (0)

PTC sells technology to Lockheed

Parametric Technology Corp. today announced that Lockheed Martin Corp.'s Electronic Systems has selected its Windchill product lifecycle management solution to replace multiple product data management systems.

Parametric of Needham, which refers to itself as PTC, provides product lifecycle management, content management, and dynamic publishing solutions to more than 50,000 organizations worldwide, including aerospace and defense companies.

According to PTC, Windchill will allow Electronic Systems to move toward a consolidated technology platform for managing all critical product information.

Lockheed Martin Electronic Systems will use Windchill to support change and configuration management in the production of key military systems and to smooth the information-technology consolidation among multiple lines of business, PTC added.
(By Chris Reidy, Globe staff)

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

Mass. gas prices rise

Gas prices in Massachusetts have risen for the first time in five weeks, to an average of $2.96 per gallon of self-serve regular.

A statewide survey by AAA of Southern New England found prices increased by two cents from last week.

The average in Massachusetts is five cents below the nation's $3.01 average.

A year ago, the average Massachusetts price was $2.20 per gallon. (AP)

Posted by globebusiness at 8:20 AM | Comments (0)

Kyocera cellphone features Nuance technology

Nuance Communications Inc. today announced that some of its speech-recognition solutions are available in the Tempo E2000, a new cellphone from Kyocera Wireless Corp.

The 2GB music-enabled handset also features video on demand as well as a 1.3 megapixel camera, said Nuance, a Burlington-based provider of speech-recognition solutions.

According to Nuance, its speech-recognition technology enables speaker-independent name and digit dialing, meaning a user can dial by pushing a single button and speaking a name from the phone's contact directory or saying the digits of the phone number; the technology also supports a number of additional command and control functions including launching applications and navigating menus.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:16 AM | Comments (0)

Pacific Sunwear signs up with Akamai

Akamai Technologies Inc. today announced that retailer Pacific Sunwear of California Inc. has implemented its services for accelerating and improving the performance of the PacSun.com retail site.

Akamai of Cambridge is a service provider for accelerating content and applications online.

Pacific Sunwear sells everyday causal apparel, accessories, and footwear.

By leveraging Akamai's Dynamic Site Accelerator services, Akamai offloads the PacSun.com servers by up to 80 percent, allowing the retailer to effectively deliver its brand and have the flexibility to release content as needed, Akamai said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:01 AM | Comments (0)

New business center opens in the Back Bay

The Regus Group today announced that it has opened a new business center in the Back Bay.

Regus, a Dallas company that provides of fully furnished and equipped offices, said its new 25,500-square-foot center at 75 Arlington St. features 101 offices, 161 workstations, one boardroom, and one videoconferencing studio.

Regus added that the new center is its 17th in Greater Boston.

"Our selection of Back Bay as our newest location is in direct response to the strong demand that we've received from existing and prospective clients, especially in the financial services sector, for a center in this area." Jeff Doughman, regional vice president for Regus, said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:41 AM | Comments (0)

Verizon Foundation donates $2.1 million in Mass.

Verizon Communications Inc. said its foundation donated nearly $2.1 million to 190 nonprofits in Massachusetts last year.

The grants went to nonprofits engaged in such missions as improving literacy, providing domestic-violence services, and developing diverse approaches to technology-based education, Verizon said.

In addition, Verizon said its employees donated more than 36,000 hours of personal time to community programs.

Headquartered in New York, Verizon delivers broadband and other wireline and wireless services to mass market, business, government, and wholesale customers.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:25 AM | Comments (0)

Firms aim to offer supply-chain solution

Two software vendors, including one with a Lowell connection, said they are partnering to develop a global sourcing solution for the footwear and apparel industry.

The partners are Dassault Systemes, a French company with a Massachusetts presence that offers product lifestyle management solutions, and Zymmetry Group, a Hong Kong firm that provides software to manufacturers in the apparel industry.

The firms said they look to develop solutions "that will connect the entire apparel supply chain, linking front and back end design and development processes from planning to sourcing, pre-production, and production."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:13 AM | Comments (0)

February 15, 2008

Icahn interest could pay off for some Biogen employees

Billionaire investor Carl Icahn is hoping to turn a handsome profit by pushing Biogen Idec Inc. to sell itself to a major drug company. But Icahn's tactics could also help some employees take home extra cash.

Biogen Idec's board approved a bonus program this week to retain key employees, such as managers and researchers, amid speculation that the Cambridge biotech could be sold, the company disclosed yesterday.

Spokeswoman Naomi Aoki said the program is intended to help Biogen Idec keep critical workers from leaving “in the face of continued shareholder activity,” a reference to Icahn, who owns more than 4 percent of Biogen Idec shares. Last month, Icahn nominated three people to serve on the company's board of directors and said he continues to believe it should be sold.

To qualify, employees would have to remain with the company through March 2009 – unless it is taken over earlier. Depending on the company’s performance, the bonuses would range from nothing to 1.5 times an employee's annual salary.

Aoki wouldn't say how many employees would be eligible for the bonuses. But in a regulatory filing, the company said it includes all executive officers, except for chief executive James Mullen .
(By Todd Wallack, Globe staff)

Posted by globebusiness at 5:26 PM | Comments (0)

Tech chiefs are upbeat about local business climate

Most chief executives of Massachusetts technology companies are optimistic about the state's business climate and expect to add jobs in the next year despite fears of a possible recession.

That's a finding of a survey undertaken by the Massachusetts High Technology Council, a lobbying group for the industry.

The group's annual business climate survey also found that a growing number of technology leaders want "government leaders to stabilize the state's business costs," the council said.

The council also said that Josh Boger, president and chief executive of Cambridge-based Vertex Pharmaceuticals Inc., was elected as the council's new chairman.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 3:39 PM | Comments (0)

Judge increases damages against Boston Scientific

A patent judgment against Boston Scientific Corp., a Natick-based medical device company, has jumped to $501 million after a judge tacked on an additional $69 million in interest.

US District Judge John Ward ruled yesterday to expand the damages award, decided by a federal jury in Texas, to cover interest on royalties dating to the medical device maker's 2004 U.S. launch of drug-coated heart stents.

Heart stents are tiny, mesh-wire tubes that prop open coronary arteries after they have been surgically cleared of fatty plaque.

After deliberating less than two hours, jurors awarded $432 million on Monday to Dr. Bruce Saffran, who argued the stents violated his 1997 patent covering technology to deliver medication within the body to heal injuries.

Boston Scientific recorded a $365 million charge against its fourth-quarter earnings to cover potential losses due to stent patent litigation. The company said on Tuesday that it didn't expect to record an additional charge for the new verdict, because it expected Ward or an appeals court would overturn the jury award.

Company spokesman Paul Donovan declined further comment today. Shares of Boston Scientific rose about 21 cents, or 1.6 percent, to $12.77 in afternoon trading on the New York Stock Exchange.

Boston Scientific and a unit of Johnson & Johnson dominate the market for newer model stents coated with drugs released to prevent post-surgical scar tissue from creating new blockages.

Saffran, a radiologist from Princeton, N.J., filed a similar patent challenge against Johnson & Johnson over its Cypher stent. That case is pending in Ward's court, an East Texas district that is a popular venue to bring patent claims.

Saffran's award involving Boston Scientific covers only past royalties. The judge also ordered that the question of future royalties be split into a separate case after the doctor files a new complaint covering that issue. Ward ordered Boston Scientific to file quarterly reports with the court on sales of its top-selling product, the Taxus Express stent, and the next-generation Taxus Liberte. (AP)

Posted by globebusiness at 3:21 PM | Comments (0)

Credit union signs lease at Granite Woods

The Telephone Workers' Credit Union has signed a lease for a total of about 24,000 square feet of space at Granite Woods Corporate Center in Braintree, a broker involved in the transaction said today.

The broker is DTZ FHO Partners of Boston, which said it represented the corporate center's owner, Campanelli Cos., in leasing office space to the credit union.

The credit union also leased retail space at the center, and Atlantic Retail represented Campanelli in that part of the transaction, said DTZ FHO Partners, which added that with this transaction, the two-building corporate center has "achieved 100 percent lease-up."

The Boston real estate firm Colliers Meredith & Grew represented the credit union in the lease transaction, DTZ FHO Partners said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 3:05 PM | Comments (0)

Marlborough Hospital upgrades sleep health service

Marlborough Hospital and SleepHealth Centers issued a press release today saying they are partnering to bring improved sleep health services to the Marlborough area.

Sleep HealthCenters added that it has opened a sleep medicine clinic in the Marlborough Hospital Medical Office Building, offering services for patients with all types of sleep disorders, including insomnia, obstructive sleep apnea, narcolepsy, excessive daytime sleepiness, and restless legs syndrome.

Services will include medical consultations, treatment options including CPAP, or continuous positive airway pressure, education, and follow-up care, the two organizations said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:37 PM | Comments (0)

Frequent-flier miles may face shrinkage

Yo, Travel Dude, your life, well, it bites more and more.

First off, you've got the dollar, which is tumbling like a drunken snake snowplowing down Tuckerman Ravine. And now there is further ugliness with frequent-flier miles.

US Airways says it will no longer give a minimum of 500 miles for a flight, instead giving credit only for actual miles. This puts a crack in what had been pretty much a long-standing policy throughout the industry that allowed many - especially in the Gray Flannel Brigade - to really rack up miles.

And you know that once one of them does it.... (Mrs. Maggi in 2nd grade warned you about the dangers of Peer Group Pressure.)

It's not like a big surprise, though. The counters of airline beans have been shrinking that fine print for a while now, adding fees, cutting the value of miles, and making them expire so fast that, well, you've had bread around longer (and, bear in mind, you're the kind of person who thinks of the expiration date as merely a suggestion).

Death by a thousand paper cuts. Does this tick you off, or what?
(By Paul S. Makishima, Globe staff)

Posted by globebusiness at 12:10 PM | Comments (0)

Indevus gets recommendation on HIV product

Lexington drug developer Indevus Pharmaceuticals Inc. said today that an independent group of experts recommended the company discontinue the high dosage of its experimental product to prevent HIV.

The product, PRO 2000, is a topical vaginal product under development to prevent the sexual transmission of HIV and other sexually transmitted diseases.

The United Kingdom's Medical Research Council, a human health organization, advised Indevus to close the high-dose group after reviewing data from a Phase III clinical trial of PRO 2000.

An independent data-monitoring committee said the high-dose group in the trial showed only a small chance that the high dose will protect against HIV infection compared with a placebo gel.

The committee, however, recommended the low dosage in the trial continue to be tested for safety and effectiveness. (AP)

Posted by globebusiness at 11:25 AM | Comments (0)

Mass. awards energy and environmental grants

The Massachusetts Executive Office of Energy and Environmental Affairs said today that it has awarded $111,500 in Smart Growth/Smart Energy grants.

Feasibility studies for a green building and hydroelectric facility, design plans for new and expanded parks, and efforts to develop two regional parks are among projects designated to receive funding, said the office, which sometimes refers to itself as EEA.

“EEA’s Smart Growth/Smart Energy grants are an important part of Governor (Deval L.) Patrick’s overall efforts to promote sustainable development in Massachusetts,” Energy and Environmental Affairs Secretary Ian Bowles said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:38 AM | Comments (0)

Guitar Hero to release Aerosmith video game

Aerosmith wannabes, crank up your air guitar moves.

California-based Activision Inc., a developer, publisher, and distributor of interactive entertainment products, has announced the upcoming release of "Guitar Hero: Aerosmith," a video game built around the music of Aerosmith members Steven Tyler, Joe Perry, Brad Whitford, Tom Hamilton, and Joey Kramer.

"Slated for release this June, this latest installment from the franchise with the #1 best-selling video game in 2007, puts players in the shoes of Perry (guitar), Whitford (guitar), and Hamilton (bass), as they rock out alongside frontman Tyler and drummer Kramer," the press release stated. "Gamers will experience Aerosmith’s Grammy-winning career, from their first gig to becoming rock royalty, in a way that no other entertainment vehicle offers."

To mark this collaboration, "Guitar Hero III: Legends of Rock" fans will have the opportunity to download and jam to Aerosmith’s “Dream On,” said Activision, which added that the song will be available for free from February 16-18 on Xbox LIVE Marketplace for the Xbox 360 video game-and-entertainment system from Microsoft Corp. and PLAYSTATIONStore for the PLAYSTATION 3 computer entertainment system.

For more information, please visit www.guitarhero.com.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:12 AM | Comments (0)

Mass. Bar to honor Nancy King

The Massachusetts Bar Association said it will honor lawyers and law firms for providing free legal services to the public at a ceremony next month.

The association added that it will bestow its Lifetime Achievement Award posthumously to Nancy King, the former executive director of South Middlesex Legal Services who died in December.

The luncheon ceremony is scheduled for March 6th at the John F. Kennedy Presidential Library & Museum in Dorchester, and state Representative Byron Rushing, a Boston Democrat, has agreed to deliver the keynote address, the association said.
(By Chris Reidy, Globe staff)

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

Hittite forecast below expectations

Hittite Microwave Corp., which makes semiconductors, guided its first-quarter profit and revenue below Wall Street's forecast on Thursday.

For the January-through-March period, Hittite forecast net income in the range of $12.9 million to $13.3 million, or 41 cents to 42 cents per share. Revenue of $42 million to $43 million is expected.

Analysts polled by Thomson Financial expect profit of 43 cents per share on revenue of $43.2 million.

"For 2008, we will remain focused on growing our revenue by further penetrating our target markets and continuing to invest in research and new product development," Stephen Daly, chairman and chief executive, said in a release.

Shares dropped $1.41, or 3.6 percent, to $38 in aftermarket trading. (AP)

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

Cognex announces dividend

Cognex Corp. announced Wednesday a regular quarterly dividend of 8.5 cents.

The Natick-based company, which makes vision sensors used in automated manufacturing, said the dividend is payable March 14 to shareholders of record as of Feb. 29. (AP)

Posted by globebusiness at 8:48 AM | Comments (0)

Nasdaq delists Aspen Technology

Processing software company Aspen Technology Inc. said today it will be delisted from Nasdaq after the company missed several filing deadlines.

The delisting takes effect when Nasdaq opens for trading Tuesday.

Aspen said it may seek a review from the Nasdaq Listing and Hearing Review Council, which could alter or dismiss Nasdaq rulings.

However, Aspen said such a request will not delay the delisting, and it now expects to be quoted on the Pink Sheet Electronic Quotation Service. The Pink Sheets allow continued trading on delisting companies.

Chief Executive Mark Fusco said he was disappointed with the result and said Aspen remains a financially strong company.

The delisting follows a long series of filing delays in 2007 and 2008.

In a strongly worded analyst note in January, Jefferies & Co. analyst Robert Schwartz warned that the company was in danger of delisting after Aspen reported incomplete results for its fiscal second quarter.

He said Aspen had a transparency problem and is stuck in "restatement purgatory".

Schwartz described Aspen's limited second-quarter release as "yet another disappointing installment in their long-running accounting saga."

Nasdaq granted Aspen an extension for filing its 2007 fourth-quarter and 2008 first-quarter results, as well as restatements for fiscal 2005 and 2007. However, Aspen said it would not be able to meet that deadline and asked Nasdaq for an extension to Feb. 8. It also failed to meet that deadline and missed another deadline for its second-quarter results.

Deloitte & Touche asked not to be reappointed as Aspen's accounting firm for 2008, which Schwartz described as "a new chapter in this epic."

Aspen provides supply chain management, plant operations and other software for oil, gas, petrochemical and other industries. (AP)

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

Zipcar partners with In Control driver training

Zipcar Inc. said it has teamed up with In Control Advanced Driver Training to offer its members In Control's driver-training courses at discounted rates.

Headquartered in Cambridge, Zipcar is a car-sharing service that lets its members rent vehicles by the hour.

To kick off the partnership, the two firms have scheduled a drivers-ed event Monday at 10 a.m. at the South Weymouth Naval Air Station, the companies said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:37 AM | Comments (0)

Commerce Insurance child center recognized

Commerce Insurance said its child care center in Webster has earned accreditation from the National
Association for for the Education of Young Children, an organization of early childhood professionals.

"We're proud to have earned the mark of quality from NAEYC," Cathleen Moynihan, a Commerce senior vice president, said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:33 AM | Comments (0)

Portsmouth, NH project gets "green" rating

Cathartes Private Investments, a Boston real estate development company, said its Portwalk project in Portsmouth will be the New Hampshire city's first LEED-certified mixed-use development.

LEED, or the Leadership in Energy and Environmental Design, rating system was created by the US Green Building Council to serve as guidance for building green projects.

Construction on the four- building project, which includes retail, office space, residences, and a hotel, is expected to begin this summer, said Cathartes, which added that Portwalk will replace the antiquated Parade Mall in downtown Portsmouth.

The project is scheduled for completion in late 2009, a spokesman for the developer said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:17 AM | Comments (0)

Mass. AG settles with Caremark

The office of Attorney General Martha Coakley said that Massachusetts will receive $1 million from a settlement between pharmacy benefits manager Caremark Rx LLC and 29 states.

Under the multistate settlement, Caremark agreed to pay $38.5 million to resolve consumer protection claims against it, Coakley's office said.

A complaint filed in Suffolk Superior Court alleged that Caremark encouraged doctors to switch patients to brand name prescription drugs different than drugs originally prescribed, Coakley's office said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:04 AM | Comments (0)

February 14, 2008

Geihsler resigns as head of Atrius Health

After less than two years as chief executive, Debra A. Geihsler resigned today from Atrius Health, the large physicians group, after clashing with the board of trustees over management style and mission.

Dr. Gene Lindsey , chairman of the board of trustees, took over as interim chief executive.

With more than 700 doctors, Atrius Health is largest doctors organization in Massachusetts that is not affiliated with a hospital. Its flagship is Harvard Vanguard Medical Associates, which used to be part of Harvard Community Health Plan. It also includes Dedham Medical Associates, Granite Medical, South Shore Medical Center and Southboro Medical Group.

In an unusually revealing statement, Lindsey said the board and Geihsler didn't get along.

"When the trustees hired Debra Geihsler, we believed that her approach to leading a large medical group matched well with our mission and culture at Atrius Health and Harvard Vanguard," Lindsey said. "However, the trustees have now come to the difficult and mutual realization with Deb that for our next phase of our growth, our approach is not as well-matched."

Geihsler said in a statement, "I am extremely proud of what we have accomplished together for our patients and for our organization as a whole. I leave believing that there is a greater understanding in many communities of the value of a physician group and knowing that our patients are in the hands of some of the most caring and talented healthcare professionals in the region."
(By Jeffrey Krasner, Globe staff)

Posted by globebusiness at 6:33 PM | Comments (0)

City sweep will clean neighborhood

Dozens of city employees and contractors descended on Hendry Street in Dorchester this morning in a concentrated rush of cleaning and staging that had the feel of a movie set.

Men rushed around hanging new street signs, removing old cars, cleaning paint from buildings and trash from the street. Just as Mayor Thomas M. Menino prepared to address a press gaggle, a crew hammered a sign into the building behind him announcing "The Hendry Street Project."

City officials say Hendry Street may contain the largest concentration of foreclosed properties in all of Boston. Mortgage companies have seized at least eight homes on the street. All sit empty, with boards on the windows and doors. That, Menino said, was no longer acceptable.

"This is a cancer that we have in our city that's taking over a neighborhood," he said. "We will not tolerate this cancer."

The mayor said the city is negotiating to buy several homes on the street at heavily discounted prices. The city is moving to seize several other homes because the owners have not paid taxes. Once in hand, the homes will be renovated and used for affordable housing.
(By Binyamin Appelbaum, Globe staff)

Posted by globebusiness at 1:25 PM | Comments (0)

Bose will be honored by inventors hall of fame

The National Inventors Hall of Fame announced that Amar Bose will be among those inducted into its pantheon of pioneers at a May ceremony at its Ohio headquarters.

Bose is the founder of Framingham-based Bose Corp., which makes a range of audio products, including noise-reducing headphones, a workplace blessing that has helped many an office drudge to refrain from throttling a high-decibel colleague in the next cubicle.

Bose is no stranger to such heady honors.

Last year, he was elected to the Consumer Electronics Hall of Fame.
(By Chris Reidy, Globe staff)

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

State Street shakes up executive ranks

State Street Corp's money management unit today named six executives to top jobs as part of a restructuring after heavy losses at several funds last year.

The appointments at the SSgA unit come after a string of departures of top executives, including its CEO, over recent months. Three of the appointees are newcomers to SSgA, while three are veterans of the unit.

"We have to get back to (producing the results our clients expect) in the actively managed space," Mark Marinella, SSgA's global fixed-income chief investment officer, told Reuters. "(The) combination of people we've picked gives us the best chance to do that."

Marinella, who previously was at State Street's investment research and trading unit, was named to his job in November and said he had experience in repairing ailing businesses.

All six men had worked with him before, he said.

John Kirby and Kevin Anderson will be co-heads of global fixed-income beta solutions. Anderson will also lead European and Pan-Asian operations with SSgA veteran William Street.

William Cunningham, who had been in State Street's global markets group, will be global head of credit strategies and fixed-income research.

Thomas Hagstrom, who joins from RBS/Greenwich Capital, will be global head of fixed-income business management, and Brett Wander, previously of Loomis Sayles, will be global head of active fixed-income and alpha strategies.

SSgA has been shaking up its staff for months after a number of its funds, which had promised clients to pursue low-risk strategies, posted heavy losses. A limited-duration bond fund, for example, invested the bulk of its assets in mortgage-backed securities and dropped over 40 percent in July and August when the market seized up. Most of those poorly performing funds have been liquidated. (Reuters)

Posted by globebusiness at 12:25 PM | Comments (0)

Boston Scientific reaps $120m from business sale

Boston Scientific Corp., a Natick-based medical device company, said it expects to record an after-tax gain of about $120 million in connection with its previously announced plan to sell its fluid management and venous access businesses.

In December, Boston Scientific announced plans to sell those businesses to Avista Capital Partners, a private equity firm, for $425 million.

Boston Scientific said today that it has completed that sale and that it expects to record the after-tax gain during the first quarter of 2008.

The sale completes the company's plan to divest five "nonstrategic businesses," Boston Scientific president and chief executive Jim Tobin said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:57 AM | Comments (0)

Citizens Bank launches ad campaign

The parent of Citizens Bank said today it is launching an advertising campaign with the theme of "Find Your Fit."

Print and TV ads created by Boston ad agency Arnold Worldwide invite customers to visit any Citizens Bank for a free "Fit Checkup," a one-on-one consultation with a banker who can help them select the products and services that best fit their borrowing and savings needs, the bank said.

“At Citizens, we are committed to fitting into our customers’ lives, not the other way around,” Robert E. Smyth, president of Citizens Bank, Massachusetts, said in a statement.

Citizens Bank is part of Citizens Financial Group of Providence, which is owned by the Royal Bank of Scotland Group plc.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:21 AM | Comments (0)

Newton mother's milk business wins award

Advanta Corp. announced that Naomi Bar-Yam of Newton has been named January's $10,000 winner in its monthly contest for the best business idea.

According to Advanta, a Pennsylvania company that issues credit cards in the small business market, Bar-Yam is cofounder of the Boston-based Mother's Milk Bank of New England, a newly-formed milk bank serving babies, hospitals, and families throughout New England.

Bar-Yam received the award from Ami Kassar, Advanta's chief innovation officer, at an award ceremony sponsored by Brandeis University's IT Entrepreneur Club in Waltham, said Advanta, which noted that Bar-Yam and Kassar are Brandeis University graduates.

Bar-Yam helped create a milk bank that provides screened and pasteurized breast milk to premature and critically ill babies in the New England area, Advanta said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:02 AM | Comments (0)

Harvard Business School to celebrate 100th

Bill Gates of Microsoft Corp., Meg Whitman of E-Bay Inc., and Jeff Immelt of General Electric Co. are among the captains of industries set to help Harvard Business School celebrate its 100th birthday.

Throughout the year, faculty, students, staff, and alumni will commemorate 100 years of Harvard Business School with "a wide and global array of activities," including academic and industry colloquia, alumni gatherings, and a business summit titled "Leading in Business and Beyond," the school said in a press release.

Gates, Whitman, and Immelt are among those who have agreed to speak at the business summit, which is scheduled for October, the school said.

“Throughout 2008, we will showcase Harvard Business School's history of innovative research and teaching and the extraordinary impact of our alumni around the world," Harvard Business School dean Jay Light said in a statement. "Our centennial also will be an opportunity to ask the important questions that will frame our work over the next century. What is the future of business and business education in a global economy? How can we help shape it?"
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:51 AM | Comments (0)

Fidelity reports strong growth in 2 asset groups

Fidelity Investments said today two indicators of its retirement savings business both rose 8 percent last year, which it called strong growth in a key emerging market.

Best known for its mutual funds, Fidelity of Boston also competes fiercely to manage savings plans such as defined-contribution 401(k) accounts offered by individual employers. For 2007 Fidelity said one class of assets at its defined-contribution services business rose 8 percent to $851.4 billion in 2007. Fidelity describes these assets as "recordkept,'' meaning it provides administrative services to individual savers such as sending them account statements and answering questions by phone.

In addition Fidelity said its total assets under administration for the retirement services business rose 8 percent to $918.4 billion in 2007. These include both recordkept assets, and money put into Fidelity products through 401(k) plans managed by other companies.

For all of 2007 Fidelity said it added nearly 524,000 defined-contribution plan participants, finishing the year with 13.6 million.
(By Ross Kerber, Globe staff)

Posted by globebusiness at 10:40 AM | Comments (0)

Firefighter tops "sexy jobs" list

Once again, firefighter is the "sexiest" job title, according to a survey from Salary.com, a Waltham provider of on-demand compensation and talent management services that help businesses better manage pay and performance.

In "the spirit of Valentine's Day," Salary.com said it undertook a survey that asked consumers to identify the sexiest job titles, something that the company also did three years ago.

As in the earlier survey, jakes ruled - firefighters ranked as tops in both the 2005 and in the 2008 surveys, just as "chief executive" was cited as the third sexiest title in both surveys, Salary.com said.

In 2005, "flight attendant" was deemed the second sexiest job title, but "personal trainer" eclipsed flight attendant in the more recent survey - in fact, flight attendant didn't even make the top 10 in 2008.

"Interior designer" and "teacher" also fell off the list, and new entries to the 2008 list include "surgeon" and "cowboy."

And here's one that should have the fourth estate crying into its beer.

"Reporter," which ranked fourth on the 2005 list of sexiest job titles, is MIA on the 2008 list, which had "bartender" weighing in at fourth place.

These days, it seems, slinging gin is far more glamorous than serving up prose and action verbs.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:14 AM | Comments (0)

Biogen, Cardiokine drug trial starts new phase

Biogen Idec Inc. and Cardiokine Inc. announced the start of a Phase III clinical trial of Lixivaptan in some patients with congestive heart failure.

Biogen Idec of Cambridge markets such drugs as Rituxan for non-Hodgkins lymphoma and rheumatoid arthritis and Avonex, a multiple sclerosis drug; with another company, it markets a second MS drug called Tysabri.

Cardiokine of Philadelphia is focused on developing pharmaceuticals for the treatment and prevention of heart failure and related cardiovascular indications, its website says.

The companies announced today the initiation of a Phase III multi-center, randomized, placebo controlled, double-blind study of lixivaptan for congestive heart failure patients who suffer from hyponatremia, which is an electrolyte disturbance marked by low sodium levels in the blood.
(By Chris Reidy, Globe staff)

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

Hennemann tapped for new job at BioSphere

BioSphere Medical Inc. today announced that Willard W. Hennemann has been named to the newly created position of vice president of new product and business development.

Rockland-based BioSphere Medical is a medical device company that seeks to develop and commercialize minimally invasive diagnostic and therapeutic applications based upon proprietary bioengineered microsphere technology.

Hennemann brings more than 20 years of experience in the research, development, and marketing of interventional vascular medical devices, BioSphere Medical said.
(By Chris Reidy, Globe staff)

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

Stiglianese joins Sentrigo board

Sentrigo Inc. today announced that Michael Stiglianese, former chief information technology risk officer at Citigroup Inc., has joined Sentrigo's advisory board.

Woburn-based Sentrigo provides database security software; its Hedgehog product is a host-based software solution for real-time database monitoring, database auditing, and breach prevention.

Sentrigo said that Stiglianese will offer guidance to the company as it intensifies its work with financial institutions in the United States and abroad.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:12 AM | Comments (0)

TripAdvisor buys Holiday Watchdog

TripAdvisor LLC announced today it has acquired Holiday Watchdog, a user-generated travel site in the United Kingdom.

TripAdvisor, a Needham-based travel community and an operating company of Expedia Inc., said terms of the acquisition are not being disclosed.

Holiday Watchdog will continue to be operated as an independent site, TripAdvisor said.

"Holiday Watchdog nicely complements existing content in the TripAdvisor Media Network," TripAdvisor chief executive and founder Steve Kaufer said in a statement. "The acquisition is designed to strengthen TripAdvisor's position as the predominant travel planning resource and adds another strong brand to the TripAdvisor Media Network, a collection of travel media sites."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:05 AM | Comments (0)

Energy conference starts today at Northeastern

A four-day conference focusing on new developments in energy-related fields is scheduled to begin in Boston today.

Northeastern University's National Science Foundation Nanoscale Science and Engineering Center for High-Rate Nanomanufacturing is hosting the annual Fulbright Academy of Science & Technology 2008 Conference, the university said.

Titled “Energy & Innovation,” the four-day, multidisciplinary event will bring together
noted scientists, industry professionals, and academics from across the
globe to address new developments in energy-related fields, the university said.

Ahmed Busnaina, director of the center, is expected to describe the center's "cutting-edge nanoscale science research" in his opening remarks, the university said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:59 AM | Comments (0)

Fitch Ratings upgrades MMWEC's power projects

The Massachusetts Municipal Wholesale Electric Co., or MMWEC, said that Fitch Ratings has upgraded its credit ratings on all seven of MMWEC's power supply projects to A from A-.

MMWEC of Ludlow is a nonprofit public corporation and a political subdivision of the commonwealth of Massachusetts that provides a variety of power-supply, financial, and other services to the state's consumer-owned municipal utilities.

MMWEC chief operating officer Ronald C. DeCurzio commented on Fitch's upgrades in a statement.

“This indicates that MMWEC’s credit is strong and gaining strength as we move toward retirement of the organization’s existing debt,” DeCurzio said. “Higher credit ratings will help keep interest costs down in financing any new projects, including the proposed new unit at Stony Brook.”

MMWEC noted in its press release that it is planning to build a new 280-megawatt power plant at its Stony Brook site in Ludlow.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:55 AM | Comments (0)

February 13, 2008

Airline to restore nonstop Logan-Albany service

From the Globe-trotting blog:

Somebody say yee-ha! US Airways Express will restore nonstop service between Logan and Albany International in April. (You boys in the back of the class stop snickering; we're talking about the capital of the Empire State here.)

The Boston Business Journal is reporting that Colgan Air will run daily flights Sunday-Friday. Flights will depart from Boston at 6 p.m. and arrive in Albany at 7:20 p.m., with return flights scheduled for 6 a.m. weekdays and 12:45 p.m. Sundays.

Service to Albany ended last month when Colgan and Big Sky Airlines, operating under Delta Connection, stopped flying the route. Now that it's back we should plan a trip. Wonder if Eliot Spitzer bowls?
(Paul Makishima)

Posted by globebusiness at 4:05 PM | Comments (0)

IRS will send stimulus payments automatically

The Boston office of the Internal Revenue Service said that in most cases, taxpayers will not have to do anything extra this year to get the economic stimulus payments beginning in May.

According to the Associated Press, President Bush signed legislation today to send $300 to $1,200 rebate checks to millions of Americans as a "booster shot" for the economy.

Commenting on that legislation, IRS spokesperson Peggy Riley said in a statement, “If you are eligible for a payment, all you have to do is file a 2007 tax return and the IRS will do the rest.”

The IRS will use information on the 2007 tax return filed by the taxpayer to determine eligibility and calculate the amount of the stimulus payments, she said, and the IRS will begin sending taxpayers their payments in early May after the current tax season concludes.

Payments to more than 130 million taxpayers will continue over several weeks during the spring and summer, said the IRS, which added that a payment schedule for taxpayers will be announced soon.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 3:57 PM | Comments (0)

Novell buys SiteScape

Novell Inc. said today it has acquired SiteScape for an undisclosed amount as Novell looks to extend its commitment to open-source solutions.

Waltham-based Novell is a big seller of Linux software in the United States, and according to its website, SiteScape has its headquarters in Maynard.

"SiteScape, the founder of the ICEcore open source collaboration project, brings impressive team workspace and real-time collaboration capabilities to Novell - key components of a broad unified communications and collaboration strategy," Novell said in a press release.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 3:34 PM | Comments (0)

EMC to offer cloud computing, SAP executive says

EMC Corp., the biggest maker of corporate storage gear, is setting up a data-hosting service for companies dubbed ‘‘EMC Cloud,’’ a senior executive with the German software maker SAP AG said today.

The service will offer computer programs from SAP, the world’s biggest maker of business management software, in a partnership with EMC, said Doug Merritt, president of SAP Labs North America.

He did not mention the cost or timing of the venture.

An EMC spokesman said he could not immediately comment on the company’s plans to get into the field of cloud computing, in which software is run on computers at data centers far from where the programs are actually being used. The programs are accessed over the Internet.

Amazon.com started offering such services several years ago; International Business Machines Corp. announced its cloud computing strategy, ‘‘Cloud Blue,’’ in October.

So far, EMC’s product line is fairly limited, with its most visible effort being the online backup service, Mozy, which until recently targeted small businesses and consumers.

This month, EMC said it plans to sell Mozy’s services to large corporations, too.
(Reuters)

Posted by globebusiness at 3:00 PM | Comments (0)

Cybex says its quarterly profit rose 7 percent

The exercise equipment maker Cybex International Inc. said fourth-quarter profit rose 7 percent on sales of aerobic and strength equipment.

The Medway company earned $3 million, or 17 cents per share — compared with $2.8 million, or 16 cents per share, in the 2006 fourth quarter.

Analysts polled by Thomson Financial expected profit of 15 cents per share on sales of $43.7 million.

For the 2007 fiscal year, the company’s profits dropped 52 percent on restructuring costs at its new Minnesota plant.
(AP)

Posted by globebusiness at 2:49 PM | Comments (0)

Trust says funds from operations rose 43 percent

Hospitality Properties Trust, a Newton real estate investment trust, today reported that funds from operations, or FFO, rose 43 percent in the fourth quarter, due to a rise in rent.

FFO rose to $108.3 million, or $1.15 per share, from $75.6 million, or $1 per share, during the same period the previous year.

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

Net income available to common shareholders rose to $76 million, or 81 cents per share.

For the year, funds from operations rose to $431.8 million, or $4.64 per share, from $307.7 million, or $4.20 per share, in 2006.
(AP)

Posted by globebusiness at 2:35 PM | Comments (0)

Raytheon executing two more missile contracts

Raytheon Co. today said that it received two additional Patriot missile contracts from the Army last year that brought its total awards under the program in 2007 to more than $600 million.

The Waltham-based defense contractor received a $310 million contract in December to upgrade eight fire units. The work will be performed in Andover. The contract follows an initial $150 million award to upgrade four fire units.

In a second award, Raytheon received $67 million for 152 upgraded missiles that fire against ballistic missiles, cruise missiles, aircraft, and remotely piloted vehicles.
(AP)

Posted by globebusiness at 2:13 PM | Comments (0)

Akamai will support online coverage of NBA All-Stars

Akamai Technologies Inc. said today that it will serve as the exclusive provider for Turner Sports' live and on-demand Internet coverage of the National Basketball Association's All-Star Weekend events and games.

Cambridge-based Akamai is a service provider for accelerating content and applications online.

Akamai said it will support Turner's live and video on-demand streams as well as the increased interactive website features enabling fan participation, running through Sunday, Feb. 17, in New Orleans.

The website content will be featured on the network's broadband channel, TNT OverTime All-Star Access on NBA.com, and will serve as a complement to the exclusive television coverage available on TNT, Akamai said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:31 PM | Comments (0)

Cubist Pharma revises earnings

Lexington biopharmaceutical company Cubist Pharmaceuticals Inc. said today that it lowered its previously reported fourth-quarter earnings to reflect a hefty acquisition charge.

On Jan. 23, Cubist reported its fourth-quarter profit jumped 71 percent on higher sales of antibiotic Cubicin. The company earned $9.2 million, or 16 cents per share, compared with $5.4 million, or 9 cents per share, during the same period a year prior.

Revenue rose 52 percent to $85.6 million from $56.5 million.

Including a $1.2 million charge related to the December buyout of Illumigen Biosciences Inc., the revised earnings per share now total 14 cents for the fourth quarter, said Cubist today.

The charge reflects the cash on Illumigen's balance sheet on Dec. 26, the closing date of the acquisition. The all-cash payment for the acquisition includes the $1.2 million and is being paid in 2008. However, the company said all costs related to the transaction were charged to the 2007 fourth quarter, when the transaction closed.

The charge will be included in financial statements to be filed with the Securities and Exchange Commission. (AP)

Posted by globebusiness at 12:45 PM | Comments (0)

ConEdison Solutions to power TD Banknorth Garden

ConEdison Solutions said it has signed a contract to provide electricity to Boston's TD Banknorth Garden.

ConEdison Solutions, an energy service provider and a subsidiary of New York-based Consolidated Edison Inc. , said that based upon historical usage, TD Banknorth Garden can expect to experience a 15 to 20 percent cost savings versus the applicable utility rate.

Home of hockey's Boston Bruins and basketball's Boston Celtics, TD Banknorth Garden is operated by Delaware North Cos. Inc.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:07 AM | Comments (0)

Governor requests heating season extension

Patrick administration officials in the Massachusetts Department of Public Utilities have asked each of the state’s electric and natural gas companies to extend until May 1 the current moratorium on winter utility shut-offs.

Under the DPU’s regulations, utility companies are prohibited from terminating service for nonpayment by vulnerable consumers until the end of the winter heating season, March 15.

In addition to urging utilities to extend the termination moratorium by about 45 days this year, the DPU said it has opened an investigation that will examine utilities’ existing programs for low-income customers and seek ways to expand initiatives such as arrearage management programs, discount rates, service termination protections, and energy efficiency measures.

According to a DPU press release, the decision to ask utilities to extend the termination moratorium was prompted by concerns that this winter's high-energy prices are particularly difficult for low-income, elderly, and disabled residents.
(By Chris Reidy, Globe staff)

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

ULocate updates Buddy Beacon

Boston's uLocate Communications Inc. announced today the release of a new version of its Buddy Beacon, its location-enabled mobile friend finding service.

With Buddy Beacon, users with cellphones can choose when to share their location, and what they are up to, with their friends.

According to uLocate, Buddy Beacon is the first location enabled friend finding application that is interoperable between multiple carriers.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:58 AM | Comments (0)

Report: Mixed signals on digital conversion

A new report from the advocacy group MassPirg contends that many retailers are misleading consumers about next year's scheduled transition to digital television.

A year from now, all TV stations will broadcast exclusively in digital signals, and consumers with older analog TVs that receive over-the-air signals will see their TVs go dark unless their set is retrofitted with a digital converter box, MassPirg said.

To determine preparedness for the transition, MassPirg conducted a “secret shopper” survey at 132 locations of five leading national electronics retailers in ten states, and the results were released today in a new report titled, "Mixed Signals."

“Americans are largely unaware of the digital conversion,” MassPirg consumer advocate Eric Bourassa said in a statement. “And that includes retail sales clerks at electronics stores who are providing inaccurate or misleading information that may cost consumers time and money.”

MassPirg said its survey found that many sales clerks tried to persuade surveyors to buy new, expensive digital televisions or high-definition televisions rather than explaining the availability of the less expensive options such as buying converter boxes, discounted by government coupons available to anyone who needs one.

Those interested can read the full report at http://www.masspirg.org/report, MassPirg said.
(By Chris Reidy, Globe staff)

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

Spire is awarded a patent

Spire Corp. today announced that it has been awarded a US patent for quantum dots that have the potential to make more efficient solar cells.

Based in Bedford, Spire is a solar company providing turnkey solar factories and capital equipment to manufacture photovoltaic modules, cells, and wafers.

According to Spire, the patent describes a method for designing and synthesizing quantum dot nanoparticles with improved uniformity and size.

These quantum dots, the company said, have the potential to create new high efficiency, low-cost solar cells and other optoelectronic devices such as lasers, light emitting diodes, and photodetectors.

In addition, these quantum dots have potential medical applications, the company said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:23 AM | Comments (0)

Vertex plans to sell stocks, convertible notes

Vertex Pharmaceuticals Inc. said today that it will sell both senior convertible notes and 6 million shares of common stock at $17.14 each.

If the maximum number of notes and shares are sold, gross receipts would total roughly $405.8 million. Shares rose 41 cents, or 2.4 percent, to $17.55 in premarket trading.

Besides the 6 million shares, the biotechnology company granted the underwriters an option to buy up to an additional 900,000 shares of common stock on the same terms and conditions to cover over-allotments, if any. As of Feb. 6, the company had 133 million shares of common stock outstanding.

Vertex also agreed to sell $250 million aggregate principal amount of 4.75 percent convertible senior subordinated notes due 2013 and granted the underwriters an option to buy up to an additional $37.5 million aggregate principal amount of notes.

The notes will be convertible into shares of Vertex common stock at an initial conversion rate of 43.2171 shares of common stock per $1,000 principal amount of notes, which represents an initial conversion price of about $23.14 per share.

The common stock offering and the note offering are being conducted as separate public offerings, and the closing of each is not contingent upon the other.

Merrill Lynch, Pierce, Fenner & Smith Inc. is acting as the sole book-runner, with Morgan Stanley & Co. Inc., Goldman, Sachs & Co. and JP Morgan Securities Inc. acting as co-managers, for the offerings. (AP)

Posted by globebusiness at 9:14 AM | Comments (0)

New roller coaster for Six Flags New England

Officials at Six Flags New England are hoping to open a new indoor roller coaster in time for the summer season.

The Zoning Board of Appeals in Agawam has approved a height variance for the 70- foot-tall structure, which would exceed the city's 45-foot limit for business zones.

The $7 million "Dark Knight Coaster" will have a Batman theme and operate almost entirely in the dark. A Six Flags spokeswoman says the park hopes to have it up and running by the Memorial Day weekend. (AP)

Posted by globebusiness at 9:11 AM | Comments (0)

Profit, revenue up at Genzyme

Genzyme Corp. today reported a fourth-quarter profit as sales of its drugs for rare diseases rose, compared with a loss a year before, when it took an acquisition-related charge.

The Cambridge, Massachusetts-based biotechnology company posted net income of $78.9 million, or 29 cents a share, compared with a net loss of $268.2 million, or $1.02 a share, a year earlier.

Revenue rose to $1.04 billion from $854.2 million, driven by strong of its newest drug, Myozyme, a treatment for the muscle disorder Pompe disease.

Earnings excluding one-time items were 91 cents a share. Analysts had on average expected 92 cents a share, according to Reuters Estimates.

The company reaffirmed its $4.00 a share earnings per share outlook excluding one-time items for 2008. The company said it expects 2008 revenue of $4.5 billion to $4.7 billion. (AP)

Posted by globebusiness at 9:09 AM | Comments (0)

Ariad promotes Pascoe

Cancer drug developer Ariad Pharmaceuticals Inc. said today that it promoted Richard W. Pascoe from chief commercial officer to the new position of chief operating officer.

In his new role, Pascoe, 43, will assume responsibility for operating, new product-planning, manufacturing, marketing and sales, and business development. Pascoe joined Ariad in 2005.

In addition, Ariad expanded the role of Chief Scientific Officer Timothy P. Clackson, 41, to include all of research, preclinical development and applied sciences. Clackson joined Ariad in 1994 as a senior scientist and then served in a variety of scientific leadership positions, including as chief scientific officer since 2003. (AP)

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

Mortgage applications down

Mortgage applications decreased in the latest weekly survey from the Mortgage Bankers Association, a trade group that represents the real estate finance industry.

For the week ending Feb. 8, the survey's market composite index, a measure of mortgage application loan volume, was 1063.5, a decrease of 2.1 percent on a seasonally adjusted basis from the previous week's reading, the association said.

On an unadjusted basis, the index was up 65 percent when compared with the same week one year earlier, the association said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:56 AM | Comments (0)

MassHousing commits $10.3m to partnership

MassHousing, the state's affordable housing bank, announced loan commitments of up to $10.3 million to a partnership that seeks to redevelop affordable apartments in Boston.

The loan commitments are for the acquisition, rehabilitation, and preservation of 128 rental apartments in Roxbury, Dorchester, and Mattapan that are part of the former School House 77 housing development, MassHousing said.

The developers, a partnership of the nonprofit Madison Park Development Corp. and Edward A. Fish Associates, plan to acquire and redevelop four multi-story apartment buildings in Roxbury, Dorchester and Mattapan into two housing communities for low-income residents, MassHousing said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:52 AM | Comments (0)

Website offers Valentine's advice for divorcees

It won't be all bonbons and roses tomorrow for millions of divorced women, so firstwivesworld.com is highlighting some of the upsides of enjoying Valentine's Day solo.

The website bills itself as "the new face of divorce" and says it's an online "community for, and by, divorced women."

Here, according to firstwivesworld.com, are some things "divorced women can love about being alone" on Valentine's Day:

You can call up your old boyfriends legally.

You don't have to kill yourself looking for a bud vase.

You don't have to shave anything.

All the chocolate is yours.
(By Chris Reidy, Globe staff)

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

Citibank opens Cleveland Circle center

Citibank yesterday held a ribbon-cutting ceremony for its new full-service financial center in Cleveland Circle on Beacon Street.

The Cleveland Circle Financial Center, which the laity might refer to as a bank branch office, includes both banking services and the wealth management services of Smith Barney’s Financial Advisors.

Citibank and Smith Barney share a corporate parent in Citigroup Inc.

To commemorate the opening, Citibank presented a $5,000 grant to the West End House Boys & Girls Club of Allston Brighton.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:17 AM | Comments (0)

BBN gets $2.8m to develop warfighter grid

BBN Technologies said it has been awarded $2.8 million in Air Force funding to develop a system that links every warfighter to a global information grid.

Based in Cambridge, BBN Technologies is an advanced technology solutions firm.

BBN said the funding from the Air Force Research Laboratory is to develop a system that will allow all warfighters to access the information they need, when and where they need it, regardless of their connection device and the available bandwidth.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:11 AM | Comments (0)

Anika expands arthritis product line in Europe

Anika Therapeutics Inc. today announced that it has launched in Europe a product extension of an existing arthritis treatment.

According to the Bedford firm, the new product, Orthovisc mini, is a smaller dosage indication of Orthovisc, which has been marketed in Europe since 1996 and is used mainly for treatment of osteoarthritis of the knee.

Orthovisc mini is intended for use in small joints such as the thumb, ankle, and jaw, the company said.

"The launch of Orthovisc mini is a key milestone in our goal to enhance our joint health franchise by broadening the opportunities for our existing product line," Charles H. Sherwood, Anika's president and chief executive, said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:07 AM | Comments (0)

February 12, 2008

Mendelsohn to head research at Tufts-New England

Tufts-New England Medical Center has appointed Dr. Michael E. Mendelsohn as its new chief scientific officer, responsible for overseeing research at the hospital.

Mendelsohn, a cardiologist, is head of the hospital's Molecular Cardiology Research Institute. In his new position, he will recruit physicians and scientists to develop research programs between the hospital and Tufts University's School of Medicine.

Tufts-NEMC is among the top independent hospital recipients of research grants from the National Institutes of Health. Its research programs include cancer, cardiology, pediatrics, genetics, neurosciences, and transplantation.
(By Jeffrey Krasner, Globe staff)

Posted by globebusiness at 6:01 PM | Comments (0)

Mass. consumer confidence drops sharply

The Massachusetts Consumer Confidence Index plummeted 20 points since October, the largest one-quarter drop in seven years.

The index is published quarterly by Mass Insight, a Boston-based firm that organizes public-private initiatives on competitive issues affecting Massachusetts.

The latest reading of the consumer confidence index, taken in late January, was 62, down from a previous reading of 82, taken in October, and down from a 92 reading, taken in January 2007, Mass Insight said.

Consumer confidence is at its lowest point since October 1992, said Mass Insight, which noted that many national and regional economists believe that the US economy is likely in recession, due largely to the credit crisis and sagging home values.

“We are entering into a period of credit-induced economic weakness,” New England Economic Project past-President Frederick S. Breimyer said in a statement. “The probability of recession exceeds 50 percent. House prices are likely to fall at least through next year.”
(By Chris Reidy, Globe staff)

Posted by globebusiness at 3:51 PM | Comments (0)

Charles River Laboratories shares fall

Medical researcher Charles River Laboratories International Inc. said today it expects operating margins for its preclinical services to improve after its move to new facilities in Massachusetts and Nevada.

The Wilmington company reported lower-than-expected operating margins along with otherwise positive fourth-quarter results late yesterday. On the New York Stock Exchange, shares dipped $2.84, or 4.4 percent, to $61.89 in afternoon trading today. The stock has traded between $43.40 and $69.04 over the last 52 weeks.

In a call with investors, president and chief executive James C. Foster said the company completed its transition to a new facility in Shrewsbury and is now focusing on improving the sales mix there. The former Worcester facility was better known for drug discovery services, which generally involve shorter-term studies.

Meanwhile, the move to a new facility in Reno, Nev., is progressing, he said. That move involved investing in new facilities that can handle multiple types of medical research services.

Operating margins were also impacted by a reduction in client orders, typical around the holidays, Foster said.

Wall Street applauded the company's fourth-quarter sales results, but took a more cautious tone on the lower profit margins.

Goldman Sachs analyst Randall Stanicky reaffirmed a "Neutral" rating and $71 price target, saying his focus remains on the company's margin expansion, which could continue to be limited considering the ongoing moves.

Those moves also include operations in Sherbrooke, Quebec, with a facility scheduled to open early in 2009. The company is doubling the size of its Ohio facility and is working on a facility in China.

Cowen and Co. analyst Doug Schenkel also reaffirmed a "Neutral" rating.

Meanwhile, Lehman Brothers analyst Douglas Tsao reaffirmed a "Overweight" rating with a $71 price target. He said the strength of the company's revenue shows it is on track to meet its 2008 goals. He also said the decline in operating margin was not unreasonable, given the moves to Reno and Shrewsbury. (AP)

Posted by globebusiness at 3:36 PM | Comments (0)

Evergreen Solar sets offer price at $9.50 per share

Evergreen Solar Inc., a manufacturer of solar power products, today priced its public offering of common stock at $9.50 per share and reduced the number of shares to be offered by 20 percent.

Marlborough-based Evergreen said it cut the number of shares of common stock by 4 million shares to 16 million, citing current market conditions.

The offering will bring gross proceeds of $152 million and net proceeds, after underwriting commissions and other expenses, of about $144.6 million, the company said.

Evergreen also granted the underwriters a 30-day option to buy up to an additional 2.4 million shares of its common stock. The offering is expected to close on or about Friday.

The company said it will use the funds to finish developing a new manufacturing facility in Devens and other general uses.

Deutsche Bank Securities Inc. is the lead underwriter. Lazard Capital Markets LLC, Pacific Growth Equities LLC, Simmons & Company International and ThinkEquity Partners LLC are acting as co-managers. (AP)

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

Stock shares of NeuroMetrix fall

Shares of NeuroMetrix Inc. plummeted to another all-time low today after the Waltham medical device company said it swung to a loss from a profit in the fourth quarter, as reimbursement issues hurt the company's revenue.

On the Nasdaq Stock Market, shares of NeuroMetrix fell 93 cents, or 17 percent, to $4.47 in afternoon trading, having dropped to $4.25 earlier in the day. The stock dropped to a low of $5.25 yesterday.

For the quarter ended Dec. 31, the company lost $2.1 million, or 17 cents per share, from a profit of $1 million, or 8 cents per share, a year ago.

Revenue fell 29 percent to $10.1 million from $14.2 million, as sales of its biosensor devices declined to $9 million from $12.3 million a year ago.

Analysts polled by Thomson Financial, on average, expected a loss of 21 cents per share, on revenue of $11.2 million in the fourth quarter.

During the quarter, the company invested $2.5 million in Cyberkinetics Neurotechnology Systems Inc., a company using neurostimulation to treat patients with acute spinal cord injury.

The company said reimbursement issues mainly pressured fourth-quarter revenue.

For the full year of 2007, the company reported a loss of $8.4 million, or 66 cents per share, versus a profit of $4.3 million, or 33 cents per share. (AP)

Posted by globebusiness at 3:15 PM | Comments (0)

Regulators clear Bain's purchase of Bright Horizons

Federal antitrust regulators have cleared private equity firm Bain Capital Partners' $1.3 billion purchase of Bright Horizons Family Solutions Inc., a government agency said today.

Based in Watertown, Bright Horizons manages more than 600 child-care and early education centers in workplaces in the United States, Canada, and Great Britain. Bright Horizons counts among its clients 95 companies on Fortune magazine's list of the largest 500 U.S. companies.

Bain Capital, based in Boston, said when announcing the deal last month that it would close in the second quarter. Bright Horizons will go private at that time and its shares delisted.

The Federal Trade Commission included the deal on a list of transactions that received an "early termination" of their antitrust reviews. Early termination refers to the completion of a review by the FTC or Justice Department before the end of a 30-day period required under antitrust law.

Bright Horizon shares rose 43 cents to $43.42 in afternoon trading on the Nasdaq Stock Market. (AP)

Posted by globebusiness at 3:06 PM | Comments (0)

RCN triple-play package is available in Milton

RCN Corp. today announced that its fiber-optic triple play package of high-speed Internet, digital television, and phone services is now available to Milton residents.

Milton joins 16 other Massachusetts communities currently receiving RCN service, the Virginia-based company said.

In a recent filing with the Massachusetts Department of Telecommunications and Cable, RCN estimated that it had 64,000 subscribers to its cable TV service in Massachusetts, nearly 5,000 fewer than the previous year.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:56 PM | Comments (0)

Blue Ginger restaurant announces expansion

Ming Tsai, chef and owner of Blue Ginger, announced plans for a major renovation and expansion of the Wellesley restaurant.

Blue Ginger has taken over the former retail space next door to the restaurant, a move that will nearly double the restaurant's size, and planned enhancements include three private dining rooms that can accommodate parties from 10 to 90 people and a 50-seat, walk-in-only lounge featuring a 10-stool bar, Tsai said in a press release.

Plans call for the lounge menu to feature items called Ming's Bings, Tsai's take on the classic Asian street food xian bing, which the press release describes as a hockey puck-shaped potsticker traditionally filled with gingered pork.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:04 PM | Comments (0)

MKS board approves move to Andover

MKS Instruments Inc. said today that its board of directors has approved the relocation of the company's headquarters to Andover from Wilmington.

MKS provides instruments, components, subsystems, and process control solutions that measure, control, power, and monitor critical parameters of semiconductor and other manufacturing processes.

Separately, the company announced the appointment of Peter R. Hanley to its board of directors.

Hanley retired as Novellus Systems president and a member of the office of chief executive in 2003 and is currently an independent consultant, MKS said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:56 AM | Comments (0)

Mass. homes took twice as long to sell in 2007

A survey of Massachusetts residents found that a single-family home took an average of eight weeks to sell in 2007, up from four weeks in 2006.

That was one finding from the 2007 Massachusetts Profile of Home Buyers and Sellers compiled by the National Association of Realtors, a trade group, with the help of the Massachusetts Association of Realtors.

According to residents participating in the survey, many of their homes last year sold for 97 percent of their asking price, and 42 percent of Massachusetts sellers who responded to the survey said they didn't reduce their asking price at all, the realtors groups said.

The realtor groups added that the number of For-Sale-By-Owner transactions in Massachusetts declined 5 percent to 13 percent in 2007 compared to the year before.

Based on survey results, the realtor groups said that 53 percent of Massachusetts home buyers in 2007 were married couples, while 24 percent were single women, 10 percent single men, and 11 percent unmarried couples.

The median age of first-time home buyers last year was unchanged at 32, but as a group, there was a drop in the number of buyers between the ages of 25 to 34.

In 2006, that demographic accounted for 60 percent of first-time home sales in Massachusetts, but dropped to 49 percent in 2007, the realtor groups said.

"The drop in the number of buyers in the 25-34-year-old age group is further evidence of the exodus of this educated group from our state and the continued need for the development of starter homes," Susan M. Renfrew, president of the Massachusetts Association of Realtors, said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:25 AM | Comments (0)

Wrestling's John Cena is new Gillette pitchman

Gillette, a razor brand with a Hub heritage, today announced a new relationship with World Wrestling Entertainment star John Cena to promote its line of premium blades and razors, shave preparations, and personal care items.

Cena, a native of West Newbury, will be featured in the advertising campaign for the launch of the new Gillette Fusion Phenom razor, as well as public appearances at mobile marketing events throughout the United States during the summer of 2008, said Gillette, which is now part of Procter & Gamble Co.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:19 AM | Comments (0)

Yahoo buys Maven Networks for $160 million

Yahoo Inc. said today it purchased Maven Networks Inc., which provides technologies that allow companies to show video online, for about $160 million.

Yahoo said the acquisition of Cambridge, Mass.-based Maven will expand its consumer video and advertising businesses.

Maven's platform allows publishers to deliver video content online. It already manages and distributes online videos for at least 30 media companies, including Fox News, Hearst, Gannett and Scripps Networks, among others.

Yahoo rose 13 cents to $30 in Tuesday premarket trading, after ending at $29.87 on Monday. (AP)

Posted by globebusiness at 9:10 AM | Comments (0)

Dana-Farber partners with Merck

New Jersey-based drug maker Merck and Co. said today it has entered into an agreement with the Dana-Farber Cancer Institute of Boston to create a team approach to cancer drug development.

Merck said it will work with Dana-Farber's Center for Applied Cancer Science to identify promising drug targets and develop therapeutic candidates to reach those targets.

Lynda Chin, a medical doctor at Dana-Farber who will be the senior investigator in the collaboration, said in a statement, "By actively facilitating communication, this new agreement represents an important advance toward true team science between Dana-Farber and one of world's the leading pharmaceutical companies."
(By Chris Reidy, Globe staff)

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

Boston Scientific loses patent-infringement verdict

Boston Scientific Corp. said today that it will seek to overturn a $431-million patent infringement verdict that went against it on the grounds that the jury verdict is unsupported by both the evidence and the law.

In a press release this morning, the Natick-based medical device maker announced that a jury in US District Court in Texas has reached a verdict in a patent infringement lawsuit brought against the company by Dr. Bruce Saffran.

The jury found that some of the company's Taxus drug-eluting stents infringed on a valid patent of Saffran's, and the jury awarded damages of $431 million.

Boston Scientific said in its statement that it plans to seek to overturn the verdict in post-trial motions before the district court and if that it unsuccessful, the company will appeal to the US Court of Appeals.

Stents are wire-mesh tubes that are used to prevent arteries from narrowing after the arteries have been unclogged during a medical procedure.
(By Chris Reidy, Globe staff)

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

Sanofi-Aventis licenses Dyax drug

Dyax licenses development, sales rights for antibody drug candidates to Sanofi-Aventis

CAMBRIDGE, Mass. (AP) -- Pharmaceutical company Sanofi-Aventis SA has bought the worldwide development and sales rights to Dyax Corp.'s antibody drug candidates, Dyax said Tuesday.

The deal is worth up to $500 million to Dyax based on development and sales milestones. Dyax will receive $25 million in 2008 and retain profit-sharing rights.

The main antibody in the deal is DX-2240, which has therapeutic potential in numerous cancers, Dyax said. (AP)

Posted by globebusiness at 8:38 AM | Comments (0)

Vaultus raises $6 million

Vaultus Mobile Technologies announced that it has closed a $6 million expansion round, which was led by Point Judith Capital, a venture capital firm with offices in Providence.

Based in Boston, Vaultus provides software that enables business applications for handheld devices

The funding will help Vaultus to accelerate its growth in the mobile space and build its sales and partnership channels, Vaultus said.

According to Vaultus, its customers include State Street Corp., Procter and Gamble Co., and TJX Cos.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:33 AM | Comments (0)

Mersana names Lowinger to top scientific spot

Mersana Therapeutics Inc., a Cambridge cancer therapeutics company, announced today that Timothy B. Lowinger has joined the company as chief scientific officer.

From 1993 to 2007, Lowinger held a number of positions at Bayer Pharmaceuticals in the United States, Germany, and Japan, and most notably, he led the team that discovered and advanced Nexavar, an anti-cancer agent that is approved for indications including renal and hepatocellular cancer, with Phase III studies underway in non-small-cell lung and other cancers, Mersana said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:30 AM | Comments (0)

Cubist, Alnylam make key appointments

Two local life sciences companies made personnel announcements today.

Cubist Pharmaceuticals Inc., a Lexington biopharmaceutical company, said that Dr. Steven Gilman has joined Cubist as senior vice president of discovery and non-clinical development and as chief scientific officer, a newly created position.

Most recently, Cubist said, he was chairman and chief executive of ActivBiotics Inc., which on its website describes itself as a Lexington biopharmaceutical company.

Separately, Alnylam Pharmaceuticals Inc., a Cambridge company focused on RNAi therapeutics, announced the appointment of Edward Scolnick to its board of directors and scientific advisory board.

A medical doctor, Scolnick is the director of the Psychiatry Initiative at the Broad Institute, and from 1982 to 2003, he served in a number of key leadership roles at Merck Research Laboratories, most recently as president, Alnylam said.
(By Chris Reidy, Globe staff)

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

KCP opens offices in Boston, New York

KCP Advisory Group today announced the opening of offices in Boston and New York

Headquartered in Westwood, KCP offers a single source of service to lender, investor, legal, and corporate stakeholders seeking complete business solutions for companies in transition, reorganization, or looking to improve operational efficiency and profitability.

KCP also announced the formation of an advisory council, which will be chaired by Andrew H. Moser.

Moser is currently executive managing director and cofounder of Kairos Capital Partners, an investment fund structured to provide hybrid capital investments and funded debt solutions to retail and consumer products companies.
(By Chris Reidy, Globe staff)

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

Cell Signaling renews pact with AstraZeneca

Cell Signaling Technology Inc. said today that it will continue its collaboration with AstraZeneca PLC, the British drug maker.

Cell Signaling Technology, or CST, is a Danvers company specializing in the development and commercialization of phospho-specific antibodies and assays for kinase and pathway analysis, and these can be employed in drug discovery and development.

Under the new agreement, CST said it will provide AstraZeneca with CST's PhosphoScan platform for kinase inhibitor proteomic profiling.

In the current research project, PhosphoScan will be employed to validate phosphorylation site biomarkers on target kinases for antibody development, which is being pursued under a parallel research alliance between CST and AstraZeneca, CST said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:20 AM | Comments (0)

Archemix partners with German firm

Archemix Corp. and NascaCell Technologies AG of Germany announced today an expansion of their strategic alliance focused on the use and development of aptamers for drug discovery applications.

Archemix is a Cambridge biotechnology company focused on discovering, developing, and commercializing aptamer therapeutics.

Under the terms of the new agreement, NascaCell receives nonexclusive rights to uses of aptamers for target validation, mode of action studies, drug discovery, and aptamer structure-based drug design, said the companies, which added that future aptamer technology improvements will be cross-licensed between the companies and Archemix will have the option of contracting NascaCell to generate aptamers for its own applications.

Specific financial terms of the agreement were not disclosed, the companies said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:17 AM | Comments (0)

AMSC lands 2 utility orders

American Superconductor Corp. announced today that it has received orders from two electric utilities for its grid-management systems.

The Devens energy technologies company said the system is its proprietary D-VAR reactive compensation solution; D-VAR systems are static compensators - power electronic solutions for alternating current power grids.

One of the utilities placing a D-VAR order is Entergy Mississippi Inc., part of Entergy Corp., which provides electricity to 2.7 million utility customers in Arkansas, Louisiana, Mississippi, and Texas, American Superconductor said.

The second utility is located outside the United States, the company said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:13 AM | Comments (0)

UMass Lowell alums fund "green" plastic research

Two graduates of the University of Massachusetts/Lowell are making multimillion-dollar donations to advance the study and research of "green'' plastics.

The awards from Mark Saab and Jim Dandeneau will be made at luncheon on Thursday, according to a news release from the university. The university did not detail the total donation beyond the term "multimillion.''

The two, graduates of the Plastics Engineering Department, became leaders in plastics manufactuing.

Saab, a Lowell resident, is president, co-founder and co-owner of Advanced Polymers Inc. in Salem, N.H. The company, according to the release, manufactures the world’s thinnest, strongest and smallest heat-shrink tubing and produces high- and low-pressure balloons for the medical device industry.

Dandeneau, who lives in Thompson, Conn., is the former president and CEO of Putnam Plastics Corp. in Dayville, Conn. Under his leadership, Putnam became the nation’s top makers of specialty polymers serving the medical device industry. Dandeneau currently serves on the board of directors of Memry Corp., based in Bethel, Conn.
(By David Beard, Globe staff)

Posted by globebusiness at 8:05 AM | Comments (0)

February 11, 2008

NeuroMetrix stock loses nearly half its value

Shares of NeuroMetrix Inc. lost nearly half their value this afternoon after a prediction that one of the Waltham company’s medical devices would not receive a positive rating, probably barring federal reimbursement.

The stock dove $4.87, or 45.9 percent.

SunTrust Robinson Humphrey analyst Jonathan Block downgraded the stock to ‘‘neutral’’ from ‘‘buy’’ and said it appears likely the American Medical Association’s editorial panel will give NeuroMetrix’s NC-Stat monitor a category III code, defining it as ‘‘emerging technology.’’

That would mean the Center for Medicare and Medicaid Services would probably not reimburse for the product.
(AP)

Posted by globebusiness at 4:16 PM | Comments (0)

Governor kicks off life sciences grant program

Governor Deval Patrick kicked off a $12 million grant program intended to help spark life science research in the state at an event today at Massachusetts General Hospital.

The grants, from $100,000 to $250,000, are designed to increase industry-sponsored research, attract and keep nationally known faculty at Massachusetts’ colleges, and help fund the research of new investigators working on life sciences.

The grants will be distributed by the Massachusetts Life Sciences Center, created by the Legislature in a 2006 economic stimulus package. The center received an initial budget of $10 million and another $15 million from a 2007 supplemental budget, making the grant program possible.

Patrick was joined by House Speaker Salvatore DiMasi, Democrat of Boston, and Senate President Therese Murray, Democrat of Plymouth.

Patrick is continuing to press lawmakers on his $1 billion, 10-year life science initiative. He said he hopes to sign legislation related to the initiative soon.

DiMasi said the House was working to get a bill to the floor for a vote. Murray said the Senate was ready to take up the measure soon after the House takes action.
(AP)

Posted by globebusiness at 2:46 PM | Comments (0)

Starbucks ditches T-Mobile to offer WiFi with AT&T

Starbucks Corp. of Seattle is teaming up with AT&T Inc. and will start offering a mix of free and paid wireless Internet service in many of its US coffee shops, beginning this spring.

The world's largest specialty coffee retailer's move ends a six-year partnership T-Mobile, which did not include free WiFi and charged more than the new AT&T service will cost.

Starbucks said today it will give customers that use its Starbucks purchase card two hours of free wireless access per day. After that, it will cost $3.99 for a two-hour session. Monthly memberships will cost $19.99 and include access to any of AT&T's 70,000 hot spots worldwide.

Nearly all of AT&T's broadband Internet customers will automatically have unlimited free WiFi access at Starbucks.

Current T-Mobile HotSpot customers, who pay anywhere from $6 per hour-long session to $9.99 for a day pass to $39.99 a month for unlimited access, will get WiFi access at no extra charge through an agreement between AT&T and T-Mobile.

Chris Bruzzo, Starbucks' chief technology officer, would not disclose how many customers use the T-Mobile service in Starbucks stores, but said he expects many more will use the new service. Starbucks will begin rolling it out this spring and aims to have it available in its more than 7,000 company-operated domestic stores by the end of the year.

AT&T, the nation's largest telecommunications company, has powered the network service Starbucks uses to run its cash registers and other computer systems for years.

Asked if problems with quality and service reliability were factors in Starbucks' decision to part with T-Mobile, Bruzzo said no.

"Starbucks was at a place where we were evaluating who our right go-forward partners should be, and as we looked at who could provide that in the best possible way, AT&T continuously came back to the front," Bruzzo said.

Last month, AT&T announced plans to make its 10,000 WiFi hotspots free to nearly all of its broadband Internet customers. The move expanded access to include subscribers who have a lower tier of high-speed Internet service, increasing to 12 million the number of broadband customers who can use the hotspots free of charge. Previously, only subscribers to AT&T's premium broadband service had free access.

Today's announcement boosts the number of AT&T hotspots in the United States to 17,000 -- the most in the nation.

"We're very excited about what we're doing together to align ourselves with what consumers want," said Rick Welday, a chief marketing officer for AT&T's consumer business.

Welday said the company viewed the deal with Starbucks as a "competitive opportunity."

"Here we are with the nation's largest Wi-Fi network," Welday said. "Consumer trends are clearly pointing toward an increased need and desire to access broadband outside the home and office -- what a terrific opportunity."

AT&T also is giving Starbucks' more than 100,000 U.S. employees free wireless accounts and said it will soon extend the Wi-Fi at Starbucks to its wireless phone customers. The company announced no details or time frame for the expansion.

On the Nasdaq Stock Market, Starbucks shares slipped 20 cents to $18.06 in morning trading while AT&T shares rose 12 cents to $36.49 on the New York Stock Exchange. (AP)

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

Putnam will manage Sensata retirement programs

Putnam Investments said today that it was selected by Sensata Technologies Inc. to manage Sensata's $40-million retirement savings programs for more than 1,000 plan participants.

Putnam is a Boston-based money management firm.

Sensata Technologies, a Dutch company with business centers in Massachusetts, Maryland, and Maine, is a designer and manufacturer of sensors and controls.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 2:18 PM | Comments (0)

Raytheon wins $75 million Air Force contract

Waltham-based defense contractor Raytheon Co. said today that it has won a US Air Force contract to upgrade a satellite communications system that provides protected communications to warfighters around the world.

The contract, which is valued at more than $75 million, is for the Minuteman Minimum Essential Emergency Communications Network program upgrade, or MMPU.

As part of the MMPU contract, Raytheon Network Centric Systems will develop, deliver, and support an advanced satellite communication system of ground-based communication terminals.

The Air Force expects to field the terminals for operational test and evaluation in late 2009, as part of the Department of Defense's plans to have the satellite constellation in operation in 2010.

Production work will be performed in Largo, Fla.

On the New York Stock Exchange, Raytheon shares gained $1.54, or 2.4 percent, to $67.09 in afternoon trading, after hitting a 52-week high of $67.49 earlier in the session. During the past 52 weeks, the stock has climbed from a low of $51.33 in mid-March to the previous high of $66.65 last Monday. (AP)

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

Rhodes will head Reebok-CCM Hockey

Reebok International Ltd. said today that Len Rhodes has been appointed to the position of general manager of Reebok-CCM Hockey, which was formerly known as the Hockey Co.

Reebok of Canton is an athletic footwear and apparel brand and a subsidiary of Adidas Group.

Rhodes was most recently general manager of Reebok Canada, and a search is currently underway for a new GM of that unit, Reebok said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:52 PM | Comments (0)

Covidien, Medrad settle patent dispute

Covidien Ltd., which had been locked in patent litigation over diagnostic devices with Medrad Inc. of Warrendale, Penn., said the companies reached a settlement Jan. 18, according to a filing with the Securities and Exchange Commission today.

Under the agreement, the Mansfield-based health-products maker agreed to pay Medrad $17 million. Both companies also dropped their legal claims against the other.
(By Todd Wallack, Globe staff)

Posted by globebusiness at 12:56 PM | Comments (0)

Verizon Wireless spent $292m on 2007 upgrades

Verizon Wireless today announced completion of network enhancements in New England that totaled $292 million during 2007, increasing the company’s regional network investment to about $2.2 billion since 2000.

Last year, New Jersey-based Verizon Wireless said it added and upgraded cell sites to increase voice and data coverage for customers throughout New England; as a result, the company added that it now offers high-speed wireless broadband service throughout its entire regional footprint.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:32 PM | Comments (0)

Vincent leaves Uno for Ruth's Chris

Uno Restaurant Holdings Corp. of Boston announced that Robert M. Vincent, executive vice president and chief financial officer, will resign Feb. 29.

Vincent is leaving to take the chief financial officer's position at
Ruth's Chris Steakhouse, Uno said.

Uno said that a search for a replacement is underway and that the company expects to have a replacement named in the next 60 days.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:30 PM | Comments (0)

Mass. gas prices dip for 4th week

Gas prices in Massachusetts have fallen slightly for the fourth week in a row.

A statewide survey by AAA of Southern New England found an average price of $2.94 per gallon of regular, self-serve gas. That's down 3 cents from last week and 11 cents from the start of the year.

The average in Massachusetts is a penny below the nation's $2.95 average.

A year ago, the average Massachusetts price was $2.16 per gallon. (AP)

Posted by globebusiness at 12:07 PM | Comments (0)

National Amusements plans Westgate Mall theater

National Amusements Inc. and the city of Brockton announced today that a lease has been signed for a 12-screen state-of-the-art movie theater with stadium seating at the Westgate Mall.

National Amusements, a Dedham-based motion-picture exhibitor, operates more than 1,500 movie screens around the world.

Gregory Greenfield & Associates, an Atlanta firm that specializes in the acquisition and repositioning of regional shopping centers, was also involved in the transaction.

Construction of the theater is set to start this spring with an expectation of a mid-2009 grand opening, National Amusements said.

Big stores at Westgate Mall include Macy's, Sears, Best Buy, and Marshalls, National Amusements noted.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:20 AM | Comments (0)

Aspen Technology misses Nasdaq deadline

Processing software company Aspen Technology Inc. said today that it has failed to meet a Nasdaq Stock Market extended deadline to file its financial reports for fiscal 2007 and the first quarter of 2008.

Aspen also said it expects to record additional tax liabilities of $20 million from 2002 through 2007.

Aspen said in a statement that it is in the final stages of completing its filings and has requested a further extension. The filings were due Friday.

The company previously disclosed that it identified errors in its sales accounting. A subsequent review uncovered multiyear tax errors, primarily related to payments between company divisions.

The company's shares fell in January after Jefferies & Co. analyst Robert Schwartz said in a note to investors that the company could face Nasdaq delisting.

Aspen shares fell 16 cents to $13.37 in morning trading. (AP)

Posted by globebusiness at 10:46 AM | Comments (0)

Sumitomo proposes to buy Axcelis

Sumitomo Heavy Industries Ltd. today said it made an unsolicited offer to acquire Axcelis Technologies Inc., which makes ion implantation devices for chip makers, for about $544 million.

The $5.20-per-share offer is a 29 percent premium to Axcelis' closing price on Feb. 8.

Sumitomo Heavy Industries, a Japanese maker of industrial machines, ships, bridges and other products, made the offer with TPG, a private investment group.

Axcelis has not responded to Sumitomo's efforts to discuss the takeover, Sumitomo said in a statement.

In a statement, Axcelis said Sumitomo is using Axcelis' depressed stock price as a rationale for acquiring the company and said the offer is almost 10 percent below the average closing price of Axcelis stock over the past 52 weeks.

Axcelis said its board is reviewing the offer. Sumitomo Heavy Industries and Axcelis each have a 50 percent stake in SEN Corp., a Japanese entity that licenses technology from Axcelis.

Shares rose 83 cents, or 20.1 percent, to $4.86 during morning trading. (AP)

Posted by globebusiness at 10:41 AM | Comments (0)

Navy chooses XyEnterprise publishing tool

XyEnterprise today announced that the US Navy has selected its ContentaView as the publishing tool for technical Navy manuals for several new classes of weapons.

Wakefield-based XyEnterprise helps simplify and expedite the automated creation and delivery of content across the enterprise.

By automating the delivery of its content, the Naval Surface Warfare Center in Florida hopes to speed delivery time and reduce costs of documentation on new weapons and systems, Littoral Combat Ship Mission Modules, and the Remote Multi-Mission Vehicle used on ships, and other systems, XyEnterprise said.
(By Chris Reidy, Globe staff)

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

UFood raises $9 million

Boston-based UFood Restaurant Group Inc. said today it has consummated a nearly $9 million private offering.

The company is a franchiser and operator of fast-casual food service restaurants and retail stores that sell nutritional products.

UFood announced the consummation of a private offering of units of common stock and warrants that raised the company gross proceeds of $8.95 million.

UFood added that it has raised nearly $11 million in capital, which included a $2 million bridge financing.

The company's chairman and chief executive is George Naddaff, who was associated with some of the early success of the Boston Chicken chain.

Last month, UFood announced that boxing icon George Foreman agreed to become the spokesperson for the UFood brand.
(By Chris Reidy, Globe staff)

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

Fidelity's brokerage assets rose to $1.99 trillion

Money manager Fidelity Investments said today that client assets at its brokerage business rose to $1.99 trillion at year-end, up 17 percent from at the end of 2006, due to higher inflows.

Privately owned Fidelity said in a statement that net new client assets, which include sales of Fidelity and non-Fidelity mutual funds and individual securities, rose 32 percent from a year before to $58.5 billion in the quarter ended Dec. 31.

Fidelity, the world's biggest mutual fund firm, competes with Merrill Lynch & Co Charles Schwab Corp , TD Ameritrade Holding Corp and E+Trade Financial Corp , among others, in the brokerage business. (Reuters)

Posted by globebusiness at 10:18 AM | Comments (0)

Targanta seeks FDA approval

Biopharmaceutical company Targanta Therapeutics Corp. said today that it submitted a new drug application to the Food and Drug Administration for its lead antibiotic candidate, oritavancin, for the treatment of skin infections caused by "superbug" bacteria.

Oritavancin is designed to fight off serious skin infections often caused by antibiotic-resistant bacteria, including methicillin-resistant staphylococcus aureus or MRSA, better known as the "superbug."

Late-stage clinical-trial results of oritavancin showed effectiveness after only three to seven days of treatment, according to President and Chief Executive Mark Leuchtenberger. (AP)

Posted by globebusiness at 10:15 AM | Comments (0)

Internet ad spending up 28 percent

Total US Internet ad spending in the fourth quarter of 2007 grew nearly 28 percent over the same quarter in 2006 to $7.3 billion, according to IDC, a Framingham firm that provides market intelligence.

For all of 2007, online ad revenue grew 27 percent year-over-year to $25.5 billion, IDC said..

IDC research also found that net US market share for Google Inc. declined for the first time in two years due to slower growth in domestic fourth quarter sales.

The market leader's net US Internet advertising market share was down 0.5 percentage points to 23.7 percent last quarter compared to the third quarter of 2007, IDC said.

"If a merger between Microsoft's new media business and Yahoo! would come to pass, the combined entity would have a net US advertising market share of about 17% based on our 4Q '07 data," Karsten Weide, program director for IDC's Digital Marketplace Media and Entertainment service, said in a statement. "It would not quite bring Microsoft-Yahoo! to where Google is in online advertising in the US, but it would give them a much better fighting chance than if they went it alone."

Microsoft Corp. recently made an unsolicited bid of $44.6 billion to buy Yahoo Inc.

But an Associated Press story yesterday reported that Yahoo's board will likely to reject Microsoft's bid on the grounds that the bid undervalues Yahoo.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:14 AM | Comments (0)

IDC, Forrester lower IT spending forecasts

IDC, a Framingham firm that provides market intelligence, announced today that it has lowered its forecasts for information-technology spending in 2008.

The lowered forecast is due to recent downward revisions to macroeconomic indicators and assumptions, IDC said.

IDC said it now predicts worldwide IT market growth of 5 percent this year, down from last year's pace of 6 percent.

A report being released today by Forrester Research Inc. also hits a downbeat note, saying that U.S. companies and government agencies are expected to increase their spending on information technology by just 2.8 percent this year. That is a substantial downward revision from the 4.6 percent growth that Forrester was predicting in December.

Global IT spending is now projected to reach $1.38 trillion this year, up from just over $1.3 trillion in 2007, and in the United States, growth is expected to weaken to 4 percent in 2008, compared with 6 percent in 2007, IDC said.
(By Chris Reidy, Globe staff with wire services)

Posted by globebusiness at 8:58 AM | Comments (0)

Urban Brands signs on with Art Technology Group

Art Technology Group Inc. of Cambridge said that Urban Brands Inc. will use its e-commerce technology foundation at the fashion brand's online apparel stores.

Urban Brands is planning to re-launch Web stores for both its Ashley Stewart label and its Marianne label, which targets Latina women, said Art Technology Group, or ATG.

According to ATG, re-platforming both sites with ATG Commerce will enable Urban Brands to significantly increase Web sales and advance the company's aggressive expansion goals.
(By Chris Reidy, Globe staff)

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

Pro-Pharmaceuticals reports positive drug tests

Pro-Pharmaceuticals Inc. today announced promising preliminary results from a test of its drug candidate Davanat.

The Newton company announced that new data of 14 end-stage colorectal cancer patients from its Phase II trial showed that DAVANAT extended median survival by more than six months.

Pro-Pharmaceuticals said it tracked these patients and gathered data after they left the trial; the patients entered the trial with disease that progressed despite previously being treated with standard chemotherapies and biologics such as AVASTIN and/or ERBITUX.

Pro-Pharmaceuticals is engaged in the discovery, development and commercialization of carbohydrate therapeutics for advanced treatment of cancer, liver, microbial and inflammatory diseases, and viral infections; initially, the product pipeline is focused on increasing the efficacy and decreasing the toxicity of chemotherapy drugs.
(By Chris Reidy, Globe staff)

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

ByAllAccounts raises $5 million

ByAllAccounts said today that it has secured $5 million in Series A funding.

ByAllAccounts of Woburn delivers reconciliation-ready data to investment management and advisory firms

Commonwealth Capital Ventures, a Waltham venture capital firm, led the round and was joined by members of the company's executive management team, ByAllAccounts said.

The company said it plans to use the funding to further support sales, marketing and product development initiatives.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:33 AM | Comments (0)

Colonial Systems moving to Wilmington

Colonial Systems Inc. has executed a new 57,600-square-foot lease to relocate its headquarters from Woburn to 326 Ballardvale St. in Wilmington, said a broker involved in the transaction.

The broker is Colliers Meredith & Grew, a Boston-based commercial real estate company that represented Colonial Systems, a full service office furniture and fixtures installation company, in the transaction.

NAI Hunneman, another Boston real estate firm, represented the landlord, RREEF, Colliers Meredith & Grew said.

Colliers Meredith & Grew described 326 Ballardvale St., Building 2, as a single-story 99,453-square-foot industrial warehouse located at the Route 125 interchange just off Interstate 93.
(By Chris Reidy, Globe staff)

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

iBasis completes protocol trial

Burlington's iBasis Inc. said today that it has completed an extensive trial of the IP eXchange, or IPX.

According to iBasis, a leading wholesale carrier of international long distance telephone calls and a provider of retail prepaid calling services and enhanced services for mobile operators, the IPX is being developed as a private global Internet protocol backbone.

Once established, the IPX will provide fixed and mobile service providers a technical and commercial platform to exchange IP-based traffic, including person-to-person voice, content, and emerging consumer and business applications.

It is believed that the IPX and effective standards will result in the migration to IP of a large volume of voice traffic from mobile networks and the proliferation of innovative IP-based services generating substantial growth in the global communications market, iBasis said.

"We strongly believe the IPX model will have a very significant impact on the industry," iBasis president and chief executive Ofer Gneezy said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:12 AM | Comments (0)

Hasbro's profits rose 24 percent

Hasbro Inc., the world's second-largest toymaker, said today that its profit rose 24 percent on a 16 percent increase in sales.

The Pawtucket, R.I., company, which makes Transformers and Baby Alive toys along with board games like Monopoly and Sorry, has avoided the lead-paint related recalls that plagued many of its competitors.

Hasbro said its profit rise to $133.7 million, or 84 cents per share, in the three months ended Dec. 30 from $108.3 million, or 62 cents a share, a year earlier.

Wall Street expected the company to report earnings of 81 cents per share for the latest quarter.

Sales climbed to $1.3 billion from $1.1 billion a year earlier.

Larger rival Mattel Inc. recently posted a 15 percent rise in its fourth-quarter profit, but faced negative publicity because of its recalls of millions of Chinese-made toys tainted with lead.

For the full year, Hasbro earned $330 million, or $1.97 a share, up from $230.1 million, or $1.29 a share, a year ago. Its revenue for the full year rose to $3.84 billion from $3.15 billion a year earlier.

The company this year repurchased 20.8 million shares of common stock at $587 million. (AP)

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

February 8, 2008

Analogic wins $15 million order

Analogic Corp. announced today that it has received an order from L-3 Communications for Explosive Assessment Computed Tomography systems valued at about $15 million.

Peabody-based Analogic is a designer and manufacturer of advanced health and security systems and subsystems sold primarily to original equipment manufacturers.

L-3 of New York is a prime system contractor in aircraft modernization and maintenance as well as in intelligence, surveillance, and reconnaissance systems and government services.

Analogic's EXACT tomography system is the heart of the eXaminer 3DX Explosives Detection System, which was developed jointly by L-3 and Analogic and distributed exclusively by L-3 for screening checked baggage at airports, Analogic noted.

According to Analogic, that system provides full 3-D images of all the contents of a bag, enabling automatic detection of explosives.
(By Chris Reidy, Globe staff)

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

Esplanade Association links with Boston Marathon

The Esplanade Association announced that it has been chosen by the Boston Athletic Association as the only environmental charity selected for this year’s Boston Marathon.

The association describes itself as a nonprofit collaboration of citizens working to protect, restore, and enhance Boston’s historic Charles River Esplanade.

Proceeds raised will benefit the association and its ongoing mission to protect and restore the three-mile stretch of the Esplanade in Boston, the association said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 3:00 PM | Comments (0)

Rule change could threaten cruise business

PORTLAND, Maine - A gleaming, $21 million terminal for cruise ships and ferries will open here this spring. Another $7 million berth built to accommodate the world's largest cruise ships will follow next year.

There's one problem.

Because of a proposed change in federal rules, the city that's banking on cruise ships and their passengers to pump millions of dollars into its economy is now wondering how many, if any, cruise ships will be calling this summer.

The US Customs and Border Protection proposal would require foreign-flagged cruise ships that depart from a US port to spend 48 hours in a foreign port. It would also require them to spend more than 24 hours in a foreign port for every two days in a U.S. port.

More time in foreign ports would mean less in US ports, and fewer tourists to spill out of the ships and spend money in places like Portland.

"It could be potentially devastating. There's no question about that," said Jeff Monroe, the city's transportation director.

The proposed change is aimed at helping US-flagged cruise ships based in Hawaii to compete against foreign cruise ships sailing from California by reducing the foreign ships' time in the islands. It would close a loophole that allowed foreign-flagged ships to sail from US ports to Hawaii by stopping briefly in Mexico on the way.

Critics say the sweeping change will imperil hundreds of millions of dollars in revenues and port improvements on the mainland United States.

"They've sunk all of this money into cruise facilities and now the government is changing the rules," said Aaron Ellis, communications director for the American Association of Port Authorities, one of many groups trying to change the rules.

The Cruise Lines International Association, which represents 24 operators including Carnival Cruise Lines, Celebrity Cruises, Holland America Line, and Royal Caribbean International, warns that about 10 million US vacationers stand to have their cruises altered or canceled unless the federal proposal is changed.

In Portland, Monroe predicts that up to 80 percent of cruise ships would have to alter their itineraries. To meet the rules, they might drop Bar Harbor and Portland from their summer and fall cruises on the East Coast.

Together, the two Maine ports accounted for 120 cruise ship stops last year. More than 150,000 tourists disembarked from the ships, spending money in shops, dining in restaurants and taking shore excursions.

Other US ports would be affected. Key West, Fla., for example, could get skipped altogether by cruise ships traveling from Florida's mainland to the Caribbean. And ships departing from Seattle could be forced to spend more time in British Columbia and less time in Alaska.

Alaska is one of the world's top cruise destinations, with tourists exploring the vast glaciers, towering mountain peaks and pristine waters.

"It would be tough to sell an Alaskan cruise if they could only come for one day," said Andrew Green, the Juneau port manager for Cruise Line Agencies of Alaska. Juneau alone would lose an estimated $68 million in direct spending from cruise ships in one summer.

Customs and Border Protection acknowledges that it didn't foresee all of the potential ramifications of the change, which was intended to protect two Norwegian Cruise Line ships that fly the US flag in Hawaii. Rival foreign-flagged competitors based in Los Angeles and San Diego stop briefly in Ensenada, Mexico, before traveling to Hawaii.

The agency's solution to help NCL America was a new interpretation of the 122-year-old Passenger Vessel Services Act, a federal law that forbids foreign-flagged vessels from transporting passengers directly between US ports. To meet the federal requirement, those ships must make a foreign port call as part of their cruise itinerary.

As it stands, foreign-flagged cruise ships traveling from Los Angeles and San Diego to Hawaii make a brief stop in Ensenada -- a "touch and go" -- before continuing to Hawaii.

The agency's new interpretation defines a foreign port call as a 48-hour layover, putting a crimp in the itinerary of foreign-flagged ships.

The change was proposed in November and the agency declined to extend the comment period. Because of the timing, there was meager public outcry, Monroe said. "This happened very quietly and right in the middle of the Christmas shopping season," he said.

Glen Vereb, chief of cargo security, carriers and immigration for Customs and Border Protection, said the agency is reviewing more than 1,000 comments, many opposed to the change.

"The door's wide open right now. I'm not quite sure where we're going to end with this, but people have certainly made their opinions loud and clear," he said. "We're taking all of those opinions into account here in making our final rule."

John Shively, Holland America Line's vice president for government and community relations in Alaska, is not sure his company has a fallback plan.

"I do think people are hopeful that enough commotion was raised that the federal government will look at it again," said Shively.

For its part, Norwegian Cruise Lines hasn't backed down from its position that something needs to be done to protect its US-flagged operation in Hawaii.

NCL America's U.S.-flagged ships are at a competitive disadvantage because they're subject to U.S. taxes and labor laws. Other major cruise ship companies fly the flags of countries like the Bahamas, Panama, and Bermuda.

But NCL America supports a clarification of the proposed change to make clear that it applies only to the Hawaii market, said Alan Yamamoto, vice president of Hawaii operations for NCL America, in Honolulu.

Maine Senator Susan Collins, ranking Republican on the Senate Homeland Security Committee, said she's confident the agency will revise the rule. If not, she'll ask for hearings.

"It would kill the fledgling cruise ship business in Maine if this were to go into effect, and I'm determined to ensure that it doesn't," she said. (AP)

Posted by globebusiness at 2:46 PM | Comments (0)

$100 million movie studio proposed for R.I.

A California-based movie studio developer released plans today to build a $100 million studio and hotel development in Hopkinton, R.I.

Hal Katersky, a director of Santa Monica-based Pacifica Ventures, said the deal is contingent on the General Assembly passing legislation that would give the company tax breaks equal to 20 percent of constructions costs.

The state is currently facing a budget deficit estimated at up to $561 million, but the project has the support of legislative leaders including House Speaker William J. Murphy and Senate President Joseph A. Montalbano.

If the project goes forward, it would create 500 construction jobs, then generate thousands of movie production jobs.

"Studios are good businesses. They're clean businesses," said Katersky, a native of Tiverton and graduate of the University of Rhode Island. "They come, they spend, and then they leave."

Since passing a generous movie tax credit package in 2005, Rhode Island has drawn several movie and TV productions to film here, including the Showtime series "Brotherhood" and the movies "27 Dresses" and "Dan in Real Life."

"Having this movie studio here is really going to solidify everything that we've worked on," said Steve Feinberg, executive director of the Rhode Island Film and Television Office.

State Sen. Brian Patrick Kennedy said the project represents about one-tenth of Hopkinton's tax base. (AP)

Posted by globebusiness at 1:34 PM | Comments (0)

Liberty Mutual's profit dips almost 7 percent

Liberty Mutual Group of Boston said today that its 2007 profit dipped nearly 7 percent compared with unusually strong 2006 results as greater insurance industry competition led to pressure to cut policyholder rates.

The nation's sixth-largest property and casualty insurer reported full-year net income of $1.52 billion last year, compared with $1.63 billion in 2006. Revenue at the policyholder-owned insurer rose more than 10 percent to $25.96 billion from $23.52 billion in 2006.

Losses from weather-related disasters and other catastophes declined 30 percent from 2006, to $378 million. But the decline was not nearly as sharp as in 2006, when the total $541 million catastrophe loss was less than one-third of the total $1.64 billion in 2005, a year that included hurricanes Katrina and Rita.

However, in 2007, rate-cutting pressure on insurers rose amid more competition, which helped curb profits.

"Everybody is trying to hold onto the good business they have," Edmund Kelly, Liberty Mutual's chairman, president and chief executive, told analysts in a conference call.

Pre-tax operating income excluding certain losses declined 20 percent to $2.17 billion from $2.71 billion in 2006.

The company also saw an increase in environmental and asbestos-related claims as well as tax exenses last year, partly offset by a 27 percent increase in net realized investment gains.

In last year's fourth quarter, net income was $425 million, down nearly 7 percent from $455 million in the same quarter a year earlier. Revenue rose 15 percent to $6.93 billion.

Liberty Mutual is owned by its policyholders. The 40,000-employee, 96-year-old company does not have publicly traded stock, and voluntarily reports earnings. (AP)

Posted by globebusiness at 12:47 PM | Comments (0)

Zync is acquired by uLocate Communications

In a case of one Boston company buying another, uLocate Communications said it has acquired Zync.

ULocate's press release did not include financial details of the transaction.

ULocate offers location-based mobile products, and Zync develops predictive Web-based technologies that provide users with recommendations for local events and activities based on the preferences of like-minded individuals.

By acquiring Zync's technology, uLocate chief executive Walt Doyle said in a statement that the combined entity will be able to create "a new type of location-based consumer experience."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:42 AM | Comments (0)

Cape Cod Potato Chips debuts new flavors

Uber chefs and spud gourmets, take note. Cape Cod Potato Chips of Hyannis looks to take the humble chip onto exotic culinary terrain with the recent debut of two new potato chip flavors: honey dijon and buttermilk ranch.

"To be a leader in snack foods, Cape Cod is constantly looking to chart new territories that will truly hit the mark with consumers," company marketing director Heidi Daly Ford said in a statement. "After nearly a year of research and testing, we have landed on two potato chip recipes that we believe are truly unique."

The new flavors hit store shelves late last month, the company said.
(By Chris Reidy, Globe staff)

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

Beacon Roofing profit falls

Fiscal first-quarter earnings for Peabody-based Beacon Roofing Supply Inc. dropped 41 percent as the decline in residential housing construction sapped demand.

Net income in the quarter ended Dec. 31 fell to $5.2 million, or 12 cents per share, from $8.8 million, or 20 cents per share, in the year-ago period. The profit was in line with analyst expectations, according to Thomson Financial.

Sales increased 5 percent to $398.4 million from $380.2 million last year, boosted by $64.7 million in revenue from acquired companies. Residential roofing sales dropped 19 percent, as homebuilders curbed construction. The company also blamed harsh weather conditions in December in some of its markets for lower demand.

Wall Street expected sales of $429 million. (AP)

Posted by globebusiness at 10:40 AM | Comments (0)

Cadmus lands $116.5 million EPA contract

Cadmus Group Inc. said today that it has won the largest contract in its 24-year history: a $116.5 million agreement from the US Environmental Protection Agency's Office of Ground Water and Drinking Water.

Cadmus is a Watertown-based environmental and energy consulting firm.

Under the new contract, Cadmus will support the EPA in, among other things, developing and revising drinking water standards; supporting states, tribes, and water systems in implementing standards and regulations; and promoting sustainability of drinking water infrastructure.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:23 AM | Comments (0)

Sun Life survey examines retiree spending patterns

Consumers expect to spend up to $600,000 on such things as travel, luxury items, and second homes during retirement, according to a survey by the US division of Sun Life Financial Inc. in Wellesley.

Headquartered in Canada, Sun Life provides a wide range of financial services, including retirement products.

Titled "The Expense Reality," the survey reveals that while today's retirees are experiencing higher than anticipated expenses, they do not plan on reducing spending on desired activities.

"Our research shows most boomers and current retirees know what opportunities they want to explore and what obligations are likely to arise, but do not have a realistic idea of the associated costs," Mary Fay, a Sun Life senior vice president, said in a statement."No one can predict precisely how much income they will need at any given stage in life, which is why retirement income solutions that are flexible and protect against unpredictable and unavoidable factors are so valuable."

The report, the company said, is available at this link.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:03 AM | Comments (0)

Metabolix starts oilseed program

Metabolix Inc. announced today that it has initiated a program to develop an advanced industrial oilseed crop to produce bioplastics.

Metabolix of Cambridge is a bioscience company focused on developing clean, sustainable solutions for plastics, fuels, and chemicals.

According to Metabolix, oilseeds are the primary feedstock for the more than 250 million gallons of biodiesel produced annually in the United States and the co-production of bioplastics promises to improve the economics of this crop industry.

As part of this initiative, Metabolix said it will collaborate with the Donald Danforth Plant Science Center, a leading not-for-profit research institute in St. Louis.

That collaboration is supported by a $1.14 million grant from the Missouri Life Sciences Trust Fund to the Danforth Center, Metabolix said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:56 AM | Comments (0)

Cubist buys back $50 million in notes

Biotechnology company Cubist Pharmaceuticals Inc. said Thursday it repurchased $50 million worth of notes through private transactions.

The company said $300 million worth of the 2.25 percent convertible subordinated notes due June 15, 2013 remain outstanding. Cubist spent about $46.8 million, plus accrued interest, on the notes. The buyback was funded through working capital.

Shares of Cubist rose 10 cents to close at $18.32. (AP)

Posted by globebusiness at 8:24 AM | Comments (0)

Keith leaves CombinatoRx for Harvard

CombinatoRx Inc. said today that one of its co-founders is leaving the company's management team.

The Cambridge firm, which focuses on synergistic combination pharmaceuticals, announced that Curtis T. Keith, senior vice president of research and a co-founder, is leaving the CombinatoRx management team to accept a position at Harvard University.

At Harvard, Keith will be the chief scientific officer for the Office of Technology Development Accelerator Fund, CombinatoRx said.

Keith will remain with CombinatoRx as a member of its scientific advisory board, said the company, which noted that even with Keith's departure from its management team, CombinatoRx retains "a deep pool of scientific talent within its research and development organization."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:12 AM | Comments (0)

Stop & Shop looks to go greener

Stop & Shop Supermarket Cos. said it is joining the US Environmental Protection Agency's SmartWay Transport Partnership, a program that aims to reduce carbon dioxide and nitrogen oxide emissions.

In joining the program, Quincy-based Stop & Shop said it commits to voluntary targets for increasing the energy and fuel efficiency of its fleet.

Stop & Shop said it is joining the program with its sister chain, Maryland-based Giant Food; together the two chains operate about 575 stores in Northeastern and Mid-Atlantic states.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:01 AM | Comments (0)

Hub firm delivers recycling system to Folsom prison

Converted Organics Inc. announced today that its first fully automated, free-standing, organic waste-recycling system was delivered to Folsom State Prison in California.

Converted Organics, based in Boston, is a development stage company dedicated to producing all natural, organic soil amendment or fertilizer products through food waste recycling.

The Folsom prison unit utilizes the proprietary High Temperature Liquid Composting process that Converted Organics acquired from Waste Recovery Industries, and the unit is designed to convert various biodegradable waste products into high-quality, organic-based fertilizer.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:55 AM | Comments (0)

MassMutual will sponsor documentary on retirement

The Massachusetts Mutual Life Insurance Co. said it will sponsor a two-part PBS documentary on retirement that will be hosted by former CNN anchor Paula Zahn.

Titled the "Retirement Revolution," the documentary is scheduled to premier nationally on March 31, Springfield-based MassMutual said.

According to MassMutual, the documentary will explore the financial challenges and solutions facing baby boomers are they prepare to retire.

The sponsorship of the documentary "represents the company's commitment to consumer education and research," a MassMutual spokeswoman noted in an e-mail.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:49 AM | Comments (0)

February 7, 2008

State will get $10.5 million from Merck settlement

Attorney General Martha Coakley’s office said today that the commonwealth's Medicaid program will receive $10.5 million as a result of two settlements between drug maker Merck & Co. and attorneys general across the country.

In the settlement agreements, Merck resolved allegations that it failed to pay rebates due to state Medicaid programs under federal law, Coakley's office said.

The settlements totalled $649 million, and they involve the attorneys general of 49 states, the District of Columbia, and the federal government, Coakley's office noted.

A Merck spokesman told the Associated Press: "What we have here is a disagreement (over) the rules of the Medicaid rebate program. These civil settlements were the best and most appropriate way to resolve these lengthy investigations and bring these matters to closure."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 3:19 PM | Comments (0)

Finagle a Bagel switches to paper take-out bags

Finagle a Bagel, a Newton-based chain of casual restaurants, said it has begun using brown-paper take-out bags instead of the plastic-handle bags it used in the past.

The new recyclable paper bags are made of partially recycled brown paper and are meant to be recycled or reused, the chain said.

"We want to be as responsible as possible with regards to the environment," Laura Trust, co-president of Finagle a Bagel, said in a statement.

Finagle a Bagel is one of the latest chain to take such action.

Whole Foods Market Inc., a grocery chain with a Greater Boston presence, said recently that it plans to stop offering plastic bags by April 22 - Earth Day, an Associated Press story reported.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:12 PM | Comments (0)

MIT to create a logistics center in Latin America

The MIT Center for Transportation & Logistics said it has signed a $19 million agreement to create a logistics-and-supply chain center in Latin America.

The agreement is with Colombian-based logistics company LOGyCA, and plans call for the Center for Latin-American Logistics Innovation to be headquartered at LOGyCA's campus in Bogota, said the center at the Massachusetts Institute of Technology.

The center will help Latin American businesses and individuals compete in local, regional, and global markets by delivering leading-edge research as well as technology and educational programs in logistics, transportation, and supply chain management, the MIT center said.
(By Chris Reidy, Globe staff)

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

The chicken sandwich rules - and asiago too

Just as brown may be fashion's new black, the chicken sandwich may be the new hamburger.

Americans ate about 3.7 billion servings of chicken sandwiches at restaurants in the year ending November 2007, up 8 percent from the year before, according to the NPD Group Inc., a consumer research group headquartered in Port Washington, N.Y., and Datassential, a Los Angeles-based knowledge solutions provider for the food industry.

Indeed, the chicken sandwich is the fastest growing food offering at American eateries and is now appearing on more menus than ever before, NPD and Datassential said.

Consumer demand for more healthful food is one reason, the two firms said, and the other is a "striking effort by restaurant operators to dress up their tried-and-true poultry offerings with fancy helpings" of extra ingredients such as chipotle sauce.

Another finding of the NPD and Datassential chicken sandwich report: When it comes to accenting poultry, asiago may be the big cheese.

According to the study, cheese accompanied more chicken sandwiches in 2007 than two years ago, and while staples such as Swiss, mozzarella, cheddar, and provolone are popular, more exotic choices such as pepperjack, feta, and asiago are growing at double digit rates.

"Restaurants menuing asiago grew by 93 percent between 2005 and 2007," the report noted.
(By Chris Reidy, Globe staff)

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

State Street will provide services to Fifth Third

State Street Corp. and Boston Financial Data Services today announced that they have been selected by Fifth Third Funds to provide a range of investment services.

State Street of Boston offers financial services to institutional investors.

Boston Financial Data Services, a joint venture of State Street and DST Systems Inc., provides transfer agency services to the mutual fund industry.

Fifth Third Funds is a mutual fund unit of Fifth Third Bancorp of Ohio.

State Street said it will provide fund accounting, fund administration, custody and securities lending services for $13 billion in assets, and Boston Financial will provide transfer agency and shareholder recordkeeping for FTAM's family of 31 mutual funds.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:03 PM | Comments (0)

Covidien Raises 2008 Sales Outlook

Diversified health care products company Covidien Ltd. raised its 2008 sales outlook, citing stronger-than-expected first-quarter results and structural changes.

The Mansfield-based company now expects growth between 6 percent and 9 percent, up from prior guidance of between 4 percent and 6 percent.

The new estimate brings the range to between $10.78 billion and $11.09 billion. The previous range had a low end of $10.58 billion and a high end of $10.78 billion.

Covidien reported revenue of $10.17 billion in 2007.

During the fiscal 2008 first quarter, the company reported a 24 percent increase in profit on a tax benefit and higher medical device sales. Covidien was spun off from parent company Tyco International Inc. last July and is still part of a tax-sharing agreement with the company.

Also in 2008, medical device sales will increase between 7 percent and 10 percent, up from prior guidance of 6 percent to 8 percent. Imaging product sales will rise between 8 percent and 11 percent, compared with the prior range of 7 percent to 10 percent.

Meanwhile, the company reaffirmed its guidance for an increase in pharmaceutical product sales between 3 percent and 6 percent, while medical supply sales will be even with 2007 results.

The company's fiscal year ends Sept. 30.

Shares of Covidien rose 95 cents, or 2.1 percent, to $43.79 in morning trading. The stock has traded between $36.90 and $49.70 over the last 52 weeks. (AP)

Posted by globebusiness at 10:37 AM | Comments (0)

Hancock forms financial planning team

John Hancock, a Boston-based financial services brand, said today that it has formed a new team within its special markets planning group and has named Brandon Buckingham, vice president and advanced planning attorney, to lead it.

Located regionally, members of the team will function as a resource for financial planners and advisors who counsel clients about tax and estate planning, John Hancock said.

John Hancock Financial is a unit of Manulife Financial Corp., a Canadian-based company that offers clients a range of financial protection products and wealth management services.
(By Chris Reidy, Globe staff)

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

BJ's January sales rise

Warehouse-club operator BJ's Wholesale Club Inc. today said January same-store sales rose 7.8 percent, ahead of analyst expectations, helped by sales of gas and food.

Analysts surveyed by Thomson Financial expected same-store sales to rise 4.6 percent.

Excluding the benefit of gas sales and the absence of pharmacy sales, same-store sales rose 5.5 percent.

BJ's said results were best in New York and weaker in the Southeast. Sales of food outpaced sales of general merchandise.

Excluding gas sales, traffic rose 1 percent and the average transaction rose by 5 percent.

Total sales for the four-week period ended Feb 2. rose 11 percent to $652 million, from $586.3 million last year.

In the fourth quarter, same-store sales rose 5.4 percent, including a 2.4 percent benefit of gasoline sales, while total sales grew 9.2 percent to $2.4 billion. Analysts expected sales of $2.45 billion.

For the fiscal year, same-store sales rose 3.7 percent, including a benefit from gas sales of 1.1 percentage points, while total sales rose 8.1 percent to $8.8 billion.

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.

BJ shares fell 37 cents to $29.89 in morning trading. (AP)

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

OrthoLite partners with Merrell

OrthoLite said today that it has partnered with the footwear brand Merrell to incorporate OrthoLite proprietary insoles into more than 100 Merrell footwear styles.

OrthoLite, headquartered in Amherst, is a supplier of open cell foam insoles found in footwear made by such brands as Asics, Nike, Adidas, and New Balance; according to OrthoLite, its insoles add to a shoe's comfort and performance.

By early 2008, Merrell will expand the use of OrthoLite insoles throughout most of its line, OrthoLite said.

In addition, Merrell will introduce a new line of $10 aftermarket insoles with OrthoLite technology, OrthoLite said.

Merrell is a brand of Wolverine World Wide Inc. of Michigan.
(By Chris Reidy, Globe staff)

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

ArQule misses Wall Street expectations

Shares of biotechnology company ArQule Inc. fell sharply today in premarket activity, after reporting its fourth-quarter results missed Wall Street expectations.

Shares of ArQule dropped 46 cents, or 8.8 percent, to $4.76.

For the quarter ended Dec. 31, the company said its loss widened to $14.4 million from a loss of $12.8 million a year ago. However, ArQule narrowed its loss per share to 33 cents from 36 cents in the fourth quarter of 2006 because it had fewer shares outstanding in the prior-year quarter.

Research and development revenue rose 47 percent to $2.5 million from $1.7 million. Revenue for 2007 included revenue from licensing certain rights to its experimental cancer drug ARQ 197 to Kyowa Hakko Kogyo Co.

The results missed analysts' estimates. Analysts polled by Thomson Financial, on average, expected a loss of 31 cents per share, on revenue of $2.7 million.

Research and development costs rose nearly $2 million in the period due to higher costs related to midstage trials for ARQ 197.

For the full year of 2007, the company recorded a loss of $53.4 million, or $1.33 per share, compared with a loss of $31.4 million, or 88 cents per share in the previous year.

Looking ahead, the company projects a 2008 loss per share between $1.57 and $1.68 for the year. Analysts expect a loss of $1.30 per share. (AP)

Posted by globebusiness at 9:44 AM | Comments (0)

MKS Instruments profit declines

MKS Instruments Inc., which makes analysis and processing equipment for semiconductor companies, said today that its fourth-quarter profit declined almost 43 percent on falling revenue but beat analysts' estimates.

For the quarter that ended Dec. 31, MKS earned $15.2 million, or 27 cents per share, compared with $26.5 million, or 47 cents per share, in the year-ago quarter. Excluding certain items, the company earned 33 cents per share.

MKS' revenue declined 7.9 percent to $184.1 million.

Analysts polled by Thomson Financial expected a profit of 25 cents per share on $169.8 million in revenue. Analysts' estimates typically exclude one-time items.

Despite the revenue decline, the company said it had better-than-expected sales to semiconductor original equipment manufacturers and increased quarter-over-quarter sales to semiconductor fabricators and nonsemiconductor markets.

For the year, MKS earned $86.4 million, or $1.51 per share, compared with $94.2 million, or $1.68 per share, in the prior year. Excluding certain items, the company earned $1.67 per share.

The company's sales declined to $780.5 million from $782.8 million in 2006.

Analysts expected earnings of $1.55 per share on $766.4 million in revenue.

MKS' shares rose $1.22, or 6.8 percent, to $19.11 in premarket trading. (AP)

Posted by globebusiness at 9:18 AM | Comments (0)

TJX January sales rise 7 percent

Apparel and home-fashions retailer TJX Cos. said today that its January sales rose 7 percent, and the company added that it now expects fourth-quarter earnings to come in at the high end of its previously anticipated range.

The Framingham-based operator of such off-price chains as T.J. Maxx, Marshalls, and HomeGoods said that sales for the four-week period ending Feb. 3 were $1.13 billion, compared with sales of $1.06 billion for the same period in the previous year.

Consolidated comparable store sales - sales at stores open at least a year - increased 3 percent from a year ago.

Carol Meyrowitz, TJX president and chief executive, said in a statement: "Our consolidated comparable store sales increase of 3 percent in January was just below our expectations and was achieved on top of a 4 percent increase last year. Once again, we were extremely disciplined in managing our inventories and expenses, which allowed us to maintain very strong profit margins."

Meyrowitz added: "We now expect fourth quarter earnings per share from continuing operations to be near the high end of our previously anticipated range of $.60-$.63. We enter the spring selling season in an excellent position to drive sales, with great liquidity in our inventories. Further, we will continue to focus on inventory and expense management to deliver strong profit growth in a challenging retail environment."

Just about a year ago, TJX announced that it had discovered an intrusion into its computer system that compromised the credit- and debit-card information of many of its customers. Yet if monthly and quarterly sales figures are any guide, there is little evidence that the company's customers are changing their shopping habits as a result of that data breach.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:08 AM | Comments (0)

Profit jumps at Millennium

Biopharmaceutical company Millennium Pharmaceuticals Inc. said today that its profit jumped in its fiscal fourth quarter, as product sales, royalties and revenue from alliances boosted results.

For the quarter ended Dec. 31, the Cambridge, Mass.-based company earned $41.1 million, or 13 cents per share, compared with $8.3 million, or 3 cents per share, a year ago.

Revenue rose 29 percent to $181.2 million from $140.1 million, benefiting from a 34 percent rise in product sales to $73.7 million. Revenue from strategic alliances, up 17 percent to $57.2 million, also helped overall sales.

Adjusted earnings, excluding amortization and stock-based compensation, came to 17 cents per share for the quarter.

Analysts polled by Thomson Financial expected profit of 12 cents per share, on revenue of $159.5 million.

For the full year of 2007, adjusted earnings per share, excluding stock-based compensation, restructuring charges and amortization, totaled 27 cents. That beat analysts' estimates calling for 22 cents per share.

Looking ahead, the company expects full-year net income for 2008 of $10 million to $25 million, with sales of cancer drug Velcade increasing 20 percent to 30 percent to $320 million to $345 million.

Analysts estimate 2008 earnings per share of 33 cents.

Velcade is sold by direct sales in the U.S. and by partner Ortho Biotech overseas. (AP)

Posted by globebusiness at 8:58 AM | Comments (0)

Converse launches updated "Get Chucked" ads

Converse, the North Andover-based athletic footwear and apparel brand, is unveiling its spring 2008 “Get Chucked” advertising campaign in support of “Converse by John Varvatos”, the company’s premium men’s and women’s apparel and footwear collections.

According to Converse, the campaign captures the brand’s bold irreverence while paying homage to Converse's history of disrupting the status quo since 1908.

The ad features shots by renowned photographer Ryan McGinley, and Yard is the creative agency behind the campaign, said Converse, a unit of Nike Inc.

McGinley's photos create a fine arts feel to the ads, and models Heather Marks and David Norbert wear "sexy water-drenched looks to convey the playful and provocative 'Get Chucked' attitude," Converse said.

Print campaign will appear beginning February in publications including Dazed and Confused, Details, Elle, GQ, i-D, Interview, L’Uomo Vogue, The Daily, V, and Vogue and on digital sites including Men.Style.com and Style.com, Converse said.
(By Chris Reidy, Globe staff)

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

Archemix withdraws IPO

Archemix Corp on Wednesday filed with the U.S. Securities and Exchange Commission to withdraw its plans for an initial public offering, saying unfavorable market conditions would adversely affect the IPO.

The Cambridge biotechnology company had planned to sell 4.5 million shares in the range of $12 to $14 each.

Bear Stearns & Co and Cowen and Co were underwriting the IPO. Archemix had planned to list its shares on the Nasdaq under the symbol "ARCH." (Reuters)

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

Implant Sciences gets $100k research contract

Implant Sciences Corp. said today it has received a $100,000 contract for the development of a handheld trace explosives sampler.

Implant Sciences, a Wakefield-based developer of advanced explosives detection products and technology, said the award is a six-month $100,000 Phase I Small Business Innovation Research contract by the Department of Homeland Security's Science & Technology Directorate in Washington, D.C.

The company said it plans to use its proprietary vortex collection technology in the development of this handheld sampling device to augment the process of collecting the samples used in detecting and identifying a range of explosives materials.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:28 AM | Comments (0)

Yet2.com's tech licenses on the upswing

Yet2.com said today that it completed a record number of technology licensing transactions involving 10 Fortune 500 companies on three continents during the fourth quarter.

Yet2.com is a Needham-based provider of intellectual property scouting and licensing services.

Separate deals included such companies as Bayer, Honeywell, and Kimberly-Clark, Yet2.com said.

Yet2.com president Ben duPont said in a statement, "Our business keeps expanding as more companies spin out underutilized technology or begin scouting for new technologies to improve their existing products and solutions."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:22 AM | Comments (0)

Stop & Shop earns Energy Star designation

Stop & Shop Supermarket Cos. said it will be cited today by the US Environmental Protection Agency as an Energy Star leader.

According to the EPA's website, its Energy Star program recognizes companies for taking environmentally-friendly steps such as better managing their energy needs.

Based in Quincy, Stop & Shop operates nearly 400 supermarkets in many states in the Northeast.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:18 AM | Comments (0)

1-800-Pack-Rat opens NE location

1-800-Pack-Rat LLC has executed a new 32,000-square-foot lease for its first New England location at 10 Panas Road in Foxborough, said Colliers Meredith & Grew, a Boston-based commercial real estate company.

Colliers Meredith & Grew said it worked with national broker GVA Advantis in representing 1-800-Pack-Rat in the transaction.

According to its website, 1-800-Pack-Rat is a Washington, D.C.-based provider of portable storage and moving solutions for residential and business customers.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:12 AM | Comments (0)

Google talks up Team Edition Apps

Internet search provider Google Inc. today touted its Google Apps Team Edition as the simplest and fastest way to bring instant collaboration to groups at work or at school.

Once users verify their business or school e-mail address, they can instantly share documents and calendars securely without burdening the IT department for support, the California company said.

"More than a half a million businesses already have chosen Google Apps to collaborate and share information across the organization," Dave Girouard, a Google vice president, said in a statement. "With Team Edition, groups of individuals at school or work can just as easily get the benefits of Google Apps by simply signing up online."

According to a story in the Globe database, Google debuted Google Apps about a year ago as it looked to compete more directly with services offered by Microsoft Corp. and IBM Corp.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:04 AM | Comments (0)

February 6, 2008

Forrester posts mixed results

Forrester Research Inc. said today that its fourth-quarter profits were hurt by stock-compensation expenses and other special items, though adjusted net income rose.

The Cambridge-based technology and market-research company posted a 10 percent drop in earnings, to $5.6 million, or 24 cents per share, from $6.2 million, or 26 cents per share, a year earlier. Revenue rose 19.3 percent to $58.4 million from $48.9 million.

The company posted adjusted income of $8.7 million, or 37 cents per share, up 17 percent from the year-ago period's $7.5 million, or 31 cents per share. Those figures exclude stock-compensation expenses, intangible assets, net investment gains and expenses related to an investigation into stock options and restatement of its historical financial statements.

In March, Forrester said an internal probe into its past stock-option practices found option grants, mostly between 1998 and 2004, that had exercise prices below the fair value of the common stock on the appropriate dates. That investigation and restatement cost the company $668,000 last year.

Chief Executive George Colony said the company is "pleased" with 2007 performance, which he said exceeded the company's expectations.

Forrester's full-year profit rose 6.7 percent to $18.9 million, or 80 cents per share, from $16.1 million, or 77 cents per share. Revenue rose 16.9 percent to $212.1 million from $181.5 million.

Adjusted 2007 profit rose 22.5 percent to $27.6 million, or $1.16 per share, from $22.5 million, or 98 cents per share.

Forrester shares rose $3.36, or 14.2 percent, to $26.96 in afternoon trading on the Nasdaq Stock Market. (AP)

Posted by globebusiness at 3:28 PM | Comments (0)

Zipcar taps Holland Mark

Boston ad agency Holland Mark said that Zipcar Inc. has named it as its "brand agency of record."

Zipcar of Cambridge is a car-sharing service that lets urban dwellers rent cars by the hour.

Holland Mark said that it has worked with Zipcar over the past year on "brand architecture and positioning," and that it was elevated to agency of record status as a result of that work.
(By Chris Reidy, Globe staff)

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

ROI2 will use Netezza appliance

Netezza Corp. today announced that ROI2 LLC, a provider of social networking technology to the pharmaceutical industry, will use one of its products.

Netezza is a Framingham maker of data warehouse appliances.

The company said that ROI2 will use a Netezza appliance to enable complex analytics and data modeling that will provide a competitive advantage in the process of bringing new drugs to market.

ROI2 is a subsidiary of ProLink Services LLC of Virginia, Netezza noted.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:25 PM | Comments (0)

JetBlue is offering more flights

JetBlue Airways Corp. announced today that six of its winter snowbird routes will now be available throughout the year.

For New England, JetBlue will offer year-round service between the Orlando International Airport in Florida and both the Burlington International Airport in Vermont and the Portland International Jetport Airport in Maine.

Those service expansions will give New Englanders additional connecting-flight options for traveling south of the US border.

In March, JetBlue will introduce its first international service from Florida with nonstop service from Orlando to Santo Domingo, Dominican Republic and Cancun, Mexico.

The carrier hopes to begin offering service from Orlando to Bogota later this year but is waiting approval from the US Department of Transportation.
(By Nicole C. Wong, Globe staff)

Posted by globebusiness at 12:42 PM | Comments (0)

Is Giuliani a Red Sox fan?

Rudy Giuliani, a Boston Red Sox fan?

When Topps baseball cards hit the stores this week it'll appear that way. About one in every 70 packs will include a picture of the former New York City mayor, fist raised in victory, celebrating with the Red Sox on the field after their World Series win.

Yankees fans need not worry, though. Giuliani, a self-professed, die-hard supporter of the Red Sox's chief rival wasn't really there.

But in October, the then-presidential candidate did alienate some New York fans by declaring he was rooting for Boston in the World Series -- "I'm an American league fan," he said -- and Topps ran with the idea.

"We took that and thought it would make for a funny card, since the Red Sox won," said Clay Luraschi, baseball brand manager for The Topps Co. "We thought, let's put him in the championship dog pile."

He said Giuliani's withdrawal from the presidential race didn't dampen his enthusiasm for the card.

Giuliani -- who also appeared, by himself, on a 2004 Topps card -- was not consulted about the new card, Luraschi said. Messages left Tuesday at Giuliani's campaign and work numbers were not immediately returned.

Topps did something similar a year ago, inserting President Bush into the stands and Mickey Mantle into the dugout in the background of Derek Jeter's card. (AP)

Posted by globebusiness at 12:39 PM | Comments (0)

Skybus starts selling summer flights

Ultra-low-cost carrier Skybus Airlines Inc. started selling seats on its summer flights today.

The Columbus, Ohio,-based company known for offering 10 seats on every flight for only $10 each tends to release tickets two to three months at a time.

It is now accepting reservations at www.skybus.com on 84 daily nonstop flights serving 17 US markets between June 1 and July 31.

The carrier, which for the most part runs short-haul flights across the Midwest and East Coast, also announced it will discontinue service between Oakland, Calif., and Columbus as of May 31, leaving Burbank, Calif., as its sole West Coast destination.

In the New England area, Skybus flies between the Westover Metropolitan Airport in Chicopee and its Columbus and Greensboro, N.C., hubs and between Portsmouth International Airport in New Hampshire and Columbus, Greensboro, St. Augustine/St. Johns County Airport in St. Augustine, Fla., and Charlotte County Airport in Punta Gorda, Fla.
(By Nicole C. Wong, Globe staff)

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

Cumberland Farms laid off workers in Westborough

The Cumberland Farms convenience-store chain said it has laid off between 50 and 60 workers at a Westborough facility as it exits the bakery business.

Looking to focus on its core business of operating convenience stores, the Canton-based chain of roughly 1,100 convenience stores and gas stations said it will outsource bakery, sandwich, and bottle-making operations to outside vendors.

About 150 employees will continue to work at the Westborough facility, a company spokeswoman said.

A few of the workers affected by the layoffs will be able to transfer to other jobs at the site, and other affected workers will receive two-months of severance pay and benefits, she said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:20 PM | Comments (0)

Apex Bioventures agrees to buy Dynogen

Apex Bioventures Acquisition Corp. said it agreed to acquire privately held Dynogen Pharmaceuticals, a Waltham-based biopharmaceutical company focused on gastrointestinal and genitourinary disorders.

Dynogen shareholders will initially receive about $98 million in Apex Bioventures stock.

Lee Brettman, chief executive of Dynogen, will head the combined company, which will operate out of Dynogen's current headquarters.

The combined entity is expected to have up to $65 million in cash at the closing to finance Dynogen's late-stage clinical trials and general corporate purposes. (Reuters)

Posted by globebusiness at 11:48 AM | Comments (0)

Alpha Omega liquidation sale set to start tomorrow

The investment consortium that bought the assets of Alpha Omega Jewelers in a bankruptcy court-approved sale said that the liquidation sale of the chain's inventory will begin at its four stores tomorrow.

Everything must be sold before Ross-Simons, a Rhode Island-based chain, assumes the leases of Alpha Omega stores at Natick Collection and the Prudential Center in Boston, and items will be discounted to ensure fast sales, the consortium said.

The chain's other two stores are located in Harvard Square and at the Burlington Mall.

According to stories in the Globe data base, Alpha Omega Jewelers filed for protection under Chapter 11 of the US Bankruptcy Code last month. The filing came after owner Raman Handa unexpectedly left the country with his wife, son, and daughter, prompting the company's bank to seize Alpha Omega assets and temporarily close its stores just before Christmas.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:37 AM | Comments (0)

Idera gets a regulatory clearance for Merck deal

Biotechnology company Idera Pharmaceuticals Inc. said today that it passed a regulatory antitrust review and will move ahead on a licensing deal with Germany's Merck KGaA.

Cambridge-based Idera is licensing cancer treatment applications for two lead drug candidates to Merck. The regulatory clearance triggers an upfront fee of $40 million to Idera, which can also receive development milestone payments worth up to $381 million and royalties on future sales.

The deal excludes Idera's cancer vaccines, which are a separate class of therapies that work by building up the immune system's defenses in order to fight off cancer. Idera already has a deal with Whitehouse Station, N.J.-based Merck & Co. covering cancer vaccines.

Shares of Idera rose 15 cents to $10.50 in morning trading on the Nasdaq Stock Market. (AP)

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

Two apartment buildings sell for $16.5 million

Micozzi Management Inc. has purchased two apartment buildings in Clinton for $16.5 million, a broker involved in the transaction said today.

The broker is NAI Hunneman, a Boston-based real estate services firm.

With offices in number of local communities including Boston, Micozzi Management has been renting apartments, condos, and commercial properties in Greater Boston, Greater Worcester, and the South Shore for more than 30 years, according to Micozzi's website.

NAI Hunneman said it represented the seller, Clinton Management Corp. and Camelot Management Corp., and procured the buyer.

The sale included Town Lynne Village at 290 Berlin St. and Camelot Apartments at 1021 Main St., said NAI Hunneman, which added that the two buildings have a total of 193 apartments.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:02 AM | Comments (0)

Federal survey rates travel agents

Let the howling begin. Uncle Samuel may not know when you've been sleeping or when you're awake but he seems to have a pretty good grip on when The American Traveling Public is not happy.

It should come as no surprise that he keeps lists. So, without further ado, here are the
Top Six travel agents that inspired the most complaints in 2007 (according to the Department of Transportation's Air Travel Consumer Report:
5. (tie) Priceline.com & Cheapoair.com
4. CheapTickets.com
3. Expedia.com
2. Travelocity.com

And the No. 1 most-complained-about agent:
1. Orbitz.com (Most of Orbitz's complaints dealt with ticketing, boarding, and refunds.)
Now the moment you've all been waiting, last year's rankings for the Top 5 in complaints for US airlines (drumroll, please):

5. Comair
4. American
3. Delta
2. United
And, the top -- or perhaps bottom? -- dog:
1. US Airways
You should know that this ranking wasn't based on overall complaints but on grousing per 100,000 flights.
In individual events, US Airways lead the pack for flight problems, like cancellations and delays, with American running a close second. It also was the frontrunner in bumping problems and customer service. But American took the Gold for the worst in baggage complaints, with Delta snagging the Silver.
(By Paul S. Makishima, Globe staff)

Posted by globebusiness at 10:39 AM | Comments (0)

Fidelity Charitable Gift Fund reports record year

The Fidelity Charitable Gift Fund announced today that 2007 set a record for its annual grant-making.

Last year, donor-recommended grants exceeded $1.17 billion, a 24 percent increase from 2006, said the gift fund, a public charity that was established by Fidelity Investments, the Boston mutual funds giant.

"The phenomenal increases in both grants and contributions that we saw in 2007 reflect the continued generosity of our donors as well as the growing awareness of the role that donor-advised funds continue to play in making philanthropy easier, more effective, and more accessible to individuals," Sarah Libbey, interim president of the Fidelity Charitable Gift Fund, said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:30 AM | Comments (0)

Harvard Bioscience adopts shareholder rights plan

Harvard Bioscience Inc announced today that its board of directors has adopted a shareholder rights plan.

Harvard Bioscience of Holliston develops, manufactures, and markets a broad range of specialized products, primarily scientific instruments and apparatus, used to advance life science research at pharmaceutical and biotechnology companies, universities, and government laboratories.

In a statement, company chief executive Chane Graziano said: "The board believes that a shareholders rights plan enhances its ability to protect shareholder interests and ensures that shareholders receive fair treatment in the event of any coercive takeover attempt. The plan is intended to provide the board with sufficient time to consider any and all alternatives to such an action. The board believes it is protecting the interests of all of its shareholders."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:05 AM | Comments (0)

Spire gets South Korean order

Spire Corp. today announced that it has been hired to provide a photovoltaic module assembly line to a South Korean company.

Bedford-based Spire, which provides turnkey solar factories and capital equipment to manufacture photovoltaic modules, said it has received a contract from Dongyang Creditech Co. Ltd. in South Korea to provide a photovoltaic module assembly line.
(By Chris Reidy, Globe staff)

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

ATG completes CleverSet purchase

Art Technology Group Inc. today announced that it has completed its acquisition of CleverSet in a transaction valued at about $9 million in cash.

Art Technology, or ATG, is a Cambridge company that provides the e-commerce platform and e-commerce optimization services that companies use to power their e-commerce websites.

Last month, ATG agreed to acquire privately held CleverSet, which focuses on technology in the growing field of automated personalization engines; that technology can be used to optimize e-commerce experiences by presenting visitors to e-commerce websites with relevant recommendations and information.

CleverSet has offices in Oregon and Seattle, ATG noted.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:37 AM | Comments (0)

Nuance unveils PDF converter

Nuance Communications Inc. today unveiled PDF Converter Professional 5, a PDF desktop alternative to Adobe Acrobat for government, corporate, and academic organizations.

Nuance Communications is a Burlington-based provider of speech and imaging solutions.

With the new release, Nuance said it continues to expand on the features, quality, and innovation needed to deliver a "Better PDF for Business" at a time when companies are looking to save money on IT solutions.
(By Chris Reidy, Globe staff)

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

Report: Chinese semiconductor market on the rise

China's semiconductor market is expected to surpass $28 billion in 2011, according to a new report from IDC of Framingham, a global market intelligence firm.

That increase is driven by computing and consumer electronics demand, IDC said.

Yet Chinese semiconductor manufacturing technologies continue to lag behind those in the United States, Japan, Korea, and Taiwan, said IDC, which added that to capture a share of China's growing domestic market, semiconductor suppliers must include China as part of their global strategy to improve their competitiveness worldwide.
(By Chris Reidy, Globe staff)

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

Axcelis lands new implanter customer

Axcelis Technologies Inc. today announced that it has received an order from a new customer for its single wafer Optima HD high dose implanter.

According to Beverly-based Axcelis Technologies, the Optima HD is the industry's only implanter that addresses traditional high dose implants as well as an expanding range of applications that include molecular and hydrogen implants.

The system will ship during the first quarter of 2008, the company said.
(By Chris Reidy, Globe staff)

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

Mortgage purchase applications up

Purchase applications increased in a weekly survey that tracks mortgage application activity.

The survey is from the Mortgage Bankers Association, a trade group that represents the real estate finance industry, and for the week ending Feb. 1, the survey's market composite index, a measure of mortgage loan application volume, was 1086.6, an increase of 3.0 percent on a seasonally adjusted basis from the previous week's reading, the association said.

On an unadjusted basis, the index was up 73.2 percent when compared with the same week one year earlier, the association said.

The survey's refinance index decreased 1.0 percent from the previous week, and the seasonally adjusted purchase index increased 12.0 percent to 405.3 from 362.0 one week earlier, the association said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:16 AM | Comments (0)

Study: retirement savers lack confidence

A research study conducted by Massachusetts Mutual Life Insurance Company of Springfield found that consumers who actively manage their retirement savings are not always confident about their retirement security.

In fact, that group is less confident about their retirement security and the retirement decisions they make compared to individuals with lower savings rates, the study concluded.

The study was based on responses from more than 17,000 individuals participating in some 2,300 employer-sponsored retirement savings plans administered by MassMutual’s Retirement Services Division, MassMutual said.

One finding of the study: High savers are eager for information about investments and investing, with 79 percent indicating they want help versus only 47 percent of low and medium savers.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:04 AM | Comments (0)

Biogen Idec profit rises on higher drug sales

Biogen Idec Inc. said today that its fourth-quarter profit rose, driven by increased sales of its multiple sclerosis drugs Avonex and Tysabri.

The Cambridge-based biotechnology company, which recently tried and failed to sell itself, said net income rose to $201 million, or 67 cents a share, from $109 million, or 32 cents a share, a year ago.

Excluding one-time items, the company earned 89 cents a share. Analysts had on average expected 81 cents a share, according to Reuters Estimates.

Revenue rose to $893 million from $708 million a year ago. (Reuters)

Posted by globebusiness at 7:50 AM | Comments (0)

Thermo Fisher profit soars

Thermo Fisher Scientific Inc. today reported that its fourth-quarter profit soared, a result that was boosted by a November 2006 acquisition that more than doubled the size of the maker of scientific instruments and laboratory supplies.

Thermo Fisher Scientific's profit and revenue performances both beat Wall Street expectations, and the company offered financial guidance for 2008 that is above analysts' forecast.

The Waltham-based company said its net income for the October-December period was $239.8 million, or 54 cents per share, compared with $25.3 million, or 8 cents per share, in the same quarter a year ago, when the company's profit was hurt by a $125 million charge tied to the company's $10.6 billion acquisition of Hampton, N.H.-based Fisher Scientific in 2006.

The acquisition helped boost revenue 57 percent to $2.62 billion from $1.67 billion, beating the consensus estimate of analysts surveyed by Thomson Financial, who expected revenue of $2.51 billion.

Had the former Thermo Electron and Fisher Scientific been combined for the entire fourth quarter of 2006, the revenue gain was a more modest 12 percent.

On that basis, and excluding one-time expenses and gains in both comparison quarters, Thermo Fisher Scientific's profit in the latest quarter grew to 76 cents per share, up from 57 cents per share in the year-ago period. Analysts surveyed by Thomson expected earnings excluding items of 69 cents per share, on average.

Revenue in the company's biggest business segment, laboratory products and services, grew 10 percent in the latest quarter to $1.55 billion, while revenue in the smaller analytical technologies segment rose 14 percent to $1.17 billion.

The company said it expects 2008 earnings of $3.05 to $3.15 per share excluding one-time expenses and gains, above analysts' forecast for $3.04 per share. The company expects full-year revenue of $10.5 to $10.6 billion, exceeding analysts' expectations for $10.34 billion.

For the full year, the company earned $761 million, or $1.72 a share, up from $168.9 million, or 84 cents a share. Revenue rose to $9.75 billion from $3.79 billion.

The 11,000-employee Thermo Electron acquired 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 7:42 AM | Comments (0)

February 5, 2008

New stores are set to open at Natick Collection

Natick Collection, the shopping center formerly known as the Natick Mall, announced the opening of several new stores as part of its ongoing expansion program.

Among fashion retailers expected to open stores sometime this year are Gucci, Hugo Boss, and Lilly Pulitzer, a publicist for Natick Collection wrote in an e-mail today.

A P.F. Chang's China Bistro restaurant is set to open next week at Natick Collection, the publicist added.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 3:49 PM | Comments (0)

Slide in stent sales may be ending, company says

The slide in sales of drug-coated stents because of safety concerns may have bottomed out and the market could be recovering, according to reports from Boston Scientific Corp. and Wall Street’s outlook.

Boston Scientific said US trends for the devices continued improving over the fourth quarter and the Natick company still has more than half of the US market share.

‘‘It remains to be seen if these trends persist, but they are certainly encouraging,’’ said Paul LaViolette, chief operating officer, speaking to investors today.

Stent sales have been hurt since research came out last year suggesting that drug coatings, meant to fight infection, may cause blood clots. The devices are used to hold open clogged arteries after they are cleared. The safety concerns have prompted a downturn in the use of drug-coated stents in favor of bare-metal stents.

The possibility of a 2008 stent recovery bodes well for several other companies, including Medtronic Inc. and Abbott Laboratories Inc.

Boston Scientific reported a fourth-quarter loss on higher charges, including patent litigation over stents.

‘‘The fourth quarter continues to highlight the core business challenges, including increasing drug-eluted stent competition and difficulties in increasing defibrillator market share,’’ Goldman Sachs analyst Lawrence Keusch said in a note to investors.

Minneapolis-based Medtronic is a key competitor that’s expected to launch its drug-coated stent, Endeavor. Boston Scientific has said it is prepared for the competition.

‘‘Boston Scientific is clearly utilizing a negative marketing attack on Endeavor ahead of its US launch,’’ Cowen & Co. analyst Sara Michelmore wrote.
(AP)

Posted by globebusiness at 2:59 PM | Comments (0)

Hill Holliday adds to Dunkin' Donuts team

Boston ad agency Hill Holliday said today that it has hired Steven Grskovic as an associate creative director to work on its Dunkin' Donuts account.

Grskovic will assist in leading the agency's creative endeavors for Dunkin' Donuts, the Canton-based coffee-and-baked-goods that is undertaking an aggressive national expansion plan, said Hill Holliday, which developed the "America runs on Dunkin'" ad campaign for the company.

Grskovic joins Hill Holliday from Publicis Seattle, a unit of Publicis Groupe, where he was senior art director and worked on campaigns for T-Mobile and the Washington State Lottery, Hill Holliday said.

Hill Holliday is owned by the Interpublic Group of Cos. of New York, which owns many ad agencies, public relations firms, and other kinds of marketing firms.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:12 PM | Comments (0)

Recepoint launches "World 2.0" practice

Racepoint Group said today it is launching World 2.0, a new practice that works with corporations, countries, and nongovernmental organizations to establish on- and offline dialogues and communities to promote their agendas.

Racepoint Group is a Waltham-based public relations firm focused on digital media relations.

"The advent of digital technologies has radically altered the communications landscape: citizens and organizations are able to engage in global and real-time dialogues about issues that impact society," Larry Weber, chairman of Racepoint Group, said in a statement. "The organizations that cultivate and participate in these dialogues will shape the future of the world."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:35 PM | Comments (0)

Columbia Management taps Peters

Columbia Management announced today that it has named Jeffrey F. Peters head of institutional distribution.

The firm is the Boston-based asset management unit of Bank of America Corp. of North Carolina, a financial-services company.

Columbia Management, which disclosed a number of personnel changes today, said that Peters will report to firm president Michael A. Jones.

Peters, who most recently was with Putnam Investments, will oversee Columbia Management's institutional sales, client service, consultant relations, and international functions, the firm said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:11 PM | Comments (0)

Mass. business confidence lowest since 2003

A Massachusetts business confidence index dropped 2.9 points in January to 50.6, its lowest reading since October 2003, as a sharp slowdown in economic activity brought the state to the edge of recession, said the group that compiles the index.

The monthly index is compiled by the Associated Industries of Massachusetts, or AIM, a group representing state employers.

The index uses a 100-point scale with a reading of above 50 representing a positive outlook and a reading below 50 representing a negative one.

In a statement, Raymond G. Torto, chair of AIM’s Board of Economic Advisors, commented on January's reading and economic conditions locally and nationally.

“The Commerce Department’s figures for national growth and the reported loss of jobs nationally in January, as well as MassBenchmarks’ indices for the state economy, all point to the end of expansion,” Torto said. “The AIM Index shows that while Massachusetts employers may not be resigned to a contraction, they certainly believe that the situation is precarious.”

“The Index had weakened in the second half of last year, but within a seven-point band - 60.2-53.2 - where it had been through 2005, 2006, and 2007,” Torto added. “January’s decline, the fifth in six months, dropped it more than two points below that range, and more than six points below its 17-year average.”
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:07 AM | Comments (0)

CVS charitable trust donates $5.5 million

CVS Caremark Charitable Trust announced today that it has awarded $5.5 million to nonprofits across the country, including six in Massachusetts.

The trust is a private foundation created by CVS Caremark Corp., a Woonsocket, R.I.-based company that operates a chain of pharmacy stores and is also in the business of pharmacy benefit management.

The funds support a wide range of programs, including those focusing on ways to improve the lives of children with disabilities and their families, the trust said.

Among Massachusetts nonprofits receiving money from the trust are Boston Medical Center and Massachusetts General Hospital, the trust said.
(By Chris Reidy, Globe staff)

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

Study advises life sciences firms to collaborate

Drug companies need to reassess the way they do business, and collaborations and partnerships are likely to proliferate as firms seek to develop new drugs.

That was a key finding presented to a panel of industry leaders convened by the Tufts Center for the Study of Drug Development and PRTM, a management consulting firm.

Tufts center director Kenneth I Kaitin, who co-chaired the panel, said in a statement: "Moving forward, no company - big, medium, or small pharma, or biotech - will develop new drugs entirely alone. Increasingly, R&D productivity gains will depend on developers focusing on what they contribute best to the drug development value chain and partnering with organizations that provide capabilities that are too expensive to develop or maintain internally, or are outside of the company's core competencies."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:15 AM | Comments (0)

Altus chief Berkle resigns

Biopharmaceutical company Altus Pharmaceuticals Inc. said today that its president and chief executive, Sheldon Berkle, has resigned.

Berkle, 63, also was a member of the board of directors and worked with the company for 2.5 years. His resignation became effective Monday. The company did not disclose a reason for the resignation in the press release.

The board appointed Chairman David D. Pendergast to the interim position of executive chairman while the company starts a search for a new president and CEO. Pendergast has been a member of Altus' board since November 2006. (AP)

Posted by globebusiness at 9:43 AM | Comments (0)

ExtendMedia powers NBC Direct

ExtendMedia Corp. said it has successfully launched the first phase of NBC Direct, NBC.com’s new online video service.

According to ExtendMedia of Boston, its digital-content service delivery platform offers customers the ability to create, control, and securely deliver high-quality digital media content across broadband, TV, and mobile devices in both paid media and ad-supported formats.

The latest version of ExtendMedia OpenCASE powers the complete delivery of NBC’s free, ad-supported television programming downloads and provides a higher quality video experience as it caters to consumers’ on-demand, desktop-centric, viewing habits, ExtendMedia said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:37 AM | Comments (0)

Kanguru debuts secure flash drive

Kanguru Solutions announced the release of the KanguruDefender Pro, a secure flash drive designed for government, military and secure enterprise applications.

The Millis company manufactures secure and portable computer peripherals.

According to Kanguru Solutions, the KanguruDefender Pro enhances both security and performance, addressing the needs of the most secure applications and users in government and in the healthcare and the financial sectors.

The KanguruDefender Pro's security comes in two forms - high-level hardware AES encryption and a rugged, tamper-proof aluminum casing, the company said.

The KanguruDefender Pro ranges in storage capacities, from 1GB to 4GB, and the product is also available in a variety of custom security colors, including red, yellow and green, the company said.
(By Chris Reidy, Globe staff)

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

Study: removable hard-disk market surging

Worldwide shipments of removable hard-disk drives (R-HDD) will increase at a 65 percent compound annual growth rate, totaling over 3 million R-HDD solutions and additional disk cartridges in 2012.

That's a key finding of a new study from IDC of Framingham, a global provider of market intelligence.

"In the past, R-HDDs have been largely proprietary solutions with no ability to interchange data," John Rydning, research manager for Hard Disk Drives and Components at IDC, said in a statement. "However, the current R-HDD solutions are increasingly based on standardized products that allow for data sharing and interchange."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:32 AM | Comments (0)

Pagano gets top spot at Terra-Gen

James Pagano has been hired as chief executive of a renewable energy company owned by affiliates of ArcLight Capital Partners LLC, an energy investment firm headquartered in Boston.

Pagano will head Terra-Gen Power LLC of New York, which owns interests in 20 geothermal, wind, and solar generating plants located throughout the United States.

"Jim Pagano has a proven track record of value creation in the power generation business, Dan Revers, managing partner of ArcLight, said in a statement. "We are confident that Terra-Gen will make great strides under his leadership."
(By Chris Reidy, Globe staff)

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

KVH logs $1.4 million in orders

KVH Industries, Inc. announced today that it has received two orders from a US defense contractor for the purchase of components and upgrades for KVH's TACNAV vehicle navigation systems for use on U.S. military combat vehicles.

The two orders have a total value of about $1.4 million, said KVH Industries, a Middletown, R.I.-based manufacturer of systems to provide access to live mobile media ranging from satellite TV to telephone and high-speed Internet for vehicles and vessels as well as a leading source of navigation, pointing, and guidance solutions for maritime, defense, and commercial applications.

KVH said its TACNAV military vehicle navigation systems provide unjammable, precision navigation, heading, and pointing data for vehicle drivers, crews, and commanders.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:22 AM | Comments (0)

Report: clean energy heading for "mainstream"

Increasing public concerns about climate change - and its potential economic and political security impact - could spur $7 trillion in clean-energy investment by 2030, according to a new analysis by Cambridge Energy Research Associates.

Titled "Crossing the Divide: The Future of Clean Energy," the CERA report also noted a "launch-pad scenario," in which renewable power and biofuels could supply 16 percent of global electric and transportation fuel needs by 2030.

"We are seeing a major shift in public opinion, reinforced by the expectation that carbon policies could fundamentally change the competitive landscape of the global energy business," Daniel Yergin, CERA chairman and IHS executive vice president, said in a statement. "This is providing a vital impetus that is moving clean technology across the great divide of cost, proven results, scale and maturity that has separated it from markets served by mainstream technologies and processes."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:14 AM | Comments (0)

February 4, 2008

Verizon gained 66,000 local FiOS TV subscribers

Verizon Communications Inc. added over 66,000 Massachusetts subscribers to its new fiber-optic television service last year, pushing past cable provider RCN Corp. but still trailing far behind Comcast Corp.'s 1.66 million Bay State customers.

More than 78,000 customers subscribed to Verizon's fiber optic, or FiOS, TV service in 61 Massachusetts communities at the end of 2007, according to the filing with the state Department of Telecommunications and Cable.

The company also announced today that its FiOS TV service is now also available in the communities of Wayland and Norfolk.

Nationwide, Verizon reported in its latest earnings report that it had 943,000 subscribers to its FiOS TV service in 13 states in 2007.

While the gains are big for Verizon, which reported to the state that it had only 12,000 FiOS TV customers in Massachusetts at the end of 2006, it is nowhere near the state's dominant cable company, Comcast.

Comcast stayed steady, with 1.66 million customers at the end of 2007.

But RCN, which last year said that it would expand its presence in Massachusetts by expanding service into Dorchester and Milton, reported losing nearly 5,000 cable TV customers, dropping to fewer than 64,000 cable customers.

According to the data, RCN lost customers in every community it serves except for Boston -- including places where it now competes with Comcast and Verizon.

"This was not unexpected -- most of the losses came in places where FiOS has entered," said Ed O'Hara, vice president and treasurer of RCN. "Going forward, we're looking to do things to retain that customer base."
(By Carolyn Y. Johnson, Globe staff)

Posted by globebusiness at 3:16 PM | Comments (0)

BAE Systems wins Air Force contract

BAE Systems said today it has won a $15 million contract to develop advanced infrared focal-plane arrays for US Air Force missile defense surveillance satellites.

The British defense conglomerate said that some of the project's work will be performed at its electro-optics and infrared design center in Lexington.

The contract is part of the Air Force Research Laboratory’s High Stare program, a five-year effort to develop high-performance, large-format, shortwave infrared focal-plane arrays, or FPAs, for Air Force missile-warning satellites, the company said.

“This order will enable our semiconductor foundry to produce larger, more sensitive, and more efficient focal-plane arrays that address critical military needs in the areas of missile defense and battlespace characterization," Paul LoVecchio, director of advanced FPA products for BAE Systems, said in a statement. “These advanced FPAs will help reduce the complexity, weight, and power, and ultimately, cost of future missile defense satellites.”
(By Chris Reidy, Globe staff)

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

Cell Signaling, Bristol-Myers extend partnership

Cell Signaling Technology Inc. announced today the continuation of a research agreement with drug company Bristol-Myers Squibb Co. for kinase inhibitor profiling.

Danvers-based Cell Signaling seeks to develop and commercialize phospho-specific antibodies and assays for kinase and pathway analysis.

Under the agreement, Cell Signaling will employ its patented PhosphoScan technology in the cell and tumor phospho-profiling of a Bristol-Myers Squibb small-molecule kinase inhibitor, the two companies said.

The PhosphoScan profiling research project builds on a successful evaluation project between the two companies, which was completed in March 2007, the companies said.

Bristol-Myers Squibb is headquartered in New York.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:20 PM | Comments (0)

E-Trade baby tops Tivo's Super Bowl ad list

A talking baby, whose plugs for E-Trade Financial Corp. included a creepy clown and a spasm of vomiting, claimed the top spot for last night's best Super Bowl ads on a list compiled by TiVo Inc.

The California company is a provider of technology and services for digital video recorders, and TiVo said it put together its list by using aggregated, anonymous, second-by-second audience measurement data about how TiVo subscribers watched the game.

Commercials featuring slapstick humor and celebrity appearances dominate the list, with the E-Trade spot with the talking baby spitting up taking top honors, TiVo noted.

More information about Super Bowl ads and how viewers rated them, is available at www.tivo.com/biggame.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:04 PM | Comments (0)

Mass. gas prices dip for 3rd straight week

A statewide survey by AAA of Southern New England found an average price of $2.97 per gallon of regular, self-serve gas. That's down a penny from last week, and 8 cents less than three weeks ago.

The Massachusetts average is the same as the nation's $2.97 average.

A year ago, the average price was $2.15 per gallon. (AP)

Posted by globebusiness at 11:37 AM | Comments (0)

Zoll reappointed as Labor-Management chair

Governor Deval L. Patrick today announced the reappointment of Judge Samuel E. Zoll of Salem as chair of the Joint Labor-Management Committee.

The Joint Labor-Management Committee is part of the Division of Labor Relations, and the committee is charged with oversight for all collective bargaining negotiations between municipal police officers or fire fighters and municipalities in the commonwealth.

Zoll has been reappointed for a three-year term ending in 2010, Patrick's office said.

The committee is comprised of 14 members appointed by the governor, with six members representing management and with six members representing labor, while its chair and vice-chair serve as neutrals.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:34 AM | Comments (0)

TJX plans $1 billion stock buyback program

The TJX Cos., which operates discount stores including T.J. Maxx and Marshalls, today approved a share repurchase program of up to $1 billion.

At current prices, that represents about 7.5 percent of stock, the company said.

The authorization is in addition to the $486 million remaining under the company's current buyback program.

Since 1997, TJX, which is based in Framingham, has spent $5.8 billion buying back about 342 million shares. (AP)

Posted by globebusiness at 11:31 AM | Comments (0)

Liquid Machines raises $10 million

Liquid Machines Inc. announced today that it has received $10 million in Series D financing.

The Waltham company provides enterprise rights management solutions, and it said that RRE Ventures, a New York-based investment firm, was the lead investor in the financing round.

Will Porteous, general partner of RRE Ventures, will join Liquid Machines’ board of directors, the company said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:07 AM | Comments (0)

Local businessman buys Randolph property

Local businessman and Randolph native Karl Wells has purchased about six acres of commercial property in Randolph for $2.35 million, a broker involved in the transaction said today.

The broker is Daniel J. Flynn & Co., a Quincy-based real estate firm.

The former Good Brothers Ford auto dealership at 535 South Main St. includes a roughly 21,000 square-foot-showroom, offices, and service bays on a 4.8 acre site; last month's sale also included a 1.4 acre lot across the street, the broker said.

Wells of Wells Landscaping is "currently exploring options to lease the building out," Daniel J. Flynn & Co. said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:51 AM | Comments (0)

Art Technology Group powers Bulgari site

Art Technology Group Inc. said today that the luxury retailer Bulgari has selected it to provide e-commerce services that will support the launch of a Bulgari Web store.

Art Technology of Cambridge offers a range of software products that help companies operate and maintain online retail stores.

Bulgari's US online store is now live, and it offers users the chance to learn more about the retailer's products as well as browse, and purchase a range of items, from jewels to watches and accessories, Art Technology Group said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:33 AM | Comments (0)

MFS launches new fund

MFS Investment Management of Boston announced today the launch of MFS Diversified Target Return Fund.

The fund's investment objective is to seek a target total return that meets or exceeds the rate of inflation over a full market cycle by five percentage points, and the fund will use an unconstrained benchmark approach, MFS said.

"The innovative approach of MFS Diversified Target Return Fund allows active management of all the major sources of risk and return in a portfolio, releasing some of the investment constraints of more traditional approaches by tactically adjusting market and currency exposures," James Jessee, president of MFS Fund Distributors Inc., the retail mutual fund sales arm of MFS, said in a statement. "The fund can complement a portfolio of traditional investments with the diversifying characteristics of a flexible, institutional-quality, alternative investment strategy for mutual fund investors."

MFS is a unit of Sun Life Financial Inc., a Toronto-based financial services company.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:31 AM | Comments (0)

Super Bowl Web traffic below expectations

A Super Bowl whose outcome was in doubt until the final minutes helped put a damper on Web traffic, reported Akamai Technologies Inc.

In recent years, many Super Bowl advertisers have urged consumers viewing the game to visit their websites, noted Akamai, a Cambridge company that provides services for accelerating and improving the delivery of content and applications over the Internet.

Akamai added that it delivered the websites and online advertising content for more than half of the companies whose advertisements were televised nationally during the Super Bowl.

Alluding to the upset of the hitherto undefeated Patriots by the underdog New York Giants, an Akamai spokeswoman wrote in an e-mail, "Not only were the final results of the game surprising, but Web traffic patterns also proved different than expected."

Akamai attributed the unusual Web traffic patterns to several factors, including a suspenseful game.

The company noted that this year's Super Bowl TV ads included fewer "cliff hangers" - ads in which viewers were encouraged to see the ending online - than in years past.

And some televised advertisers didn't include mention of their websites in their ads, Akamai said.

Akamai said it is expecting today to be a big day for Web traffic as consumers find their favorite ads online to replay; this phenomenon became popular last year, and it appears to likely be the case again this year with the promotion during the game of the online collection of Super Bowl ads that is available on MySpace.com.
(By Chris Reidy, Globe staff)

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

Sentrigo signs up first UK partner

Sentrigo Inc. said today that PeteFinnigan.com Ltd. will offer its Hedgehog database security products in the United Kingdom and beyond.

Sentrigo of Woburn focuses on database security software, and it said that the PeteFinnigan.com has become a Sentrigo partner and will resell the Hedgehog Enterprise and Hedgehog IDentifier products.

PeteFinnigan.com is Sentrigo's first partner based in the UK, Sentrigo said.

PeteFinnigan.com specializes in Oracle database security audits and training and offers detailed Oracle security IT health checks and remediation, said Sentrigo, which added that it works with numerous international partners to reach customers worldwide.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:37 AM | Comments (0)

New Zealand firm taps Parametric tech

Parametric Technology Corp. of Needham said today that Tait Electronics Limited used Parametric software to design and develop its TP8100 series two-way hand portable radios.

Parametric Technology, which refers to itself as PTC, provides product lifecycle management, content management, and dynamic publishing solutions to more than 50,000 organizations worldwide.

By using PTC software, Tait Electronics of New Zealand was able to design, develop and deliver new radios to market in just under 20 weeks, a reduction of more than 60 weeks from previous new product introductions, according to Parametric Technology.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:33 AM | Comments (0)

Evergreen Solar files for public stock offering

Evergreen Solar Inc. said today it has filed a registration statement for a proposed offering of common stock that is expected to generate net proceeds of about $232 million.

The Marlborough company is a manufacturer of solar power products, and it said it plans to use some of the net proceeds of the offering to develop a new manufacturing facility in Devens.

To that end, Evergreen Solar said that it has filed a registration statement on Form S-3 with the US Securities and Exchange Commission and that it expects to conduct an underwritten public offering of 20 million primary shares of its common stock.

Evergreen Solar said it intends to grant the underwriters an option to purchase up to 3 million additional shares of common stock to cover over-allotments, if any.

According to the company, the net proceeds from the offering are expected to be approximately $231.9 million, or approximately $266.8 million if the underwriters' over-allotment option is exercised in full.

Deutsche Bank Securities Inc. is acting as sole book-runner and Lazard Capital Markets LLC, Pacific Growth Equities, LLC, Simmons & Company International and ThinkEquity Partners LLC are acting as co-managers, Evergreen Solar said.
(By Chris Reidy, Globe staff)

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

ClickSoftware lands China Olympics contract

ClickSoftware Technologies Ltd. announced today that it will help manage the field activities of hundreds of telecommunication technicians during the 2008 Olympic Games in China.

With offices in Burlington, the company is a provider of mobile workforce management and service optimization software, and it said it will be working on the project with its Chinese reseller, Xiangmin Technology.

The project aims to optimize the scheduling operations of several hundred technicians responsible for break/fix, installation, and maintenance work, ClickSoftware said, and the activities of these technicians will be centrally managed from the Olympic Games telecommunications control center.
(By Chris Reidy, Globe staff)

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

Study: Popular Super Bowl ads bump stock price

Lost a bundle from betting on the Pats in last night's Super Bowl? Well, there may be a way to recoup your losses.

According to researchers at the University at Buffalo School of Management and Cornell University, companies that air likeable Super Bowl ads get a bump in their stock prices.

The study examined 529 ads from 17 Super Bowls between 1989 and 2005, and to gauge the likability of ads, the researchers relied on ratings from USA Today's Ad Meter.

According to the study, companies with the most liked ads had higher than normal stock purchases on the days following the big game, and higher volume increased the companies' stock prices.

A check of USA Today's website this morning found that a Budweiser ad from the Anheuser-Busch Cos. ranked tops among last night's ad; the winning ad's theme had a firehouse dog overseeing the training of a horse who yearns to be a member of Budweiser's famous Clydesdale team.

But take note: Investing on Wall Street can be as risky as betting this month's rent on the suddenly mortal Patriots.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:17 AM | Comments (0)

February 1, 2008

Shire's Lexington project moving ahead

State and local officials said Shire PLC appears to be moving forward with a $350 million expansion project in Lexington that would create 680 jobs, despite threats last year to build elsewhere.

Last fall, the British drugmaker threatened to cancel part of the project in Lexington unless Massachusetts offered enough of an incentive package. But Daniel O'Connell, the state's secretary of Housing and Economic Development, said today that "every indication" is that Shire has decided to proceed with the Lexington project, since state leaders pledged to secure $40.5 million in incentives.

Also, Lexington officials said the company is going to go forward with the permitting process.

At least a portion of the incentives, however, are expected be included in Governor Deval Patrick's life sciences legislation, which hasn't been approved yet. Shire could not immediately be reached for comment.
(By Todd Wallack, Globe staff)

Posted by globebusiness at 4:57 PM | Comments (0)

Merrill Lynch fires Springfield brokers

Merrill Lynch & Co. today fired the two brokers who sold $14 million in high-risk investments to the city of Springfield last year.

The dismissal came a day after the Wall Street firm agreed to reimburse the city for its losses on those securities, which plunged in value in the subprime mortgage collapse last year. Merrill Lynch spokesman Bill Halldin said yesterday that the firm believed the Springfield situation to be "unique."

But the Massachusetts Securities Division yesterday filed an administrative complaint against Merrill and the brokers, Carl J. Kipper and Manuel Choy of upstate New York, seeking fines and an order to prevent Merrill or the brokers from selling unsuitable investments to other municipalities.

Merrill Lynch, which had negotiated with state Attorney General Martha Coakley in the deal to repay Springfield, said it was "puzzled by this suit. We have been cooperating with Mr. Galvin's office in its inquiry."
(By Beth Healy, Globe staff)

Posted by globebusiness at 4:52 PM | Comments (0)

Patrick sticks by life-sciences jobs prediction

Governor Deval Patrick told reporters at a life sciences event today at the University of Massachusetts Boston that he is "very" confident that his $1 billion life sciences initiative will create 250,000 jobs over the next decade, despite skepticism by some economists and industry analysts.

Researchers from the UMass Donahue Institute predicted today that life sciences employment is likely to grow at a 1.3 percent annual growth rate from 2006 to 2014 -- double the 0.7 percent growth rate for all professions in Massachusetts, but far short of the growth Patrick officials have projected for the life sciences industry if the governor's proposal is approved.

Still, the UMass researchers said they didn't try to account for the impact Patrick's legislation could have on industry growth. Daniel O'Connell, the state's secretary of Housing and Economic Development, said it is "premature" to commission an independent study to verify that the 250,000 estimate is accurate, because the legislation hasn't been finalized.

The sector currently employs about 60,000 to 75,000 workers.
(By Todd Wallack, Globe staff)

Posted by globebusiness at 4:04 PM | Comments (0)

Boston homeowner wins another eviction stay

Melonie Griffiths-Evans won a stay of eviction for the second consecutive week after protesters threatened to rally outside her Dorchester home.

Griffiths-Evans, foreclosed in November, first faced eviction on Jan. 23.

Protesters organized by City Life/Vida Urbana gathered to impede a constable sent to remove her and her possessions, and the eviction was postponed at the last moment. It was rescheduled for yesterday morning by Ocwen Financial Corp., which is responsible for reselling the building.

Then it was postponed again.

An Ocwen spokesman said the Florida company would wait while Griffiths-Evans met with ESAC, a local housing counseling agency.

"We're going to try to come up with a solution that will satisfy all parties," said the spokesman, Bill Rinehart. "I don't know that we'll be able to do that, but that's what we're trying to do."

Ocwen is able to help about 80 percent of troubled customers avoid foreclosure, Rinehart said. Even so, the company currently is selling 83 foreclosed homes in Massachusetts, according to its Web site.
(Binyamin Appelbaum, Globe staff)

Posted by globebusiness at 3:50 PM | Comments (0)

Loan pool launched for Lawrence fire victims

Sovereign Bank announced that in conjunction with Massachusetts State Treasurer Timothy P. Cahill, it has established a $5 million loan pool to assist victims of last month's massive fire in Lawrence.

The loans, which will be offered at or below market rates, will be available to all victims impacted by the fire to help the city of Lawrence and its property owners rebuild in the affected area, the bank said.

According to a recent story in the Globe, a Jan. 21 fire damaged nine residential and commercial buildings and left as many as 150 people homeless.

Sovereign Bank is a unit of Sovereign Bancorp Inc., a Pennsylvania-based holding company.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:18 AM | Comments (0)

ImmunoGen earns $1.5m milestone payment

Cambridge biopharmaceutical company ImmunoGen Inc. said today it has earned a $1.5 million milestone payment in connection with a drug candidate for treating certain types of tumors.

ImmunoGen said that Biogen Idec Inc., also of Cambridge, has submitted an investigational new drug application for BIIB015, which is comprised of ImmunoGen's cell-killing agent, DM4, linked to Biogen Idec's Cripto-targeting antibody.

That event triggers a $1.5 million milestone payment to ImmunoGen, said the company, which added that BIIB015 is in development by Biogen Idec for the treatment of solid tumors that express the Cripto antigen.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:15 AM | Comments (0)

AthenaHealth cancels public offering

Athenahealth Inc., which provides online services for medical group practices, said today that it filed with the Securities and Exchange Commission to withdraw a proposed public offering, due to market conditions.

The registration statement for the stock sale was originally filed on Jan. 7. No securities had yet been sold.

The company currently has about 32.3 million shares outstanding. (AP)

Posted by globebusiness at 9:04 AM | Comments (0)

Meredith & Grew joins Colliers International

Boston-based commercial real estate firm Meredith & Grew said today that it has joined Colliers International USA.

Colliers International is the second largest real estate firm in the world and has revenues in excess of $1.6 billion, currently operating in 95 cities in U.S. and more than 267 cities worldwide, noted Meredith & Grew, adding that the addition of Meredith & Grew meets a Colliers’ strategic objective to broaden its reach into the Northeast.

Meredith & Grew said it will transition to the Colliers brand and be known as Colliers Meredith & Grew.

Tom Hynes will remain as chairman, along with Kevin Phelan as president and executive vice president Ron Perry as head of brokerage, the firm said.

"This is a great opportunity for Meredith & Grew to have the advantages of a global platform to enhance our long-standing relationships in Boston," Perry said in a statement.
(By Chris Reidy, Globe staff)

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

Yankee Candle joins heart program

Yankee Candle Co. announced its third annual "Light a Candle for Your Heart" program to support the American Heart Association's national Go Red For Women movement.

The Deerfield company designs and markets premium scented candles .

Yankee Candle said it will donate $1 from the purchase of each customized, limited edition Yankee "Go Red" Candle as well as from the purchase of a selection of other red candles including black raspberry, sweet strawberry, and mandarin cranberry.

Through the "Light a Candle for your Heart" program, Yankee Candle said it contributed over $150,000 over the last two years to help address the top killer of women in the United States - heart disease.
(By Chris Reidy, Globe staff)

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

Raytheon tech powers Super Bowl sea broadcast

Many US Navy sailors at sea won't miss out on Sunday's Super Bowl between the Patriots and the New York Giants, thanks in part to Raytheon Co., the Waltham-based defense contractor.

Sailors and Marines aboard ships in the Pacific will be able to catch the National Football League's Super Bowl this Sunday while at sea because of technology developed, maintained, and operated by Raytheon, the company said.

For more than a decade, the Raytheon-developed Global Broadcasting Service (GBS) military satellite communications system has provided high-speed, multimedia broadcasts of information to military and government decision makers, the company said.

This weekend, in coordination with the Navy and the American Forces Radio and Television Service, GBS will broadcast Super Bowl XLII to military service men and women stationed away from home who would otherwise not be able to enjoy it, Raytheon said.
(By Chris Reidy, Globe staff)

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

Brown Rudnick donates $25k to Mock Trial Program

Boston-based law firm Brown Rudnick donated $25,000 to the Massachusetts Bar Association's 2008 Mock Trial Program, the association said.

The high school mock trial competition began its 23rd year last month, said the association, nothing that last year, Sharon High School won the state championship and placed seventh in the national tournament.

Brown Rudnick has been the exclusive financial underwriter of this program, contributing a quarter million dollars since 1998, the association said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:33 AM | Comments (0)

IRS offers expanded hours in February

The Internal Revenue Service said its Taxpayer Assistance Center in Boston will offer expanded hours in February to help lower income taxpayers.

The Boston center will be expanding service to area taxpayers eligible for the Earned Income Tax Credit by opening its doors on three Saturdays in February, the IRS said.

The extra days and hours are being added to the Boston IRS walk-in office’s schedule to help lower–income taxpayers who may not be able to seek assistance during the work week, the IRS said.

The Earned Income Tax Credit is a refundable credit which can result in a refund of more than $4,700 for eligible taxpayers in the Boston area, said the IRS, adding that taxpayers with incomes of $39,783 or less may be eligible to claim this credit, depending on their filing status.

The Boston IRS walk-in will be open tomorrow, Feb. 9, and Feb. 16 from 8:30 a.m. to 12:30 p.m., the IRS said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:27 AM | Comments (0)