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August 31, 2007

Dynamics Research gets $1.5m Air Force order

Dynamics Research Corp. said that it was awarded a $1.49 million task order by a US Air Force design-and-engineering program.

Dynamics Research, an Andover-based company that provides mission-critical technology management services and solutions for government programs, said the task order will support the C/KC-135 Aircraft Systems Engineering Program.

Under the task order, Dynamics Research and subcontractor General Atomics, a California research-and-development firm, will perform engineering design, prototype, and system level testing to obtain data required for the project's airworthiness certification, Dynamics Research said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:15 AM | Comments (0)

BTU partners with DEK International

BTU International Inc., a Billerica-based supplier of advanced thermal processing equipment, announced today a strategic partnership with DEK International.

The goal of the partnership is to furnish photovoltaic manufacturers with "turnkey solar-cell metallization solutions," the firms said.

DEK International is a business of Dover Corp. of New York, a worldwide diversified manufacturer of industrial products.

DEK's specialty is providing printing equipment and processes for the high-accuracy mass imaging of electronic materials.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:12 AM | Comments (0)

American Dental buys Minn. firm

American Dental Partners Inc., which works as a business partner to dental practices, said today that it will buy Metropolitan Dental Holdings Inc. for $85 million in cash.

American Dental Partners will also pay an earnout of up to $10 million in 2008 based on Metropolitan Dental's earnings before interest, taxes, depreciation and amortization for the fiscal year ending Dec. 31.

The acquisition will be funded by American Dental's revolving credit facility, which is being expanded to $130 million, and an interim credit facility of up to $100 million.

The deal is expected to close in the fourth quarter of 2007, pending customary closing conditions and regulatory approval.

Minnesota-based Metropolitan Dental, controlled by private equity firm Sentinel Capital Partners, is a multi-specialty dental group with more than 90 dentists, 34 dental facilities in the Minneapolis-St.Paul area, and a dental lab. (AP)

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

Boston-area executives hit the road

Massachusetts executives could be hard to find next week, and it won't be just because they're vacationing on the Vineyard or soaking up R&R in the Berkshires.

A slew of investor conferences are scheduled for early September, and local companies will be well represented.

Here's just a sampling of some road-show itineraries and a random list of those who are booked to make presentations.

Mercury Computer Systems Inc., a Chelmsford-based provider of computer systems and software for data-intensive applications, said members of its management team will make a presentation at a Kaufman Brothers Investor Conference in New York Sept. 5 and 6.

Instead of a day at the beach, it will be a day in the Big Apple for Ofer Gneezy; at the Kaufman Brothers conference, chief executive Gneezy of Burlington-based iBasis Inc., a global VoIP company, is expected to discuss the company's pending transaction with Royal KPN, a Dutch national carrier.

Also in New York next week will be chief financial officer Ken Goldman of Salary.com of Waltham; he's scheduled to brief investors on the company's on-demand compensation management solutions at the Citigroup 2007 Technology Conference.

In Vienna, meanwhile, plans call for executives from Boston Scientific Corp., the Natick-based medical device company, to announce results from a clinical Taxus stent trial at the European Society of Cardiology Congress.

Not everyone with a stock-options plan will be roaming far afield and burning up the frequent-flyer miles in the quest for investor dollars.

Indeed, one local venue that could be chock-a-block with executives is the Four Seasons Hotel in Boston, where merchant bank Thomas Weisel Partners has booked a healthcare conference from Sept. 7 through Sept. 9.

Among locals planning to attend Thomas Weisel events are Mike Bonney, chief executive of Lexington's Cubist Pharmaceuticals Inc., and Alexis Borisy, chief executive of CombinatoRx Inc.of Cambridge.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:52 AM | Comments (0)

Income triples at Skillsoft

SkillSoft PLC, a provider of electronic education products, said today that fiscal second-quarter income nearly tripled after the company added the results of an acquired unit to its books.

Net income in the quarter ended July 31 rose to $12.4 million, or 11 cents per share, from $4.8 million, or 5 cents per share, last year.

The latest year includes acquisition related charges of $8.5 million and amortization expenses of $5.5 million, among other one-time items that cut into the bottom line.

Revenue at the Nashua, NH-based company rose 28 percent to $71.5 million from $55.7 million last year, boosted by the company's acquisition of NETg, a provider of continuing corporate education and training services, earlier this year. (AP)

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

LTX swings to loss

Semiconductor-testing equipment maker LTX Corp. said Thursday its fiscal fourth-quarter results swung to a loss, hurt by weaker sales.

For the three months ended July 31, the company reported a loss of $4.2 million, or 7 cents per share, compared with a profit of $13.9 million, or 22 cents per share, in the year-ago period.

Sales for the quarter fell 55 percent to $30.1 million from $67.4 million the same period last year.

For the fiscal full year, LTX reported a loss of $10.7 million, or 17 cents per share, compared with earnings of $12.2 million, or 20 cents per share, in fiscal 2006.

Sales for the year totaled $147.6 million, down 32 percent from $216.5 million last year.

LTX's fourth-quarter results reflect continued weakness in the semiconductor test market, said Chief Executive David G. Tacelli in a release. But he is encouraged by the number of products the company's customers have in the pipeline that will require testing. (AP)

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

Newburyport bank announces scholarship

The Institution for Savings, a Newburyport-based bank, said its charitable foundation will award a $15,000 scholarship to a high school student who lives in the three districts where it maintains community banking offices.

According to the bank's website, it currently has offices in Newburyport, Ipswich, and Salisbury.

Starting in 2008, the bank will award the scholarships to graduating students from Newburyport and Triton Regional High Schools and from Ipswich High School, the bank said.

Though the selection criteria have not yet been finalized, eligibility will be based on a combination of academic achievement, community service, and financial necessity, the bank said.
(By Chris Reidy, Globe staff)

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

Report: Boston commercial real estate near peak

Boston's commercial real estate market is "almost at the peak achieved in 2000" after several years of upward movement, Jones Lang LaSalle said in a new report.

Jones Lang LaSalle is a real estate money management and services firm headquartered in Chicago, and its report on the Boston commercial real estate market was authored by William P. Barrack, a managing director.

Because of constrained supply and "robust leasing velocity," the vacancy rate has "plummeted by 57 percent to only 4.6 percent in the second quarter of 2007," he wrote.
(By Chris Reidy, Globe staff)

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

Ikea plans new campaign

Ikea, the iconic Scandinavian brand whose furnishings can be found in the homes of college students and other young people, plans to launch an advertising campaign next week, one of its publicists said.

Titled "Home is the Most Important Place in the World," the campaign is "designed to capture the emotional feeling and highlight the importance of the home in America," according to the publicist. Ikea's Massachusetts' home, by the way, is Stoughton.
(By Chris Reidy, Globe staff)

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

Romance novel contest enters finals

For those whose Labor Day weekend plans aren't already gridlocked with beach visits, bike rides, and barbecues, Gather.com suggests putting a little romance reading on your downtime to-do list.

Gather.com, a Boston-based social media website for adults, is sponsoring a talent competition to find aspiring romance novelists, and it said it received "299 eligible manuscripts" during the contest's entry period.

Starting today and running through Oct. 8, votes can be cast for your favorite novel at http://www.romancenovel.gather.com, the firm said.

The grand prize winner of the competition will receive a guaranteed publishing contract with the Pocket Books imprint of Simon & Schuster, along with a $5,000 advance, and distribution at Borders Group Inc. book stores and at other book retailers, Gather.com said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:05 AM | Comments (0)

August 30, 2007

Judge narrows fight over Guidant

A US court dealt a blow to Johnson & Johnson in its $5.5 billion lawsuit over the sale of Guidant Corp. to Boston Scientific Corp., dismissing some claims and allowing only part of the case to proceed.

The ruling, made public today, throws out the case against Abbott Laboratories Inc. but allows J&J to go ahead with its claim against Guidant for breach of contract.

J&J last year lost its battle to acquire Guidant, a medical device maker, to Natick-based Boston Scientific. It sued Guidant, Boston Scientific, and Abbott, which played a secondary role in the deal, in September.

"This case arises from a proposed merger that left plaintiff Johnson & Johnson with a broken heart," US District Judge Gerard Lynch in New York wrote.

Lynch granted a motion by Abbott to dismiss it from the lawsuit. He also granted dismissal of a claim against Boston Scientific for interference with contract and a claim against Guidant for breach of an implied duty of good faith and fair dealing.

But he denied requests from Boston Scientific and Guidant for dismissal of J&J's claim against Guidant for breach of contract.

The judge said he let that claim stand because a merger agreement between J&J and Guidant "‘makes clear that Guidant was not allowed to solicit bids."’

Guidant had originally agreed to be acquired by J&J. It paid J&J a $705 million to walk away from the deal. But J&J claimed it was entitled to further damages.

J&J said it would continue to pursue the case.
(Reuters)

Posted by globebusiness at 3:56 PM | Comments (0)

Friendly's sale completed

Sun Capital Partners Inc., a Florida-based private investment firm, said today that one of its affiliates has completed the acquisition of Friendly Ice Cream Corp.

Headquartered in Wilbraham, the Friendly's chain is made up of 515 family friendly company-owned and franchise restaurants; the company also makes ice cream that is distributed through more than 4,000 supermarkets and stores.

Friendly announced in June that it had agreed to be acquired by Sun Capital for $337.2 million, and Friendly said its shareholders approved that sales agreement yesterday.

Sun Capital is no stranger to restaurant chains with local roots; it just completed the acquisition of the Boston Market chain from McDonald's Corp.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 2:51 PM | Comments (0)

Turnpike station conversions begin next week

Gas service at the Massachusetts Turnpike's Westborough service plaza will be shut down from Tuesday through Saturday next week as Gulf Oil LP begins switching its turnpike gas stations from the Exxon brand to Gulf.

Turnpike spokesman Macdonald J. Daniel said this afternoon all 10 other turnpike plazas will remain open from Sept. 4 to Sept. 8 as work is underway the Westborough plaza, on the westbound side of the toll road. Work will have no impact on travel through Labor Day Weekend, three of the busiest days of the year for travel on the turnpike, Daniel said.

The current schedule for other plaza closings to accommodate replacing the Exxon brand with Gulf, Daniel said, is:

-- Week of Sept. 10: Blandford, between exits 2 and 3, eastbound and westbound plazas.
-- Week of Sept. 17: Lee, between exits 1 and 2, eastbound and westbound plazas
-- Some time after Sept. 24: Plazas in Charlton (both ways), Framingham (westbound), and Natick (eastbound).

Gulf and the Turnpike Authority hope to have the project completed by mid-October.

In addition to changing the brand and converting shops to Gulf Express, Newton-based Gulf said it will install faster-dispensing pumps and speedier credit-card transaction processing equipment.

The 11 Turnpike service plazas also will offer free coffee to late-night travelers between 10 p.m. Monday and 5 a.m. Tuesday, Daniel said.
(By Peter J. Howe, Globe staff)

Posted by globebusiness at 2:34 PM | Comments (0)

Union official to throw out first pitch

The Massachusetts AFL-CIO said its president, Robert J. Haynes, is scheduled to throw out the first pitch at Fenway Park before a Labor Day game between the Red Sox and the Toronto Blue Jays.

The union is mounting an effort to reclaim Labor Day and remind Americans that it is more than just a day off.

"The reality is, Labor Day should mean more now than ever," Haynes said in a statement. "The Labor movement is still struggling to gain basic rights for American workers and faces increasing resistance from the corporate world and elected officials who favor big business instead of the men and women who work every day to create the great wealth of America."

As for the chance to throw out the first ball at Fenway, Haynes added, "Tim Wakefield and Josh Beckett have nothing to worry about."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:50 PM | Comments (0)

Boston Scientific pays $16.7 million settlement

Boston Scientific Corp. said today that three of its subsidiaries agreed to pay $16.75 million and extend the warranty on some of its heart devices as part of a settlement with state attorneys general.

The affected devices were manufactured by Indianapolis-based Guidant Corp., which Boston Scientific acquired last year. A Boston Scientific spokeswoman said these defibrillators had been recalled during the past two years due to the possibility of malfunction.

Guidant Corp., Cardiac Pacemakers Inc. and Guidant Sales Corp. will pay a total of $16.75 million and admit no liability, under the terms of the agreement, according to a Boston Scientific statement. The agreement was reached with the attorneys general of 35 states and the District of Columbia

The subsidiaries also agreed to extend the supplemental warranty program for these devices by an additional six months and reaffirmed their commitment to implement changes recommended by a panel commissioned by Guidant in 2005.

The agreement is associated with Guidant Corp.'s Ventak Prizm 2DR Model 1861, Contak Renewal Model H135 and Contak Renewal 2 Model H155 devices.

Since June 2005, Guidant has issued safety warnings or recalled more than 88,000 defibrillators and has recalled or issued warnings on about 200,000 pacemakers.

Shares of Boston Scientific fell 9 cents to $12.76 in midday trading. (AP)

Posted by globebusiness at 1:19 PM | Comments (0)

Pressure BioSciences gets Canadian patent

Pressure BioSciences Inc. said today it has been issued its first patent in Canada, which covers the company's pressure cycling technology.

According to the West Bridgewater-based company, its technology has the potential to play a significant role in improving the speed, ease-of-use, and sensitivity of diagnostic and research tests currently used today in the laboratories of life-sciences companies in their quests for new drugs.

Pressure BioSciences said it already has patents covering its technology in such countries as the United States, Japan, and Germany.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:40 AM | Comments (0)

Macy's hosts more Ticketmaster locations

Ticketmaster, a California-based company that sells tickets to concerts and sports and cultural events, announced today the opening of 38 new sales locations in department stores operated by Macy's Inc.

Among the Macy's stores with a new Ticketmaster location are stores in Boston, Burlington, and Chestnut Hill, Ticketmaster said.

Ticketmaster is a unit of IAC/InterActiveCorp, an interactive commerce business.

Ohio-based Macy's is a retail chain with more than 800 stores.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:39 AM | Comments (0)

Lycos partners with Disney ABC

Lycos Inc. has announced it will provide an online "moderated chat experience" for fans of the Disney ABC Family Television series "Kyle XY."

Waltham-based Lycos styles itself as an online community destination for video and entertainment content, and last year, it debuted something it calls "Watch & Chat" technology.

An early example, cinema.lycos.com, allowed groups of film buffs to watch the same movie simultaneously, and because there is a built-in chat room, viewers can type messages to one another and offer text commentary on the movie's action.

In June, Lycos teamed with Disney ABC Family Television to run 13 original weekly episodes of the "Kyle XY" series on its Watch & Chat platform.

Now through Sept. 4, fans can visit the kylexy.lycos.com website to submit questions and chat with the stars of the show while watching an episode in "synchronous real time," Lycos said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:30 AM | Comments (0)

Long-term mortgage rates fall slightly

Long-term mortgage rates fell slightly over the last week while shorter term rates moved upward, mortgage giant Freddie Mac reported today.

The rate for a 30-year fixed-rate mortgage averaged 6.45 percent for the week ending today, down from the previous week when it averaged 6.52 percent; a year ago, the rate averaged 6.44 percent, Freddie Mac said.

One-year Treasury-indexed hybrid adjustable-rate mortgages averaged 5.84 percent over the last week, up from the previous week when it averaged 5.6 percent, Freddie Mac said.

Referring to adjustable-rate mortgages as ARMs, Freddie Mac chief economist Frank Nothaft said in a statement. "The increase in ARM rates is consistent with movement on the yields on short-term Treasury securities, which have exhibited higher volatility recently due to market uncertainties."
(By Chris Reidy, Globe staff)

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

Sales up at CVS

CVS Caremark Corp., the Rhode Island company best known for its CVS/pharmacy chain, said today that its same-store sales rose 4.9 percent for the four-week period ending Aug. 25 when compared with the same period in 2006.

Same-store sales, which measure activity at stores open at least a year, are considered a key barometer of a retailer's health.

CVS of Woonsocket said that the recent introduction of generic drug products had a slight negative impact on its sales of pharmacy products.

During the four-week period, CVS said it opened 15 stores, closed three, and relocated 13 others.

Earlier this year, CVS paid $26.5 billion to acquire Caremark Rx Inc. of Nashville, a pharmacy benefits management company.

Analysts said the acquisition would give CVS more bargaining power in negotiating discounts from pharmaceutical companies.
(By Chris Reidy, Globe staff)

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

Loss narrows at Novell

Business software developer Novell Inc. said Wednesday its fiscal third-quarter loss narrowed as maintenance and subscription revenue rose and sales costs declined.

For the quarter ended July 31, Novell posted a loss of $3.4 million, or a penny per share, compared with a loss of $6.5 million, or 2 cents per share, in the year-ago quarter. Excluding special items, income per common share from continuing operations totaled $16.1 million, or 5 cents per share.

Revenue climbed to $243.1 million from $236.3 million in the same quarter last year.

Analysts polled by Thomson Financial expected third-quarter earnings of 2 cents per share on revenue of $234.8 million. These earnings estimates tend to exclude special items.

Novell said its maintenance and subscription revenue climbed year over year to $124.8 million from $117.5 million.

For the rest of the fiscal year, Novell reiterated its expectation for revenue between $925 million and $955 million, in line with previous guidance.

Novell expects to beat its previous guidance for adjusted income from operations of up to $10 million.

Novell shares added 12 cents to $6.91 in after-hours trading, after finishing regular trading up 14 cents at $6.79. (AP)

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

Smith & Wollensky purchase completed

Bunker Hill Capital L.P., together with restaurateurs Nick Valenti and Joachim Splichal, said they have completed the acquisition of the Smith & Wollensky Restaurant Group, a New York-based chain of steak houses.

Bunker Hill Capital of Boston is a private equity firm whose portfolio includes an investment in the company that operates the Papa Gino's pizza and the D'Angelo Grilled Sandwiches chain.

The new owners said an acquisition vehicle that they formed acquired Smith & Wollensky in a go-private transaction via an all-cash merger at a price of $11 per share.

Bloomberg News valued the transaction at $94.6 million.

The new owners plan to expand the chain to other major cities in the United States; the chain already has restaurants in such locations as Boston, Miami, Beach, and Chicago.

The transaction was announced in May.
(By Chris Reidy, Globe staff)

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

Shaw's re-opens expanded Cambridge store

Shaw's Supermarkets Inc. said it has scheduled a grand re-opening tomorrow of a Cambridge store with a new format that features expanded offerings of organics and prepared foods as well as new service departments.

The store is located at 699 Mt. Auburn St., and among its features are a butcher shop, a seafood bar, and a wok bar, the company said.

West Bridgewater-based Shaw's is part of Supervalu Inc. of Minnesota, a supermarket retailer and food distributor.
(By Chris Reidy, Globe staff)

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

Benson joins Sapient board

Sapient Corp., a Cambridge-based global services company, announced that James M. Benson has joined its board of directors.

Benson is a former chief executive and president of John Hancock Life Insurance, which merged with Manulife Financial Corp. in 2004, Sapient said.
(By Chris Reidy, Globe staff)

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

Nuance powers TomTom devices

Nuance Communications Inc. of Burlington said today that its speech technology has been selected to help power some navigation devices marketed by TomTom, a navigation solutions provider with roots in Amsterdam and offices in Concord.

Nuance, a provider of speech and imaging solutions, said its voice-powered input feature will make new versions in TomTom's Go family of navigation devices easier to operate.

According to Nuance, drivers can simply speak the address they want to drive to instead of having to type out a destination on a device's touch-screen keypad.
(By Chris Reidy, Globe staff)

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

Mintz Levin Financial recognized

Mintz Levin Financial Advisors LLC noted that it has been named one of the top 100 independent financial advisors in the United States by Barron's.

The advisors group is an affiliate of Boston law firm Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo P.C.
(By Chris Reidy, Globe staff)

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

August 29, 2007

Friendly's shareholders OK takeover

The restaurant operator Friendly Ice Cream Corp., of Wilbraham, today said its shareholders have approved a $337 million acquisition offer by Freeze Operations Inc., an affiliate of Sun Capital Partners Inc. of Boca Raton, Fla.

About 98.5 percent of shares were voted in favor of the deal.

Shareholders will receive $15.50 per share. The deal is expected to close on Thursday.
(AP)

Posted by globebusiness at 7:49 PM | Comments (0)

Ex-Wendy's operator accused of not paying wages

The former owner of 13 Wendy's restaurants in Western Massachusetts has been arraigned on charges he failed to pay his workers.

The restaurants, from Pittsfield to Palmer, closed abruptly last month, leaving hundreds of employees without paychecks.

Robert Burda of Dublin, Ohio, pleaded not guilty today in Springfield to multiple counts of nonpayment of wages and larceny by check.

Wendy's says Burda will no longer be allowed to operate their franchises. The burger chain also offered financial assistance to the workers.

Attorney General Martha Coakley's office says nearly 100 employees have filed complaints.
(AP)

Posted by globebusiness at 2:22 PM | Comments (0)

Delta expands Philadelphia service

Delta Air Lines is shaking up the Boston-Philadelphia air travel market, taking on US Airways and AirTran Airways with four new daily flights starting Nov. 5.

Flights, on 50- and 70-seat regional jets, will leave Logan International Airport at 7 a.m., 11 a.m., 3 p.m., and 6 p.m. and return from Philadelphia International Airport at 7 a.m., 9 a.m., 1 p.m., and 5 p.m. Flight time is usually estimated at 90 to 95 minutes, Delta said this morning. Its website didn't yet show fares as of noon and a spokeswoman couldn't immediately say what fares are planned.

US Airways, which uses Philadelphia as a hub, now dominates air travel between the Hub and the City of Brotherly Love, carrying 69 percent of passengers and charging an average round-trip fare of $288, according to FareReport.com, a website that analyzes US Transportation data. AirTran has 20 percent of the route, the website shows. US Airways has 17 flights, roughly hourly from 5:30 a.m. to 8:45 p.m., on weekdays and AirTran makes three weekday Boston-Philadelphia flights.

Delta last winter began offering regional-jet service from Logan to Trenton, N.J., about 30 miles northeast of Philadelphia.
(By Peter J. Howe, Globe staff)

Posted by globebusiness at 1:06 PM | Comments (0)

AirTran to restart Fort Myers flights

AirTran Airways is resuming for a second year cold-weather-season flights from Logan International Airport to Fort Myers, Fla.

AirTran said this morning it will start a daily 7:10 a.m. flight from Boston to the Southwest Florida International Airport cq Nov. 7, and add a second departure on Feb. 14 at 6 p.m., right when the Boston Red Sox begin their spring training camp in Fort Myers.

Return flights are initially daily from Fort Myers at 4:15 p.m., with a second 8 a.m. return flight starting Feb. 14. Its website shows fares as low as $198 round-trip, up to $768 for business class.

Delta Air Lines dominates non-stop service between Boston and Fort Myers, controlling 92 percent of the market with average round-trip fares of $242, according to FareReport.com, a website that analyzes US Transportation Department data.

AirTran first began Boston-Fort Myers service last Jan. 4 and, as planned, suspended it in April.
(By Peter J. Howe, Globe staff)

Posted by globebusiness at 12:45 PM | Comments (0)

Boston-area firm unveils iPhone application

Local software company 1stWorks Corp. announced the launch of Files2Phones - an application that instantly displays the contents of files from any remote PC on an iPhone.

In other words, any application that can be opened on a person's PC can now be viewed remotely and securely on his or her iPhone, the new mobile product from Apple Inc. of California, 1stWorks said.

With headquarters in Norfolk, 1stWorks is a real-time software communications company with solutions for secure collaboration, conferencing, and multimedia content delivery.

Files2Phones is available for download from http://www.myf2p.com for a free trial; licenses can be purchased online for $29.95 for three months or $99.95 for a year, the company said.
(By Chris Reidy, Globe staff)

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

Mass. man is Heinz video contest finalist

It combines a bit of YouTube and a bit of American Idol, and this competition may be the biggest thing to hit ketchup since the wide-mouth bottle.

H J Heinz Co., a Pittsburgh outfit known for pickles and condiments, has mounted a "Top This" challenge to all aspiring video artists to come up with the next great TV ad for Heinz Ketchup.

According to Heinz, 4,157 qualified video entries have been submitted, and the field has been whittled down to 15 semi-finalists.

Through Sept. 10, ketchup lovers can vote for their favorite entry on the website topthistv.com, the company said.

The winner will receive $57,000 and see his or her commercial air during the Primetime Emmy Awards on Sept. 16; four runner-up ads will air the following day on The Today Show.

One semi-finalist has Massachusetts roots. According to Heinz publicists, Michael Moretti is a Wilbraham native now trying to break into the film industry in Southern California.

Moretti's entry, titled "Heinz Sight," unfolds in a biker bar where inspired by ketchup, tattooed bruisers break into a Busby Berkeley-style song-and-dance routine.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:34 AM | Comments (0)

Kurrer promoted to top spot at Steinway

Musical instrument manufacturer Steinway Musical Instruments Inc. said today that it promoted Thomas Kurrer to the position of president.

Kurrer is succeeding Bruce Stevens, who is retiring after 22 years at Steinway. Stevens' tenure as president will end Dec. 31, at which time he will also step down as a member of the company's board of directors.

Kurrer, 58, joined Steinway in 1989 as a managing director in Germany. He currently heads up overseas operations. Kurrer will remain stationed in Germany and continue to run overseas operations as well.

Along with Kurrer's promotion, Steinway named Ron Losby, currently the managing director of British and European retail operations, to run operations in the Americas. Losby, 52, will oversee all of Steinway's business in North and South America beginning Jan. 1.

Steinway Musical Instruments Inc. is based in Waltham. (AP)

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

Phase Forward partners with AAIPharma

Phase Forward Inc. announced today a multiyear alliance with AAIPharma, a global contract research organization that will now offer services centered around two Phase Forward products.

Waltham-based Phase Forward is a provider of integrated data management products for clinical trials and drug safety.

With corporate offices in North Carolina, AAIPharma provides product development and support services to the pharmaceutical, biotechnology, and medical device industries.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:18 AM | Comments (0)

J. Tucci Construction opens Boston office

J. Tucci Construction, a firm that specializes in projects for high-end retailers, said today it is opening a headquarters office in Boston.

The firm said it will now have headquarters in both New York and Boston.

The firm is known for its work on the eighth floor of the Saks Fifth Avenue store in Manhattan, named 10022-SHOE, the only floor in the country to have its own zip code, J. Tucci said.

In Greater Boston, the firm said it has done work on a Saks and a Christian Dior store.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:15 AM | Comments (0)

Petitions to foreclose, auctions up again

Petitions to foreclose and auction announcements in Massachusetts rose again in July; it was the 18th straight month that announcements have risen compared with year-before numbers.

The numbers were contained in a report from the Warren Group, the Boston-based publisher of Banker & Tradesman and a provider of New England real estate data.

There were 2,185 petitions to foreclose filed in Massachusetts Land Court, up 66.5 percent from July 2006.

In June 2007, the Warren Group reported that the number of foreclosure filings by lenders was 2,309.

Auction announcement rose 130.2 percent to 1,128 in July 2007, the Warren Group reported.

Banks and lending companies scheduled 1,367 auctions of foreclosed Massachusetts homes in June.

"July held more of the same for Massachusetts homeowners," Warren Group chief executive Timothy Warren said in a statement. "More people are having trouble paying their mortgages, likely because rates on many are resetting, and more of those people getting into trouble are having a hard time getting out. They are finding it more difficult to refinance and resell, so more foreclosures are making it to the auction process."

Petitions to foreclose are the first step in the foreclosure process and do not always end in actual foreclosure, the Warren Group noted.
(By Chris Reidy, Globe staff)

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

UPromise launches new card at McDonald's

UPromise Inc. said today that fast-food giant McDonald's Corp. will be the first company to use its new gift card program that offers consumers college savings opportunities.

UPromise of Newton helps families to save money for college while making everyday purchases, and UPromise said its new gift card program offers "a unique opportunity for companies to differentiate themselves by creating a positive brand halo by demonstrating a commitment to help make a college education achievable," while also encouraging customer loyalty.

In addition to earning 1 percent in college savings rewards on the purchase of a McDonald's Arch Card or on the reloading of the card's balance, UPromise members will continue to earn rewards from the purchase of McDonald's gift certificates, UPromise said.

In other words, consumers will be credited money back for college every time they choose to load their card, UPromise said.
(By Chris Reidy, Globe staff)

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

T.F. Green airport garage refinanced

Meredith & Grew's Capital Markets group said today it has secured a $35.6 million refinancing loan for the owner of Garage C at the T.F. Green International Airport in Warwick, R.I.

Meredith & Grew, a Boston-based commercial real estate company, said it represented the borrower, New England Parking Co.

The 10-year, fixed-rate loan closed last month, and Citigroup Global Markets Inc., a conduit lender, financed the transaction, Meredith & Grew said.

Garage C, formerly known as Red Beam Garage, is a six-level parking facility with 1,500 spaces, Meredith & Grew said.
(By Chris Reidy, Globe staff)

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

Mortgage applications decrease

As America frets over problems in the subprime mortgage market causing a wider credit crunch, the Mortgage Bankers Association reported that mortgage applications decreased in its latest weekly survey.

For the week ending Aug. 24, the MBA index that measures the nationwide volume of mortgage loan applications was 615.2, a decrease of 4 percent on a seasonally adjusted basis from 641.1 one week earlier.

On an unadjusted basis, the index was up 10.6 percent compared with the same week one year earlier, the association said.
(By Chris Reidy, Globe staff)

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

5 win InnoCentive awards

InnoCentive Inc. announced that five people have been chosen to win awards in a competition to identify a biomarker for ALS/Lou Gehrig's Disease.

A Web-based community headquartered in Andover, InnoCentive helps corporate and nonprofit clients solve research-and-development problems by posting descriptions of these problems, called challenges, on a website visited by thousands of researchers, scientists, engineers, and mathematicians from around the world; those who solve a problem can qualify for financial awards.

Prize4Life, a nonprofit group seeking breakthroughs in ALS research, is working with InnoCentive to offer a total prize purse of $1 million for the successful identification of an ALS biomarker, InnoCentive said.

Five researchers will receive $15,000 each for their biomarker proposals for the first phase of the Prize4Life ALS Biomarker Challenge, InnoCentive said.
(By Chris Reidy, Globe staff)

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

Two studies detail CEO-worker pay gap

Here's something to ponder over Labor Day weekend: Chief executives last year averaged $10.8 million in total compensation, more than 364 times the pay of the average US worker, according to a new study by two advocacy groups, one of them from Boston.

And the top 20 private equity and hedge fund managers pocketed an average $657.5 million, or 22,255 times the pay of the average worker, claims the study, titled "Executive Excess 2007," which cited estimates by Forbes magazine.

The study was developed by the Institute for Policy Studies, a research group in Washington, D.C., and United for a Fair Economy, a Boston-based nonprofit group that seeks to influence budget and tax policy.

The study noted that the 20 highest-paid European corporate managers made only a third as much as the 20 highest earning US executives took home last year.

"The CEO-worker pay gap is finally getting some high-profile attention from presidential candidates," report co-author Sarah Anderson said in a statement. "But lawmakers still aren't doing enough to tackle the gap."
(By Chris Reidy, Globe staff)

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

August 28, 2007

State issues proposed rules for insurance competition

Massachusetts Insurance Commissioner Nonnie Burnes today proposed opening the state's regulated auto insurance market to greater competition, but she wants to bar insurers from using socio-economic factors such as marital status and education in setting rates.

A draft regulation written by the appointee of Democratic Governor Deval Patrick also forbids insurers from using data from credit reports in setting rates during a one-year transition to the new market.

"I have repeatedly expressed my extreme skepticism about socio-economic factors and my belief that prohibiting their use is good public policy and beneficial for consumers," Burnes said. "Using credit information for rating and underwriting purposes affects multiple lines of insurance -- not just auto -- and therefore requires further study."

The regulation will be discussed at a Sept. 20 public hearing before Burnes issues a final version in October. The market transition is expected to begin next April and be completed by March 31, 2009 -- a period when the issue of using credit scores will be studied.

Under the shift to so-called managed competition, companies would file their own rates with regulators, who would review them.

Burnes, a Superior Court justice since 1996, was appointed by Patrick in February. The next month, a panel appointed by Patrick recommended moving toward competition.

Nineteen insurers currently write auto insurance policies in Massachusetts -- far fewer than in most states, and nearly half the number that participated in 1990. Massachusetts in the only state where state regulators, not the market, set car insurance rates.

Decreasing claims have led to reduced rates in recent years, but critics have said rates would have been cut further had the state eased regulation.

Burnes introduced a plan to shift to a more open market last month, and has since been working on details. Tuesday's proposal comes two weeks after members of a state Senate panel expressed concerns that her plan wouldn't include enough protections to guard against potential discrimination by insurers.

Burnes said in an interview that she believes she has addressed all those concerns.

Laws already ban companies from using race or gender as a factor in determining insurance rates and deciding who to cover. Burnes' proposal would ban additional factors in rate-setting including income, marital status, education, occupation and homeownership.

Insurers would be limited to considering a motorist's experience and driving record as primary factors in setting rates.

Insurance companies have welcomed the shift toward a more open market, but some have opposed strict limits on which socio-economic factors they can consider. They argue that such factors can offer a sound basis for determining how likely a driver is to file an accident claim.

James Harrington, executive director of the Massachusetts Insurance Federation, a trade association of insurers, said Tuesday that Burnes' proposal takes "a responsible and measured approach."

Burnes said her proposal is "based on the principles of managed competition: reducing rates for good drivers regardless of where they garage their cars; sustaining a low number of uninsured drivers; maintaining stability in a small residual market and ensuring fairness for all drivers through bans on the use of socio-economic factors."

Burnes didn't offer a prediction on how many additional insurers might return to the Massachusetts market under her proposal, but said some have already expressed interest in coming back.

Attorney General Martha Coakley -- who plays a role under the current system in recommending how much of a rate increase or cut should be allowed -- has said the industry might not be ready for an open market. She wants the current system kept in place for at least another year.

Patrick's predecessor, Republican Governor Mitt Romney, proposed overhauling the state's regulated market, saying it drove away many discount insurers. Unlike Burnes, Romney had wanted to allow insurers to use certain factors such as marital status and credit scores in calculating individual rates. (AP)

Posted by globebusiness at 6:31 PM | Comments (0)

Ad firm has a new client: Chili's

Hill Holliday, of Boston, today said it has been selected as the advertising agency of record for Chili's Grill & Bar, a chain of 1,350 casual dining restaurants.

Terms of the agreement were not disclosed.

Chili's is part of Brinker International Inc., of Dallas. Hill Holliday is owned by the Interpublic Group of Cos. of New York, which owns ad agencies, public relations firms, and other kinds of marketing firms.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 4:18 PM | Comments (0)

Inverness cuts 107 jobs at California operation

Inverness Medical Innovations Inc., which has expanded its portfolio of medical diagnostic products through a series of acquisitions, has cut 107 positions from a California company it bought in June for $1.6 billion.

In a filing with the Securities and Exchange Commission, Waltham-based Inverness said the positions were eliminated from the San Diego operations of Biosite Inc. to trim costs.

The downsizing at Biosite, which makes tests for detecting heart disease, followed previous cuts of 56 positions, Inverness said.

Earlier today, Inverness, which sells over-the-counter pregnancy and fertility tests, disclosed a $36 million agreement to buy Matritech Inc., a Newton company that makes products for the early detection of cancer.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 3:32 PM | Comments (0)

Canton firm faces fine in fatal explosion

Federal regulators have fined a Canton electrical subcontractor $4,900 for an underground explosion that killed a worker in Waterbury, Conn., earlier this year.

The Occupational Safety and Health Administration cited American Electrical Testing Co. for ‘‘serious’’ safety violations that caused the underground explosion, which killed one of its electricians.

American Electrical was hired by Connecticut Light & Power for maintenance work on its underground system in downtown Waterbury.

David Squires, assistant area director for OSHA, said today that American Electrical has until about Sept. 10 to contest the decision.
(AP)

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

Lionbridge gets Maryland contract

Lionbridge Technologies Inc. has been awarded a five-year, $2 million contract to provide onsite foreign language interpretation services for Maryland, the company announced Monday.

Waltham, Mass.-based Lionbridge will work with departments and agencies within the Maryland government to address the communication needs of residents. The statewide contract will also allow county, municipal and other governments in Maryland to use the services.

According to a Census Bureau survey, 18 percent of residents in the United State do not speak English as their native language. Some 337 languages are spoken or signed in this country.

Last month in Rockville, charges against a man accused of raping and repeatedly molesting a 7-year-old girl were dropped because the court took too long to find an interpreter fluent in his native West African language. (AP)

Posted by globebusiness at 12:20 PM | Comments (0)

Hudson, Westborough merger advances

Hudson Savings Bank announced today that the legal aspects of its merger agreement with Westborough Bank has been completed.

The systems conversion of the banks is expected to occur Oct. 22; at that time the banks, operating as two divisions, will become one bank with a new name - Avidia Bank.

"The name Avidia Bank, derived from the root word avid meaning enthusiastic, will help differentiate us in the marketplace," Mark R. O'Connell, president and chief executive of Hudson Savings Bank, said in a statement.

Avidia Bank will have assets of about $1 billion and will have its headquarters in Hudson, with branches in Hudson, Westborough, Marlborough, Shrewsbury, Northborough, Clinton, and Leominster, the bank said.
(By Chris Reidy, Globe staff)

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

P&G details executive pay

Procter & Gamble Co said today that 70 percent of its top executive's $27.7 million in compensation in the latest fiscal year came in stock, restricted stock or stock options.

Chairman and Chief Executive A.G. Lafley's salary of $1.7 million was the same as in the three prior fiscal years, and his $3.5 million bonus, which is based on company performance, was unchanged from the previous two years.

Among other compensation, Lafley received $9.2 million in stock and $10.3 million in options. Most of his compensation stemmed from long-term incentive programs.

A year earlier, Lafley earned $5 million in restricted stock awards and $5.9 million in long-term incentive plan payments.

P&G, which makes Gillette razors and Pampers diapers, disclosed the details of Lafley's compensation in a proxy filing with U.S. regulators.

Lafley, 60, is required to hold eight times his base salary in P&G shares and/or restricted stock units. He is well above that threshold as he owns more than 30 times his base salary in stock, P&G said.

The company said 92 percent of Lafley's total compensation was predicated on P&G's performance.

Sales rose 12 percent to $76.5 billion in the fiscal year ended in June, aided by the October 2005 acquisition of Gillette and revamped products such as Pantene shampoo and conditioner and Swiffer cleaning kits. Sales, excluding the effects of mergers and foreign exchange, rose 5 percent, within the goal of 4 percent to 6 percent set for Lafley's incentive pay.

Earnings per share jumped 15 percent to $3.04 and were up 11 percent before the impact of dilution from Gillette, topping a 10 percent target.

Retired Vice Chairman James Kilts, the former Gillette chairman and CEO who left P&G on Oct. 1, received $9 million in salary, bonus and other compensation, P&G said.

Evelyn Y. Davis, a well-known shareholder activist who holds 800 P&G shares, is proposing at the Oct. 9 annual meeting in the company's hometown of Cincinnati that the board stop awarding stock options.

Last year, the same proposal from Davis, who did not attend the 2006 meeting, was defeated.

The Free Enterprise Action Fund, which owns 1,260 P&G shares, is proposing the board to report on any company policies and activities intended to promote free enterprise, improve the business environment and prevent anti-business activists from harming shareholder value.

People for the Ethical Treatment of Animals, which owns 70 P&G shares, is proposing the board report on the feasibility of phasing out Iams' funding for and use of laboratory tests on animals in favor of in-home testing methods. Iams, a unit of P&G, makes pet food for cats and dogs.

P&G's board recommended shareholders vote against all three of the shareholder proposals.

Shares of P&G, a component of the Dow Jones industrial average, were down 3 cents at $65.20 in morning New York Stock Exchange trade. (Reuters)

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

WGBH gets mobile media grant

Public broadcaster WGBH Boston said today it has received a $600,000 grant from the US Department of Education to support efforts to make handheld media accessible for people who are deaf or hard of hearing.

WGBH said it will use the money over three years to research and develop technical solutions for delivering captioned content to iPods, cellphones, PDAs and other mobile devices; the money is from the Department of Education's National Institute on Disability and Rehabilitation Research, WGBH said.

"From TV programs to school science experiments to corporate training presentations, more and more video content is being delivered through handheld media," Larry Goldberg, director of media access for WGBH, said in a statement. "Yet the 28 million Americans who are deaf and hard of hearing can't fully benefit from this content because it lacks captions."

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

Indevus requests FDA approval for Nebido

Indevus Pharmaceuticals Inc. said today it asked the Food and Drug Administration to approve its Nebido testosterone therapy, which is aimed at treating the hormone disorder male hypogonadism.

The injectible drug would be given in 1,000-milligram doses once every 12 weeks.

Indevus said the testosterone therapy market in the U.S. is worth more than $550 million.

Shares of Indevus rose 4 cents to $7.14 in morning trading. (AP)

Posted by globebusiness at 11:02 AM | Comments (0)

Epix gets $500k milestone payment

Epix Pharmaceuticals Inc. of Lexington said today it has received a $500,000 milestone payment from Cystic Fibrosis Foundation Therapeutics Inc., the nonprofit drug discovery and development affiliate of the Cystic Fibrosis Foundation.

The milestone payment, the third in the collaboration between the two entities, is part of a research, development, and commercialization agreement between Epix and CFFT that focuses on discovering potential drug therapies.
(By Chris Reidy, Globe staff)

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

Boston Bar names Doniger president

Anthony M. Doniger will take office as the president of the Boston Bar Association Sept. 1, the bar association said today.

Doniger is a trial lawyer who chairs the business litigation department at the Boston law firm of Sugarman, Rogers, Barshak & Cohen, the association said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:38 AM | Comments (0)

Candela gets FDA nod for new device

Candela Corp. said today that it received Food and Drug Administration approval for its Serenity device, aimed at reducing pain during aesthetic laser treatments.

The approval is for the device's use to reduce pain during laser and intense pulse light treatments. The Serenity uses pneumatic skin flattening technology to reduce pain.

Shares of Candela rose 37 cents, or 5 percent, to $7.74 in morning trading. (AP)

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

Boston Ventures buys Louisiana telcom

Private equity firm Boston Ventures announced today it has agreed to buy SJI LLC, a private telecommunications and broadband services provider serving southern Louisiana.

Financial terms were not disclosed.

"Our investment will build on the company's efforts to provide its customers the most technologically advanced communication services available today," Boston Ventures partner Lou Bertocci said in a statement.

Boston Ventures focuses on media and communications companies.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:00 AM | Comments (0)

Aware to buy back $5 million in stock

Aware Inc. said today that it plans to buy back up to $5 million worth of its common shares over the next 16 months.

The broadband network intellectual property developer and marketer said it will use its cash resources to pay for shares, and it can buy the shares in the open market or through private transactions. The plan expires at the end of December of next year.

Aware said it had about 23.8 million outstanding shares of common stock as of Aug. 24. At the current price of $4.52, Aware could repurchase about 1.1 million shars, or 4.6 percent of the total outstanding. (AP)

Posted by globebusiness at 9:58 AM | Comments (0)

PolyMedica sold to Medco for $1.2 billion

Pharmacy-benefits manager Medco Health Solutions Inc. said today it agreed to buy Wakefield-based PolyMedica Corp. for $1.2 billion, in a move to expand its diabetes care services.

Medco currently manages more than $6.5 billion in drug spending for its 2.8 million patients with diabetes. The PolyMedica acquisition is expected to add 1 million members.

Diabetes care represents one of the fastest growing segments of health care in a market, Medco said. Diabetics make up 5 percent of the U.S. population, but account for more than 15 percent of total drug spending, Medco said.

The acquisition is part of Medco's efforts to expand its business that handles specialty medicines. Medicines prescribed by specialists have been one of the main growth areas in the pharmaceutical market. Such drugs are often more modern biotech products that are expensive or require special handling.

Medco broadened its specialty business dramatically in 2005, when it bought Accredo Health for $2.3 billion. Accredo provides pharmacy services focusing on medicines that are complicated to manage and often address chronic, life-threatening diseases.

Medco and PolyMedica began collaborating in 2006 and Medco currently handles more than 50,000 prescriptions per week for PolyMedica's patients. Earlier this year, PolyMedica began providing Medicare Part B administration services and supplies to certain Medco clients.

Under terms of the deal, Medco will pay $53 per share of PolyMedica, a 17 percent premium to PolyMedica's closing price of $45.29 on Monday on the Nasdaq Stock Market.

Based on PolyMedica's 22.9 shares outstanding as of Aug. 3, the deal is valued at $1.2 billion. Including debt, the deal is valued at $1.5 billion.

Shares of PolyMedica jumped 14.3 percent before the opening bell. Before news of the acquisition, the stock had gained about 13 percent this year. PolyMedica trades at about 21 times earnings forecasts for fiscal 2008, which is below the average 29 times earnings seen for the health care sector.

The deal, which is expected to close later this year, is expected to add slightly to Medco's earnings in 2008.

Lazard served as Medco's financial adviser, while Deutsche Bank Securities Inc. represented PolyMedica. (Reuters)

Posted by globebusiness at 9:45 AM | Comments (0)

Inverness buys Matritech for $36 million

Inverness Medical Innovations Inc. of Waltham said today it has agreed to acquire Matritech Inc. of Newton for an initial purchase price of $36 million.

An early focus of Inverness was over-the-counter pregnancy and fertility tests, but through a series of acquisitions, it has expanded its portfolio of medical diagnostic products; Matritech's specialty is protein-based diagnostic products for the early detection of cancer.

Earlier this year, Inverness won a $1.6 billion bidding war for Biosite Inc. of California, and in June, Inverness said it would spend $326 million to buy Cholestech Corp. of California.

Commenting on the Matritech agreement, Inverness president and chief executive Ron Zwanziger said, "We are excited about the addition of Matritech's bladder cancer technology to the Inverness portfolio, and look forward to realizing the market opportunities available to us through combining the Matritech products with our global distribution capabilities."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:01 AM | Comments (0)

Wolf, Greenfield takes more space

Wolf, Greenfield & Sacks P.C., a Boston law firm specializing in intellectual property, said it has agreed to lease an additional 15,000 square feet of office space from the Federal Reserve Bank of Boston to accommodate its growth.

The firm said it currently leases 60,000 square feet on four floors at 600 Atlantic Ave. in Boston; the new space will add a fifth floor, which the firm will occupy after completing renovations in 2008.
(By Chris Reidy, Globe staff)

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

AMSC gets 2 windfarm orders

American Superconductor Corp., a Westborough-based energy technology company, said today that is has received orders for its products from wind farms in Wyoming and Scotland.

The orders are for D-VAR voltage control solutions, which help wind farms meet power-grid interconnection requirements, the company said.
(By Chris Reidy, Globe staff)

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

Timex watch offers iPod control

Many marathon purists eschew the iPod - an Amy Winehouse song can intrude upon the Zen high of the true running experience, they allege - but for the nine-minute mile plodder, there's a new Timex wristwatch that enables wearers to wirelessly DJ a jogging soundtrack so they can enjoy "music in motion."

Timex Corp., a timepiece company headquartered in Middlebury, Conn., recently unveiled a "functionally enhanced sports watch that also serves a wireless operating device" for the iPod, a portable music device from Apple Inc. of California.

Timex said its iControl watch, with a suggested price of $125, is part of its Ironman collection, and according to the company, the iControl "wirelessly syncs with a user's iPod for convenient music control during any activity."

"The days of fumbling with your iPod in mid-stride are over," crowed Heberto Calves, a Timex vice president, in a statement.
(By Chris Reidy, Globe staff)

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

Nuance lands free 411 customer

Nuance Communications Inc., a Burlington-based provider of speech-recognition software and solutions, said today that it has expanded its reach into the free 411 telephone directory market.

Nuance said it is providing speech solutions and services to Say Hello Inc., an advertiser-supported voice portal network designed to connect local consumers with local merchants through intuitive, easy-to-use enhanced directory information services.

Starting in Jacksonville, Fla., as a cooperative joint venture with the Florida Times-Union newspaper, Say Hello plans to introduce localized information and advertising services in 200 cities across the country, Nuance said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:33 AM | Comments (0)

$721m in funding from MassHousing this year

MassHousing, the state's quasi-public affordable housing bank, said that it provided about $721 million in financing for more than 8,000 units of housing during fiscal 2007.

Of that amount, MassHousing said it provided $425.2 million in affordable home mortgage loans, up 61 percent from $263.8 million in fiscal 2006.

MassHousing said its delinquency ratio for first mortgages was 1.83 percent as of June and its foreclosure ratio was 0.24 percent.

By comparison, the most recent delinquency and foreclosure ratios reported for Massachusetts by the Mortgage Bankers Association of America in March were 3.82 percent and 1.14 percent respectively, MassHousing said.

"During a fiscal year in which the subprime and exotic loan market disintegrated into the current home foreclosure crisis, our traditional, fixed-rate mortgages spearheaded the industry's return to quality in what was MassHousing's best year for homeownership lending by a wide margin," MassHousing executive director Thomas R. Gleason said in a statement.
(By Chris Reidy, Globe staff)

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

Diamond joins Magellan

Magellan Biosciences, a Chelmsford company in the clinical diagnostics market, said today that Steven E. Diamond has joined the company as chief scientific officer.

Diamond comes to Magellan from Siemens Medical Solutions Diagnostics, where he was vice president of research and development for point-of-care products, Magellan said.
(By Chris Reidy, Globe staff)

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

Kajeet chooses Comverse

A subsidiary of Comverse Technology Inc. said today that its instant-messaging solution has been selected by a pay-as-you-go cellphone service.

Comverse, a Wakefield-based provider of software and systems that enable network-based messaging and content value-added services, said that its instant-messaging solution has been chosen by kajeet, a Maryland-based company that offers pay-as-you-go cellphone service designed for children and their parents.

According to kajeet, mobile IM, or instant messaging, is a "compelling, must-have service" for young consumers, and according to Comverse, its mobile IM product gives mobile instant-messaging "a PC-like IM experience that encourages immediate service adoption and usage."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:16 AM | Comments (0)

August 27, 2007

Gas prices in Mass. decline again

Gasoline prices are down 4 cents from a week ago in Massachusetts, marking the sixth straight week of declining prices.

A statewide survey by AAA of New England found an average price of $2.68 per gallon for self-service regular unleaded. The average was $2.92 six weeks ago.

Massachusetts’ average price is the lowest since April 9th. The current price is 6 cents below the national average of $2.74.
(AP)

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

IPG Photonics gets Navy contract

IPG Photonics Corp. of Oxford announced today that it has been awarded a $3.8 million contract from the US Navy to supply fiber lasers the Naval Warfare Surface Center.

IPG is a global manufacturer of fiber lasers and amplifiers for diverse applications in various markets such as materials processing, communications, and medical and scientific research.

The company said the Navy contract is an important step forward in expanding its government business.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:21 PM | Comments (0)

Boston Scientific director sells shares

A director of medical device maker Boston Scientific Corp. of Natick sold 93,467 shares of common stock, according to a Securities and Exchange Commission filing.

In a Form 4 filed with the SEC Thursday, Ernest Mario reported he sold the shares Tuesday for $12.16, $12.17 and $12.20 apiece. His spouse directly owned 16,700 of the shares sold.

Insiders file Form 4s with the SEC to report transactions in their companies' shares. Open market purchases and sales must be reported within two business days of the transaction. (AP)

Posted by globebusiness at 12:11 PM | Comments (0)

Liberty Mutual completes acquisition

Liberty Mutual Group of Boston announced today that its acquisition of Ohio Casualty Corp. was finalized Aug. 24.

With the addition of Ohio Casualty, Liberty Mutual Agency Markets' $7.3 billion in net written premium makes it the largest regional provider of property and casualty products distributed through independent agents in the United States, based on 2006 results compiled by A.M. Best Co., Liberty Mutual said.

In May, Liberty Mutual agreed to pay $2.7 billion for Ohio Casualty in a bid to grow while avoiding the hurricane-prone US coasts, according to a Globe story on the announcement.

Liberty Mutual said reasons for the purchase included adding scale and geographic scope to its existing Agency Markets operation; Ohio Casualty also shares a similar culture and complementary product portfolios with Liberty Mutual, and Ohio Casualty has had long-standing relationships with independent agents.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:43 AM | Comments (0)

Spaulding starts clinical test

Spaulding Rehabilitation Hospital in Boston said today it has started a clinical trial to explore the use of a new neurostimulation technology to improve outcomes of post-stroke rehabilitation.

The study will test the capacity of a noninvasive device to accelerate the process of regaining arm function in stroke victims, Spaulding said.

The study uses skin-surface devices that provide low-level, non-painful electrical and mechanical stimulation to the affected arm during rehabilitation, Spaulding said.

The technology in the test is being developed by Afferent Corp., a Providence-based medical device company, Spaulding said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:25 AM | Comments (0)

MocoSpace lands $3m in funding

MocoSpace, a mobile community network with offices in Boston, said today it has secured $3 million in Series A Funding.

According to the company, the recent funding is a reflection of the rapid growth of the mobile social networking market and the increase of mobile content users in the United States; citing industry metrics, MocoSpace said there are more than 76 million US mobile content users.

The company said the funding round was led by General Catalyst Partners, a Cambridge-based venture capital firm.
(By Chris Reidy, Globe staff)

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

Food Quality raises $5.6 million

Food Quality Sensor International Inc. of Lexington announced today that it has completed a $5.6 million Series B financing.

The company's new product, SensorQ, is a smart label applied by a meat packer to the inside of meat and poultry packages to provide consumers with an indication of the product's freshness; as the product spoils, the bacterial count increases, and the label changes color, the company said.

The financing round was led by Swiss-based Inventages Venture Capital Inc. and Dutch-based DSM Venturing B.V., the company said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:17 AM | Comments (0)

Report: subprime mortgage effects likely to continue

Storm clouds will persist over the subprime mortgage market, according to a report out today from Aite Group LLC.

The Boston-based advisory firm focuses on business, technology, and regulatory issues and their impact on the financial services industry.

Although it is still too early to know how all the issues will play out in the subprime mortgage market, Aite Group said it believes that likely scenarios include pressure from all sides that will lead to tighter mortgage underwriting; lenders continuing to exit the subprime market; opportunities for lenders committed to the market; and regulators and legislators acting on both state and federal levels.

"There is little debate that mortgage industry practices have created ill effects for lenders, consumers, and the economy as a whole," Eva Weber, the Aite analyst who authored the report, said in a statement. "The question now is when the fallout from these practices will dissipate. The unfortunate answer is that things may still get worse before they get better."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:37 AM | Comments (0)

Survey reveals best entry jobs

Monster.com, a job search website with offices in Maynard, said today that financial services, sales and marketing, and architecture and engineering offer the most likely opportunities for entry-level job seekers.

The firm said its MonsterTRAK survey monitored online job demand for several industries, and those fields accounted for many job postings for entry-level workers on MonsterTRAK, the section of Monster.com devoted to recent graduates looking to start their careers.

"Employers' demand for workers in the white-collar industries has been consistently growing and will presumably continue to do so," Mark Charnock, vice president and general manager for MonsterTRAK, said in a statement.

Monster is the flagship brand of Monster Worldwide Inc. of New York.

Over the last year or so, Monster has forged relationships with several media companies and newspaper publishers, including The New York Times Co., owner of The Boston Globe.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:34 AM | Comments (0)

Housing Partnership expands Boston office

The Housing Partnership Network, a business alliance of nonprofits, has executed a new lease to expand its presence to 5,400 square feet at 160 State St. in Boston, a broker involved in the transaction said.

The broker is Meredith & Grew, a Boston-based commercial real estate services firm that represented the Housing Partnership Network.

Built in 1921, 160 State St. is a 10-story office building located adjacent to Faneuil Hall, Meredith & Grew said.

The building's landlord, Northland Investment Corp. of Newton, was represented by Jones Lang LaSalle, a real estate money management and services firm headquartered in Chicago, Meredith & Grew said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:27 AM | Comments (0)

IBasis expands into Ecuador

Internet telephone service provider iBasis Inc. of Burlington said today it has teamed up with a mobile telecommunications provider in Ecuador in a move that positions iBasis to gain market share in international phone traffic to that country.

IBasis said that Telefonica Ecuador, a part of the Telefonica S.A. Group, has connected to the iBasis network for termination of mobile international calling.

"Ecuador is one of the fastest growing telecommunications markets in the world, with approximately 1 billion minutes of calls from the United States each year," iBasis president and chief executive Ofer Gneezy said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:22 AM | Comments (0)

B*tween partners with Zoe/Rounder

B*tween Productions, the Lexington firm that creates books and websites that entertain and instruct young girls, today announced a marketing partnership with Zoe/Rounder Records of Burlington.

B*tween Productions is known for its Beacon Street Girls brands, and Zoe/Rounder Records is the record label for Girl Authority, a tween musical group of nine girls, ages 10 to 15, "each with an individual identity," the company said.

The two organizations said they have completed an initial round of cross promotions that include a free insert into a Girl Authority CD and a free song download to readers of certain B*tween Productions adventure books.

"I can't think of a more natural partnership," B*tween Productions chief executive Addie Swartz said in a statement. "We're both Boston-based companies with a growing national presence in the tween market and both serve our audience of preteen girls with cool age-appropriate media."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:18 AM | Comments (0)

Akamai: We're ready for HD video

Akamai Technologies Inc. announced today that a high-definition video experience is now possible via its global content distribution network.

The Cambridge-based company provides services for accelerating and improving the delivery of content and applications over the Internet from live and on-demand streaming videos to tools that help people transact business.

"Delivering premium HD is a critical way for our customers to attract and delight their audiences in today's highly competitive media environment," Akamai chief technology officer Mike Afergan said in a statement.
(By Chris Reidy, Globe staff)

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

August 24, 2007

Sox owner Henry buys Dodger owner McCourt's house for $16m

Call it inside baseball. John W. Henry, commodity trader and principal owner of the Boston Red Sox, has ponied up $16 million for the 18,000-square-foot Brookline home of Los Angeles Dodgers owner Frank H. McCourt Jr.

A deal for the property was first reported last week, but the sale price and buyer were not disclosed. Today, the Red Sox confirmed that Henry had scored the seven-acre property. The main building is a colonial that features seven bedrooms, eight bathrooms, and two half bathrooms. A separate wing was designed with fun in mind: it houses the pool, media room, and a playroom, along with the staff quarters. The property also has a three-car heated garage, two courtyards and a carriage house.

Records filed at the Norfolk Country Registry of Deeds confirmed the sale price and disclosed the buyer as Summera Realty Trust . Celebrities and other wealthy buyers often use trusts or other legal entities for real estate transactions to help ensure their privacy.

The Boston Herald first reported yesterday that Henry was the buyer of McCourt's house.

The deal further establishes Brookline as an enclave for Red Sox executives. In addition to Henry -- who already owns a house in the town -- Sox manager Terry Francona and chief executive Larry Lucchino also own houses in Brookline. And earlier this month general manager Theo Epstein bought a five-bedroom house in the section of Chestnut Hill that is in Brookline.
(By Keith Reed, Globe staff)

Posted by globebusiness at 5:17 PM | Comments (0)

VinCo sells Bedford site for $29 million.

VinCo Properties Inc. said today it sold just over 400,000 square feet of office and research-and-development space in Bedford for $29 million to Instrumentation Laboratory Co.

VinCo is a Boston-based real estate development company.

According to its website, Instrumentation Laboratory is an international company with offices in Lexington that specializes in medical technology and clinical diagnostic systems.

The property at 180 Hartwell Rd. that was sold to Instrumentation Laboratory was once part of a missile defense site used by Raytheon Co., the Waltham-based defense company, VinCo said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:43 PM | Comments (0)

Granoff is new Tweeter chief executive

Schultze Asset Management LLC said today that George Granoff is joining Tweeter Newco LLC as chief executive officer following the Monday resignation of former chief executive Joe McGuire.

Tweeter Newco, which operates 102 stores under Tweeter and other store nameplates, was once known as Tweeter Home Entertainment Group, a Canton-based chain of consumer-electronics stores that filed for bankruptcy protection in June.

Last month, Tweeter accepted a $38 million bid for its assets from Schultze Asset Management, an investment firm based in Purchase, N.Y.

According to Schultze Asset Management, Granoff is a seasoned retail turnaround specialist, and his resume includes roles as chief operating officer of Party City, chief executive of art-supply specialty retailer the Art Store, and founder and chief executive of Sherborn Optical.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:44 PM | Comments (0)

Nuance completes Tegic purchase

Nuance Communications Inc. said today it has closed its acquisition of Tegic Communications Inc., a unit of Time Warner Inc.'s AOL subsidiary and a developer of embedded software for mobile devices.

Burlington-based Nuance is a maker of speech-recognition software and imaging solutions.

In June, Nuance agreed to acquire Tegic for about $265 million.

Nuance said the acquisition expands its presence in the mobile industry and allows it to further accelerate the delivery of solutions that redefine the way people interact with mobile devices.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:19 PM | Comments (0)

S&P stays negative on Boston Scientific

Standard & Poor's Ratings Services reaffirmed a negative ratings outlook for Boston Scientific Corp., citing high debt leverage and weak product sales.

S&P said the company remains on CreditWatch with negative implications for its "BB+", or non-investment grade, corporate credit rating

Though Boston Scientific still plans to sell assets, cut staff and divest certain elements of its investment portfolio, continued debt reduction will proceed at a slower pace than previously anticipated, said S&P analyst Cheryl Richer in a statement.

She cited the company's decision to keep its endosurgery group as reason for the slower debt reduction.

The company did make a positive move when it amended its credit facilities, she said.

On Thursday, the Natick, Mass.-based company said it prepaid $1 billion of a term loan and amended its $2 billion revolving line of credit and $5 billion term loan agreement. The payment satisfied the April 2008 term loan obligation of $650 million and reduces the $650 million April 2009 obligation by $350 million, the company said.

Shares of Boston Scientific fell 8 cents to $12.63 in morning trading. (AP)

Posted by globebusiness at 11:50 AM | Comments (0)

ImmunoGen moving to Waltham

ImmunoGen Inc., a company focused on developing anticancer therapeutics, has signed a lease in Waltham, where it will relocate its headquarters from Cambridge, a broker involved in the transaction said today.

The broker is Richards Barry Joyce & Partners LLC, a Boston-based full service commercial real estate firm that represented the Waltham property's landlord, Intercontinental Real Estate Corp., a Boston-based real estate investment and management services firm.

ImmunoGen's lease is for 88,930 square feet of space at 830 Winter St. in Waltham, and ImmunoGen was represented in the transaction by T3 Advisors LLC, a real estate firm with offices in Waltham, said Richards Barry Joyce.

RBJ said it is the exclusive leasing agent of 830 Winter St., which is now fully leased.

"The scarcity of opportunities in Cambridge, which was created by the tremendous growth of Greater Boston as a hub of biotechnology, has helped fuel the growth of biotech in the suburbs," RBJ partner Jonathan Varholak said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:40 AM | Comments (0)

Boston Convention center wins industry award

The Massachusetts Convention Center Authority today announced that its Boston Convention & Exhibition Center was honored as the 2007 recipient of "Convention Center of the Year."

The award is presented by Event Solutions magazine, an industry trade publication.

The Massachusetts authority said the Boston convention center beat out two other finalists vying for the award, a convention center in Virginia Beach, Va., and the Indiana Convention Center and RCA Dome.

According to the Massachusetts authority, there are more than 300 convention centers in the United States.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:34 AM | Comments (0)

Haemonetics forms subsidiary

Haemonetics Corp., a Braintree-based company specializing in blood processing technology, announced today the formation of a new subsidiary.

The subsidiary, Haemonetics Software Solutions Inc., is the result of a merger between two company subsidiaries in Illinois and Alberta, Canada: 5D Information Inc. and Information Data Management Inc.

Information Data Management develops blood bank applications, and 5D provides information technology to the plasma industry, the company said.

Haemonetics said the merger will allow it to better service customers and to leverage the strengths of both companies as it develops future generations of software solutions.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:57 AM | Comments (0)

Study: Teens "device neutral"

It's not just parents who have trouble understanding teenagers.

The consumer-electronics hasn't yet figured a way to sell mobile Internet devices to an age group fixated on social networking.

So concludes a recent report from the Yankee Group, a Boston-based research group that studies "global connectivity;" the report is titled "Corporations Just Don't Understand: Why Some Products Fail While Social Networks Thrive for Teens."

The consumer-electronics industry has had little trouble in persuading many sports fans to upgrade to high-definition TV sets, and some folks think nothing of shelling out $250 or more for an iPod, but when companies try pitching teens on devices that will connect them to the Internet anywhere at anytime, marketers have little to show for their efforts so far.

Portable Internet-enabled devices targeted to teens include Sony's mylo, or My Life Online, and T-Mobile's Sidekick, and other companies offer products that are "tricked-out Palm or BlackBerry devices made to appeal directly to teens, not their parents," the report noted; such devices can offer such features as e-mail, instant messaging, and social networking.

But partly because of their cost, such devices have yet to make significant inroads among teen consumers.

And there's something else, said the report's author, Yankee Group senior analyst Jennifer Simpson. So far, the social networking experience provided by a wireless Internet-enabled portable device just doesn't measure up to what teens are used to on their home PC's, and for teens, that rich social networking experience is more important than owning a fancy mobile device.

"Teens' interest in highly popular online social networks such as MySpace does not necessarily translate into their propensity to purchase highly connected consumer devices aimed at the teen market," the Yankee Group said.

According to the firm, teen online behavior shows that this age group is "device neutral, " and though teens are interested in mobility and access to the Web when away from home, "today's teens are not choosing mobile/wireless access as their first choice to access the Internet."

The Yankee Group added, "For teens, their online experiences are more important than the electronics or devices they use to access the Internet."

Cost alone is not the only "inhibitor to teen adoption," the report said; teens seek peer group acceptance, and "if a class of devices is not already popular among a teen's friends," teen consumers at this point are less inclined to want to buy it or ask their parents to buy it for them.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:18 AM | Comments (0)

MIT studies "video clutter"

In an age of computer maps and ubiquitous video screens on everything from car dashboards to cellphones, an emerging problem is "video clutter," but defining what video clutter is and determining how it affects performance is no easy task, so MIT put some cognitive scientists on the case.

The downside of video clutter is easy to spot; it can confuse a fighter pilot trying to select a target and challenge map designers looking to plot street grids, MIT noted, but explaining it and quantifying it is no easy task, especially since one person's clutter can be another person's organized workspace.

Intrigued by video clutter, the Massachusetts Institute of Technology and its Department of Brain and Cognitive Sciences decided to define video clutter and devise a software tool to measure it as a way to help designers come up with more user-friendly maps and displays.

With those goals, a team led by Ruth Rosenholtz, a principal research scientist in the department, devised a model for determining what makes items in a display harder or easier to pick out; the model incorporates data on color, contrast, and orientation, and it also had to capture the effect of clutter on performance, MIT said.

The team, which included department graduate student Yuanzhen Li and undergraduate student Lisa Nakano, found a correlation between the time it takes someone to find a symbol on a map and the amount of clutter in the map, and now Rosenholtz plans to offer the visual clutter tool to designers as part of a user study, MIT said.

The team's research was recently published in the Journal of Vision, MIT said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:58 AM | Comments (0)

Sapient names Indian director

Sapient Corp. said today that it has appointed Sandeep Dhar as managing director of its India operations.

The Cambridge-based company offers business and technology consulting services.

Sapient said it launched its India operations in 2000 and now has more than 3,000 professionals in its Delhi and Bangalore offices.

Dhar will succeed Soumya Banerjee, who will return to Sapient's North American headquarters and focus on strategic client engagements, the company said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:25 AM | Comments (0)

Smith & Nephew files patent lawsuit

Smith & Nephew Endoscopy, an Andover-based maker of medical devices, said that it has filed a patent infringement lawsuit against privately-held Arthrex Inc. of Florida over a device used during arthroscopic knee surgery.

In a lawsuit filed in US District Court for the Eastern District of Texas, Smith & Nephew claims that Arthrex's Retrobutton medical device infringes on US patents owned by Smith & Nephew that cover Smith & Nephew's Endobutton fixation device, which is used for attaching tissue grafts to bone during arthroscopic knee surgery.

Arthrex said in a statement, "Arthrex vehemently denies the allegations against it in the Smith & Nephew lawsuit filed in Texas, which appears to be nothing more than desperate legal posturing in response to Arthrex's continued innovation."

Smith & Nephew Endoscopy, which employs more than 700 people in Massachusetts, is a subsidiary of Smith & Nephew PLC of Great Britain.
(By Chris Reidy, Globe staff)

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

MIB Group relocates to Braintree

MIB Group Inc. has executed a new 37,000-square-foot lease to relocate its headquarters from Westwood to Braintree Hill Office Park in Braintree, the company's broker said.

The broker is Meredith & Grew, a Boston-based commercial real estate services firm.

MIB is a provider of Internet-based information and knowledge services to the North American risk-management market and a leading facilitator of electronic insurance commerce.

MIB's move is planned for December, Meredith & Grew said; the Braintree Hill Office Park is owned by the Flatley Co., a Braintree-based real estate management and development company.

One factor influencing MIB's decision to select the Braintree site was "the ability to house all employees on one floor," Meredith & Grew said.

In a related transaction, Meredith & Grew said it represented MIB in the sale of its 51,000 square foot building in Westwood to Cabot, Cabot & Forbes and Commonfund Realty.

The buyers are members of a team that plans to replace the University Avenue industrial park in Westwood with Westwood Station, a huge transit-oriented community with residences, office and hotel space, retail shops, and restaurants - all near the MBTA's Route 128 station.
(by Chris Reidy, Globe staff)

Posted by globebusiness at 7:18 AM | Comments (0)

Enterasys Networks Inc. said the University of Massachusetts Medical School is leveraging an Enterays security software infrastructure to reliably deliver information for research scientists, clinicians, students, and staff.

Andover-based Enterasys specializes in providing customers with secure networks.

"Ensuring a high-performance computing infrastructure to support daily workloads of researchers and educators is vital at UMass Medical School," Charles Desourdy, the school's associate chief information officer, said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:09 AM | Comments (0)

Averion partners with Biocancer

Averion International Corp. of Southborough and Brazil-based Biocancer today announced the signing of a nonexclusive agreement to jointly market and contract services to biotechnology, pharmaceutical, and medical device companies.

The agreement expands Averion's reach to South America, the company said.

Averion provides clinical research and staffing services to the pharmaceutical, biotechnology, and medical device/diagnostic industries.

Biocancer is an oncology-focused drug development services company.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:04 AM | Comments (0)

August 23, 2007

Connolly named to top spot at M|C

M|C Communications announced the appointment of John Connolly as president and chief executive.

Under such brand names as Pri-Med, the Boston-based company provides continuing medical education programs and services in more than 15 countries, including the United States.

Part of Connolly's brief is to expand the company's worldwide reach, M|C said.

Company founder John Mooney had held the titles of chairman, chief executive, and president; now Mooney will continue to serve as chairman now that Connolly has taken over the duties of chief executive and president, a company spokeswoman said.

Before joining the company, Connolly held the positions of president and chief executive of Institutional Shareholder Services, M|C said.

According to its website, Institutional Shareholder Services is a Maryland-based company that provides institutional investors with proxy voting and corporate governance solutions.

Posted by globebusiness at 1:27 PM | Comments (0)

Inotek raises $19.3 million

Inotek Pharmaceuticals Corp. announced today that it has closed a Series C financing that raised $19.3 million.

The Beverly-based company has several products in development targeting oncology, cardiovascular, and inflammatory diseases.

Inotek said all its previous investors participated in the round and so did three additional investors: Hercules Technology Growth Capital Inc. of California, Meditor Capital Management of Great Britain, and Mitsubishi UFJ Capital of Japan.
(By Chris Reidy, Globe staff)

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

Clinical Data acquires German firm

Biotechnology company Clinical Data Inc. said today that it acquired Epidauros Biotechnologie AG, a privately held research company, in a cash deal valued at 8.75 million euros ($11.84 million).

Clinical Data shares jumped $1.40, or 5.7 percent, to $26.15 in morning trading.

Epidauros, based in Bernried, Germany, specializes in pharmacogenetics, or the study of genetic factors that influence a person's response to a drug.

Epidauros Chief Executive Michael Lutz will join Clinical Data's PGxHealth division as the senior vice president of pharmacogenetic partnerships.

Clinical Data is based in Newton. (AP)

Posted by globebusiness at 10:46 AM | Comments (0)

Boston Scientific prepays loan

Boston Scientific Corp., the Natick-based medical devices maker, said today that it prepaid $1 billion of a $5 billion loan to provide “additional financial flexibility.�

The move comes after Moody’s Investors Service cut Boston Scientific’s bond rating to junk levels, in the wake of disappointing earnings. In July, the company said it was considering selling its fluid-management unit.

Boston Scientific said it used $750 million of cash and $250 million from another credit facility to make the prepayment. Boston Scientific said the payment will cover it its April 2008 obligation of $650 million and will reduce its April 2009 obligation to $350 million.

After making the prepayment, Boston Scientific said it will still have $1 billion of cash and full access to its $2 billion revolving credit facility, which remains undrawn.
(By Todd Wallack, Globe staff)

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

JetBlue announces Vermont/Florida service

JetBlue Airways Corp. will start nonstop service from Burlington, Vt., to Orlando Jan. 10 -- the only nonstop Florida flights from the Green Mountain State.

JetBlue said this morning promotional fares as low as $158 round-trip for purchases before Aug. 31 and regular fares as low as $198 round-trip will be available. Flights, on 100-seat jets with satellite television at every seat, will leave Burlington daily at 8:10 a.m. and return from Orlando at 6 p.m. Flying time is about 3 hours and 20 minutes each way.

JetBlue currently offers four flights from Burlington to its hub at John F. Kennedy International Airport in New York, from which Vermonters and passengers from upstate New York and Quebec can make connections to Florida and Caribbean destinations.
(By Peter J. Howe, Globe staff)

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

Study: consumers dining in more

America is breaking out its Crock-Pots and casserole recipes and laying off the Whoppers and the Big Macs.

That's an inference that can be drawn from a report out today from the NPD Group of Port Washington, N.Y., which scrutinizes consumer shopping behavior the way that primatologist Jane Goodall studies the habits of chimps.

According to NPD, consumers feel so squeezed by high gas prices that they are going out to eat less and opting instead to dine at home.

Coinciding with the rise in gas prices, there has been a slow down in per capita visits to restaurants, said NPD, which added that its data show that one quarter of consumers say they are visiting quick-service restaurants less frequently.

Consumers who are eating more at home cite cheaper prices as the primary factor, NPD said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:12 AM | Comments (0)

Mass. makes strong showing in Inc. survey

Massachusetts is a hotbed of entrepreneurial activity, according to Inc. magazine, which cites its annual list of fast-growing companies as evidence to support that statement.

Inc. today announced its 26th annual list of the 500 fastest growing private companies, and 24 Massachusetts companies made the list, Inc. said.

Ranking 34th on Inc.'s national list is eClinical Works of Westborough, which creates software for medical-practice billing and record keeping.

Coming in at 88 is Sonicbids of Boston, which gives musicians the tools to create electronic press kits.

At 133 is Planet Shoes of Waltham, an online footwear retailer where consumers can find everything from "eco-friendly" sneakers to fashion-forward flip-flops, perfect for bottoming out an eye-popping jester-pants ensemble.

Inc. said its 2007 list measures revenue growth from 2003 through 2006; to qualify, companies had to be US-based, privately held, and independent, with at least $200,000 in revenues in 2003 and $2 million in 2006.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:29 AM | Comments (0)

Kadant gets $8 million order

Kadant Corp. said today it has received an $8 million order for a "black liquor" evaporator recycling system.

The Westford company is a supplier to the global pulp and paper industry, and it said a Kadant subsidiary received an order from a US pulp mill to design, engineer, and procure materials for an evaporation system that would result in "significant energy savings" for the mill.

As part of the mill's recycling efforts, the Kadant system's evaporators will remove water from a chemical solution called "black liquor" that is used to break down wood fiber during the pulping process, Kadant said.

The mill has an option to approve a second phase of the project, and approval could mean that the value of the order to Kadant could increase to $20 million, Kadant said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:16 AM | Comments (0)

Biopure seeks new regulatory approval

Biopure Corp. of Cambridge said today that is seeking US regulatory approval that would allow Hemopure, its controversial blood substitute product candidate, to be used in "compassionate use" situations in the treatment of acute anemia.

Biopure dislikes the description of Hemopure as a blood substitute and says Hemopure is an oxygen therapeutic made from cow hemoglobin.

Biopure said the product has been available for compassionate use in the United States since December on a case-by-case basis; under the existing program, Biopure evaluates individual requests from treating physicians for specific patients. If the patient is deemed an appropriate candidate for treatment, the Food and Drug Administration is contacted and single patient approval is requested, the company said.

Today Biopure said it has submitted a draft clinical study protocol to the FDA; the proposed open label study would make Hemopure available to patients for the treatment of life threatening or potentially life-threatening anemia on a compassionate use basis where blood transfusion is not an option, the company said.

If the FDA approves the protocol, patients who meet the compassionate-use criteria could then receive treatment with Hemopure without Biopure having to seek FDA approval on a case-by-case basis, the company said.

In February, a Globe story noted that a former Biopure chief executive agreed to pay $120,000 to settle federal claims that he defrauded investors by concealing problems with Hemopure in 2003; the executive did not admit or deny guilt in the settlement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:12 AM | Comments (0)

Candela expands stock buyback

Candela Corp. said Wednesday that its board expanded its buyback authorization to 2.3 million shares.

The increased buyback represents about 10 percent of the laser maker's outstanding shares, and includes shares outstanding under a previous buyback program.

Candela shares fell 10 cents to $8.02 in the regular trading session. Earlier, shares hit a 52-week low of $7.81. They have ranged from $7.85 to $14.67 over the past year. (AP)

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

Casual Male issues flat outlook

Men's clothing retailer Casual Male Retail Group Inc. today issued a fiscal year 2007 profit outlook that could meet, or fall below, current Wall Street predictions.

Casual Male, which also today released second-quarter results below analyst expectations, said it expects to earn 45 cents per share to 50 cents per share for the year.

Analysts polled by Thomson Financial expect a profit of 50 cents per share for the year. (AP)

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

Osram sells Danvers land

Osram Sylvania, a lighting supplier, sold 10 acres of land in Danvers to Brighview Danvers LLC for $3.7 million, a broker involved in the transaction said.

The broker is Klemmer Associates LLC of Winchester, a full-service commercial real estate firm.

Brightview plans to build a 160-unit senior living facility on land that was originally part of Osram's headquarters site, Klemmer said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:48 AM | Comments (0)

Berg, Glickman join Oscient

Oscient Pharmaceuticals Corp. of Waltham said today it has named two executives with extensive cardiovascular experience to its management team.

The company said it has named Aaron D. Berg as vice president of marketing and Michael A. Glickman as vice president of sales, effective immediately.

Oscient said both men were previously part of the commercial team at Kos Pharmaceuticals.

Oscient markets such drugs as Antara, for high blood pressure, and Factive, an antibiotic for the treatment of acute bacterial exacerbations of chronic bronchitis.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:41 AM | Comments (0)

Jordanian telecom implements Nuance tech

Nuance Communications Inc. said today that a Jordanian telecommunications network operator has deployed a Nuance speech solution that helps transfer and steer customer calls to the correct call-center services.

Nuance of Burlington specializes in speech and imaging solutions.

According to Nuance, the new speech-enabled service is the first of its kind in the Middle East with full Arabic language support.

Nuance said it teamed up with Globitel, a Jordanian company focused on converged telecom solutions, to provide Fastlink, the Jordanian network operator, with the new system.

The new system, Nuance said, replaced Fastlink's former touch-tone system.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:34 AM | Comments (0)

Everett Harley dealership re-opens

Bruce Rossmeyer, owner of roughly a dozen Harley-Davidson motorcycle dealerships, said he recently celebrated the official re-opening of a Harley dealership in Everett under the "Bruce Rossmeyer's Boston Harley-Davidson" nameplate.

In a statement, Rossmeyer said he recently acquired the Everett dealership from long-time owner John Atwood.

"I am excited to be expanding my business to a new geographic location," he said.

Rossmeyer owns dealerships in Florida, including the World's Largest Harley-Davidson dealership in Ormond Beach, Fla.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:16 AM | Comments (0)

Masterman joins Greenberg Traurig

Greenberg Traurig LLP announced that James Masterman will be joining the law firm as a shareholder in its Boston office.

Masterman, a specialist in eminent domain law, joins the firm from Boston law firm Masterman, Culbert & Tully LLP, Greenberg Traurig said.

Greenberg Traurig is an international firm; since its inception in 1999, its Boston office has grown to more than 80 attorneys.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:09 AM | Comments (0)

ARC to renovate Holderness dining hall

The design firm ARC/Architectural Resources Cambridge Inc. said it has been hired to expand and renovate Weld Dining Hall at the Holderness School in Holderness, N.H.

ARC/Architectural Resources Cambridge specializes in educational, athletic, and biotechnology facilities.

Referring to the Holderness School dining hall project, ARC president Philip Laird said in a statement, "When the project is complete, the school will be able to serve the entire school community comfortably under one roof."

Posted by globebusiness at 7:06 AM | Comments (0)

NE jobless rate stays steady at 4.8%

The New England unemployment rate in July was 4.8 percent, essentially unchanged from both the previous month and from July 2006, the Bureau of Labor Statistics said.

The national unemployment rate was 4.6 percent, said the bureau, which is part of the US Department of Labor.

In a statement, regional commissioner Denis M. McSweeney noted that except for March and April of this year, the New England jobless rate has been in the 4.5 percent to 4.8 percent range since August 2004.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 6:59 AM | Comments (0)

August 22, 2007

IBM acquires WebDialogs of Billerica

IBM Corp. has purchased WebDialogs Inc., a privately held Billerica provider of Web conferencing and communications software and services, for an undisclosed price.

The acquisition is the 10th Massachusetts software company acquired by IBM, of Armonk, N.Y., since 1995, when it bought Lotus Development Corp.

WebDialogs will be part of the Lotus business unit of the IBM software group, which is consolidating most of its operations in the state at a new campus in Littleton and Westford.

WebDialogs, with more than 500,000 users globally, sells audio-conferencing providers an online meeting and collaboration service that combines Web and voice conferencing.

IBM plans to use the service to help it add a software-as-a-service delivery model to its Lotus Sametime family of instant-messaging products. It also plans to integrate the service into its Lotus Notes collaboration software.
(By Robert Weisman, Globe staff)

Posted by globebusiness at 1:27 PM | Comments (0)

Galvin charges salesmen with fraud

Massachusetts' top securities regulator charged two men today with investment fraud, saying the pair lied about their qualifications as they tried to sell sophisticated financial products to senior citizens.

William Galvin, the Massachusetts Secretary of State, said Steven Anzuoni of Plymouth used "bogus" designations when he called himself a certified elder planner and certified senior advisor. James Maltz, who has a nonprofit corporation called Consumer Educational Services Inc. of Canton, represented himself as a investment adviser even though he was not registered with the state.

"Fly-by-night credentials constitute a fraud upon our citizens," Galvin said in a statement.

Responding by e-mail, Anzuoni said he had forwarded the complaint to his attorney and added that he was unable to comment beyond saying that he plans to defend himself vigorously against Galvin's allegations.

Maltz's attorney, Thomas J. Butters of the Boston law firm of Butters Brazilian LLP, said, "The secretary of state has zero evidence that my client did anything except give the best possible advice to his senior clients."

Galvin said Anzuoni wooed older investors with offers of complimentary financial reviews and relied on his made up designations to persuade one 82-year old client to sell some mutual funds and put the money into annuities with long lock-up periods. The man complained but died before the matter was resolved. (Reuters and Globe staff)

Posted by globebusiness at 1:26 PM | Comments (0)

Harvard program targets media executives

Harvard Business School has launched an executive education program designed to help media companies respond to new technologies.

Besides offering programs that lead to MBA and doctoral degrees, the school also offers about 70 programs tailored to executives in various fields.

The program, Effective Strategies for Media Companies: Navigating the New World, runs from Nov. 28 to Dec. 1.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:11 PM | Comments (0)

Adidas extends German soccer deal

Adidas reached a tentative deal that would extend its contract as the German soccer federation's official supplier beyond 2010 and resolve an arbitration dispute, the Germany-based sporting goods maker's top executive said today.

Herbert Hainer, Adidas' chief executive and chairman, said the sides were working out details after an arbitration hearing last week, and expect a final agreement "in the very near future."

Hainer, speaking to industry analysts at the Canton, Mass., headquarters of Adidas' Reebok brand, said his firm and the federation "have a compromise which will give us a long-term partnership."

Hainer didn't specify how long the new contract would extend beyond its start in 2011, and said he couldn't offer financial details until the deal is final. It will not affect terms of Adidas' current contract with the federation through 2010, Hainer said at the closed meeting, which was Webcast live.

In March, Adidas sought arbitration over a dispute that came as the federation received a lucrative supply offer from Nike, Adidas' chief rival. which has been making an aggressive push into soccer. Adidas is the sport's global market leader, but Beaverton, Ore.-based Nike Inc., said it wants to become the sport's top brand by the next World Cup, in 2010.

Adidas had said its existing agreement with the federation was effectively extended in August 2006 until at least 2014. The German soccer federation said the contract expires in 2011.

In January, the German federation's president said Nike had made an offer worth $777 million for an eight-year deal, more than $97 million a year.

Adidas began sponsoring the country's national team before it won the first of its three World Cup titles in 1954.

Adidas AG acquired Reebok in January 2006 for $3.8 billion in an attempt to close in on Nike's lead in the global market, especially in the U.S. (AP)

Posted by globebusiness at 11:29 AM | Comments (0)

Verizon FiOS coming to Norwood

The Board of Selectmen in Norwood granted Verizon Communications Inc. a cable franchise for its FiOS TV service, Verizon said today.

The action paves the way for the TV service to become available to 7,500 households, Verizon said.

The Norwood board's vote brings to 55 the number of Massachusetts communities where Verizon's FiOS TV service is either already available or soon will be, the company said.

According to Verizon, its FiOS service is superior to rival TV services.

Headquartered in New York, Verizon Communications Inc. 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 10:59 AM | Comments (0)

Shareholders approve Color Kinetics sale

Color Kinetics Inc. said that shareholders in a Boston meeting today adopted an agreement under which the company will be acquired by a subsidiary of Royal Philips Electronics NV of the Netherlands.

While the completion of the transaction remain subject to the satisfaction or waiver of other conditions and terms of the merger agreement, the merger is expected to close on or about Aug. 24, said Color Kinetics, a Boston-based lighting company that designs lighting systems that use light-emitting diodes, of LEDs.

In June, Color Kinetics agreed to be acquired by Royal Philips for $791 million.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:54 AM | Comments (0)

EMS will open Newton store

Outdoor specialty retailer Eastern Mountain Sports said today it will open a new store in Newton next month that will bring its store count in Greater Boston to 22.

Occupying 14,200 square feet of space at 300 Needham St., the Newton store will feature a new layout and it will also serve as the local headquarters for Eastern Mountain Sports' climbing and kayak schools, said the company, adding that the store's format will include a larger selection of outdoor apparel and gear and "visuals designed to enhance the shopping experience."

Based in Peterborough, N.H., Eastern Mountain Sports operates 69 stores in 12 states.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:51 AM | Comments (0)

Circor chief will retire

Circor International Inc. said today that chief executive David A. Bloss Sr. has decided to retire March 1 and that president William Higgins will add the title of chief executive after Bloss's retirement.

Burlington-based Circor is a provider of valves and fluid control products.

Bloss, 57, also holds the title of chairman, and he will continue in that role as part of an executive transition agreement after his retirement as chief executive, Circor said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:12 AM | Comments (0)

Talbots issues upbeat forecast

Apparel retailer The Talbots Inc. said today that it expects a stronger second-half of the year following a weak second quarter.

Arnold B. Zetcher, Talbots' chairman, said demand for spring and summer merchandise was low, but he believes Talbots fall merchandise is "more in line with what our customer is looking for."

Talbots also has a new ad campaign out Sept. 10.

For the second half of the year, the company reiterated guidance announced earlier this month. It expects same-store sales to be flat and earnings to be 42 cents to 48 cents per share.

Analysts polled by Thomson Financial expect combined third- and fourth-quarter earnings per share to be 41 cents.

For the full year, earnings are expected to be between 27 cents and 33 cents per share, while analysts expect earnings of 26 cents per share.

"Although our current sales trends are in line with our recently revised outlook, we remain cautious, due to the economic environment arising from the current housing issues and the uncertainty in the finance and credit markets," Zetcher said. (AP)

Posted by globebusiness at 9:50 AM

Raytheon pays lobbyist $120k

Defense contractor Raytheon Corp. paid American Defense International $120,000 to lobby the federal government in the first half of 2007, according to a federal disclosure form.

The firm lobbied Congress on funding for the Defense Department and provisions related to munitions, non-lethal weapons and missiles, according to the form posted online Aug. 7 by the Senate's public records office.

Under a federal law enacted in 1995, lobbyists are required to disclose activities that could influence members of the executive and legislative branches. They must register with Congress within 45 days of being hired or engaging in lobbying.

Raytheon is based in Waltham, Mass. (AP)

Posted by globebusiness at 9:40 AM | Comments (0)

Profits up at Eaton Vance

Money manager Eaton Vance Corp. today reported higher quarterly profit, fueled by higher revenue, as clients bought more of the company's funds.

Boston-based Eaton Vance, well known for offering conservative portfolios such as tax-managed funds that try to minimize the taxable gains passed on to investors, said net income rose to $55.8 million or 41 cents a share for the fiscal third quarter ended July 31.

That compares with $41.8 million or 31 cents in the prior year period. (Reuters)

Posted by globebusiness at 9:30 AM | Comments (0)

Intepharm launches bottled water product

Integrated Pharmaceuticals announced today that it is about to launch a bottled water product infused with calcium and magnesium called Healthy Cal+.

The Fitchburg company, which refers to itself as Intepharm, is a producer of specialty compounds for the nutraceutical, pharmaceutical, and functional food industry.

According to Intepharm, the calcium in Healthy Cal+ will be 100 percent absorbable and won't require sweeteners or artificial flavorings to cover up the calcium taste, in contrast to rival products on the market.

Healthy Cal+ has "no sweeteners, flavorings, or calories - just good taste," Intepharm said.

Plans call for Healthy Cal+ to be available in various organic food stores, health food stores, health clubs, and high-end grocery stores, and convenience stores in New England, the company said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:27 AM | Comments (0)

ViaCell expands ViaCyte trial

ViaCell Inc. said today that it expects to expand its clinical trial to evaluate its ViaCyte product for cryopreserving and thawing a woman's egg for reproductive purposes.

The Cambridge company said it expects to expand the number of US clinical sites participating in its trial from three to eight.

The Food and Drug Administration has approved ViaCell's investigational device exemption supplement supporting the expansion of its US clinical trial sites, the company said.

The trial began in March and is expected to be completed in 2009, the company said.

"Egg freezing is an emerging area, and we believe we are on the forefront of offering a technology to women who need to extend or protect their fertility," chief executive Marc D. Beer said in a statement.
(By Chris Reidy, Globe staff)

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

Evil Decepticon has SolidWorks roots

A monstrous truck partly designed with 3D computer-aided software from SolidWorks Corp. of Concord has gone Hollywood.

A truck whose mission is to detect and remove mines in war zones is an "actor" in the recently released "Transformers" movie, SolidWorks said.

SolidWorks customer Force Protection Inc. of South Carolina designed its Buffalo Mine Protected Clearance Vehicle to be a "lifesaver," but the resume of the 27-feet-long and 13-feet tall vehicle "now boasts a Hollywood part as the evil Decepticon Bonecrusher," SolidWorks said.

SolidWorks is part of Dassault Systemes S.A. of France.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:07 AM | Comments (0)

Mass. College breaks ground in Brigham Circle

The Massachusetts College of Pharmacy and Health Sciences said it will break ground today on a new building near Brigham Circle in Boston's Mission Hill neighborhood.

The college said that the six-story, triangular building on the south side of Huntington Avenue will contain nearly 50,000 square feet of classrooms, faculty, and staff offices as well as teaching laboratories, a technology center, a 230-seat auditorium, and multifunction room.

The building, which will replace a parking lot, will house the college's School of Nursing, School of Physician Assistant Studies, Institutional Advancement, and the Office of College Relations and Communications, the college said.

Mayor Thomas M. Menino is among the dignitaries expected to take part in the ground-breaking ceremony, the college said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:58 AM | Comments (0)

ISkoot featured on Ericsson phone

ISkoot, a Cambridge company focused on Internet telephony, announced that its mobile software is now available on the new Sony Ericsson P1i cellphone.

Sony Ericsson is supporting iSkoot to deliver mobile Skype features to its customers around the world, iSkoot said.

Skype is an Internet phone service.

Depending on their call plan, Sony Ericsson users on any cellular network could have the ability to make Skype-to-Skype call on their mobile phone at the same cost as making a local call, and they can receive Skype calls at Skype's call forwarding rates for mobile numbers, the companies said.
(By Chris Reidy, Globe staff)

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

Mintz Levin implements ExaGrid tech

ExaGrid Systems Inc. said the Boston law firm of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo P.C. has selected its disc-based backup solution so the firm can simplify its backup processes.

Mintz Levin chose ExaGrid to protect its critical systems and data, including its Microsoft Exchange Server, document management system, and its litigation support system, said ExaGrid, which is based in Westborough.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:45 AM | Comments (0)

Mass. Bar set terms for officers

The Massachusetts Bar Association said its slate of officers for the 2007-2008 term has officially been set.

David W. White Jr., a principal in the firm of Breakstone, White & Gluck PC in Boston, automatically succeeds to the office of president on Sept. 1, the association said, and Edward W. McIntyre, a solo practitioner, will hold the title of president-elect.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:35 AM | Comments (0)

August 21, 2007

Vlingo launches beta mobile interface

Vlingo Corp. of Cambridge said today that it launched a beta version of its voice-powered interface for mobile phones.

Vlingo is a provider to wireless carriers and wireless application providers.

According to Vlingo, its speech-recognition technology frees users from "triple tapping" on the mini keypads of their mobile phones to text, search, or download content from the mobile Internet.

"Consumers haven't completely embraced mobile data services yet for one simple reason - they're being held hostage by 12 tiny keys," chief executive Dave Grannan said in a statement. "Vlingo removes this obstacle of the past by giving control over their phones with the power of speech."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:49 PM | Comments (0)

Klocwork signs new Burlington lease

Klocwork Inc. signed a new lease for 3,310 square feet of office space in Burlington as it looks to relocate its corporate headquarters, a broker involved in the transaction said.

The broker is NAI Hunneman Commercial, a Boston-based provider of commercial real estate services that represented Burlington-based Klocwork, a software security developer.

The lease is for 8 New England Executive Park, a six-story office building; Klocwork's previous headquarters address was at 35 Corporate Drive in Burlington, NAI Hunneman said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:45 PM | Comments (0)

AirTran adds Boston-West Palm Beach route

AirTran Airways will begin challenging Delta Air Lines and JetBlue Airways with new seasonal nonstop flights from Logan International Airport to West Palm Beach, Fla., starting Nov. 15.

AirTran said this morning it will offer a single daily round-trip from Boston to West Palm Beach on 137-seat Boeing 737-700 jets. Flights will leave Boston daily at 12:23 p.m., arriving in West Palm Beach at 3:38 p.m., then returning from West Palm at 4:13 p.m., arriving at Logan 3 hours later. AirTran said fares as low as $198 round-trip will be available, although AirTran's website this morning showed mostly $328 round-trips during the Christmas travel season.

It's the first time AirTran has ever offered nonstop service to West Palm Beach, spokeswoman Judy Graham-Weaver said. Previously flying from Boston to the Florida resort on AirTran required switching planes in Atlanta.

Delta currently controls 59 percent of the market for Boston-West Palm passengers, and JetBlue 33 percent, according to FareReport.com, a website that analyzes US Transportation Department data. Delta fares average $260 round-trip, JetBlue $248, it says.

Dick Haller, marketing director at Palm Beach International Airport, said Boston ranks as its fourth largest market for air travelers. "Boston is such an important market for us, and demand is growing," Haller said in a prepared statement.
(By Peter J. Howe, Globe staff)

Posted by globebusiness at 12:09 PM | Comments (0)

2 hotels slated for Lexington

Starwood Hotels & Resorts Worldwide Inc. said today it plans to open two lifestyle brand hotels in Lexington next spring.

One hotel will be under the Aloft brand, which "offers a total sensory experience with guest lofts featuring loft-like nine-foot ceilings and oversized windows to create a bright, airy environment," the company said; each guest loft will also be "a combination high-tech office and entertainment center."

The second planned hotel is Element Lexington, which the company describes as "a new extended stay experience that combines smart design, nature-inspired, and eco-friendly touches."

Starwood Hotels is based in White Plains, N.Y.
(By Chris Reidy, Globe staff)

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

Dunkin', Chris Berman debut sandwich

Dunkin' Donuts today unveiled its latest breakfast sandwich - the Bacon Lover's Supreme Omelet - which will be promoted by ESPN sportscaster Chris Berman.

Starting today, Berman will be featured in new TV and radio commercials as well as in online and in-store marketing, said Dunkin' Donuts, a subsidiary of Canton-based Dunkin' Brands Inc.

According to Dunkin', the Bacon Lover's Supreme Omelet features "an omelet of real egg and assorted vegetables, three slices of crisp thick-cut pepper bacon, marbled Colby Jack cheese and served on a freshly baked croissant."

As a result of this packaging, a full breakfast can be enjoyed in a handheld portable format that a commuter can chow down on while driving to work.

Though part of the breakfast sandwich line, the Bacon Lover's Supreme Omelet is available any time of day at participating stores, Dunkin' Donuts said.
(Chris Reidy, Globe staff)

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

Sirtris starts trial for diabetes treatment

Sirtris Pharmaceuticals Inc. of Cambridge announced today the start of Phase 2a clinical trial for a product candidate to treat Type 2 diabetes.

The product candidate is called SRT501, and the trial is designed to evaluate SRT501 in patients with Type 2 diabetes whose glucose levels are not adequately controlled by their metformin treatment, a current first-line therapy for such patients, the company said.

Plans call for the trial to enroll 130 patients, and results are expected at the end of 2008, Sirtris said; in the trial, patients will continue on their current metformin therapy together with either SRT501 or a placebo.

Sirtris said it also has two additional trials of SRT501 in progress in patients with Type 2 diabetes.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:59 AM | Comments (0)

Gordon Brothers sell Spencer's Gifts

Spencer Gifts Holdings Inc., a retailer known for such brands as Spencer's and Spirt Halloween, today announced the completion of a management-led buyout of the company by an affiliate of ACON Investments.

ACON, Washington, D.C.-based private equity firm, is purchasing Spencer Gifts from affiliates of GB Merchant Partners, the private equity arm of Gordon Brothers Group, which has roots that go back more than 100 years in Boston, Spencer said.

One of Gordon Brothers' specialties is to swoop in and help merchants liquidate excess inventory, and its skill in that capacity once earned Gordon Brothers recognition as "the Green Berets of retail."

Gordon Brothers is retaining a minority stake in the business, New Jersey-based Spencer Gifts said, and the company will continue to be operated by its current management team.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:40 AM | Comments (0)

HealthGate lands Oklahoma health system

HealthGate Data Corp. of Burlington said today that an Oklahoma health system has implemented its Collaboration Architect software to help streamline operations.

HealthGate provides collaboration, document, and knowledge management technologies to health systems to support their quality and standardization initiatives.

The Oklahoma health system is Saint Francis Health System of Tulsa, HealthGate said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:04 AM | Comments (0)

2 life sciences firms add board members

Two local life sciences firms today announced new appointments to their boards of directors.

Adnexus Therapeutics Inc., a Waltham firm looking to develop a new class of drugs called Adnectins, said Timothy J. Rink, M.D., has joined its board.

And Molecular Insight Pharmaceuticals Inc., a biopharmaceutical company in Cambridge, announced that Scott Gottlieb, M.D., has joined its board.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:01 AM | Comments (0)

2 reports: Mass. home sales perking up

Two different real estate reports out today offered slightly different snapshots of the Massachusetts housing market, but both were more upbeat than the reports of previous months.

The Massachusetts Association of Realtors said statewide housing sales rose in July after four straight months of declines, and added that the median selling price of a single-family home increased 1.3 percent in July to $365,775, according to a new report.

According to the association, the July sales volume of single-family homes sold in the Bay State was 4,363, up 6 percent from July 2006.

But a report from the Warren Group, a Boston-based provider of real estate data, found that July sales rose only 1.5 percent on a volume basis, the second time this year that sales have risen in a month.

"This is a welcome change for many after the significant declines in sales in May and June when sales dropped 9.1 percent and 8.3 percent respectively," Timothy Warren Jr., chief executive of the Warren Group, said in a statement.

The Warren Group, which uses a different method to calculate data than the realtors group, said that the July median price for a Massachusetts single family home fell 4.6 percent from $338,400 in July 2006 to $323,000 in July 2007.

Referencing sales volume, Timothy Warren added in his statement, "While the July sales numbers represent an encouraging start to the second half of the year, it is likely that the Bay State's home market will continue to experience significant softness in the months ahead, with tightening mortgage underwriting standards and increasing foreclosure rates both factors that will slow its recovery."

Doug Azarian, president of the Massachusetts Realtors Association, noted improving signs in his statement.

"It is encouraging to see sales go up in July after four straight months of year-over-year declines," Azarian said.

Massachusetts condominium sales fell 0.1 percent to 1,933 units as the median selling price rose 6.3 percent from a year ago to $293,500, the realtors association said.

According to the Warren Group, statewide July condo sales declined 1.3 percent from 2,693 to 2,658, and the median condo price increased 0.9 percent from $279,900 in July 2006 to $280,000 in July 2007.

July is hardly the busiest month for the housing market in Massachusetts, where activity often peaks in the spring.

A Globe story last month characterized the spring real estate market in Massachusetts as a "washout."

Meanwhile, the housing market has Wall Street fretting about problems in the subprime mortgage market triggering a domino effect for the larger economy.

Those subprime problems have some mortgage lenders tightening credit standards, and there are concerns that such moves could be a drag on the housing market in the coming months by thinning out the number of potential buyers.

Azarian of the Massachusetts Association of Realtors addressed some of those concerns in his statement.

"While the tighter lending standards may have taken some buyers out of the market, it appears that those who have good credit and some equity are getting the financing they need and are buying again," he said.

Another point worth noting, the realtors group said: The statewide inventory of single-family homes and condos on the market as of July 31 was 53,966, down 17 percent from the same day in 2006.
(By Chris Reidy, Globe staff)

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

Carlson acquires business travel unit

Carlson Wagonlit Travel said it has agreed to acquire the business travel operations of Preferred Travel Inc., a regional travel management company based in Braintree.

The purchase price was not disclosed, a Carlson Wagonlit spokeswoman said.

Minnesota-based Carlson Wagonlit said that Preferred Travel "handles client business worth $80 million in annual air volume."

In its statement, Carlson Wagonlit said the transaction with Preferred Travel is consistent with its growth strategy, which includes growth through strong sales with new and existing clients as well as through acquisitions.

Carlson Wagonlit said that it has a presence in nearly 150 countries and that it serves companies of all sizes as well as government institutions.

As a result of this acquisition, Carlson Wagonlit said it "welcomes approximately 85 new employees."
(By Chris Reidy, Globe staff)

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

US foreclosure activity up sharply

Nationwide foreclosure activity rose 9 percent in July from the previous month, and it was up 93 percent from July 2006, according to a new survey from RealtyTrac.

The California-based firm publishes a large national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 counties across the country.

RealtyTrac said that the national foreclosure rate was one foreclosure filing for every 693 households for July when 179,599 foreclosure filings - default notices, auction sale notices, and bank repossessions - were reported.

Nevada, Georgia, and Michigan posted the top foreclosure rates in July, and Detroit topped the list of metro foreclosure rates, RealtyTrac said.

Massachusetts ranked 9th in the July survey, RealtyTrac said.
(By Chris Reidy, Globe staff)

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

EMC expands in Nashua

Data-storage provider EMC Corp. renewed a lease in Nashua, N.H., and expanded its space at that location by 17,000 square feet, said the property's landlord.

The landlord is KS Partners LLC, a New York-based commercial real estate owner and property management company.

EMC will now be occupying just over 50,000 square feet of space at the Nashua location at 9 Townsend West, KS Partners said.

Robert Macnamara of KS Parnters and Thomas P. Farrelly of real estate services firm Cushman & Wakefield represented the landlord in the transaction.

EMC has its corporate headquarters in Hopkinton.
(By Chris Reidy, Globe staff)

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

Profit up, forecast down at Staples

Staples Inc.'s second-quarter profit rose 11 percent as lower sales of items such as office furniture were offset by gains at its copy and print centers.

But the world's biggest office products supplier also said today that it expects to post earnings growth of 15 percent for the full year, at the low end of the 15 percent to 20 percent range it forecast in May.

Framingham-based Staples reported net income of $178.8 million, or 25 cents per share for the three months ended Aug. 4 compared with a profit of $161.2 million, or 22 cents per share, a year earlier.

Sales rose 11 percent to $4.29 billion from $3.88 billion a year ago.

The most recent quarter's profit were in line with the consensus forecast of analysts surveyed by Thomson Financial, who expected net income of 25 cents per share on revenue of $4.3 billion.

Sales at North American retail stores open at least a year fell 2 percent in the latest quarter, compared with a 4 percent rise a year earlier. Overall North American sales, including sales from newly opened stores, rose 5 percent.

Staples said sales of office supplies and business machines were slow in the quarter, in addition to furniture. Sales were strong for laptop computers, ink and software, in addition to copy and print services.

International sales rose 18 percent, but the gain was a more modest 11 percent accounting for currency fluctuations. International sales at stores open at least a year grew 7 percent.

Staples' office products delivery business posted a 16 percent sales gain in the most recent quarter. (AP)

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

Profit rises at BJ's

Warehouse club operator BJ's Wholesale Club Inc. said today that its second-quarter profit rose 37 percent on solid sales growth to top Wall Street expectations.

Net income grew to $36.3 million, or 55 cents per share, from $26.4 million, or 39 cents per share, a year ago.

The latest period includes total gains of 9 cents per share from the disposition of a lease on a ProFoods Restaurant Supply location closed in January and income tax audit settlements, compared with charges of 2 cents per share last year for the closing of two ProFoods Restaurant Supply clubs.

Excluding these items, the company would have earned 46 cents per share in the latest period, compared with 41 cents in the second quarter of 2006.

Sales for the second quarter increased 8 percent to $2.25 billion from $2.08 billion a year earlier. Including membership fees, total revenue grew to $2.29 billion from $2.12 billion.

Analysts surveyed by Thomson Financial were expecting profit of 41 cents per share on revenue of $2.29 billion.

The company said sales at clubs open at least a year increased 3.7 percent for the second quarter, including a contribution from sales of gasoline of 0.7 percent and a 0.4 percent drop in pharmacy sales.

The company currently operates 175 BJ's Wholesale Clubs in 16 states. (AP)

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

August 20, 2007

FTC clears sale of Boston Market

Antitrust regulators have cleared McDonald’s sale of its Boston Market chain to a private equity firm, according to a notice the Federal Trade Commission issued today.

McDonald’s Corp. said earlier this month that it had agreed to sell the restaurants to Sun Capital Partners for an undisclosed amount.

McDonald’s acquired Boston Market, which was founded in Newton in 1985, for $173.5 million in 2000 in an effort to diversify its business. The chain, based in Golden, Colo., has 630 restaurants in 28 states.

The FTC included the deal on a list of transactions that received an ‘‘early termination’’ of their antitrust reviews. That refers to the completion of a review before the end of a 30-day period required under antitrust law.
(AP)

Posted by globebusiness at 2:35 PM | Comments (0)

Veritude will help with Biogen staffing

Veritude said today it has been selected by Biogen Idec Inc. to manage the Cambridge biotech firm's temporary staffing requirements.

Owned by Boston mutual funds giant Fidelity Investments, Veritude is a provider of talent acquisition and management services.

Under the agreement, Veritude will have an on-site team dedicated to staffing Biogen's temporary staffing needs at its Cambridge headquarters; Veritude said it will also be managing temporary staffing needs at Biogen offices in San Diego and in Research Triangle Park in North Carolina.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:11 PM | Comments (0)

GVA Williams taps Weber

Real estate services firm GVA Williams announced today it has hired Ryan Weber to head up its life sciences practice group with a focus on Boston, Cambridge, and the suburbs.

Weber, who holds the title of vice president, comes to GVA Williams from NAI Hunneman Commercial, a local real estate services firm where he was a specialist in the leasing and sales of office and laboratory space in Cambridge, GVA Williams said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:55 PM | Comments (0)

Jean brand turns to Tagsys for RFID

Tagsys, a Cambridge company specializing in RFID tagging and infrastructure, said today that blue-jeans brand icon Levi Strauss & Co. will deploy Tagsys readers in its Mexican retail outlets.

Radio Frequency Identification, or RFID, is a means of identifying objects by using a high radio-frequency transmission; using RFID, companies can better manage and track their inventories while reducing warehouse labor costs.

Tagsys said its partner Grupo Hasar is performing the software integration into Levi Strauss's back-end system in Mexico.

Tagsys said the Tagsys-Grupo Hasar deployment represents an expansion of Levi Strauss's RFID strategy to improve the customer purchasing experience by expediting the checkout process and improving the inventory management.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:24 AM | Comments (0)

Palette new CFO at Skyworks

Skyworks Solutions Inc., a maker of semiconductors used in mobile devices, said today that Donald W. Palette will replace Allan M. Kline as chief financial officer.

Palette, 50, most recently served as senior vice president of finance and controller of publicly traded Axcelis Technologies Inc., which supplies capital equipment to global semiconductor makers.

Kline, 62, who has served as Skyworks' chief financial officer since 2004, will retire after serving in an advisory role for a transitional period. (AP)

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

Mass. gas prices down again

Gasoline prices are down 3 cents since last week in Massachusetts, marking the fifth straight week of declining prices.

A statewide survey by AAA of New England found an average price of $2.72 per gallon for self-service regular unleaded. Five weeks ago, the average was $2.92.

Massachusetts' average price is the lowest since April 9th. The current price is 4 cents below the national average of $2.76. (AP)

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

Thermo executives adopt SEC program

Thermo Fisher Scientific Inc. of Waltham said today that several of its executives, including chief executive Marijn Dekkers, are adopting stock trading programs under Securities and Exchange Commission Rule 10b5-1.

The SEC rule covers the future sale of company stock.

Thermo Fisher, a large supplier of medical laboratory equipment for life sciences companies and universities, said that Dekkers, who exercised options for and sold 300,000 shares over Aug. 15 through Aug. 17, has adopted a plan for the future sale of up to an additional 780,000 shares, which he would acquire on the exercise of stock options granted in 2002.

Dekkers entered into this program in order to diversify his financial holdings, the company said; after selling these shares, Dekkers would own shares, or share equivalents, and hold options for 1.86 million shares, Thermo Fisher said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:33 AM | Comments (0)

NeurAxon lands $32m in financing

NeurAxon Inc., a Waltham firm focused on pain drugs, announced today that it has closed $32 million Series B financing.

The financing was led by new investors Delphi Ventures of California and OrbiMed Advisors LLC of New York.

NeurAxon said that it is targeting neuronal nitric oxide synthase, or nNOS, as a basis for developing the next generation of pain therapeutics, and its lead drug candidate, NXN-188, is designed to provide migraine relief.
(By Chris Reidy, Globe staff)

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

FuelCell powers Pepperidge Farm bakery

FuelCell Energy Inc. said today it is part of a team that will install a 1.2 megawatt fuel cell at a Pepperidge Farm bakery in Bloomfield, Conn.

FuelCell of Danbury, Conn., is a manufacturer of clean power plants for commercial, industrial, and utility customers, and it said the Pepperidge Farm installation is being supported by the Connecticut Clean Energy Fund, a quasi-public group that promotes clean energy technologies.

The fund will provide $3.5 million of the installation's cost, FuelCell said.

Once operational next summer, the new fuel cell will supply 57 percent of the total electrical needs of the bakery, FuelCell said.

Pepperidge Farms is a brand of the Campbell Soup Co. of New Jersey.
(By Chris Reidy, Globe staff)

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

Avid launches talent contest

Tewksbury video-editing supplier Avid Technology Inc. announced the launch of a talent contest that will judge students based on their one-minute films.

Starting today, students will be able to upload one-minute reels to Avid.com, where entries will be judged by a team of industry professionals, Avid said.

Judges will select a grand prize winner and two runners-up in two categories: Film/Video and Broadcast News, Avid said.

Grand prize winners will take home an "Avid Billy Award" as well as a $3,000 online credit to build their own home studio package comprised of Avid products, the company said.

Open to all students with a valid student ID, the contest will run through Nov. 1; winners will be notified and announced on or around Dec. 1, the company said; Avid products must be used in the creation of the reel for the entry to be eligible.
(By Chris Reidy, Globe staff)

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

Smith & Wesson gets NH order

Smith & Wesson Corp., the iconic Springfield-based firearms company, announced today it has received a pistol order from the New Hampshire Department of Safety.

The contract calls for a total of 500 of Smith & Wesson M&P45 pistols chambered in .45 ACP to be issued to officers in the New Hampshire State Police and Highway Patrol divisions, the company said.

According to Smith & Wesson, the M&P45's enhanced ergonomics, magazine disconnect safety, and ease of maintenance were among the primary reasons why the department decided to replace the duty weapons currently in use with the Smith & Wesson M&P45.

Smith & Wesson Holding Corp. is the parent company of Smith & Wesson Corp.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:51 AM | Comments (0)

Red Sox group expands to other sports

Boston Red Sox executive Mike Dee receives almost a dozen calls during an hourlong lunch at a Fenway Park restaurant, and this is the one that really gets his attention: One of the ballclub's owners went fishing the previous day, with great success.

Dee puts down his lunch -- he eats here so often, the double-decker burger is named after him -- and savors the details: Where did they go? How many fish did they catch? When are they going back?

But Dee won't be making a fishing trip any time soon.

Instead, he's off to North Carolina for a NASCAR drivers' meeting; or to New York to discuss online media at the baseball commissioner's office; or down the street to Boston College to help the school capitalize on its move to the high-profile Atlantic Coast Conference.

Like striped bass in Boston Harbor, opportunities abound for Fenway Sports Group, a Red Sox sister company that is expanding the team's marketing reach into college sports, auto racing, golf, concerts and even beach volleyball. The Red Sox famously dubbed the New York Yankees an "Evil Empire"; in truth, it's on the Boston ballclub that the sun never sets.

"Baseball's always going to be our core business, but it's a mature business. It's going to be harder to squeeze more juice from the orange," said Dee, who has a dual role as the Red Sox chief operating officer and the president of Fenway Sports Group. "I tell people, 'I spend 80 percent of my time with the Red Sox, and the other 80 percent of my time with the Fenway Sports Group."'

A former national marketing director for a paint company, Dee spent eight years at the San Diego Padres before following Red Sox chairman Tom Werner and president Larry Lucchino to Boston when Florida financier John Henry bought the team in 2002.

The Red Sox have done better than OK since then, winning the World Series in '04 to end an 86-year title drought, while selling out every game since May 15, 2003; ballpark ads and sponsorships are also quickly snapped up.

According to Forbes magazine, the value of the Red Sox alone -- not counting Fenway Park or their TV network -- has doubled, from $339 million in 2001 to $724 million in this year's accounting. If the Red Sox were strictly in the baseball business, this would be the time for the marketing folks to relax.

But major league baseball has a luxury tax that essentially forces big-money teams to send 40 cents of every new dollar to the have-nots. So when Henry looked at ways to grow his business, he had to look outside the sport.

"With revenue sharing, we were looking at trying to draw revenue from other areas that are untaxed. We really had to leave the sport of baseball to do that," Henry said this summer after unveiling a baseball-themed NASCAR entry at Fenway Park. "We've sold out about everything we can sell here. But we have tremendously creative people looking for additional challenges."

Fenway Sports Group was born, and Dee was given wide latitude to look throughout sports and entertainment for new business opportunities.

"That's a pretty broad file," Dee acknowledged, ticking off the things he looks for in new businesses. "It should be a tier 1 brand. The greatest risk would be a diminution of the Red Sox brand."

For FSG, the Red Sox are "the calling card," but not the product.

"It's a door-opener," said Sam Kennedy, who like Dee has a role with both the Red Sox and FSG. "Just because you represent the Red Sox doesn't mean someone's going to buy a Boston College sponsorship. And just because your office is in Fenway Park doesn't mean somebody's going to buy a Devil Rays sponsorship."

But the FSG staff can take meetings that the ballclubs can't. Although the billboards at Fenway Park might be sold out for the season, a company can make a smaller buy at Boston College basketball; if Bank of America has locked up the financial services sponsorship of the Red Sox, FSG can still work with Deutsche Bank on the PGA Tour, or Sovereign Bank at BC.

Fenway Sports Group is owned by New England Sports Ventures, a partnership that also owns the Red Sox and its television network, NESN. The offshoot got its feet wet with FanFoto, which sent photographers out in Fenway -- and soon nine other major league ballparks -- and sold the pictures to the fans.

Other projects include a marketing deal with BC that was recently extended for nine more years. FSG is also a partner in the Deutsche Bank Championship, the PGA Tour stop outside of Boston.

But the company's profile expanded when it bought half of NASCAR's Roush Racing -- "a watershed moment," Dee said.

"Until that point, the only thing we were putting at risk was really our reputation," he said.

For Henry, the goal in racing is the same as the one in baseball: to win a championship. His new partner, Jack Roush, got a cash infusion that gave him the security and stability to compete as that sport grows.

"They have got the legs and the foundation so that I can weather a storm," Roush said.

Potential sponsors now see the racing team as a more national opportunity. Looking out at the Fenway Park field, Roush said, "This wouldn't have occurred if it hadn't been for the affiliation with FSG."

Fenway Sports Group, which recently sold its interest in FanFoto at a profit, is working with the Celtics and Bruins on postgame concerts that would help fill the new Boston Garden on nights when the hometown teams can't. FSG also sells online advertising for all 30 teams' Web sites through major league baseball advanced media; putting it in the odd position of drawing revenue from the Web sites of rivals.

Could a Yankee fan who clicks on an online ad be indirectly subsidizing their archrivals?

"There's no intention to take Roush Fenway revenue and move it over to the Red Sox," Henry said.

FSG was profitable after two years, Dee said. "And three years later, I think the partners would tell you it's hard to imagine NESV without FSG," he said.

"But what makes FSG work is the current trading level of the Red Sox," Dee said. "If I was in a much more mundane business, I wouldn't get 500 internship applications to sell paint." (AP)

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

Biogen publishes positive Tysabri results

Biogen Idec Inc. of Cambridge and Elan Corp. PLC of Ireland announced today the publication of test results demonstrating that multiple-sclerosis patients treated with Tysabri showed "a significant improvement in health-related quality of life measures."

The results are from a Phase III study, the companies said.

"These findings have not been previously observed in clinical studies involving MS patients," Richard Rudick, director of the Mellen Center for Multiple Sclerosis Treatment and Research at the Cleveland Clinic and the lead investigator in the study, said in a statement.

According to a previous Globe story, Tysabri was first approved in 2004, but it was later linked to a rare brain disease; three patients in clinical trials contracted the disease, and two died.

Two of the patients were also taking Biogen Idec's multiple-sclerosis drug Avonex, and a third had taken other immunosuppressants, leading some researchers to conclude that the risks are low if Tysabri is taken by itself.

The drug went back on sale in mid 2006 after an extensive safety review, and it is now recommended only for MS patients who don't respond to other treatments.
(By Chris Reidy, Globe staff)

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

Cisco chooses Nuance

Nuance Communications Inc., a Burlington provider of speech and imaging solutions, announced today that it will provide speech solutions Cisco Systems Inc.'s Unity 5.0.

California-based Cisco designs, manufactures, and sells networking and other products related to the communications and information-technology industries; its Cisco Unity is a tool that allows users to manage e-mail, voice, or fax messages from any medium.

Nuance said it will provide Cisco Unity 5.0 with a "hands-free" user interface by enabling voice commands to control features of the platform.
(By Chris Reidy, Globe staff)

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

Pro-Pharmaceuticals sponsors symposium

Pro-Pharmaceuticals Inc., a Newton company examining the therapeutic uses of galectins, said it is sponsoring a symposium on galectins today and tomorrow during a chemists' convention in Boston.

The company's lead product candidate is Davanat, a drug-target delivery compound that Pro-Pharmaceuticals hopes can be brought to market with multiple chemotherapy drugs; according to Pro-Pharmaceuticals, Davanat targets galectin receptors on cancer cells.

Pro-Pharmaceuticals is sponsoring "A Special Symposium on Galectins: Structures, Functions, and Therapeutic Targets," which is set to begin today at the American Chemical Society's annual meeting at the Boston Convention & Exhibition Center, the company said.
(By Chris Reidy, Globe staff)

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

HydroCision announces new device

HydroCision Inc., a Billerica firm that makes surgical tools, announced today the launch of a device that can be used in the treatment of chronic back and leg pain.

The tool is the SpineJet EndoResctor, and it is designed for endoscopic minimally invasive discectomy, the company said.

The EndoResector is based on HydroCision's HydroDiscectomy platform; hydrodiscectomy uses a high-velocity fluid jet to quickly and safely decompress herniated discs, providing relief to patients suffering from chronic back or leg pain, the company said.
(By Chris Reidy, Globe staff)

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

Foley Hoag wins patent case for CytoLogix

Boston law firm Foley Hoag LLP said that a federal jury has awarded $10.7 million in a patent infringement case to a client, CytoLogix Corp., a medical device company that formerly operated out of Cambridge.

After a three-week trial in the US District Court for the District of Massachusetts, jurors made the award based on the finding that Ventana Medical Systems Inc., an Arizona-based medical device company, was liable for infringing upon CytoLogix patents for slide-staining methods used by pathologists in seeking to diagnose cancer and other diseases, Foley Hoag said.

In June, Roche Holding AG, a Swiss maker of diagnostic tests, offered to buy Ventana for about $3 billion.
(By Chris Reidy, Globe staff)

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

IRobot sues rival

IRobot Corp. said today it filed two lawsuits against Worth, Ill.-based Robotic FX Inc. and its founder and president, a former iRobot employee, Jameel Ahed.

Robotic FX sells the "Negotiator", a version of the combat-proven iRobot PackBot robot, said Burlington-based iRobot. IRobot has shipped more than 1,000 PackBot robots to military forces in the U.S. and abroad, where they have been used in such missions as cave clearing in Afghanistan.

IRobot is seeking a permanent injunction to prevent Robotic FX from selling its Negotiator robot, plus damages.

The company filed a lawsuit against Robotic FX in the U.S. District Court for the Northern District of Alabama for infringement of two U.S. patents, and a separate lawsuit against Robotic FX and its president, Jameel Ahed, in Massachusetts Superior Court. IRobot is alleging misappropriation and misuse of confidential information related to iRobot's PackBot that was used to build the Negotiator.

PackBot was the first ground robot ever to be used in combat by U.S. forces. (AP)

Posted by globebusiness at 7:46 AM | Comments (0)

August 17, 2007

Boston Scientific shares fall

Shares of Boston Scientific Corp. sank to a five-year low today as investors discounted the cardiovascular device maker's plans to divest two of its businesses as part of a broad review of its portfolio.

On Thursday, Boston Scientific, which took on nearly $9 billion of debt to buy Guidant Corp. last year, said it would explore the sale of its Cardiac Surgery and Vascular Surgery businesses in order to pay down debt and focus on its core businesses.

Boston Scientific shares slipped 36 cents, or 2.8 percent, to $12.38 in midday New York Stock Exchange trade as the broad market rebounded.

"The announcement was no great surprise and pretty underwhelming," said David Heupel, a portfolio manager at Thrivent Investment Management, which does not own Boston Scientific shares. "People were expecting or hoping for a great more change than this."

Heupel echoed comments of many other analysts who say that their negative opinion of the company will not change until its two key markets stabilize.

Recalls and safety concerns in the markets for drug-eluting heart stents and implantable cardioverter defibrillators, better known as ICDs, have significantly hurt revenue for more than a year.

"How and when these markets stabilize are questions (management is) not answering," Heupel added.

Over the last three weeks, the company has signaled its intention to sell its NAMIC fluid management business, which recorded 2006 sales of $80 million, the Meadox vascular graft business, which booked 2006 sales of $86 million, and Guidant's cardiac surgery business, which had 2006 sales of $189 million.

Boston Scientific also recently announced its plans to sell its cochlear implant and drug delivery businesses back to the founders of Advanced Bionics, from which these businesses were bought.

"The common thread here is that all of these businesses came through acquisitions. Moreover, none of them are in Boston's view strategic," JP Morgan analyst Michael Weinstein wrote in a research note.

EP Technologies' catheter ablation business, which had 2006 sales of $140 million, may be the next business the company puts on the block, Weinstein said.

"What we're are going to be watching here at Fitch is how they handle their (drug-eluting stent) and (cardiac rhythm management) businesses and we'll be watching for the asset sales and see what the net effect is on debt," said Bob Kirby, a debt analyst at Fitch Ratings.

Rising interest rates could significantly affect Boston Scientific's interest expenses since rates on a large proportion of its debt are not fixed, he said.

Larry Biegelsen, an equity analyst with Wachovia, said he believes the company has the ability to reach 3.5 times debt to earnings before interest, tax, depreciation and amortization (EBITDA) by the end of the first quarter.

Doing so would bring the company into compliance with its debt covenants, he said, and efforts to divest businesses increase confidence in its ability to reach that ratio.

Biegelsen, in a research note, said the sale of Boston Scientific's Cardiac Surgery, Vascular Surgery, and Fluid Management businesses could yield $500 million to $600 million in pretax proceeds. (Reuters)

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

Avici expands in Billerica

Avici Systems Inc. has signed a lease for 23,900 square feet of office space in Billerica, a broker involved in the transaction said today.

The broker is Boston-based NAI Hunneman Commercial, a commercial real estate services firm that represented Avici.

Headquartered in Billerica, Avici provides core Internet infrastructure equipment that enables networking service providers to transmit volumes of data, voice, and video.

"Avici Systems is one of the fastest growing IP solutions providers and needed more space to expand," NAI Hunneman senior vice president James Boudrot said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:46 AM | Comments (0)

Boston gas prices flatten out

In July, the average price of gasoline of all types in Boston was $2.994, and local drivers effectively paid the same per gallon as the national average, the Bureau of Labor Statistics said today.

July gasoline prices in Boston, while high by the standards of the past two decades, are somewhat below recent spikes and are lower than prices in the early 1980s, after adjusting for inflation, said the bureau, which is part of the US Department of Labor.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:56 AM | Comments (0)

Yankee Group relocates to Prudential

Yankee Group announced today that it is relocating its corporate headquarters to Boston's Prudential Tower.

The firm is a research and consulting firm focused on global connectivity.

According to its website, the Yankee Group's current headquarters is 31 St. James Ave., Boston.

In a statement, the Yankee Group said it will occupy the entire 27th floor of the Prudential Tower.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:42 AM | Comments (0)

Quaker Fabric files for bankruptcy

Quaker Fabric Corp. of Fall River, which last month warned it that it was likely to shut down, said today that it filed for Chapter 11 bankruptcy protection in US Bankruptcy Court for the District of Delaware.

The company, which is a supplier of upholstery fabrics for the furniture market, said that its affiliates outside the United States were not included in the Chapter 11 filing.

On July 2, the company announced that it would likely commence an orderly and liquidation of its business and said that the employment relationships of substantially all of the company's 930 employees were terminated, the company said.

A Globe story from July noted that the company came under pressure from a flood of imports, particularly from China.
(By Chris Reidy, Globe staff)

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

Garcia-Meza gets top spot at FilesX

FilesX Inc. of Newton announced today that Jimmy Garcia-Meza has been appointed as president and chief executive.

FilesX, a provider of adaptive data protection and disaster recovery solutions, added that chairman Alon Cohen, who was actively running the company for the last two years, will remain as chairman and assist Garcia-Meza in accelerating FileX's growth.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:59 AM | Comments (0)

Climax nears in romance contest

As the deadline for its talent competition to find romance novelists draws nigh, Gather.com said today it is launching a romance writer's hotline for contestants.

Gather.com of Boston is a social media website; many such sites target a young demographic, but Gather.com aims for an audience of well-educated, middle-age consumers who might be interested in sharing online discussions on everything from politics to fine dining.

To engage this crowd, Gather.com has taken to sponsoring literary competitions, such as one to find mystery writers and the current quest to find aspiring romance writers.

The romance competition is in its final days -- the deadline is the stroke of midnight, August 22nd -- and the winner will receive a publishing contract with an offshoot of Simon & Schuster, along with a $5,000 advance, Gather.com said.

Beginning today, entrants can call the hotline at 617-720-4000, extension 1070, to get answers to competition-related questions, Gather.com said.
(By Chris Reidy, Globe staff)

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

Wendy's expands Boston breakfast rollout

Hamburger chain Wendy's International Inc. continues to escalate its efforts to take a bigger bite out of Greater Boston's breakfast business.

A handful of Wendy's locations in Greater Boston began offering breakfast in June as part of a national rollout, and now about 15 of the roughly 90 Wendy's in Greater Boston offer breakfast.

Individual Wendy's in such locations as Boston, Medford, Milford, Revere, Marshfield, Quincy, and Everett are serving up Grande Breakfast Burritos, French Toast Sticks, Folgers coffee, and other morning fare, a spokeswoman for the Ohio-based chain said.

The company's plans call for more than 650 of its 6,000 US restaurants to be serving breakfast by the end of the month.

In June, Wendy's management said it was exploring a possible sale of the chain, and Nelson Peltz, a billionaire investor who owns the Arby's through his Triarc Cos., has said he might be willing to pay as much as $3.6 billion to buy Wendy's, various news services have reported.
(By Chris Reidy, Globe staff)

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

Visa promotes money management program

Only 5 percent of adults said that they learned about money management skills in elementary or high school, according to a survey from Visa USA, a payments and credit-card brand.

And the survey of 1,000 cardholders found that 41 percent were either self-taught about money skills or "learned the hard way," Visa said; 91 percent of respondents indicated that they supported requiring financial education to be taught in high school.

"To help combat our nation's financial illiteracy problem," Visa said it is offering free access to a money management program called "Practical Money Skills for Life," which is available at www.practicalmoneyskills.com.

According to Visa, parents should teach children such lessons as how to follow a budget, how to do comparison shopping, and how to differentiate between wants and needs.
(By Chris Reidy, Globe staff)

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

Indevus gets key FDA letter

Indevus Pharmaceuticals Inc. of Lexington said today it has received a letter from the Food and Drug Administration that marks an important step in its plan to return the drug Valstar to the market within the next few months.

Valstar, which Indevus inherited as a result of a recent acquisition of another drug company, is a chemotherapy drug used to treat the late stages of bladder cancer; it was removed from the market in 2002 due to impurities in the original formulation.

Indevus said a new formulation of Valstar addresses those concerns and it is seeking the FDA's OK to reintroduce a reformulated Valstar to the market.

In today's announcement, Indevus said it received an "approvable" letter from the FDA in which the FDA asked for clarification regarding manufacturing validation protocols and for additional data on the manufacturing process.

"The FDA requests in the approvable letter are easily addressable with existing data and the completion of a few brief process related investigations," Indevus chairman and chief executive Glenn L. Cooper, M.D., said in a statement. "We expect to supply the FDA with a complete response within the next few months. We remain on track for a late 2007 or early 2008 re-introduction."
(By Chris Reidy, Globe staff)

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

Hertz Mustangs arrive at Logan

Muscle-car enthusiasts take note: 2007 Shelby GT-H Mustang convertibles are now part of Hertz Corp.'s rent-a-car fleet at Logan International Airport.

Hertz said it is offering a special run of performance-modified Ford Mustang GT convertibles - designated as Shelby GT-H, with H for Hertz; they are now available for rent at a starting rate of $180 per day, the company said.

The 2007 Shelby GT-H convertible is "the showcase car of the Hertz Fun Collection," featuring vehicles tailor-made for travelers seeking "exciting driving experiences," Hertz said.
(By Chris Reidy, Globe staff)

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

Study: CEO-speak an indicator

A company's capacity for innovation can be foretold by parsing the words of its chief executive, according to researchers at the University of Minnesota.

If the CEO gives the future tense a serious workout in public statements such as annual reports and letters to shareholders, the chances are that such forward-looking verbiage is a veritable crystal ball in predicting a positive track record for innovation over the next few years.

So concluded Professor Rajesh Chandy at the University of Minnesota's Carlson School of Management, who worked on the project with Manjit Yadav of Texas A&M University and Jaideep Prabhu of Imperial College, London University; they plan to publish their research in a paper titled "Managing the Future: CEO Attention and Innovation Outcomes."

To investigate their theory, Chandy and his co-authors studied data from the online banking industry over an eight-year period, looking to measure statements by CEO's against the subsequent behavior of their companies.

The study emboldened Chandy to say in a statement, "By simply counting the number of future oriented sentences in annual reports we can predict future innovation by the firm."
(By Chris Reidy, Globe staff)

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

Covidien enhances infusion system

Covidien Ltd., whose name Red Sox fans can see on the Green Monster at Fenway Park, announced the availability of several enhancements to its MRidium MRI Infusion System.

Mansfield-based Covidien, a recent spin-off of Tyco International Ltd., is in the business of developing, manufacturing, and distributing medical devices and supplies, diagnostic imaging agents, pharmaceuticals and other healthcare products for use in clinical and home settings.

The MRidium MRI Infusion System is a nonmagnetic IV infusion pump specifically designed for the magnetic resonance imaging suite, the company said; the system helps shorten distance between the pump and the patient, eliminating the need for "tubing intensive workarounds employed to keep traditional IV pumps outside of the strong magnetic fields of MRI systems."

In the latest version, the system includes a library of drugs commonly initiated in the MRI suite, along with an integrated dose-rate calculator to aid in accurate and efficient dispensing of medication, Covidien said.
(By Chris Reidy, Globe staff)

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

August 16, 2007

Radio deal has Dennis and Callahan boxed out

In sports lingo, you might say Dennis and Callahan have been boxed out.

Entercom Communications Corp., the parent corporation for WEEI sports radio, has cut a syndication deal to place its sports content on 11 Nassau Broadcasting radio stations around New England.

But more importantly, Entercom also is buying 50 percent of a 12th station, WCRB, a classical music station owned by Nassau that was said to be in negotiations with WEEI’s premier sports talk hosts, John Dennis and Gerry Callahan, who have been off the air in a contract dispute with WEEI.

Under that possible deal, WCRB would have switched to a sports format.

Today's deal keeps WCRB a classical station and effectively removes a potential alternate outlet for Dennis and Callahan while giving WEEI a sweeping new entry into more New England markets.

Julie Kahn, vice president and New England market manager for Entercom, today said the deal with Nassau had nothing to do with the possibility of Dennis and Callahan bolting to a competitor.

‘‘We’re hopeful that we can continue negotiations with them,’’ she said. ‘‘We are currently still supportive of continuing the relationship.’’

Terms of the deal between Entercom and Nassau were not disclosed. It will add WEEI programming to markets in Portland, Maine; Cape Cod; Lebanon, N.H.; Concord, N.H.; and Montpelier, Vt., among others.
(By Christopher Rowland, Globe staff)

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

Boston Scientific may sell two units

Medical device maker Boston Scientific Corp. today said it may sell its cardiac surgery and vascular surgery units as part of an overall plan to shed nonstrategic assets.

Boston Scientific, of Natick, bought the cardiac surgery unit in April 2006 as part of its $27 billion buyout of Guidant Corp.

Headquartered in San Jose, Calif., with a manufacturing facility in Dorado, Puerto Rico, the segment has about 450 employees and generated revenue of $189 million in 2006.

The company bought the vascular surgery business in 1995 as part of its Meadox Medicals acquisition. That unit has 250 employees, mainly at its manufacturing site in Wayne, N.J., and had revenue of $86 million in 2006.

The company said it is in talks with several potential buyers.

Boston Scientific shares fell 17 cents to close at $12.74.
(AP)

Posted by globebusiness at 5:37 PM | Comments (0)

Dodgers owner's Brookline mansion has a buyer

The real estate agent handling the sale of Los Angeles Dodgers owner Frank McCourt’s Brookline mansion today confirmed a deal has been made.

Saul Cohen, president of Hammond Residential Real Estate/GMAC in Brookline, said a buyer has agreed to a contract on the eight-bedroom, seven-bath colonial at 40 Cottage St., and that a deal should close soon.

WBUR radio first reported the deal on Wednesday.

Cohen would not disclose the buyer or the sale price, but said the agreement includes an adjacent five-bedroom, four-bath house at 170 Sargent Road that McCourt also owns.

The Cottage Street property set a record when it was first listed at $22 million in 2004, but the asking price had dropped as low as $15.75 million. The Sargent Road property was recently listed at $4.5 million.
(By Keith Reed, Globe staff)

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

Questex buys Oxford Publishing

Questex Media Group Inc., a Newton-based business-to-business media company, said today it has acquired Oxford Publishing, a publisher and event producer focused on the beverage and food markets.

Financial terms of the transaction were not disclosed, Questex said.

Oxford Publishing, based in Oxford, Miss., will operate as a subsidiary of Questex, Questex said.
(By Chris Reidy, Globe staff)

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

Stop & Shop expands VIP pricing program

The Stop & Shop Supermarket Co. said it will expand its "Value Improvement Program," or VIP program, to cookies and crackers, starting tomorrow.

The Quincy-based chain, which operates 389 stores throughout much of the Northeast, debuted VIP last fall, and it already applies to such product categories as cereal, produce, paper products, baby care items, and pet foods, among others, the chain said.

The goal of the VIP program is to reduce the cost of a typical family's weekly shopping trip by delivering low prices every day, along with weekly promotions; the program continues to roll out progressively to different departments throughout Stop & Shop's stores, the company said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:40 PM | Comments (0)

Stent market plagued by safety questions

Drug-oozing heart stents became the fastest-selling medical device in modern history -- and a cash cow for Johnson & Johnson and Boston Scientific Corp. -- because of the device's ability to prevent scar tissue from forming new blockages after artery-clearing surgery.

But safety questions about the stents have triggered steep sales declines and job cuts for the makers, and are expected to shrink the U.S. market by one-third this year -- a $1 billion drop just four years after the tiny gizmos were introduced.

J&J is cutting nearly 5,000 jobs due in part to a stent decline after studies questioned the devices' safety and effectiveness in preventing heart attacks and bypass surgery. Boston Scientific is preparing its own cuts after its stock hit a five-year low and its credit rating sank below junk-bond status.

The industry hopes to resurrect the market by rolling out next-generation versions of stents, metal-mesh tubes about the size of an ink pen spring that unfold inside coronary arteries like a scaffold. Although the new stents are designed to be safer and more effective, industry analysts don't expect a quick turnaround.

"I'm not going to be so bold as to call this the bottom in the market yet, but we're close, in this country," said Thom Gunderson, a Piper Jaffray analyst. "I think in three or four quarters going forward, you'll see a rebound."

Fellow Piper Jaffray analyst Timothy Nelson and Millennium Research Group stent analyst Bina Mistry both said in interviews that they project the U.S. drug-coated stent market to shrink from about $2.9 billion last year to roughly $2 billion this year. They haven't done projections on the global decline.

It's been a quick turnaround for a market that emerged after J&J introduced the first U.S. drug-coated stent in 2003, and Boston Scientific followed with its own the next year.

The devices quickly surpassed sales of older and less expensive bare-metal versions. The older stents left many angioplasty patients needing repeat procedures to reopen vessels clogged by scar tissue from the first surgery. Newer models' drug coating is designed to prevent such blockages.

The U.S. market peaked at $3.1 billion in 2005, when the global market hit $5.2 billion, according to Toronto-based Millennium, which surveys hospitals performing artery-opening surgery called angioplasty. In about four years, some six million people worldwide were implanted, a modern record for medical devices.

"This transition was incredibly rapid," said Dr. Bonnie Weiner, a cardiologist at St. Vincent's Hospital in Worcester and president of the Society for Cardiac Angiography and Interventions, the primary professional association for specialists in the field.

While stents helped fuel profits at highly diversified J&J, the impact was far bigger on Natick, Mass.-based Boston Scientific, a much smaller company. Its stock price more than tripled in less than two years.

But the market reversed course in mid-2006, after research indicated drug-coated stents slightly raise the risk of life-threatening blood clots months or years after they're implanted, unless people stay on an anti-clotting drug.

Because of that risk, a Food and Drug Administration advisory panel in December warned against "off-label" uses -- cases in which the devices are implanted in higher-risk patients whose heart conditions don't meet criteria the FDA set in approving the stents. Such uses, done at the discretion of individual physicians, had accounted for about 60 percent of drug-coated stent procedures.

In March, a study questioned whether stents are more effective than less-costly drug therapy for treating patients who don't face an imminent heart attack risk.

Now, many doctors are opting against off-label use until more is known about the risks. Some are choosing bare-metal stents for certain patients, or relying on drugs alone or bypass surgery.

Drug-coated stents are now used in about 60 percent of all U.S. stent procedures, down from as high as 89 percent early last year, according to Millennium data.

"I do think that now physicians are being much more thoughtful and careful in who they refer" for stent procedures, said Dr. William Maisel, a cardiologist at Boston's Beth Israel Deaconess Medical Center who chaired the FDA advisory panel, said in a recent interview.

The changes have been painful for stent makers. Second-quarter U.S. sales of J&J's Cypher stent dropped by 41 percent. On July 31, the New Brunswick, N.J.-based company announced plans to cut its work force by up to 4 percent, or 4,820 jobs, because of the stent decline, as well as slumping sales of a key drug and looming patent expirations.

Sales of Boston Scientific's Taxus fell 32 percent last quarter. The company's stock, hurt by the stent downturn as well as debt from an acquisition, now trades at around $13 a share -- down from nearly $44 at the stock's April 2004 peak.

Meanwhile, Boston Scientific's credit standing with ratings agencies this month fell into junk bond territory. And the 29,000-employee company is working on plans to be announced later this year to reduce expenses and raise cash, including job cuts and assets sales.

The shift away from drug-coated stents could also hit companies with next-generation drug-coated models that are just reaching European markets and are soon expected to arrive in the U.S. Such companies include North Chicago, Ill.-based Abbott Laboratories Inc., and Minnesota-based Medtronic Inc. and St. Jude Medical Inc.

Weiner, the St. Vincent's cardiologist, expects those new models will eventually put drug-coated stents back in favor.

"I think there are lots of new technologies out there that will move the field forward," she said.

And industry analyst Gunderson believes many patients with stable heart conditions who now aren't being implanted with drug-coated stents will eventually need them -- either because they'll find drug therapy alone won't ease their heart pains, or because patients receiving bare-metal stents will eventually develop new blockages from scar tissue.

"We might be in a zone now where we're building a backlog of patients who will eventually have to come back," he said. (AP)

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

Logan officials brace for strike

Logan International Airport officials are bracing for a threatened two-day strike by pilots of Irish airline Aer Lingus that could cancel eight flights scheduled to arrive in and leave from Boston Tuesday and Wednesday.

Five hundred Aer Lingus pilots are currently threatening to walk off the job for 48 hours starting at 7 p.m. Boston time Monday, midnight Tuesday in Ireland. But the airline and pilots association chief Evan Cullen this morning were talking about possibly meeting tomorrow to resolve contract disputes and stave off a strike.

Logan spokesman Phil Orlandella said if the strike happens, it would have these impacts at Logan:
- Flight 132 from Dublin and Shannon to Logan on Monday, normally scheduled to arrive at 7:15 p.m., would have its departure moved up by one hour, to arrive in Boston at 6:15 p.m., 45 minutes before the strike deadline.
- On Tuesday and Wednesday, all Aer Lingus flights from Boston to Shannon and Dublin, and from Dublin and Shannon to Boston, would be cancelled. These include flight 136 from Boston to Dublin that leaves at 6:30 p.m., flight 132 to Shannon and Dublin that leaves at 7:15 p.m., flight 133 from Shannon to Boston that arrives at Logan at 3:20 p.m., and flight 137 from Dublin and Shannon that arrives at Logan at 4:15 p.m.
- Normal operations between Boston and Ireland would resume Thursday.

Aer Lingus has begun alerting passengers to the possibility of a strike and has begun re-booking some passengers on other dates or in some cases other airlines, Logan officials said.
(By Peter J. Howe, Globe staff)

Posted by globebusiness at 12:39 PM | Comments (0)

Geist exercises Boston Beer options

The vice president of sales of Boston Beer Co. Inc. exercised options for 8,000 shares of common stock, according to a Securities and Exchange Commission filing.

In two Form 4 documents filed Wednesday with the SEC, John C. Geist reported he exercised the options Tuesday for $21.14 and $24.95 apiece and then sold all 8,000 shares on the same day for $43.64 to $44.92 apiece.

Insiders file Form 4s with the SEC to report transactions in their companies' shares. Open market purchases and sales must be reported within two business days of the transaction.

Boston Beer, which sells malt beverages and hard cider under brands including Samuel Adams and Twisted Tea, is based in Boston. (AP)

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

Staples speeds up business card service

Staples Inc. unveiled today a nearly real-time program for printing business cards at its copy-and-print centers nationwide.

The Framingham-based retailer of office supplies is calling the new service "Business Cards in Minutes."

The service aims to make it easy for customers to design, proof, and print professional quality business cards in as fast as 30 minutes, the company said.

According to Staples, printing business cards is a growth opportunity as everyone from "teens to soccer moms" are using highly personalized cards for social purposes.

The Staples service allows customers to print as few as 100 cards at a time, compared to the industry-standard minimum of 250, the company said.

"By offering this new convenience, Staples is doing for business cards what 'instant photo' did for photo processing," Staples vice president of business services Rob Schlacter said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:15 PM | Comments (0)

Mass. jobless rate rises

The unemployment rate for Massachusetts rose to 5.1 percent in July, up from 4.9 percent the previous month.

The increase came as the size of the state's labor force fell by 2,000 people, despite a general upward trend over the past year.

Based on a survey of employers, the state says it added 4,200 new jobs in July. But a separate survey of households found an increase in the number of people in the labor force without jobs.

The jobless rate in Massachusetts is one-half percentage point higher than the national unemployment rate, which rose to 4.6 percent in July. (AP)

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

Sapient partners on Canadian contract

Sapient Corp. of Cambridge said today it is part of a partnership that has been selected for a $70 million contract from a Canadian energy distributor.

Sapient, a business and technology services consultancy, said the contract is from a subsidiary of Enbridge Inc. of Canada.

Under the five-year agreement, Sapient said it will partner with Siemens IT Solutions and Services Inc. and SAP Canada Inc. on an implementation and maintenance contract.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:58 AM | Comments (0)

Genzyme chooses Digital Influence

Digital Influence Group said today that it has been selected by Cambridge biotechnology company Genzyme Corp. to use social media to communicate Genzyme's corporate social responsibility efforts.

Waltham-based Digital Influence, which describes itself as social media marketing services agency, is a W2 Group company; W2 was founded by Internet marketing guru Larry Weber.

Digital Influence said some of its marketing efforts for Genzyme will focus on how Genzyme provides medical products for patients in developing countries and on Genzyme's commitment to conserving natural resources and reducing its impact on the environment.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:54 AM | Comments (0)

Talbots unveils fall collection

Talking up its fall clothing collection today, Talbots Inc. of Hingham said: "The constant whir of fashion trends has left many women feeling like spectators at NASCAR. The trends circle so fast, a blink may obscure a noteworthy collision."

Talbots, a brand perhaps best known for classically styled clothing for affluent middle-age women, said its fall lines take a different perspective.

"A 35+ woman needs a foundation of wearable separates she can adapt to suit any sudden change of plan, punctuated by distinct finds that reflect her personality and spark conversation," Betsy Thompson, Talbots fashion spokesperson, said in a statement.

Talbots hopes its fall is better than its spring and summer; in an Aug. 9 press release, company officials said their "disappointing second quarter performance" was partly related to "a lack of positive customer response to their spring and summer assortments."

Still, Talbots seems upbeat that customers will respond positively to its fall line.

Referring to the Talbots customer, Thompson said, "This season's look is all about giving her true options - clean, effortless sportswear with an underlying emphasis on menswear, the color gray as a canvas, easy layers, and an eye-catching mix of proportions."
(By Chris Reidy, Globe staff)

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

iParty buys 2 RI stores

Dedham-based iParty Corp. said today it has entered into an agreement to buy two Rhode Island stores currently operated as Party City franchise stores.

An operator of 50 party goods stores, iParty said the purchase price will be $1.35 million, plus up to $400,000 for associated inventory.

Both locations will be converted into iParty stores following the closing of the sale, said iParty, which added it will close its North Providence store when its lease expires in January.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:02 AM | Comments (0)

Favorable Katrina verdict for Boston firm

A federal jury Wednesday awarded $70,000 to a Louisiana financial executive who sued Boston-based Lexington Insurance Co., seeking more than $750,000 for his Mobile Bay vacation home that crumbled under Hurricane Katrina's winds and waves.

The homeowner, Richard Preis of Baton Rouge, was disappointed with the judgment and planned to appeal it. Before the verdict, the company had offered Preis $64,000 on his claim.

The dispute centered on whether it was Katrina's 85 mph wind gusts or the six-foot floodwaters that shattered the 4,500-square-foot home in Point Clear, a shady retreat near Fairhope. Lexington was not obligated to cover damage from storm surge.

Replacing the home could cost $1 million, according to testimony.

Preis, who sells stocks and bonds, and his wife, Victoria, have collected about $600,000 -- the maximum amount available from two other flood insurance policies.

"The verdict was well supported by the evidence," said Lexington attorney Robert Siegel. He declined further comment.

U.S. District Judge William Steele earlier ruled out an attempt to collect from Lexington on the home's contents, estimated at about $700,000, because it couldn't be determined whether wind or flood destroyed the furnishings.

In closing arguments Wednesday, Siegel defended the insurance company's handling of the claim, saying Katrina's wave surge knocked out the walls, not the hurricane's winds.

The jury did not specifically say what it thought caused the damage.

Similar disputes between Katrina victims and insurance firms have surfaced in courtrooms on the coast two years after the hurricane's catastrophic blow to Louisiana and Mississippi.

Katrina caused less damage in Alabama from Dauphin Island up the west side of the state.

Attorney Phillip Preis, who handled his cousin's case, told jurors to consider the question: Did the maximum wind hit the house before the water?

But Siegel argued that the gutters and downspouts on the house were intact after the storm and that the floodwaters knocked out the studs, causing the house to fill with debris.

"Storm surge -- not winds -- caused the walls to fall," Siegel said, pointing to photos of the damage viewed by jurors on video screens set up in the jury box.

Lexington is a member of the American International Group Inc. of companies. (AP)

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

Lepofsky next CEO at Brooks

Brooks Automation Inc. of Chelmsford today announced that Robert J. Lepofsky will become its next chief executive, succeeding Edward C. Grady, who will retire at the end of September.

Brooks helps creates manufacturing efficiencies for the semiconductor and other industries.

Lepofsky, formerly the chairman and chief executive of Helix Technology Corp., has been a member of the Brooks board of directors since 2005 when Brooks acquired Mansfield-based Helix, Brooks said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:23 AM | Comments (0)

Wallroth named CFO at Molecular

Molecular Insight Pharmaceuticals Inc. of Cambridge announced today the appointment of Donald E. Wallroth to the position of chief financial officer.

Molecular Insight is a biopharmaceutical company specializing in the emerging field of molecular medicine, applying innovations in the identification and targeting of disease at the molecular level.

Wallroth joins the company from the national life sciences practice of Tatum LLC, an Atlanta-based executive financial services firm, Molecular Insight said.
(By Chris Reidy, Globe staff)

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

Risley joins StreamBase Systems

StreamBase Systems Inc. of Lexington announced today that Chris Risley has joined the company as chief executive officer.

StreamBase specializes in complex event processing, providing a platform initially developed by researchers at the Massachusetts Institute of Technology, Brown University, and Brandeis University; the company says it takes a new approach to processing and analyzing real-time streaming data.

Risley replaces Barry Morris, who has led StreamBase since 2004 and who is leaving the company to create a new technology startup, StreamBase said.

Most recently, Risley spent five years as chief executive of California-based Nominum Inc., a provider of network naming and addressing solutions, StreamBase said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:05 AM | Comments (0)

Wal-Mart implements SSH tech

SSH Communications, a company with offices in Wellesley, said that Wal-Mart Stores Inc. has selected its SSH Tectia solution to enable secure remote access and data file transfers throughout the retail giant's extensive global computing network.

SSH describes itself as a provider of secure file-transfer and end-to-end communications security solutions for the enterprise.
(By Chris Reidy, Globe staff)

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

Stop & Shop partners with EnerNOC

The Stop & Shop Supermarket Co. and EnerNOC Inc. of Boston announced today an ongoing partnership aimed at reducing stress on the electric power grid during periods of peak demand.

EnerNOC uses technology to automate the so-called demand response process for electricity utilities by signing up commercial and industrial companies to conservation programs; during peak demand periods, such as hot summer days, EnerNOC uses its technology to remotely curtail the electricity consumption of companies that have signed onto the program as a way to lower the likelihood of brownouts and outages.

Based in Quincy, Stop & Shop operates 389 stores throughout much of the Northeast.
(By Chris Reidy, Globe staff)

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

Australian firm uses Applix technology

Applix Inc. and its partner Cortell said an Australian courier and express freight company has selected Applix technology to help manage its business.

Headquartered in Westborough, Applix is a provider of business analytics software.

The Australian company is Allied Express, which plans to use Applix software to improve its financial and operational planning.

Applix describes Cortell Australia Pty Ltd. as its business consultant and implementation partner.
(By Chris Reidy, Globe staff)

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

Real estate portfolio sold for $516m

A joint venture announced the $516 million acquisition of an industrial real estate portfolio that includes many Massachusetts properties from Equity Industrial Partners Corp. of Needham.

The joint venture was formed by KBS Real Real Estate Investment Trust of California, which said that Hackman Capital Partners and Calare Properties of Hudson have a 20 percent stake in the portfolio.

The portfolio includes properties in Chicopee, Westfield, and Tewksbury, KBS said.
(By Chris Reidy, Globe staff)

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

National Grid now Lightower

National Grid Wireless of Boxborough announced today that it has changed its name to Lightower.

The name change comes after the completion of the purchase of the wireless assets, fiber optic infrastructure, and wireless service organization that had been owned by National Grid PLC, a British energy giant that is a big provider of electricity in Massachusetts; the buyers were M/C Venture Partners of Boston and Wachovia Capital Partners, and the proposed deal was announced in May.

Lightower describes itself as a full-service provider of turnkey wireless infrastructure, fiber networks, and managed backhaul services.

"Lightower controls an attractive portfolio of communications infrastructure assets," M/C Venture Partners managing director Jim Wade said in a statement. "We believe these assets are well sited and prepared to exploit the continued growth in wireless and broadband communications."
(By Chris Reidy, Globe staff)

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

August 15, 2007

Janitors: Big landlord agrees on contract goals

SEIU Local 615 said today that Blackstone Group LP, owner of many area office properties, has agreed to the union's goals of supporting full-time work and family health insurance for janitors who clean and maintain its properties.

Janitors are in their final weeks of a contract they negotiated in 2002 following a high-profile strike and they are currently bargaining for a new one, said the local of the Service Employees International Union.

Earlier this year, Blackstone won a bidding war to buy Equity Office Properties Trust, which at the time was largest owner and manager of office space in Boston.

Today SEIU Local 615 president Rocio Saenz said in a statement, "Blackstone has taken an important first step in supporting Boston and New England's working families."

SEIU Local 615 said it represents 15,000 janitors and security officers in Massachusetts, New Hampshire, and Rhode Island.

In its own statement, Blackstone said it supports the union's goals "provided the appropriate procedures are put into place to allow for a gradual transition away from part-time employment."

Blackstone's statement added, "The new agreement must also contain the type of flexibility in work rules that will be necessary to maintain acceptable service standards in an ever-changing industry and its economics must maintain the contractors' competitiveness."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 2:29 PM | Comments (0)

Staples releases "rock-your-locker" poll

A "rock-your-locker" poll commissioned by Staples Inc. found that must-have back-to-school items include traditional planners and notebook products as well as school supplies in "fun colors."

Working with Alloy Marketing, the Framingham-based retailer of office supplies said today that it had conducted an online poll of 500 teens in July.

Among the poll's findings: two-thirds of teens shop for school supplies a month before school's opening day, and 92 percent said they selected their own school supplies, instead of their parents, Staples said.
(By Chris Reidy, Globe staff)

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

Color Kinetics sale clears regulatory hurdles

Boston lighting company Color Kinetics Inc. said today that its $688 million acquisition by Royal Philips Electronics NV has received U.S. and German regulatory approvals.

Color Kinetics said the acquisition cleared the 30-day waiting period under U.S. antitrust law. The German Federal Cartel Office also approved the transaction.

Royal Philips offered $34 per share in cash for Color Kinetics in June. Amsterdam-based Philips is the world's largest lighting company, while Color Kinetics makes light-emitting diode lighting systems for professionals.

Color Kinetics stockholders will vote on the acquisition on Aug. 22. If approved, the deal is expected to close on Aug. 24.

In morning trading on the Nasdaq Stock Market, Color Kinetics shares gained 17 cents to $33.93, and on the New York Stock Exchange, Royal Philips shares fell 26 cents to $37.56. (AP)

Posted by globebusiness at 12:31 PM | Comments (0)

Seachange completes Soldiers Media Center

Seachange International Inc. of Acton said today it has completed its build-out of a broadcast platform for Soldiers Media Center that delivers television programming from home to US Armed Forces personnel around the world.

The project has three broadcasts sites, one in California and the others in Germany and Italy, and Seachange said its video server technology is at the center of each of those sites.

Seachange is a provider of end-to-end solutions for the world's television industry.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:15 PM | Comments (0)

Legal services center taps Mitchell

Community Legal Services And Counseling Center announced today that Barbara H. Mitchell will become its next executive director, effective Sept. 4.

With headquarters in Cambridge, the center provides free civil legal aid and affordable mental health services to more than 1,000 low-income people in Greater Boston each year.

Mitchell will succeed Leslee Klein, who has been executive director since 1986, the center said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:31 AM | Comments (0)

Technology Review honors David Berry

Technology Review said today it has named David Berry, a principal at the Cambridge venture capital firm Flagship Ventures, as its "innovator of the year."

Technology Review, an independent media company owned by MIT that focuses on emerging and future technologies, said Berry was recognized for his work in developing the technology behind LS9 Inc., an emerging company in California.

Collaborating with researchers at Harvard Medical School and Stanford University, Berry and the Flagship Ventures team used the tools of synthetic biology to design micro-organisms that can produce renewable petroleum fuels, Technology Review said.

Technology Review said it chose Tapan Parikh of the University of Washington as its "humanitarian of the year" for his work in creating information systems that address the unique requirements of small business people in developing economies.
(By Chris Reidy, Globe staff)

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

Analogic receives $17.5m

Analogic Corp., which makes high-precision health and security imaging equipment, said today that it received an order for explosives detection equipment worth $17.5 million.

The order from the U.S. Transportation Security Administration is for Analogic's Explosive Assessment Computed Tomography system, which was codeveloped with L-3 Communications for screening baggage at airports.

Analogic said it expects to ship the first systems for the order in early 2008.

Shares of Analogic Corp. fell 19 cents today to $66.15 in morning trading. (AP)

Posted by globebusiness at 10:56 AM | Comments (0)

Verizon FiOS coming to Framingham

Verizon Communications Inc. said today it has been granted a cable franchise for its FiOS TV service from Framingham's board of selectmen.

Verizon said the franchise means it can offer its FiOS service to about 19,000 household.

According to Verizon, its FiOS is superior to TV services offered by rivals.

The vote of Framingham's board brings to 54 the number of Massachusetts communities where FiOS TV is either already available or soon will be, Verizon said.

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 10:52 AM | Comments (0)

BPL offers local music downloads

People can not only check out classics like "Moby Dick" at the Boston Public Library; now they can also check out the local music scene.

The library is sharing Boston's local music scene through the Internet by adding albums of area bands to its online collection of audio books, music, and videos; BPL also plans to share music from the local scene with libraries around the world, giving local musicians a potential global audience.

Working with OverDrive Inc., the Cleveland company that is enabling the BPL's downloadable media collections, the library said it recently added music from local band the Blind King to its download collection and made it freely available to thousands of libraries using CommunityReserve, a digital resource sharing tool.

"This is just the beginning of a great collection of local music," library applications manager Scot Colford said in a statement. "We want to add several more albums from local bands and give these talented musicians a chance to be heard across the nation by sharing their music with other libraries."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:15 AM | Comments (0)

Consumer prices inch up

For the year that ended in July, Boston-area consumer prices rose only 0.8 percent, the smallest annual increase since 1994, the Bureau of Labor Statistics said today.

Meanwhile, the Consumer Price Index for All Urban Consumers in the Boston metropolitan area increased 0.3 percent for the two-month period ending in July, said the bureau, which is part of the US Department of Labor.

The July increase was attributable to an increase within the housing category and to a lesser extent within the food-and-beverage category, the bureau said.

Eating out continued to be expensive as restaurant prices rose for the 10th consecutive bimonthly period and up 4.5 percent over the year, the bureau said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:51 AM | Comments (0)

Millennium expands Velcade tests

Millennium Pharmaceuticals Inc. said today that it has started a test to evaluate using Velcade in combination with other drugs.

Velcade is a treatment for multiple myeloma patients who have received at least one prior therapy, and the Cambridge company is co-developing Velcade with Johnson & Johnson Pharmaceutical Research & Development LLC.

The Phase II trial that Millennium is announcing today seeks to evaluate the efficacy of combining Velcade for injection, lenalidomide, dexamethasone, and cyclophosphamide in the front-line multiple myeloma setting, Millennium said; multiple myeloma is a form of blood cancer.

"The objective of this trial is to evolve the treatment of multiple myeloma by combining these highly active therapies to induce early complete remission and improve long term survival," Millennium chief medical officer Nancy Simonian said in a statement.
(By Chris Reidy, Globe staff)

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

Allott joins InforSense board

InforSense Ltd. announced the appointment of Stephen Allott as executive chairman of its board of directors, effective Aug. 24.

With offices in London and Cambridge, InforSense is a provider of embedded enterprise intelligence.

Allott is founder and executive chairman of Trinamo Ltd., a London-based management consulting company, InforSense said.
"We are delighted to have Stephen guiding InforSense as its executive chairman," chief executive Yike Guo said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:05 AM | Comments (0)

Mexican firm chooses Softscape tech

Softscape said today that a Mexican conglomerate has chosen Softscape's human capital management solution to align its human resource practices with shared business goals across its four distinct lines of business.

Headquartered in Wayland, Softscape focuses on "people management technology."

The Mexican conglomerate is Alfa, and with Softscape's single integrated platform, Alfa can now tie together strategic workforce data in the company's petrochemicals, refrigerated food, aluminum and auto parts, and telecommunications groups, Softscape said.
(By Chris Reidy, Globe staff)

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

Bay Finance shuts down

Bay Finance Co., the mortgage lending subsidiary of The Commerce Group Inc., will stop originating loans immediately, the company said Tuesday night.

The Commerce Group intends to retain the existing loan portfolio, valued at about $20 million.

"Over the last year, we have made a concerted effort to focus our energy and resources on our core property and casualty insurance business," said Gerald Fels, the president, chief executive and chairman of Commerce Group, in a statement.

Mortgage lending has become an increasingly tough business as investors shy away from purchasing loans on the secondary market and banks pull back on credit lines lenders often use to fund loans. Dozens of mortgage lenders have gone out of business in recent months, with American Home Mortgage Investment Corp., Aegis Mortgage Corp. and HomeBanc Mortgage Co. among the most recent to shut down operations.

Bay Finance will process and complete all pending loan applications. (AP)

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

Idearc revamps its Yellow Pages

Publisher Idearc Inc. said today it is reconfiguring some local Yellow Pages to take into account shopping habits in some of Boston's suburbs.

Idearc, a Texas-based publisher of print and Internet Yellow Pages, said that it has revised its Metro West Verizon Yellow Pages directories by combining the former Framingham and Natick directories and by dividing the former Marlborough directory into a Marlborough-Hudson and an Acton-Concord-Carlisle directory.

The company's studies show that consumers in Framingham and Natick tend to shop in each neighboring area, while consumers in Marlborough tend to shop in their own local area, Idearc said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:13 AM | Comments (0)

U.S. mortgage applications up

An index that measures the nationwide volume of mortgage loan applications was 678.7 for the week ending Aug. 10, an increase of 3.4 percent on a seasonally adjusted basis from one week earlier.

The index is calculated by the Mortgage Bankers Association, a Washington, D.C.-based group that represents the real estate finance industry.

On an unadjusted basis, the index was up 20.6 percent when compared with the same week a year ago, the group said.

"Recent upheavals in the mortgage industry may be temporarily increasing the level of retail application activity at the large lenders that participate in the MBA survey rather than representing a system-wide increase," Doug Duncan, the MBA's chief economist and senior vice president of research, said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:11 AM | Comments (0)

MassHousing lends $11.7m to Cape project

MassHousing, the state's affordable housing bank, announced loan commitments of up to $11.7 million for workforce housing on Cape Cod at the Residences at Canal Bluffs in Bourne.

The nonprofit Housing Assistance Corporation of Hyannis intends to build 28 affordable rental apartments and 89 condominiums - 22 of which will be affordable - on the site, MassHousing said.

MassHousing is the name that the Massachusetts Housing Finance Agency does business under.
(By Chris Reidy, Globe staff)

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

BRA approves several projects

The board of directors of the Boston Redevelopment Authority gave final approvals yesterday to several projects, including the Filene's redevelopment project in Downtown Crossing, Mayor Thomas M. Menino said.

The BRA board approved the One Franklin St. project, also known as the Filene's redevelopment, which is a 39-story mixed-use project envisioning office, hotel, residential, and retail space; the cost of the project, which is expected to be completed in early 2011, is between $650 million and $700 million, Menino's office said.

The board also approved Emerson College's planned rehab of the office floors above the Colonial Theatre and a rehab of a Fort Point building for office use as well as new housing at 240 Tremont St. in the Theatre District, Menino's office said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:01 AM | Comments (0)

August 14, 2007

SunEthanol gets investment

Ethanol producer VeraSun Energy Corp. said today it made a minority investment in Amherst-based SunEthanol, which is working to market proprietary ethanol production technology.

Details of the investment were not disclosed, said VeraSun, which has its headquarters in Brookings, S.D.

SunEthanol has a patent-pending technology that uses a variety of agricultural feedstocks to produce ethanol. (AP)

Posted by globebusiness at 3:23 PM | Comments (0)

Malaysian firm deploys Cantata gateway

Cantata Technology Inc. of Needham said that a Malaysian mobile operator has deployed Cantata's IMG 1010 integrated media and signaling VoIP gateway.

The Malaysian operator is PT Excelcomindo Pratama Tbk, which is sometimes known as XL, and by using the IMG 1010, XL will be able to provide hosted PBX solutions to its corporate customers while allowing XL to expand its international VoIP network, Cantata said.

Cantata, which was established in 2006 through the combination of Brooktrout Technology and Excel Switching Corp., provides enabling communications hardware and software that allows for "anytime-anywhere IP-based communications applications."

Posted by globebusiness at 2:51 PM | Comments (0)

VMware shares soar on first day

VMware Inc. shares soared 79 percent in the software maker's trading debut early today, a start following an initial public offering that initially lived up to hopes it could be one of Wall Street's hottest IPO of the year.

VMware, which makes software that businesses use to boost efficiency of data centers, debuted at $52 on the New York Stock Exchange, up from Monday's IPO price of $29.

EMC Corp., its parent and the world's biggest maker of corporate data storage gear, sold 33 million class A shares to the public. That accounts for about 9 percent of the 375 million shares of common stock in VMware.

It was recently quoted at $49.90, giving it an implied stock value of $19 billion to a company that until recently has been relatively unknown in the investment community and now counts itself among the world's top 10 software makers by market capitalization. At Tuesday's price it was trading for more than established industry players including the top two security software makers, Symantec Corp. and McAfee Inc. and Intuit Inc., which sells TurboTax and Quicken. VMware's market capitalization was higher than established market players.

It remains behind only a handful of powerhouses including Microsoft Corp., Oracle Corp., SAP AG and Adobe Systems Inc.

Underwriters have an option to buy an additional 4.95 million shares.

So far this year the top-performing U.S.-listed IPO has been Fortress Investment Group LLC, which climbed 67.6 percent on its Feb. 8 trading debut. (Reuters)

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

Hub firms are among women-friendly law firms

Three local firms were named to a nationwide list of the 50 best law firms for women.

The firms are Bingham McCutchen LLP, Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo, P.C. and WilmerHale, which has headquarters in both Boston and Washington, D.C.

The list was compiled by Working Mother magazine and Flex-Time Lawyers LLC, a national consulting firm.

According to Working Mother and Flex-Time, firms that made the list are "notable for their work/life and women-friendly policies - including flex time, child care, women-focused mentoring, and leadership and networking programs.

"Forget the old stereotypes of law firms as inhospitable to women," Working Mother editor-in-chief Suzanne Riss said in a statement. "As Working Mother examined the practices of many of the nation's law firms, I was pleasantly surprised to discover that a number have been quietly changing their policies in recent years to reflect changes that are afoot in society as a whole."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:45 PM | Comments (0)

Mercury forms imaging unit

Mercury Computer Systems Inc., a Chelmsford-based company primarily known for high-performance computer systems and software for specialized computing markets, has formed a subsidiary to focus on its life sciences and medical businesses.

The subsidiary is called Visage Imaging, and as an independent operating entity, Visage Imaging will be more effectively positioned to deliver Mercury's expertise in advanced visualization and to expand its portfolio of imaging and visualization products, Mercury said.

According to Mercury, Visage Imaging's customized solutions enhance the medical imaging work flow with advanced tools for 2D, 3D, and 4D image interpretation and post-processing.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:03 PM | Comments (0)

Mass. gas prices fall sharply

Gasoline prices in Massachusetts are down 9 cents since last week -- and 17 cents in the last month.

A weekly statewide survey by AAA of New England found an average price of $2.75 per gallon for self-service regular. A month ago, the price was $2.92.

Gas prices have dropped 29 cents since May 28, when a gallon of self-service regular cost $3.04.

AAA says the average price in Massachusetts is a penny a gallon below the current nationwide average of $2.76. (AP)

Posted by globebusiness at 11:58 AM | Comments (0)

4 Back Bay buildings go for $17 million

The Edward Swartz Realty Trust has sold four buildings in the Back Bay for more than $17 million, a broker involved in the transactions said today.

The broker is Boston-based NAI Hunneman Commercial, a provider of commercial real estate services.

Representing the Edward Swartz Realty Trust, NAI Hunneman said the buildings were sold to several buyers.

The Taurus/Anglo Newbury Street Limited Partnership purchased both 177 and 234-236 Newbury St., building with a total of just under 20,000 square feet of commercial and residential space for $9.6 million, NAI Hunneman said.

The broker added that 18 Exeter LLC bought 18 Exeter St., a 10-unit multifamily building, for $3.2 million and that DL Development LLC bought 185 Marlborough St., a 10-unit multifamily building, for $4.5 million.
(By Chris Reidy, Globe staff)

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

State Street expands in 3 regions

State Street Corp. said today that it has expanded its securities finance operations in Ireland, Japan, and Singapore.

Boston-based State Street provides financial services to institutional investors.

"Expanding our capabilities in these three geographies reflects the strategic importance of these growing markets for our customers," Craig Starble, executive vice president and head of securities finance, said in a statement.

The company also said that Maurice Leo, who was recently appointed as managing director for State Street's securities finance team, will oversee the division's product sales and account management activities in Dublin, serving the Irish offshore and Middle Eastern markets.
(By Chris Reidy, Globe staff)

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

Biogen reports positive drug data

Biogen Idec Inc. of Cambridge today reported "positive results" for a Phase II study of a potential treatment for heart failure patients.

The results were published in the Journal of the American College of Cardiology, the company said.

Patients with heart failure are at risk of developing worsening kidney function, and the company's Adentri drug candidate, used in conjunction with standard heart failure therapy, shows promise in preserving renal function for patients with heart failure, Biogen Idec said.

According to the American Heart Association, 5 million people suffer from heart failure in the United States, the company said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:26 AM | Comments (0)

TJX profit plunges on costs from massive data breach

TJX Cos. today said its second-quarter profit was cut by more than a half as the operator of discount stores including T.J. Maxx and Marshalls recorded a $118 million charge due to costs from a massive breach of customer data.

The owner of nearly 2,500 stores reported net income of $59 million for the May-July period, or 13 cents per share, compared with a profit of $138.2 million, or 29 cents per share, in the same period a year ago.

Sales rose 9 percent to $4.3 billion, up from $3.99 billion a year ago. Total sales at stores open at least a year, or same-store sales, rose 5 percent.

The after-tax charge from the data breach equalled $118 million, or 25 cents per share. Not counting that expense, TJX's profit for the latest quarter equalled 38 cents per share, up from 29 cents per share in the year-ago period.

On that basis, the performance narrowly beat the consensus forecast of analysts surveyed by Thomson Financial, who expected a profit of 37 cents per share on revenue of $4.32 billion, on average.

TJX disclosed the breach on Jan. 17, and said March 28 that one or more intruders unearthed data from at least 45.7 million credit and debit cards. TJX faces lawsuits from banks, consumers and investors.

The second-quarter charge, which dwarfed the charge the company took in its past two quarters, includes $11 million for costs incurred during the latest quarter, and $107 million for a reserve to cover potential losses.

TJX has reported same-store sales gains of 5 percent in May, June and July, beating analysts' expectations during each period. The company has enjoyed generally brisk sales and stronger results than most other retailers in recent months despite negative publicity about the data theft.

TJX operates T.J. Maxx, Marshalls, HomeGoods, A.J. Wright and Bob's Stores in the United States, Winners and HomeSense stores in Canada, and T.K. Maxx stores in Europe.

Shares fell 38 cents to $27.28 at the open of trading Tuesday. (AP)

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

Facebook users share data with frog

Freddi Staur

In fairy tales, pretty girls will kiss a frog; in the online world, they might divulge enough personal information to a frog to leave themselves vulnerable to identity theft.

Sophos, a Boston firm focused on information-technology security, decided to see how easy it was to get users of the social networking website facebook.com to divulge personal data; to conduct that experiment, Sophos said it fabricated a Facebook profile page for a small green plastic frog called Freddi Staur, the name being an anagram for "ID Fraudster."

Sophos said that it then sent out 200 friend requests to observe how people would respond to the faux frog and how much personal information could be gleaned from respondents.

According to Sophos, 41 percent of users divulged personal information such as an e-mail address, a date of birth, and a phone number to a complete stranger, greatly increasing their susceptability to identity theft.

"It's extremely alarming how easy it was to get users to accept Freddi," Sophos senior security analyst Ron O'Brien said in a statement. "Eighty-seven users accepted Freddi, and of those, 82 provided their personal information in the process."

In addition to its experiment, Sophos said it has published a best-practice user guide for "behaving securely on Facebook."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:05 AM | Comments (0)

Auto site chooses BladeLogic

BladeLogic Inc. of Lexington said today that Edmunds Inc., whose websites are a source for automotive information, has selected BladeLogic automation software to manage the servers and applications in its new data center.

Before selecting BladeLogic, Edmunds used an assortment of server management software tools that were not well integrated and that required highly specialized skills and extensive scripting, BladeLogic said.

"The efficiency of Edmunds new data center will be critical in ensuring that all four of its websites are fully operational and able to quickly respond to the changing needs of the business and its customers," BladeLogic president and chief executive Dev Ittycheria said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:01 AM | Comments (0)

Epix reaches $3m milestone

Epix Pharmaceuticals Inc. of Lexington said today that it has achieved an early milestone in its collaboration with GlaxoSmithKline that entitles Epix to a $3 million payment.

As part of its collaboration with the British drug company, Epix said it has successfully used its computational-medicinal chemistry approach to drug discovery to identify three lead drug candidates for potential commercialization.

Last December, the two firms announced a worldwide multi-target collaboration to discover, develop, and market novel medicines targeting four G-protein coupled receptors for the treatment of a variety of diseases.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:30 AM | Comments (0)

3 Mass. galleries win Niche awards

Three Massachusetts retailers have won awards from Niche magazine, which focuses on arts lifestyles and collectors.

The three local winners were the Gifted Hand in Wellesley, the Pinch Gallery in Northampton, and the Handworks Gallery in Acton, the magazine said.

According to Niche, more than 18,000 professional fine crafts artists throughout the United States and Canada nominated nearly 600 galleries, retail stores, arts nonprofits, museums, and guilds for consideration of an award.

Niche is published by the Rosen Group, a Baltimore-based arts marketing, publishing, and advocacy firm.
(By Chris Reidy, Globe staff)

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

Cleveland airport turns to Analogic

Analogic Corp. said that Cleveland Hopkins International Airport has installed its Cobra explosives and weapons detection system, which is capable of real-time 3-D imaging when screening baggage.

Peabody-based Analogic designs and manufactures advanced health and security systems.

The Cobra employs advanced computed tomography technology to perform its mission, the company said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:49 AM | Comments (0)

Back-to-college spending pegged at $47.3b

Good news for the Hub and the college-based segment of its local economy: Nationwide, back-to-college spending on such items as dorm-room furnishings and electronics is projected to be $47.3 billion this year.

The estimate is from the National Retail Federation, and the Washington, D.C.-based retail trade association said that students and their parents will spend a combined average of $957 on back-to-school merchandise, up from last year's average of $881.

Tracy Mullin, the federation's president and chief executive, predicts that "colored laptops, stylish cellphones, and distinctive dorm furniture" will likely be among this year's popular items.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 7:44 AM | Comments (0)

August 13, 2007

Zeien leaves EMC's board

Alfred M. Zeien resigned from the board of data storage company EMC Corp. for health reasons.

Zeien, 77, former chief executive of Gillette Co. and an EMC board member since 1999, resigned effective Aug. 9, the Hopkinton company said.

Also, EMC named Edmund F. Kelly, 62, to its board. Kelly is chief executive of Liberty Mutual Group.
(AP)

Posted by globebusiness at 6:07 PM | Comments (0)

Sonesta swings to a profit, but revenue falls

Sonesta International Hotels Corp. today said it swung to a profit in the second quarter on lower operating expenses and higher income from two of its hotels, while revenue dropped 15 percent.

Net income rose to $762,000, or 21 cents per share, compared with a net loss of $233,000, or 6 cents per share, a year earlier. Revenue decreased to $18.1 million from $22.8 million.

Operating expenses fell to $21.2 million from $26.8 million. The 2006 period included a $449,000 expense from the closing of Sonesta Beach Resort Key Biscayne in Florida.

Operating income rose to $1.6 million from $115,000, on higher revenue from its Royal Sonesta Hotel Boston and Royal Sonesta New Orleans hotels.

Shares of Boston-based Sonesta fell 66 cents to close at $41.41.
(AP)

Posted by globebusiness at 4:40 PM | Comments (0)

Biotech council picks a new leader

Robert Coughlin (above) replaces Thomas Finneran at the biotech council.

The Massachusetts Biotechnology Council today chose Robert Coughlin, a former state representative and undersecretary of business development for Governor Deval Patrick, to be head of the prominent business group.

Late last week, State Senator Jack Hart, a Boston Democrat and the only other contender for the job, said he was withdrawing his name from consideration.

Choosing Coughlin fulfilled the wish of many biotech council members that the group hire another political insider. Thomas Finneran, the former council chief and former speaker of the Massachusetts House, resigned in January after pleading guilty to obstruction of justice for misrepresenting his role in a legislative redistricting plan.

Finneran’s legal problems overshadowed any accomplishments he may have logged during his two-year tenure at the council.

‘‘In my role as undersecretary for business development, I have worked closely with the biotechnology and life sciences industry,’’ said Coughlin in a statement. ‘‘This community is dedicated to developing new therapies, and serves as a great economic engine for the state and nation.’’

Coughlin, of Dedham, officially starts in October.
(By Jeffrey Krasner, Globe staff)

Posted by globebusiness at 3:17 PM | Comments (0)

Mute that phone: tips for workplace rookies

Don't pack smelly foods in a brown-bag lunch and don't send instant messages on the boss's time until you've checked out your new employer's IM policies.

Those are among the workplace etiquette tips for college graduates about to start their first job, and they're from Monster.com, an online website for job hunters and corporate recruiters with a big presence in Maynard.

MonsterTRAK, the firm's student division, compiled a list of do's and don'ts for workplace rookies, and other tips include advice about the photos that a new employee might display in his or her cubicle. The advice? Mostly stick to PG-rated family photos and steer clear of lurid visuals chronicling party-animal adventures with college pals, MonsterTRAK said.

Another hint for the iPod and MP3 generation: Ask your supervisor if playing music is allowed, and avoid downloading music on your work computer, MonsterTRAK advises.

As for the cellphone, set it to the silent mode, especially if your ring tone is the latest dance beat, and keep personal calls and text messaging to a minimum.

Over the last year, Monster, whose parent is Monster Worldwide Inc., a New York-based communications and technology company, has forged agreements with media companies representing more than 200 news publications.

In February, Monster announced such a relationship with The New York Times Co., whose properties include The Boston Globe and Boston.com; those entities later unveiled a co-branded website for Boston-area employers and job seekers.
(By Chris Reidy, Globe staff)

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

Novartis licenses Caliper tech

Caliper Life Sciences, which makes software used for drug development, said today that drug maker Novartis AG has purchased a license for the company's optical imaging methods.

Under the multiyear agreement, Novartis will have access to Caliper's patented optical imaging, which allows scientists to track biological processes at the molecular level. Financial details of the agreement were not disclosed.

According to Caliper, which is based in Hopkinton, roughly 70 percent of major pharmaceutical companies now use its imaging technology.

Shares of Caliper Life Sciences Inc. rose 2 cents Monday to $5.62 in midday trading. Shares of Novartis fell 60 cents to $53.94. (AP)

Posted by globebusiness at 1:30 PM | Comments (0)

Sunnex gets Army order

Sunnex Inc., a Natick-based manufacturer of lighting equipment, announced that its HS series of halogen task lamps will be used by the US Army in Bradley Fighting Vehicles and other military vehicles.

The Army will install more than 1,400 of the Sunnex lamps in High-Mobility Multipurpose Wheeled Vehicles and in Bradley Fighting Vehicles, which provide protected battlefield transport for infantry squads, Sunnex said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:40 PM | Comments (0)

BC gets $177m in development financing

MassDevelopment, the state's finance and development authority, announced today a $177 million financing package for Boston College.

The school will use proceeds from a tax-exempt bond to finance several construction projects and purchase 18 acres of land and buildings from the Archdiocese of Boston; the property is the archdiocese's former Brighton headquarters, Mass Development said.

Projects include the construction of three new academic buildings on BC's Chestnut Hill campus, Mass Development said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:30 PM | Comments (0)

Post this: Boston top blog city

Boston has long been viewed as the land of the bean and the cod - and now the Hub may also be the land of the blog.

According to OutsideIn.com, a website that tracks neighborhood blogging, Boston was the "bloggiest city" in America for the two-month period of March and April.

Behind Boston were Philadelphia, Pittsburgh, and Washington, D.C.

OutsideIn.com says it tracks blogging activity in about 60 urban areas and nearly 3,500 neighborhoods, and it arrived at its rankings through a "blogging quotient" that factors in a metropolitan area's population with the number of blog posts about a specific location.

By that measure, Greater Boston had 89 posts per 100,000 residents, edging out Greater Philadelphia, which had 88 posts, and Greater Pittsburgh, which had 53 posts, Outsidein.com said.

Surprisingly, perhaps, such well-wired metro areas as San Francisco and Seattle were farther down the list, with roughly 40 posts per 100,000 residents, Outsidein.com said.

Why was Greater Boston number one? Outsidein.com chief executive Steven Berlin Johnson offered this theory: Blogs thrive where locals are wired, well-educated, and obsessed with politics, a topic that inspires bloggers to unleash their prose. Another popular blog topic locally: healthcare.

Outsidein.com is focused on neighborhoods, and its business model is to attract advertising dollars from neighborhood merchants as well as from national businesses looking to target ads by zip codes, Johnson said.

Shortly after its October launch, Outsidein.com examined blogging by neighborhood, using a software analysis that tallied up the number of posts about specific neighborhoods.

Watertown and Newton ranked high, but Brooklyn, N.Y., was the bloggiest neighborhood - indeed, if Brooklyn were regarded as a separate city, it might have eclipsed the Hub as the bloggiest city, Johnson said.

A neighborhood undergoing gentrification is often fertile territory for location-specific blogs, and not only is Brooklyn gentrifying; it's also filled with people who either "write for a living or who want to write for a living," Johnson said.

Blogs are such a new phenomenon that methods for tracking blog activity are still in their early stages, said David Weinberger, a fellow at the Berkman Center for Internet & Society at Harvard Law School.

And in seeking to pinpoint blogging hotbeds, he added, raw numbers may not tell the whole story; also relevant are the quality of the content and whether blog posts help build a community.

Still, Weinberger said, "I'm proud to live in the bloggiest city in the universe."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:10 PM | Comments (0)

Hanover appoints Albright as chief actuary

The Hanover Insurance Group of Worcester announced today the appointment of Kristen Albright as chief actuary.

In that role, Albright will be responsible for all actuarial functions for the super regional property and casualty company, Hanover said.

Albright joins Hanover from the Liberty Mutual Group of Boston, a diversified global insurer, Hanover said.
(By Chris Reidy, Globe staff)

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

Palomar to buy back 1 million shares

Light-based cosmetic treatment systems maker Palomar Medical Technologies Inc. said today that its board of directors approved the repurchase of up to 1 million shares of common stock.

The program is scheduled to begin immediately.

The company currently has about 18.4 million shares outstanding. (AP)

Posted by globebusiness at 10:32 AM | Comments (0)

Kopin expands in Mass.

Kopin Corp., a Taunton-based provider of microdisplays for consumer and military electronics, said today it is expanding its Massachusetts manufacturing operations.

Kopin said it made the announcement during a ceremony at its headquarters to mark its winning of a $3 million development grant from the state of Massachusetts.

The grant will be used for the construction of clean room facilities, infrastructure improvements, and job training; Kopin said it expects to increase its local work force but did not provide additional details, other than it currently has 270 Massachusetts employees.

The expansion project is scheduled for completion later this year, Kopin said.

Kopin produces crystal displays and bipolar transistors that are used in such products as digital cameras, camcorders, and night-vision systems.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:26 AM | Comments (0)

Fortis signs power purchase deal

Fortis Merchant and Private Banking announced today that it has signed a 10-year power purchase agreement for the Snyder Wind Farm.

Snyder Wind Farm LLC, a Texas wind farm, is a subsidiary of Enel North America Inc. of Andover, which in turn is a subsidiary of Enel SpA of Italy, a company that sells and produces electricity.

The agreement is designed to provide Snyder with greater revenue stability for the term of the hedge and to accommodate wind seasonality, the companies said.

Fortis Merchant and Private Banking is a division of Fortis, a global financial services firm with head offices in Belgium and the Netherlands.
(By Chris Reidy, Globe staff)

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

Ath Power expands to Chicago

Ath Power Consulting Corp. announced today the opening of a regional office in Chicago.

Based in Andover, ath Power is a provider of customer research and mystery shopping services for the financial services industry.

"Chicago and the surrounding Midwest markets present our company with substantial growth opportunities," ath Power president and chief executive Frank Aloi said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:48 AM | Comments (0)

Loss widens at Sirtris

Sirtris Pharmaceuticals Inc., which develops drug treatments for Type 2 diabetes and conditions associated with aging, said today its second-quarter loss widened on higher expenses.

The company lost $6.6 million, or 51 cents per share, compared with a loss of $3.8 million, or $4.66 per share. There were 12.9 million shares outstanding during the latest quarter, compared with 822,809 shares last year. Sirtris' IPO was on May 23.

There was no revenue during the quarter. Operating expenses jumped to $7.5 million from $4.3 million.

Analysts polled by Thomson Financial expected a loss of 30 cents per share.

Shares of Sirtris closed at $12.11 Friday. (AP)

Posted by globebusiness at 9:10 AM | Comments (0)

Great Barrington paper mill sold

A deal has reportedly been reached to sell a former paper mill in Great Barrington.

A Connecticut-based development group plans to more than convert the more than 300,000 square foot property on the shore of the Housatonic River into condominiums.

Wheeler & Taylor Real Estate owner Joe Carini would not reveal the price tag or time frame for completing the sale.

Georgia-based Neenah Paper purchased the 150-year-old Rising Mill from Fox River Paper mill earlier this year and announced they would be closing the facility, putting about 140 employees out of work. (AP)

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

Indevus books $50m payment

Indevus Pharmaceuticals Inc. of Lexington said today it has received a $49.9 million milestone payment from its US partner for Sanctura and Sanctura XR, treatments for overactive bladder.

The payment follows Aug. 3 approval by the Food & Drug Administration of Sanctura XR, the once-daily formulation of Sanctura, Indevus said.

The milestone payment was from Esprit Pharma of New Jersey, Indevus's partner in the United States for Sanctura and Sanctura XR, Indevus said.
(By Chris Reidy, Globe staff)

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

Skyworks earns accreditation

Skyworks Solutions Inc. said today it has received a key accreditation that allows it to become a supplier in the automotive market.

The Woburn-based company is a provider of analog and mixed-signal semiconductors enabling mobile connectivity, and it said the accreditation that it has received is internationally recognized.

According to Skyworks, the automotive sector offers a range of growth opportunities for semiconductor companies as vehicles utilized wireless technology for keyless entry, Bluetooth capability, global positioning systems, satellite radios, climate control, sensors, and other applications.
(By Chris Reidy, Globe staff)

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

VeCommerce lands Canadian contract

VeCommerce Inc. said today it has signed a contract to help a Canadian entertainment company expand its telephone wagering system.

VeCommerce of Littleton is a speech self-service technology company and under the contract, it said its VeBet telephone betting application will provide secure recording, archiving, and playback of wagering transactions.

The Canadian company is Woodbine Entertainment Group of Toronto

VeCommerce is the North American subsidiary of VeCommerce Ltd., an Australian provider of voice-service solutions.
(By Chris Reidy, Globe staff)

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

Radio Flyer taps SolidWorks tech

A Radio Flyer Inchworm

SolidWorks of Concord said today that its computer-aided design software is being used by Radio Flyer to update their iconic red wagons, trikes, ride-ons, and scooters.

For example, SolidWorks said that Chicago-based Radio Flyer is using its 3D CAD software to relaunch its Inchworm ride-on product with "a new, safer bounce-and-go mechanism."

SolidWorks is a Dassault Systemes S.A. company; Dassault of France develops and markets software for design, analysis, and product data management.
(By Chris Reidy, Globe staff)

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

Dussault joins Dataupia

Dataupia Corp. announced today that Scott Dussault has joined its executive team as chief financial officer.

Dataupia of Cambridge is a provider of data warehouse appliances.

Dussault was most recently treasurer and chief financial officer at Archivas Inc., a Waltham-based developer and distributor of an online storage-management solution that was recently acquired, Dataupia said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:16 AM | Comments (0)

NaviSite acquires Alabanza, Jupiter Hosting

NaviSite Inc. announced today that it has acquired Alabanza and Jupiter Hosting, two firms offering complementary services, for a total cash consideration of $15.5 million.

Andover-based NaviSite, which said the acquisitions offer it cross-selling opportunities, provides application management, Internet infrastructure, and hosting solutions to small and mid-size companies.

Alabanza of Maryland provides a comprehensive suite of shared Web hosting services, and Jupiter Hosting of California is focused on dedicated and complex hosting and infrastructure services.

"Alabanza and Jupiter fit neatly into our managed hosting offerings," NaviSite chief executive Arthur Becker said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:11 AM | Comments (0)

August 10, 2007

Blue Cross opens "green" building

Blue Cross Blue Shield of Massachusetts unveiled a new "green" office building this week on the Rockland-Hingham line.

Not only does the Boston-based health plan expect to enjoy 25 percent in energy savings as a result of the building's "green" and sustainable design, but the 330,000-square-foot building at 25 Technology Place will be the "anchor" of the health plan's South Shore real estate strategy of moving away from leased properties and toward "the fiscal savings of property ownership," Blue Cross said.

Blue Cross has moved employees who had been working in several leased locations into the new building, a Blue Cross spokeswoman said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 2:41 PM | Comments (0)

Hasbro partners with Electronic Arts

Electronic Arts Inc. will create digital versions of Hasbro, Inc. games and toys like Monopoly, Scrabble and Littlest Pet Shop, the entertainment companies said today.

The deal, whose financial details were not disclosed, seeks to capitalize on the growing popularity of casual games, which are easier to play and target a mass audience beyond hardcore players.

As part of the agreement, EA, the world's largest video game publisher, has exclusive rights to create digital games based on toys and board games by Pawtucket, R.I.-based Hasbro, which is second to Mattel in the toy business. The games will run on consoles, PCs mobile, online and handheld devices.

Hasbro, in turn, will receive rights to bring some of EA's franchises to toys and traditional games.

The companies plan to launch the first games next year. The agreement runs through the end of 2013 and may be extended for another four years.

EA rival Activision Inc. already has the rights to publish games based on one of Hasbro's properties. "Transformers the Game" is the official game of the recently released movie. (AP)

Posted by globebusiness at 12:00 PM | Comments (0)

Chicken chain taps geoVue

GeoVue announced today that Pollo Campero, a Latin America-based chain of chicken restaurants, is deploying its optimization software.

Headquartered in Woburn, geoVue specializes in software solutions that help retail chains make good real estate decisions and get better returns on their investments.

Founded in Guatemala in 1971 and now with 227 worldwide locations, Pollo Campero said it is looking to become a major player in the US market and open between 300 to 500 new restaurants over the next five years.

According to geoVue, its optimization software allows clients to decide which markets to enter, expand in, or exit; the software can also be used to optimize store networks in each market and to localize marketing and merchandising.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:28 AM | Comments (0)

Sonus now in Nasdaq compliance

Sonus Networks Inc. said today that it has been notified by the Nasdaq Stock Market that Sonus is now in compliance with Nasdaq listing requirements.

Sonus Networks of Westford is a supplier of VoIP infrastructure solutions.

Sonus Networks said it filed a series of financial reports Aug. 2 - a 10-K for the period ending Dec. 31 and 10-Q forms for the periods ending June 30, 2006; Sept. 30, 2006; and March 31, 2007.

Based on those filings, Nasdaq staff has determined that the company has regained compliance with all Nasdaq rules, and this matter is now closed, Sonus Networks said.
(By Chris Reidy, Globe staff)

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

InnoCentive expands staff

InnoCentive Inc. announced new hires to meet increased demand for its online Open Innovation Marketplace.

A Web-based community headquartered in Andover, InnoCentive helps corporate and nonprofit clients solve research-and-development problems by posting descriptions of these problems on a website visited by thousands of researchers, scientists, engineers, and mathematicians from around the world; scientists who solve these problemes qualify for financial rewards.

Among the new hires are Rachel Blankstein, director of product management; Tom Clements, West Coast director; Sherrill Cooke, director of business development; Jon Fredrickson, director of sales; and Meg Temple, director of marketing, InnoCentive said.
(By Chris Reidy, Globe staff)

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

Double-Take prices IPO shares

Double-Take Software Inc. announced today the pricing of its public offering of shares of common stock at $16 per share before underwriting discounts and commissions.

The Southborough-based company, a provider of software and services that enable customers to protect and recover business-critical data and applications, said that it expects the total net proceeds to the company will be about $1 million.

The offering of 2.79 million shares is expected to close Aug. 15, the company said; the offering consists of 100,000 shares being sold by the company and 2.69 million shares being sold by certain stockholders.

Thomas Weisel Partners LLC and Cowen and Company LLC are acting as the joint book-running managers, with CIBC World Markets Corp., Needham & Company LLC, Canaccord Adams Inc., and JMP Securities LLC acting as co-managers, Double-Take said.
(By Chris Reidy, Globe staff)

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

Condos slated for former Red Cross HQ

Construction is underway to turn the former Red Cross Boston headquarters into a condominium building called the Lofts at 285 Columbus, the project's developer said.

The developer is Boston Residential Group LLC, which recently converted the building known as 360 Newbury from mostly office space into mostly condos; that building is perhaps best known for a distinctive exterior rehab by famed architect Frank Gehry.

At the developer's latest project, at the corner of Columbus Avenue and Clarendon Street, plans call for 63 loft-style condos, ranging from 750 to 1,600 square feet with a price range of roughly $500,000 to $1.8 million, Boston Residential Group said.

A model unit for the Lofts at 285 Columbus should be ready for viewing by the fall, and plans call for construction to be completed in the spring.

Otis & Ahearn, a Boston residential brokerage, is marketing the lofts, the developer said.
(By Chris Reidy, Globe staff)

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

Get ready for Mass. tax holiday

If you're interested in taking maximum advantage of the upcoming Massachusetts tax holiday, do your homework.

That's the advice from the president of the Retailers Association of Massachusetts, Jon Hurst.

Hurst, who heads the trade group of about 3,000 merchants across the state, says that to get the best deals, consumers should do some comparison shopping and check out store circulars and websites.

Many retailers, Hurst says, will pile promotional discounts on top of the tax break to ensure that bargain hunters don't stay home this weekend. These merchants fret that a 5-percent discount may not be enough to gin up high excitement in the true bargain hunter.

Governor Deval L. Patrick recently signed a bill that exempts shoppers from the state's 5 percent sales tax on most purchases up to $2,500 on Aug. 11 and Aug. 12; it's the fourth year in a row that the state has granted a sales tax holiday, the AP has reported.

Retailers like August tax holidays because they jump-start sales during a slow time of year, and tax holidays evoke a "Boston tea party mentality" in consumers, who love sticking it to the tax man, suggested Hurst.

In addition to discounts, some retailers are extending hours. For example Best Buy Co., the consumer electronics chain, said local store hours will be extended - open tomorrow from 8 a.m. until 11 p.m. and on Sunday from 9 a.m. until 9 p.m.

Some bargain hunters may be already heeding the call. Hurst visited a mall last weekend, and he reported that window-shoppers appeared to be out en masse, seemingly on reconnaissance missions for the upcoming tax holiday.

"There's already been a lot of browsing," he said.
(By Chris Reidy, Globe staff)

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

August 9, 2007

EMC buys Tablus

EMC Corp., the Hopkinton-based maker of data storage products, said today that its security division, RSA, plans to buy Tablus Inc., a California company that provides data-loss prevention solutions.

Financial details of the transaction were not disclosed.

Tablus will add data discovery and classification, monitoring, and data-loss prevention capabilities to RSA's data-security portfolio, EMC said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:29 PM | Comments (0)

GM teams with local battery maker

TRAVERSE CITY, Mich. -- General Motors Corp. has signed an agreement with a Massachusetts battery maker that could propel it ahead of Toyota Motor Corp. in the race to bring plug-in hybrid and electric cars to market, a top company official said today.

A123 Systems Inc., based in Watertown already produces thousands of nanophosphate lithium-ion batteries for use in cordless power tools, and it plans to apply the technology to automobiles.

GM Vice Chairman Bob Lutz said the deal, coupled with a published report that Toyota Motor Corp. would delay launches of lithium-ion battery powered hybrids for up to two years, could give GM the lead in bringing the new clean technology to market.

"I think that our No. 1 competitor has some problems with their technology, and I do think that it very definitely opens a window of opportunity for us to be first to market with a genuine plug-in hybrid," Lutz said at an automotive industry conference in Traverse City where the battery deal was announced.

The Wall Street Journal, citing people familiar with Toyota strategy that it didn't name, reported today that problems with lithium-ion technology forced Toyota to back away from plans to roll out the vehicles between 2008 and 2010. Toyota's current hybrids use nickel-metal-hydride batteries.

A message seeking comment was left today with Toyota.

Lutz said the lithium-ion battery being discussed by GM is different than one that Toyota would use.

Lutz also is hoping to be first to market with a pure electric vehicle that has a piston engine as an emergency backup, similar to the Chevrolet Volt prototype that the company unveiled at the North American International Auto Show in Detroit in January.

A123 expects to have the batteries, which would be flat and similar in appearance to those that power cell phones, ready for GM to test in vehicles by October. GM still hopes to have an electric car on the market by 2010. (AP)

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

Hatje named GM at Mandarin hotel

Mandarin Oriental Hotel Group announced today the appointment of Susanne Hatje as general manger of the Mandarin Oriental, Boston, which is scheduled to open in mid 2008.

Hatje is currently the general manager at the Landmark Mandarin Oriental, Hong Kong, the company said.

Mandarin Oriental, Boston, is being developed by CWB Boylston, whose principals include long-time developer Stephen Weiner and Robin Brown, a former general manager of the Four Seasons Hotel in Boston.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:50 AM | Comments (0)

Sitris drug enters new phase

Sirtris Pharmaceuticals Inc. of Cambridge announced today the initiation of a Phase 1b clinical trial of a drug candidate for patients with MELAS syndrome.

MELAS is a progressive and fatal disorder caused by a mutation in the DNA, the company said.

There are currently no known treatments for the disease, and it is so rare that Sirtris believes that there may be "an orphan drug opportunity" for the company.

Sirtris drug candidate, known as SRT501, is being studied in patients with MELAS, and it is also being evaluated in clinical trials in patients with Type 2 diabetes.

In the United States, the Orphan Drug Act rewards companies that develop drugs for rare diseases by giving them seven years to sell each new treatment without competition from other manufacturers.
(By Chris Reidy, Globe staff)

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

EMC's VMware raises projected IPO pricing

EMC Corp. said today that it expects shares in its VMware software unit to sell for about 16 to 17 percent more than previously projected amid growing interest in what's been touted as one of the hottest IPOs of the year.

The company said in an amendment to its prospectus filed with the Securities & Exchange Commission that it expects shares in the company to sell for between $27 and $29 each.

In an Aug. 3 amendment to its prospectus, it reiterated a previous estimate that the stock would sell for between $23 and $25 a share.

The company began its roadshow last week and the IPO is expected to price early next week. (Reuters)

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

Digit Wireless lands Canadian carrier

Digit Wireless of Burlington announced today that Canadian mobile operator Telus is launching the ZTE D90 mobile phone featuring its Fastap keypad technology.

With the announcement, ZTE became the first wireless phone manufacturer from mainland China to directly offer a device for sale in Canada, Telus said.

Accoding to Digit Wireless, its Fastap keypad is the first to integrate letter and punctuation keys around the standard numeric keypad on a mobile phone, a feature that allows users to compose messages faster than they could if they were using a standard keypad, which often requires "triple-tapping" to input a single letter.
(By Chris Reidy, Globe staff)

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

Bitstream corners two patents

Bitstream Inc. of Cambridge said today that it has been awarded two patents for its technology that enables browsing on mobile devices.

The technology is the foundation of the software development company's ThunderHawk product, a browser than can provide a consistent, full HTML experience between mobile and desktop environments, Bitstream said.

"These patents enable us to maintain our competitive advantage by protecting the key features of the ThunderHawk user experience," company president and chief executive Anna Chagnon said in a statement.
(By Chris Reidy, Globe staff)

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

Strong July at TJX

The TJX Cos. reported strong July sales today as shoppers appear to be undismayed by news earlier this year that at least 45.7 million credit and debit card numbers were compromised by hackers who gained access to company computer systems.

TJX of Framingham operates such offprice retail chains as T.J. Maxx, Marshalls, HomeGoods, A.J. Wright, and Bob's Stores, and TJX said today that excluding costs related to the breach of its computer system, it expects that second quarter earnings per share from continuing operations will be slightly above the high end of its previously expected range of 34 to 36 cents.

Sales for the four-week period that ended Aug. 4 were $1.3 billion, up 8 percent over a year ago; sales at stores open at least year, which TJX calls consolidated comparable store sales, increased 5 percent over last year.

Analysts polled by Thomson Financial expected a 3.5 percent gain, the AP reported.

"Continuing our trend, July consolidated comparable store sales were above our expectations, underscoring our belief that customers find our values on brand names compelling, even in difficult consumer environments," TJX president and chief executive Carol Meyrowitz said in a statement.

She added, "With three months of consistently strong performance, we look forward to reporting operating results for the second quarter."
(By Chris Reidy, Globe staff)

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

BJ's sales inch up

Discount warehouse chain BJ's Wholesale Club Inc. said today that same-store sales in July rose 1.5 percent, held back by gasoline sales, discontinued pharmacy sales and lower air-conditioner sales.

Same-store sales, or sales at stores open at least a year, is a key indicator of retailer performance since it measures growth at existing stores rather than newly opened ones.

Analysts surveyed by Thomson Financial expected same-store sales to rise 3.5 percent.

The company said sales were negatively impacted 0.6 percent by gasoline sales and 0.4 percent by the absence of pharmacy sales.

"A significantly higher level of coupon distribution" and an earlier cut-off for BJ's 90-day trial membership promotion also impacted sales, the company's chairman, president and chief executive, Herb Zarkin, said in a statement.

Overall sales in July rose 6 percent to $650.5 million from $613.9 million a year earlier. Excluding sales of gasoline, traffic fell by 1 percent. The average transaction amount rose by 4 percent.

For the second quarter ended Aug. 4, same-store sales rose 3.7 percent. Overall sales rose by 8.2 percent to $2.25 billion.

Excluding sales of gasoline, traffic increased by approximately 1 percent in the second quarter and the average transaction amount increased by about 3 percent. Same-store sales of food and general merchandise in the period rose by 5 percent and 0.5 percent, respectively.

BJ's operates 175 stores in 16 states.

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

Sales down at Talbots

Talbots Inc. said today that its same-store sales slipped 4.8 percent in its second quarter, prompting the retailer of the Talbots and J.Jill brands to say it will record a loss for the period.

Same-store sales, or sales at stores open at least a year, is a key indicator of retailer performance since it measures growth at existing stores rather than newly opened ones.

For the quarter ended Aug. 4, the company said same-store sales fell 4.9 percent at the Talbots brand and 4.3 percent at J.Jill due mainly to weak performance in June and July.

Total sales at the company for the quarter, meanwhile, rose 0.2 percent to $572 million from $571 million in the 2006 first quarter.

But the rise was not enough to meet Wall Street's expectations. Analysts polled by Thomson Financial expected second quarter sales of $597.7 million.

Talbots said it expects a second quarter loss between 25 cents per share and 27 cents per share due to J.Jill brand operations and acquisition-related and financing costs.

Analysts expect a profit of 2 cents per share.

Talbots said customer traffic fell significantly at both of its brands during the quarter and customers failed to respond to spring and summer merchandise.

"In light of the much publicized uncertainty in the macro environment, the company believes that its customers have become increasingly more discriminating regarding their discretionary spending," Talbots said.

Talbots said for its third quarter, it expects same-store sales to be flat with last year, with earnings per share in the range of 42 cents to 48 cents.

Analysts expect earnings per share of 28 cents for the third quarter. (AP)

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

Covidien swings to loss

Medical device maker and diversified health care company Covidien Ltd., which split from Tyco International late June, said today that it swung to a fiscal third-quarter loss after booking a hefty charge related to a legal settlement involving its former parent.

For the quarter ended June 29, the loss was $1.1 billion, or $2.23 per share, compared with a profit of $387 million, or 73 cents per share, in the year-ago period.

Latest results included a $1.2 billion charge for the company's share of a Tyco International shareholder settlement, as well as a $30 million in-process research and development charge for the Sorbx technology acquisition. There was also a $5 million restructuring charge.

Excluding those items, earnings from continuing operations were 67 cents per share. Analysts polled by Thomson Financial expected profit of 70 cents per share on revenue of $2.57 billion.

Revenue rose to $2.58 billion from $2.46 billion.

The company's fiscal year ends Sept. 20.

During the quarter, medical device sales rose 8.6 percent to $1.58 billion, while imaging product sales rose 4.8 percent to $238 million. Pharmaceutical sales rose 8.5 percent to $333 million but medical supply sales fell 3.1 percent to $247 million and retail products sales fell 18 percent to $178 million. (AP)

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

Adnexus raises $15.5 million

Adnexus Therapeutics Inc. announced today that it has raised $15.5 million through a private placement of Series C preferred stock.

The Waltham-based company is focused on generating medicines through the discovery, development, and commercialization of a new class of drugs called Adnectins.

Adnexus said the round was led by a new investor, HBM BioVentures (Cayman) Ltd., a global healthcare investment firm.
(By Chris Reidy, Globe staff)

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

Psychemedics makes "fastest growing" list

Psychemedics Corp. said they have earned a spot on an annual list of the 100 fastest growing small public companies in America as compiled by Fortune's Small Business Magazine.

The Acton-based company provides hair testing that can detect drug abuse.
(By Chris Reidy, Globe staff)

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

Nuance unveils Blackberry product

Nuance Communications Inc. of Burlington said one of its offerings is now available for BlackBerry smart phones.

Nuance is a provider of speech and imaging solutions for businesses and consumers.

The company said its Nuance Voice Control, a one-click mobile search and messaging service driven entirely by natural voice commands, is what's now being offered for users of BlackBerry smart phones, and the subscription-based application is integrated with the built-in GPS of the BlackBerry 8800 series of smart phones.

BlackBerry is a product offered by Research in Motion Ltd. of Canada.
(By Chris Reidy, Globe staff)

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

New lease for Mercatus

Mercatus LLC, a private-equity investing and strategy consulting firm, has signed a new lease for a Boston office at 2 Faneuil Hall, said a broker involved in the transaction.

The broker is Codman Co. of Boston, a full-service commercial real estate services firm that said the Mercatus lease is for 5,666 square feet of space.

The building's landlord is General Growth Properties Inc., a Chicago-based real estate investment trust.
(By Chris Reidy, Globe staff)

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

Bingham expands to Sacramento

Bingham McCutchen LLP, a law firm with a large Boston presence, said its consulting subsidiary is opening an office in Sacramento, Calif.

The subsidiary, Bingham Consulting Group LLC, also announced the addition of Sean Walsh, a former director of California's Office of Planning and Research under Governor Arnold Schwarzenegger.
(By Chris Reidy, Globe staff)

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

Alnylam lands $38.6m contract

Alnylam Pharmaceuticals Inc. of Cambridge said today that it has been awarded a $38.6 million government contract to develop RNAi therapeutics for biological threats.

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

Alnylam said the 33-month contract was awarded by the US Defense Threat Reduction Agency, and it calls for Alnylam to develop a broad spectrum RNAi anti-viral therapeutic for the treatment of viral hemorrhagic fever.

Viral hemorrhagic fever is deemed a major threat because it is highly contagious and lethal, the company noted.
(By Chris Reidy, Globe staff)

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

Aurora deploys MRI system to Italy

Aurora Imaging Technology Inc. announced today the introduction of a mobile Aurora 1.5 Tesla Dedicated Breast Magnetic Resonance Imaging System to doctors in Italy.

The North Andover company focuses on breast MRI solutions for women.

Because of the limited availability of MRI systems capable of performing complicated breast exams, Italian women can wait as long as six months for examinations, Aurora said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:13 AM | Comments (0)

Arnold retains Amtrak account

Boston ad agency Arnold said its Washington, D.C., office will retain its five-year-old Amtrak account following a review of the business.

Billings for the account were not disclosed in a press release that noted that Arnold will continue to do account planning, ad strategy, execution, and media oversight for Amtrak.
(By Chris Reidy, Globe staff)

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

August 8, 2007

Vermont wind project approved

A 16-turbine wind power project in Sheffield, Vt., about 25 miles south of the Quebec border, received its major state approval today.

UPC Wind's Sheffield Wind project is expected to produce 40 megawatts of electricity by 2009, enough to power 30,000 average-sized homes or small businesses. The Vermont Public Service Board, which regulates utilities, issued the project a "certificate of public good" after imposing several requirements including measures to protect bats from the spinning blades and to preserve 2,700 acres around the project as bear habitat.

UPC Wind project manager Matt Kearns said the company still wants to see whether Vermont state legislators will adopt legislation clarifying what tax rate the project will pay before making final construction plans.
The project is to be built along a ridge line near Interstate 91 in Sheffield in a commercial forestry area.
(By Peter J. Howe, Globe staff)

Posted by globebusiness at 5:24 PM | Comments (0)

Archemix, Isis team up on drug research

Archemix Corp. of Cambridge and Isis Pharmaceuticals Inc. have formed a strategic alliance to pursue aptamer drug discovery and development.

The alliance, the companies said today, provides Archemix access to some of the proprietary chemistries and analytical and manufacturing methods developed by Carlsbad, Calif.-based Isis.

Archemix is a biotechnology company focused on aptamers, which are short nucleic acid sequences that have the ability to disrupt interactions between proteins and have some similarities to antibodies.

According to Archemix, aptamers have the potential to offer significant cost advantages over monoclonal antibodies in treating a variety of diseases.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 3:46 PM | Comments (0)

Zoll gets OK for combo defibrillator-CPR method

Zoll Medical Corp., which makes resuscitation devices, has been cleared by the Food and Drug Administration to market its AED Pro defibrillator together with the Chelmsford company’s See-Thru CPR technology.

The AED Pro defibrillator is designed to give instantaneous feedback on CPR chest compressions. See-Thru CPR technology allows emergency medical personnel to see a patient’s underlying cardiac rhythm during resuscitation efforts, and eliminates the need to stop CPR to see if defibrillation was successful.

Sudden cardiac arrest is the leading cause of unexpected death in the world, with more than 325,000 related deaths each year in the United States alone. Currently, about 6 percent of victims survive.
(AP)

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

Hancock raised $3.3m during marathon

John Hancock, principal sponsor of the Boston Marathon, said today that it helped raise $3.3 million for charitable and community service organizations during the 111th running of the race in the spring.

The marathon’s fund-raising program, in its 22nd year, set a record, eclipsing the previous mark by more than $400,000.

Runners can opt to raise money for charitable and community service groups; this year, they raised an average of more than $3,700 each.

John Hancock is a unit of Manulife Financial Corp., of Toronto.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:27 PM | Comments (0)

Salary.com completes ITG purchase

Salary.com said today it has closed the asset purchase of ITG Competency Group of New Jersey.

Salary.com, a Waltham-based company that sells on-demand compensation management solutions that help businesses and individuals to manage pay and performance, said that as part of the transaction, it paid $1.5 million in cash and $500,000 in Salary.com stock for ITG's competency management data and design consulting business.

ITG will operate as a strategic business unit of Salary.com and will continue to provide consulting services on competency development as well as partner reseller services, Salary.com said.
(By Chris Reidy, Globe staff)

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

Columbia buys Peabody building

Columbia Massachusetts Centennial Industrial LLC has bought an office-and-warehouse building in Peabody for $12.9 million, a broker involved in the transaction said today.

The broker is Klemmer Associates, a commercial real estate firm based in Winchester.

The seller of 13 Centennial Dr., which has just over 134,000 square feet of space, was RFP Juniper, Klemmer said.

The building is fully occupied with a seven-year lease to ADP Investor Communications Services Inc., Klemmer said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:15 PM | Comments (0)

Profit declines at Clean Harbors

Clean Harbors Inc., which provides environmental and hazardous waste management, said today that its second-quarter earnings dipped 2 percent due in part to an increase in the company's provision for income taxes.

For the three months ended June 30, the company reported net income of $11.1 million, or 54 cents per share, compared with net income of $11.3 million, or 55 cents per share, in the year-ago period.

Net income was affected by an increase in the company's provision for income taxes, which was $8.7 million for the second quarter of 2007 versus $3.5 million in the corresponding quarter of last year, the company said. The effective tax rate for the quarter was 44 percent compared with 23 percent in the same period last year.

The provision for income taxes includes $1.4 million, or 7 cents per share, related to the company's first-quarter 2007 adoption of Financial Accounting Interpretation No. 48, or FIN 48, a new tax rule that affects how companies account for uncertain tax positions.

Analysts polled by Thomson Financial, on average, estimated earnings per share of 55 cents on sales of $231.1 million. The estimate reflects the adoption of FIN 48.

Revenue for the quarter increased 20 percent to $238.7 million from $199.6 million the same period last year.

Shares rose 35 cents to $51.35 in morning trading. (AP)

Posted by globebusiness at 12:03 PM | Comments (0)

Stylefeeder launches personal shopper

StyleFeeder, a Cambridge social-shopping startup, said today that it has launched a personal shopper that lets people shop with friends online.

According to the company, its interactive personal shopper at www.stylefeeder.com brings the social aspects of the in-store experience to a user's computer so that shopping with friends is "no longer limited to the offline world."

Equipped with a built-in chat feature, StyleFeeder's Personal Shopper makes online shopping "just like hitting the mall with friends;" thanks to the chat feature, users can discuss merchandise and compare prices with friends, fashion mavens, and other StyleFeeder users, the company said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:02 PM | Comments (0)

Raytheon wins $75m fighter jet contract

Raytheon Co. said today that one of its units won a $75 million contract to provide upgrades on a weapons training equipment for the F-15 fighter jet.

Raytheon Technical Services Co. LLC will develop a prototype and make changes to the weapons training equipment at its Indianapolis facility. An initial $31.8 million has been awarded to the contractor to begin upgrades.

Shares of Raytheon fell $1.62, or 2.7 percent, to $57.71 in morning trading.

Posted by globebusiness at 11:53 AM | Comments (0)

Sugarloaf, Sunday River sold

CNL Income Properties Inc. said today it has acquired the assets of two Maine ski resorts, Sugarloaf/USA in Carrabassett and Sunday River in Bethel, for $76.5 million.

CNL is a real estate investment trust headquartered in Orlando that focuses on lifestyle properties.

CNL said that Boyne USA Resorts, a Michigan-based company that owns and operates resorts, acquired the stock of the subsidiaries of Utah-based American Skiing Co. that owned the resorts, then sold their assets to CNL; CNL leased the resorts back to Boyne to operate them.

"With our capital and Boyne USA's experience, we believe these properties have the potential to improve on their long-standing tradition of being among the most popular ski destinations in Maine," CNL president and chief executive Byron Carlock said in a statement.

In February, American Skiing disclosed plans to sell its Killington and Pico resorts in Vermont, only days after saying it would sell Mount Snow in Vermont and Attitash in New Hampshire.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:43 AM | Comments (0)

Earnings fall at Beacon Roofing

Beacon Roofing Supply Inc. said today that fiscal third-quarter earnings fell sharply after soaring costs and expenses offset rising revenue.

Net income in the quarter ended June 30 slid to $11.5 million, or 26 cents per share, from $17.1 million, or 38 cents per share, in the year-ago period.

Analysts polled by Thomson Financial expected profit of 34 cents per share.

The cost of products sold jumped to $377 million from $306.8 million. Oerating expenses rose to $81.2 million from $67.8 million, and interest expense climbed to $7.4 million from $4.9 million.

Sales jumped 19 percent to $484.9 million from $407.1 million last year, boosted by the inclusion of sales from several acquired companies.

Residential roofing sales slid 8 percent as builders curbed housing construction.

"The continuing decline of new residential construction in most of our markets has had an adverse impact on demand for our residential roofing products so far this fiscal year, as have the significant and continuing slowdowns in the markets affected by Hurricanes Quatrain and Rita and the severe winter conditions in some of our markets during the second quarter," the company said in a statement. (AP)

Posted by globebusiness at 11:41 AM | Comments (0)

Skyscape now on iPhone

Skyscape Inc. said today that its medical information support tool is now available on Apple Inc.'s new iPhone.

Skyscape is a Marlborough-based company that provides medical information by speciality to the mobile devices of healthcare professionals.

Now doctors and other medical professionals with iPhones can gain instant access to a broad range of drug, clinical, lab and evidence-based medical information, and medical alerts, Skyscape said.

Because it integrates phone and Internet capabilities in a single device, the iPhone is an ideal platform for Skyscape's philosophy of delivering the most up-to-date information when and where it is needed by healthcare practitioners, Skyscape said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:26 AM | Comments (0)

State Street acquires Palmeri Fund

State Street Corp. said today it has acquired Palmeri Fund Administrators for an undisclosed amount as it expands its capabilities in the high-growth area of alternative investments.

State Street is a Boston-based provider of financial services to institutional investors, and Palmeri Fund Administrators, or PFA, a New Jersey firm that has focused on providing a full range of fund administration services exclusively to the private equity industry.

The firm's former chief executive, Frank Palmeri, will lead State Street's private equity servicing initiative under the direction of State Street executive vice president Jack Klinck, State Street said.

"Private equity is another expample of a high-growth area that is in considerable demand from our institutional investor customers," State Street vice chairman Jay Hooley said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:59 AM | Comments (0)

Haemonetics announces executive changes

Haemonetics Corp. announced today expanded roles for several executives.

Haemonetics, a Braintree company engaged in the design, manufacture, and marketing of automated blood processing systems, said that Chris Lindop, chief financial officer and vice president for business development, will take on the additional responsibilities for investor relations and the company's Arryx business.

Other changes include the appointment of Brian Concannon, who joined the company in 2004, to the new position of chief operating officer and the appointment of Lisa Lopez to the new position of vice president of corporate affairs.

Jim O'Shaughnessy was promoted to general counsel, the company said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:48 AM | Comments (0)

PTC calls suit "without merit"

Parametric Technology Corp. said today that it plans to "defend itself vigorously" against a lawsuit in which a Japanese firm alleges that it was defrauded by PTC.

PTC, the initials that Parametric goes by, said that the lawsuit's claims are "without merit."

PTC is a Needham-based firm that provides product lifecycle management, content management, and dynamic publishing solutions to a wide range of industries.

In a Globe story Saturday, it was reported that GE Capital Leasing Corp., a financial firm based in Japan, is suing PTC for $47 million in US District Court, alleging that PTC and others falsely represented purchases and deliveries of software; according to the story, GE Capital, or GELC, financed the purchase of PTC software by the electronics company Toshiba.

"For more than three years, PTC participated in a scheme to defraud GELC by faking numerous large sales and deliveries" of its software, the suit alleges.

A PTC spokeswoman declined to comment for the Saturday story because, she said, the company had just received the complaint and was reviewing it.

Today PTC said its that review "has found no basis for GELC's claims."

"We deny that PTC is somehow responsible for GELC's alleged losses," PTC chief financial officer Neil Moses said in a statement. "We are surprised that GELC has brought this claim against PTC and believe GELC's claims are without merit."

PTC noted in its press release that "neither PTC nor its Japanese subsidiary was a party to any contract or transaction with GELC."
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:36 AM | Comments (0)

PerkinElmer reaches milestone

PerkinElmer Inc. announced a milestone this week: Its neonatal screening systems identified its 100,000th newborn at risk for genetic disorders.

The Waltham-based company provides products and services for the photonics and health sciences industries, including neonatal screening systems.

PerkinElmer said it recently determined that its neonatal screening technology, utilized in laboratories worldwide for more than 20 years, identified the 100,000th infant at risk from life-threatening diseases.

"Newborn screening for genetic disorders has become one of the most widely accepted procedures in preventative pediatrics, allowing for the early identification and treatment of otherwise devastating disorders," president and chief operating officer Robert F. Friel said in a statement.
(By Chris Reidy, Globe staff)

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

Staples mounts back-to-school fashion show

"Flash bulbs met flash drives, the runway met the ruler, and school met style," Staples Inc. said when the office-supply retailer held its first-ever back-to-school fashion show yesterday.

Although actress and fashionable mom Lisa Rinna was on hand to emcee the New York event, this fashion show focused on school supplies instead of super models togged out in tony tops and jester pants.

According to Framingham-based Staples, young scholars, whether middle schoolers or third graders, yearn to be fashionably accessorized with school supplies that pay homage to the latest trends and styles.

In a press release, Staples noted, "From binders to backpack, from acid lime tones to zebra stipes, event guests saw firsthand" what are sure to be "'runway' best sellers for back to school."
(By Chris Reidy, Globe staff)

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

Zaheer signs on with Sepaton

Sepaton Inc. announced that storage industry veteran Asim Zaheer has joined the company as vice president of marketing.

The Marlborough-based firm, which focuses on data protection, said Zaheer came to Sepaton from Hitachi Data Systems.

Zaheer succeeds Linda Mentzer, who will assume the role of product strategy consultant, Sepaton said.
(By Chris Reidy, Globe staff)

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

Mortgage applications up

For the week ending Aug. 3, an index that measures the volume of mortgage loan applications was 656.5, an increase of 8.1 percent on a seasonally adjusted basis from one week earlier.

The index is compiled by the Mortgage Bankers Association, a Washington, D.C.-based group representing the real estate finance industry.

On an unadjusted basis, the latest weekly index was up 18 percent compared with the same week a year ago.

Whether consumers applying for mortgages will get them is another question.

A front-page story in this morning's Globe noted that a "growing credit crisis is prompting lenders across Massachusetts to cut back suddenly on loans, making it difficult for even creditworthy borrowers to get mortgages."
(By Chris Reidy, Globe staff)

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

LTX lowers guidance

LTX Corp., a Norwood-based provider of semiconductor test solutions, said today that it is lowering its fourth-quarter guidance due to continued weakness in the semiconductor test equipment industry.

For its fourth quarter, which ended July 31, the company said it now expects to report a loss per share of 7 to 8 cents, down from 4 to 6 cents in its previous guidance; revenues are expected to be about $30 million, down from the previous company guidance of $33 million to $35 million given on May 17.

"Industry conditions remained mixed through the end of July leading to LTX's revenue shortfall," president and chief executive Dave Tacelli said in a statement.

The company said it plans to announce its fourth quarter results Aug. 30.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:13 AM | Comments (0)

Engel joins Iron Mountain

Iron Mountain Inc. said that it has hired Fred Engel as chief technology officer of its technology business unit.

The Boston company, which focuses on information protection and storage services, said that Engel most recently served as executive vice president and chief technology officer for Concord Communications until it was acquired by Computer Associates in 2005.
(By Chris Reidy, Globe staff)

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

August 7, 2007

Greenway gets an operations director

Officials of the Rose Fitzgerald Kennedy Greenway Conservancy have hired a former Big Dig executive, Steven D. Anderson, to be operations director for the new corridor of downtown Boston parks.

Anderson was an engineering and architectural manager for 16 years at Parsons Brinckerhoff Quade & Douglas Inc., which with Bechtel Corp. jointly managed the $14.6 billion highway and tunnel project.

He will be paid $104,000 a year and will supervise a staff of up to 25 people.

The conservancy, a private group, assumes responsibility for horticulture, maintenance, and security in the parks, which may be complete by year’s end.
(By Thomas C. Palmer Jr., Globe staff)

Posted by globebusiness at 6:19 PM | Comments (0)

Putnam appoints a top executive

Putnam Investments has appointed William T. Connolly as head of global distribution.

Connolly, who will have responsibility for the Boston money management firm’s retail, North American institutional, and international distribution activities, has been with the firm since 1999.

On Friday, Putnam reported the completion of its sale to a subsidiary of Power Financial Corp. of Canada, a diversified management and holding company.

Earlier this year, Power agreed to pay $3.9 billion to buy Putnam from Marsh & McLennan Cos., of New York.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 2:41 PM | Comments (0)

Momenta reports a bigger quarterly loss

Momenta Pharmaceuticals Inc. said its second-quarter loss widened on higher operating costs and lower revenue.

The Cambridge biotechnology company posted a loss of $18.8 million, or 53 cents per share, compared with a loss of $12.6 million, or 41 cents per share, in the year-earlier period.

Revenue for the quarter declined 22 percent, to $4.2 million.
(AP)

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

Indevus's loss widens

Indevus Pharmaceuticals Inc.’s loss widened in the third quarter on hefty acquisition-related expenses and increased marketing, general, and administrative costs, the Lexington company said.

Indevus reported a loss of $72.3 million, or $1.02 per share, compared with a loss of $13.4 million, or 28 cents per share, in the prior year.

Excluding one-time charges related primarily to the company’s acquisition of Valera Pharmaceuticals in April, the loss would have totaled $19 million, or 27 cents per share.

Marketing, general, and administrative expenses more than doubled to $19.8 million in the quarter. Research and development expenses fell 7 percent, to $10.3 million.
(AP)

Posted by globebusiness at 1:43 PM | Comments (0)

Cynosure's profit jumps 88%

Cynosure Inc. today said its second-quarter profit jumped 88 percent on higher sales of its laser systems for cosmetic procedures.

The Westford company earned $2.7 million, or 21 cents per share, compared with a profit of $1.4 million, or 12 cents per share, during the same period a year prior. Revenue rose 66 percent, to $30.1 million.

Laser product revenue rose 70 percent during the quarter, the company said.
(AP)

Posted by globebusiness at 1:19 PM | Comments (0)

Stop & Shop names a new CFO

The Stop & Shop Supermarket Co. has a new chief financial officer: James K. Rojas.

Rojas, who previously held jobs for other divisions of Royal Ahold, Stop & Shop’s Dutch parent, will also be CFO for Stop & Shop’s sister chain, Giant Food.

He will be responsible for financial and information-technology operations.

Headquartered in Quincy, Stop & Shop operates 389 stores in the Northeast; Giant Food is based in Washington, D.C.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:14 PM | Comments (0)

Rising star out at Fidelity

Ellyn A. McColgan, a high-ranking executive at Fidelity Investments who was seen as a rising star just four months ago, is gone, a sign that the executive churn at the nation's largest mutual fund company has not abated.

Fidelity announced McColgan's resignation in a brief press release today. Her duties as chief of Fidelity's distribution and operations division will be temporarily taken over by Fidelity president Rodger A. Lawson, whom Fidelity chairman and chief executive Edward C. ``Ned'' Johnson III hired to a position above McColgan last month.

McColgan joined Fidelity in 1990 and held a number of senior management positions, including president of the company's brokerage division. When she was promoted to her latest job in April as president of distribution and operations, she was viewed as a possible successor to Johnson, 77. McColgan's specific reasons for resigning today were not disclosed; the company said only that she was leaving to ``pursue opportunities outside of the company.''

``Ellyn McColgan made many positive contributions to the firm during her tenure here, and I wish her the best in the next phase of her career,'' Johnson said in the press release. Referring to Lawson, he added, ``Rodger and I will work jointly on operational matters for an interim period, during which we will fine-tune the organizational structure in order to enhance and grow the business.''
(By Christopher Rowland, Globe staff)

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

Cashless Coke machines coming to Boston

USA Technologies Inc. and MasterCard Inc. today said they will install 7,500 cashless payment terminals in Coca-Cola Enterprises Inc. vending machines in eight cities, including Boston.

The terminals allow vending machine customers to use traditional magnetic-stripe credit cards or MasterCard's PayPass contactless payment technology.

MasterCard said the launch of USA Technologies' G-6 e-Port payment terminals is the broadest single deployment of cashless vending machines to date and doubles the number of terminals installed in Coca-Cola machines in the United States.

The new terminals will be installed in the Atlanta, Boston, Chicago, Denver, Las Vegas, Miami, New York and Seattle markets.

In May, Coca-Cola Enterprises entered into a three-year supply and licensing agreement with USA Technologies, a Malvern, Pa.-based provider of wireless and cashless networking services.

Shares of USA Technologies rose 74 cents, or 8.9 percent, to $9.09 in late-morning trading today.

MasterCard Inc. shares climbed $2.54, or 1.9 percent, to $140.16.

Atlanta-based Coca-Cola Enterprises is the world's largest bottler of Coca-Cola Co. drinks. (AP)

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

SeaChange lands Japanese customer

SeaChange International Inc. said today that its on-demand television platform has been selected by a customer that provides services to more than 60 cable operators in Japan.

SeaChange, an Acton-based provider of digital video systems and services, said it will deliver the foundation for telecommunications giant KDDI's new on-demand television business.

KDDI provides VoIP phone, backbone Internet, and other information-technology services to many Japanese cable operators, SeaChange said.

Leveraging technologies and services from SeaChange through the consumer-products and technology giant Panasonic, KDDI's on-demand platform will enable cable operators across Japan to quickly launch their own on-demand services, SeaChange said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:44 PM | Comments (0)

Fenway Sports Group extends deal with BC

Sports marketing company Fenway Sports Group announced today a 12-year extension of its relationship with the Boston College Athletics Department.

Terms of the extension were not disclosed, the Boston-based group said.

Fenway Sports Group said it began its partnership with BC in 2005 and oversees a program designed to enhance and extend the regional and national profile of BC athletics.

Fenway Sports Group is a wholly owned subsidiary of New England Sports Ventures, which also owns the Boston Red Sox, Fenway Park, and 80 percent of the New England Sports Network.

The New York Times Co., the parent of The Boston Globe, owns 17 percent of the Red Sox.
(By Chris Reidy, Globe staff)

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

New Balance launches ad review

New Balance Athletic Shoe Inc. said today it has hired California search firm SelectInternational Resources to conduct an ad agency review on its behalf.

Headquartered in Boston, New Balance is a manufacturers of athletic footwear and apparel with 2006 sales of $1.55 billion.

New Balance said its incumbent ad agency, the Boathouse Group of Waltham, will participate in a review that will likely be completed in October.

New Balance did not disclose the size of its annual advertising budget.
(By Chris Reidy, Globe staff)

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

Charter service plans flights to New Jersey

A private plane charter service is planning to launch a new deluxe scheduled private jet service between Hanscom Field in Bedford and Morristown, N. J., next month.

Maine Aviation Aircraft Charter, based in Portsmouth, N.H., has received an initial approval from the US Transportation Department to offer the service, which would provide two daily round-trips between Hanscom and Morristown, which is on Interstate 287 close to many corporate headquarters.

Round-trip flights would cost $749, with service on seven- and eight-seat Cessna Citation jets, Maine Aviation sales and market director Jim Iacono said this morning. Service would be marketed through Equitair Executive Corporate Shuttle of Rochelle Park, N.J., with Maine Aviation providing the pilots and planes. Depending on when they get final government approval, Maine Aviation and Equitair hope to start the service in late September or early October, Iacono said.

Iacono said Hanscom-Morristown is already a strong market for pure private jet service for top executives, and market surveys show many companies would be willing to pay the premium to have mid-level executives avoid the added time and hassle of flying through Logan International Airport in Boston and chronically delayed Newark Liberty International Airport.

Iacono said Maine Aviation is also looking into potential service from Hanscom to the Washington, D.C., area and summer vacation service next year between Bar Harbor, Maine, and the private airfield at Teterboro, N.J., but hasn't decided if or when to offer service.
(By Peter J. Howe, Globe staff)

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

Chris Mike joins Converse

Athletic footwear brand Converse announced today the appointment of Chris Mike as vice president of marketing.

Converse said that Mike, whose resume includes a six-year stint as US director of marketing at Nike Golf, will work out of Converse's offices in North Andover.

Converse is a division of Nike Inc., an Oregon-based company that is a dominant player in the athletic footwear and apparel industry.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:09 PM | Comments (0)

IRobot is moving its HQ to Bedford

IRobot Corp., the Burlington company known for its Roomba robotic vacuum cleaner and for military robots that can detect battlefield threats, has signed a long-term lease for a new headquarters in Bedford.

The announcement was made by Richards Barry Joyce & Partners LLC, a Boston-based commercial real estate advisory firm that is a broker involved in the transaction.

Richards Barry Joyce said that iRobot has signed a lease for 157,000 square feet of space in an office building at 8 Crosby Dr. that is owned by Boston Properties Inc., a locally based real estate iinvestment trust whose portfolio includes such buildings as the Prudential Tower in Boston.
(By Chris Reidy, Globe staff)

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

Cadence Bank Taps Saylent Technologies

Saylent Technologies Inc. of Franklin said today that a Southern bank has deployed its debit-card portfolio optimization software.

The bank is Cadence Financial Corp., a Mississippi-based financial services company that serves five Southern states.

Saylent said Cadence is deploying its Y-Debit solution suite.

By providing analytics on cardholder usage and trends, Y-Debit will enable Cadence to better segment its customer portfolio and create targeted marketing campaigns to promote debit-card usage, Saylent said.
(By Chris Reidy, Globe staff)

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

KeyPoint lands contract for shopping centers

KeyPoint Partners LLC said it has been awarded the property management contract for 25 shopping centers, many of them in Southeastern Massachusetts.

KeyPoint, a Burlington-based real estate services firms, said it was awarded the contract by Dividend Capital Total Realty Trust, a Denver-based firm that recently purchased the shopping centers for $377 million from Tedeschi Realty Corp. of Rockland.

Many of the neighborhood shopping centers are anchored by a Super Stop & Shop or a Shaw's supermarket, and they are located in such communities as Braintree, Wareham, and Weymouth, KeyPoint said.
(By Chris Reidy, Globe staff)

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

Nuance narrows loss

Speech and digital imaging software maker Nuance Communications Inc. said today that its fiscal third-quarter net loss narrowed amid solid growth in its embedded, network and health care speech businesses.

For the quarter ended June 30, the company posted a net loss of $7.6 million, or 4 cents per share, compared with a loss of $9.4 million, or 6 cents per share, in the same period a year earlier.

Adjusted earnings were $27.8 million, or 14 cents per share. This excludes stock options costs, acquisition charges and other expenses.

Revenue rose 39 percent to $156.6 million from $113.1 million.

Analysts, on average, were expecting a profit of 12 cents per share on sales of $155.8 million, according to a poll by Thomson Financial.

The company said revenue in its enterprise speech, health care dictation and transcription, embedded speech and other segments saw solid growth during the quarter.

Shares slid 28 cents to $16.50 in premarket trading. (AP)

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

Compete completes $10m funding round

Boston-based Web analytics company Compete Inc. announced today that it completed a Series III $10 million funding round.

The round was led by Commonwealth Capital Ventures, a Waltham-based venture capital firm, Compete said.

Compete, which helps corporate brands improve their marketing by studying the online behavior of millions of consumers, said it plans to use the funding to accelerate product development.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:02 AM | Comments (0)

Training Associates promotes Maria Melfa

The Training Associates, a Westborough-based provider of instructor outsourcing, announced today the promotion of Maria Melfa to corporate president.

Melfa, who cofounded the company with her father, Vic Melfa, has served as executive vice president and general manager since the company started doing business in 1994; Vic Melfa, who will continue as chief executive, will focus on expansion and development efforts, the company said.

The Training Associates, which provides information-technology and business skills instructors to companies worldwide, said that it expects to have over $25 million in revenue in 2007.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:57 AM | Comments (0)

Christiansen joins Sophos

Sophos, a British company that focuses on information technology security and control, today announced the appointment of Dirk Christiansen as vice president of global marketing.

In his new job, Christiansen is charged with driving the strategic development of marketing activities worldwide from the company's North American headquarters in Boston.

Before joining Sophos, Christiansen served as senior director of American marketing at Trend Micro Inc., a developer of Internet security solutions with offices in California, Sophos said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:15 AM | Comments (0)

Aspect Medical's Boudewijn to retire

Aspect Medical Systems Inc. announced today that Boudewijn Bollen will retire from his role as president of international operations in early 2008.

The Norwood-based company, which specializes in brain monitoring technology, said that Bollen will then serve on a part-time basis as a senior company advisor and will remain as a member of the board of directors.

Bill Floyd, vice president of sales and marketing, will work with Bollen throughout a transition period starting in September, and Floyd will be promoted to executive vice president of worldwide sales and marketing upon Bollen's retirement, Aspect said.
(By Chris Reidy, Globe staff)

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

Loss widens at Epix

Epix Pharmaceuticals Inc. reported a wider second-quarter loss as it invested more heavily in research and development while also announcing encouraging results for one of its drug candidates.

The Lexington-based company said its second-quarter loss was $18 million, or 55 cents a share, versus a net loss of $3.2 million, or 20 cents a share, for the same period in 2006; R&D expenses in the second quarter were $14.8 million versus $3.1 million a year ago.

Second-quarter revenue was $1.8 million, up from $1.4 million, Epix said.

Meanwhile, Epix also reported positive results from its Phase 2a clinical trial of PRX-08066 in patients with pulmonary hypertension associated with chronic obstructive pulmonary disease.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:30 AM | Comments (0)

NMT reports loss

NMT Medical Inc. reported a second-quarter loss today and a drop in revenues but said recent regulatory approvals of one of its implant products give it a competitive advantage moving forward.

The Boston-based company designs, develops, manufactures, and markets implant technologies that allow interventional cardiologists to treat structural heart disease through minimally invasive, catheter-based procedures.

NMT reported a second-quarter loss of $2.6 million, or 20 cents per share, for the period ending June 30, compared with a net loss of $1.9 million, or 15 cents per share, for the same quarter a year ago; revenue was $6.5 million, compared with $7.1 million from a year ago.

During the quarter, the company said it received regulatory approvals in Europe and Canada for its BioSTAR product.

"The BioSTAR approvals provide us with a significant competitive advantage in the structural heart repair market," NMT president and chief executive John E. Ahern said in a statement.
(By Chris Reidy, Globe staff)

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

Inverness buys California company

Inverness Medical Innovations Inc., a Waltham medical device company that has already made several acquisitions this year, announced another deal today.

In this proposed transaction, Inverness, a company known for such products as over-the-counter pregnancy tests, has agreed to buy HemoSense Inc., a California company that makes handheld blood coagulation systems for patient monitoring.

The all-stock deal, which values HemoSense at just under $190 million, calls for each holder of a share of HemoSense common stock to receive 0.274 shares of Inverness stock, which closed yesterday at $46.46 a share in American Stock Exchange trading.

By one count, HemoSense could be Inverness's ninth acquisition this year, and they acquisitions range in size from small purchases to a victory in a $1.6 billion bidding war for Biosite Inc.

"With the acquisition of HemoSense, Inverness takes another step in our strategy of providing diagnostic testing to hospitals, physicians' offices, and the home for patient self testing," Ron Zwanziger, chairman and chief executive of Inverness, said in a statement.

Zwanziger added that HemoSense is a "particularly good fit" with Biosite and another recent acquisition.
(By Chris Reidy, Globe staff)

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

Haber partners with Canadian mining firm

Haber Inc. said today it has entered into a joint venture with a Canadian mining company to explore some gold concessions in Ghana.

Arlington-based Haber claims to have developed a technology for the environmentally friendly processing of gold-bearing ores.

Haber said a subsidiary has entered into a joint venture with a subsidiary of Etruscan Resources Inc. of Canada.

Under the terms of the agreement, Haber said it was paid $700,000 by Etruscan.

The agreement focuses on exploring 1,331 square kilometers of gold concessions in the Western and Brong Ahafo regions of Ghana, the companies said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:12 AM | Comments (0)

August 6, 2007

Private equity firm will buy Boston Market

Private equity firm Sun Capital Partners said today that it has agreed to buy Boston Market, a restaurant chain with local roots, from its parent, McDonald's Corp.

Spokesman Richard Hurwitz said Sun Capital would acquire Boston Market but declined to make further comment on the deal. A McDonald's spokesman did not immediately return a message seeking comment.

In a regulatory filing today, the world's largest restaurant company said it had agreed to sell Colorado-based Boston Market to an undisclosed buyer. Terms of the deal weren't announced, but Illinois-based McDonald's said it had signed a definitive agreement to sell the chain in "early August." The transaction is expected to be completed in the third quarter.

The news of a sale comes seven months after McDonald's acknowledged it was studying strategic options for the chain.

Boston Market, originally called Boston Chicken, has 630 restaurants in 28 states. McDonald's acquired it in 2000 for $173.5 million as part of an initiative to diversify its business.

In the early 1990s, Boston Chicken was a Wall Street highflier but later ended up in bankruptcy protection when it was unable to sustain its early momentum.

McDonald's shares climbed 66 cents, or 1.4 percent, to $49.18 in afternoon trading on the New York Stock Exchange. (AP)

Posted by globebusiness at 2:00 PM | Comments (0)

Curis expects to raise $12.9m

Drug developer Curis Inc. today said it expects to raise $12.9 million in proceeds from private placements with several investors.

Under the transactions, which are expected to close Aug. 8, Curis will issue 12.2 million shares of common stock and warrants to purchase another 4.3 million shares. The company said it would use the proceeds to support drug research and development.

Shares of Curis Inc. fell 2 cents today to $1 in midday trading. (AP)

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

Employees bypassing IT departments

The widespread adoption of consumer technologies in the workplace, such as outside instant messaging services, poses a potential threat to corporate information-technology departments, according to a new report.

The report, titled "Zen and the Art of Rogue Employee Management," is from the Yankee Group, a Boston-based market research group focused on global connectivity.

According to the report, nearly 50 percent of employees feel more empowered than IT to control their personal IT environment, a development that could lead to a potentially "hazardous mix of secured and unsecured applications in the enterprise."

Only about a third of companies offer instant-messaging, and when a company doesn't, many employees will resort to using consumer IM products from the likes of AOL or Yahoo to communicate sensitive company information to colleagues and customers; these consumer products lack the "robust security" measures that are a key feature of workplace IM offerings, noted Joshua Holbrook, manager of the Yankee Group Enterprise Research program.

To address this challenge, the Yankee Group suggests that corporate IT departments adopt a "Zen-like approach" that doesn't seek to dictate policy and enforce standards but rather looks to set guidelines and steer employees in the right direction.
(By Chris Reidy, Globe staff)

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

Army salutes Flight Landata

Flight Landata Inc. said today it has received an award from the US Army for its BuckEye imaging system, which allows soldiers to identify threats using imagery taken from the air.

Flight Landata, a North Andover-based company focused on digital remote sensing technology, said the airborne version of BuckEye has been deployed by the Army in Iraq and Afghanistan for the past two years.

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

Bit9 taps Digivera

Bit9 Inc. said today that it has signed Digivera Inc. as its exclusive reseller in Latin America.

Bit9 of Cambridge is a provider of application and device-control solutions, and Digivera is a solutions integrator in North and Latin America, focused on providing consulting, development, and hosting services of secure e-commerce and e-learning solutions for businesses.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:41 AM | Comments (0)

Babson Capital promotes two executives

Babson Capital Management LLC announced today that Clifford Noreen, head of corporate securities, will take on the additional role of vice chairman, a new position.

Babson, an investment management firm based in Boston and Springfield, also said that Thomas Finke, head of the US Bank Loan team and the Distribution, Marketing, and Relationship Management teams, will assume the additional role of president.

Finke takes over that role from Roger Crandall, who remains chairman and chief executive, Babson Capital said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:33 AM | Comments (0)

Mass. gas prices dip 2 cents

Gasoline prices in Massachusetts are down slightly for the third week in a row.

A weekly statewide survey by AAA of New England found an average price of $2.84 per gallon for self-service regular. That's 2 cents per gallon less than a week ago, and a total 8 cents less than three weeks ago.

AAA says the average price in Massachusetts is a penny a gallon above the current nationwide average of $2.83 per gallon.

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

Posted by globebusiness at 11:07 AM | Comments (0)

Holyoke apartment complex sold

Landlord Eric Suher purchased a 56-unit multifamily complex in Holyoke for $4.8 million, a broker involved in the transaction said.

The broker is Apartment Realty Advisors, or ARA, which is based in Burlington, and ARA said the seller of Castle Hill Apartments was SMC Management Corp.

About 12 acres of the 17.4-acre property are zoned for the development of an additional 123 units, ARA said.
(By Chris Reidy, Globe staff)

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

PerkinElmer CEO adopts trading plan

PerkinElmer Inc. said today that chairman and chief executive Gregory L. Summe has adopted a pre-arranged trading plan in accordance with securities laws and company policy to sell company stock options.

According to PerkinElmer, a Waltham-based company that provides products and services to the health sciences and photonics industries, Summe has adopted a plan for the exercise and subsequent share sale of 900,000 options, which were granted in January 1999 and which expire in January 2009.

After these sales, Summe would hold shares and options totaling over 4.4 million shares, the company said.
(By Chris Reidy, Globe staff)

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

Castle Group signs new clients

Boston-based public relations firm the Castle Group Inc. said it has signed several new clients, including the Au Bon Pain bakery cafe chain.

Other new clients include boo.com, a Dublin-based travel portal, and the Original Rangoon Co., a maker of snacks and high-end appetizers.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:02 AM | Comments (0)

Acopia bought by F5 Networks

F5 Networks Inc., which creates network traffic management products, said today that it is buying Acopia Networks Inc. for $210 million in cash to expand its market presence.

Acopia Networks, which is based in Lowell, Mass., makes storage network switching equipment.

The transaction is expected to close around Sept. 14, subject to customary closing conditions. (AP)

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

Health Dialog partners with Rand

Health Dialog Services Corp. of Boston and the Rand Corp. said today that they have formed a strategic alliance to create new tools to evaluate the quality and efficiency of healthcare.

The alliance unites the capabilities of two specialists in healthcare analytics to pave the way for a new provider performance measurement system, the companies said.

Under the agreement, Health Dialog will license a repository of quality measures and the associated scoring and attribution methodologies developed by Rand, a California-based research organization.

"This is an important step in taking the advances we've made through decades of research and applying that knowledge to day-to-day healthcare evaluation and improvement," Elizabeth McGlynn, associate director of Rand Health and corporate chair in healthcare quality at Rand, said in a statement.
(By Chris Reidy, Globe staff)

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

PTC powers Shenyang Blower Works

Parametric Technology Corp. said today that a Chinese manufacturer of compressors, blowers, and fans has "gone live" with Windchill, the company's content and process management solution.

Parametric, or PTC, is a Needham company that provides lifecycle management, content management, and dynamic publishing products to a wide range of industries.

According to PTC, Shenyang Blower Works of China is now using Windchill to address its product development challenges.
(By Chris Reidy, Globe staff)

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

Microsoft employs NCipher technology

NCipher PLC announced today that Microsoft Corp. is using its hardware security modules and time-stamping technology to help protect its commercially published software.

NCipher is a British company focused on protecting enterprise data; its North American headquarters is in Stoneham.

According to Microsoft, nCipher's technology is a "vital component and a critical part of the signing process for Microsoft software."
(By Chris Reidy, Globe staff)

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

FedEx Kinko's plans to expand

FedEx Kinko's announced today plans to escalate its expansion and open more than 300 new locations by June.

Kinko's currently has more than 1,700 digitally connected locations that offer shipping, office and print services, and document solutions. The company has 37 office and print centers in and around Boston, according to its website.

FedEx Kinko's is an operating company of FedEx Corp., a Memphis-based provider of transportation, e-commerce, and business services.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:30 AM | Comments (0)

ConforMIS gets $10m from Merrill Lynch Capital

ConforMIS announced today the completion of a $10 million senior debt facility with Merrill Lynch Capital.

The Lexington-based medical device company said the debt facility will be used to support the growth of the business in preparation for a mezzanine round of financing.

"The credit facility will provide ConforMIS with increased financial flexibility to accelerate the commercialization of our family of patient-specific knee implants while at the same time permitting the continued development of our expanding R&D product pipeline," company chief executive Patrick Hess said in a statement.
(By Chris Reidy, Globe staff)

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

Ariad reports quarterly loss

Ariad Pharmaceuticals of Cambridge reported a second quarter loss but said that its financial position has been strengthened partly by its recent collaboration with drug giant Merck & Co.

For the quarter ending June 30, the company reported a net loss of $17 million, or 25 cents a share, compared with a net loss of $17 million, or 27 cents a share, for the same period a year ago.

The company also said it ended the quarter with $25.7 million in cash, cash equivalents, and marketable securities versus $39.8 million at the end of 2006.

But in July, the company said it received an upfront payment of $75 million from its collaboration with New Jersey-based Merck and, in addition, it expects to receive a milestone payment of $13.5 million for the commencement of a Phase 3 clinical trial of oral deforolimus in patients with metastatic sarcomas in the third quarter.

As a result, Ariad expects positive cash flow from operations for the year ending Dec. 31 to be in the range of $30 million to $35 million.

"Our financial position has been greatly strengthened, enabling us to invest more fully in building our oncology product pipeline," chairman and chief executive Harvey J. Berger said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:11 AM | Comments (0)

August 3, 2007

Mass. AG wins foreclosure judgement

A Newburyport man has agreed to pay a $10,000 civil penalty to settle a lawsuit that alleged he operated foreclosure rescue scheme, Massachusetts Attorney General Martha Coakley said today.

Coakley's office said she obtained a consent judgment in Middlesex Superior Court against Walter Ribeck, who targeted financially distressed homeowners facing foreclosure.

The lawsuit, filed in August 2006, alleged that Ribeck posed as a loan specialist who could help destitute homeowners avoid foreclosure and keep their homes, but instead arranged transactions that would allow him to buy the home in order to resell it for a profit.

The settlement, which resolves the lawsuit, also requires Ribeck to pay $100,000 in restitution to two homeowners, Coakley's office said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 2:07 PM | Comments (0)

Infinity gets upgrade

Shares of Infinity Pharmaceuticals Inc. rose today after a Robert W. Baird & Co. analyst upgraded the stock in anticipation of positive clinical trial data from its growing pipeline.

Shares of the Cambridge, Mass.-based company climbed 33 cents, or 3.1 percent, to $11 in afternoon trading. In the past year, the shares have traded between $10 and $17.05.

Robert W. Baird analyst Christopher Raymond bumped up Infinity's rating to "Outperform" from "Neutral" and raised its price target to $16 from $15, saying the stock has retreated about 25 percent since January.

Along with calling its valuation "relatively modest," Raymond said in a note to investors he is optimistic Infinity stands to benefit from key developments in its clinical pipeline.

Among the company's drugs in development, he highlighted IPI-504, a drug in early-stage trials designed to treat a range of cancers, including those resistant to other drugs.

Following "impressive" preliminary data on the candidate, Raymond is optimistic about Phase-I data coming out in October.

After IPI-504 entered a Phase-I clinical trial in the first quarter, it will likely follow with another indication in the second half, Raymond said.

"As with most development stage biotech, the most significant developments continue to be related to the clinical pipeline," Raymond said. "However, INFI now has about $122 million in cash, which should be sufficient to support the company's activities at least through the end of 2009, decreasing near-term financing risk."

Other analysts also expressed a positive outlook on Infinity, too.

Jefferies & Company analyst Eun K. Yang reiterated a "Buy" rating, citing the company's second-quarter loss per share of 21 cents beat the firm's estimates of a loss of 27 cents per share.

"In our view, anticipated news flow from INFI's lead Hsp90 program should provide value-creating opportunities for the next 6-12 months," the analyst said, referring to the cancer drug candidate. (AP)

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

Putnam Investment sale completed

Boston money management firm Putnam Investments said today that its previously announced sale to a subsidiary of Canadian financial services giant Power Financial Corp. has been completed.

Earlier this year, Power agreed to pay $3.9 billion to buy Putnam from its corporate parent, Marsh & McLennan Cos, a New York-based financial services firm; Power said then it planned to keep Putnam intact as a stand-alone entity.

"Investors, clients, financial advisors, strategic partners, and employees have enthusiastically supported the ownership change," Putnam president and chief executive Charles E. Haldeman Jr. said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:32 PM | Comments (0)

Coakley announces settlement in debt case

A Pennsylvania company has agreed to pay $10,000 to settle allegations that it had violated the state's debt collection laws, Massachusetts Attorney General Martha Coakley said today.

The company is NCO Financial Systems Inc., and a call to its corporate offices was not immediately returned.

Coakley's office said it received more than 100 complaints about the company for violations ranging from contacting the wrong person and being rude and calling consumers multiple times in one week.

Under the settlement, NCO also agreed to give additional training to its employees, Coakley's office said.

"This settlement sends a message that harassment by debt collectors will not be ignored," Coakley said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:03 PM | Comments (0)

Boston Scientific is downgraded

Standard & Poor's downgraded Boston Scientific Corp. today after the medical device maker said it would not spinoff its endosurgery unit as previously planned.

The credit rating service lowered Natick-based company's credit rating to 'BB+' from 'BBB-' and placed the company's ratings on negative creditwatch. Companies with 'BB+' ratings are considered junk bonds.

In the past year sales of Boston Scientific's two biggest products, drug-coated stents and implantable defibrillators, have fallen amid safety concerns.

Revenue from drug-eluting stents, which are used to prop open clogged arteries, fell to $437 million in the second quarter from $647 million, a year earlier. Sales of implantable defibrillator fell to $377 million, down from $383 million from the year-ago quarter.

Boston Scientific still plans to sell other assets and reduce its work force, but "debt reduction will proceed at a slower pace than previously anticipated," S&P said.

Shares of Boston Scientific Corp. fell 18 cents to $13.25 in morning trading on the New York Stock Exchange. (AP)

Posted by globebusiness at 12:23 PM | Comments (0)

Equity Office taps Shay

Equity Office announced today the appointment of Gregory P. Shay as president of its Boston region.

Chicago-based Equity Office is an owner of office buildings across the country; it is an affiliate of the Blackstone Group, a global alternative asset manager and a provider of financial advisory services.

Shay, who will oversee Equity Office's Boston portfolio, was most recently chief investment officer with Intercontinental Real Estate Corp., a Boston-based real estate advisory firm, Equity Office said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:11 PM | Comments (0)

Job fair for Filene's Basement employees

The administration of Governor Deval L. Patrick said today it has scheduled a job fair for Tuesday to help the nearly 300 employees affected by the closing of Filene's Basement in Downtown Crossing.

Downtown Crossing is poised for massive redevelopment, and Filene's Basement said in June that its landmark store will close for nearly two years during renovations; the merchant said then that the store will close at the end of August.

Employers scheduled to attend the job fair include Avis/Budget Rent a Car; TJX Cos., operator of such retail chains as T.J. Maxx and Marshalls; Macy's; and Staples Inc., the office supplies retailer, the Patrick administration said.

Employees are encouraged to bring copies of their resumes.

The job fair will be held at the Filene's Basement location and run from 9 a.m. to 4 p.m., the administration said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 11:33 AM | Comments (0)

Battery Ventures invests in Anobit

Battery Ventures said today it has joined another venture capital firm to make a $17 million Series A investment in Anobit Technologies Ltd. of Israel.

Battery Ventures, which led the investment, has offices in Waltham, California, and Israel.

Anobit is a fabless semiconductor start-up company developing enabling technologies for the flash memory market, which has grown from $8.2 billion in 2001 to over $20 billion in 2006, Battery said.

The other venture firm involved in the Anobit investment is Pitango Venture Capital of Israel.
(By Chris Reidy, Globe staff)

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

Hill Holliday moving to State Street

Hill Holliday will occupy four floors at 53 State St., its broker Cushman & Wakefield said today, and the Boston ad agency confirmed that it expects to relocate from its present quarters at the Hancock Tower some time next spring.

"You don't leave an icon like the John Hancock Tower after 27 years without some very good reasons," Hill Holliday chief executive Mike Sheehan said in a statement. "Our new home gives us the freedom to design the space exactly the way we want and in a manner that will drive how we think and work together."

The agency will occupy about 110,000 square feet at its new address in the Financial District versus about 100,000 square feet in the Hancock Tower in the Back Bay, said a Hill Holliday spokesman, who added that "price was not a driving factor in the decision to move."

Hill Holliday has taken "one of the only large contiguous blocks of high-rise space available in the city of Boston," Jim Brady, director of Cushman & Wakefield's Boston leasing team, said in a statement.

Owned by the Interpublic Group of Cos. of New York, Hill Holliday has a roster of clients that includes Dunkin' Donuts, the Rockport footwear brand; Bank of America Corp.; Liberty Mutual Insurance Co., and the Toys "R" Us retail chain.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 10:43 AM | Comments (0)

Virtusa launches IPO

Shares of Virtusa Corp. are expected to begin trading today, after the information technology services company's initial public offering priced at $14 per share, the low end of the anticipated range.

Virtusa had expected the IPO, which totals 4.4 million shares, to price between $14 and $16 per share, according to regulatory filings with the Securities and Exchange Commission.

Virtusa, which is based in Westborough, Mass., uses an offshore delivery model to provide a range of IT services, including consulting, technology implementation and application outsourcing.

Virtusa expects to raise $57.3 million before expenses from the offering. The company plans to use about $30 million of the proceeds to fund the construction and build-out of a new facility in Hyderabad, India. The balance will be used for working capital and other general corporate purposes, including financing the expansion of global delivery centers, hiring additional personnel, funding sales and marketing activities and potentially making acquisitions.

JP Morgan Securities and Bear Stearns are serving as the IPO's lead underwriters. Cowen and Co. and William Blair & Co. are also underwriting the IPO. Virtusa and some of its shareholders have given the underwriters an option to buy up to 660,000 additional shares to cover any overallotments.

Virtusa's shares will be listed on the Nasdaq Stock Market under the symbol "VRTU." (AP)

Posted by globebusiness at 9:47 AM | Comments (0)

Friendly's reports loss

Friendly Ice Cream Corp. today reported a second-quarter loss of $0.3 million, compared with a profit of $4.7 million for the same quarter a year ago.

Wilbraham-based Friendly's operates a chain of company-owned and franchised casual dining restaurants in the Northeast and also sells such products as ice cream through retailers such as supermarkets.

The company said that second-quarter revenue rose $0.7 million, or 0.5 percent, to $142.2 million.

On an earnings per-share-basis, Friendly's lost 4 cents a share in the second quarter versus a profit of 58 cents a share a year ago.

At stores open at least a year, sales were down 0.3 percent at company owned restaurants and down 2.7 percent at franchised restaurants, the company said.

"The second quarter remained challenging for Friendly's," president and chief executive George M. Condos said in a statement. "However, we continue to optimistic about our key initiatives."

Those initiatives include "more contemporary marketing messages," new products such as a new line of cold beverages and a branded Ghirardelli chocolate ice cream available only at restaurants; in addition, a hamburger upgrade to Black Angus beef is planned in September, Condos said.

In June, the company's decision to sell itself to a private equity firm headed off a proxy battle showdown loomed and ended a bitter lawsuit filed by a Friendly's cofounder that accused Friendly's chairman of mismanagement, the Globe reported.

The company said then that a division of Sun Capital Partners Inc. had agreed to buy Friendly's for $337.2 million.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:25 AM | Comments (0)

EU approves GE plastics unit sale

General Electric won EU approval today to sell its Pittsfield, Mass.-based plastics division to petrochemicals manufacturer Saudi Basic Industries for about $11.6 billion.

The European Commission found no antitrust problems with the transaction, saying the companies' product ranges were complementary -- with Saudi Basic Industries Corp. focusing on raw materials and GE Plastics specializing in refined engineering plastics.

Regulators also looked at how the deal might affect the supply chain but said neither was big enough as a supplier or a customer to shut off access to supply or demand to rivals.

GE Chairman and Chief Executive Jeff Immelt has described the divestiture as an important step in in selling off slower growth units so it can invest in high-growth, high-technology businesses like health care and water processing technology.

The deal is expected to create a net gain, after taxes, of $1.5 billion.

General Electric Co. said in May that it would use the proceeds from the sale primarily to increase its planned stock buyback program to $7 billion to $8 billion.

The GE unit supplies plastic resins to the automotive, health care and consumer electronics industries. It been weighed down by the rising costs of natural gas and raw materials since 2004. Profits for the division fell by 22 percent to $674 million in 2006.

SABIC intends to expand the business globally and is not planning to cut jobs, company officials said. The deal is expected to close in the third quarter. (AP)

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

Fidelity's Contrafund trails benchmark

Fidelity Investments' biggest stock mutual fund, the $72.6 billion Contrafund, trailed its benchmark for the year ended June 30 as it underweighted oil firms and was bullish on laggard biotech firm Genentech, Fidelity said.

"Stock selection and an underweighting in the energy sector was the primary detractor from the fund's relative performance. Security selection in the pharmaceuticals industry also hurt performance, with Genentech being the largest detractor," Fidelity said in a commentary on Contrafund on its web site.

Managed by William Danoff, Contrafund is closed to new investors. It returned 16.98 percent for the year to June, compared with the 20.60 percent return for the S&P 500 Index (.SPX), according to Morningstar data.

The fund's top 10 holdings as of the end of June were Google Inc., Hewlett-Packard, Exxon Mobil, Apple Inc., Berkshire Hathaway, America Movil, AT&T, Procter & Gamble, Genentech and Schlumberger.

It had a total of 416 holdings as of the end of June.

The fund's performance for the period was aided by the strong showing of Apple and America Movil, the largest cell phone company in Latin America, the firm said.

Contrafund, however, beat its benchmark for the second quarter ended June 30, where it returned 7.5 percent against the S&P index's 6.28 percent, according to Morningstar data.

Fidelity attributed this to an overweighting of Apple and strong earnings by Google for the quarter. America Movil was also a big contributor, as it benefitted from strong subscriber growth.

"You have to give Fidelity credit for nailing the Apple story. AT&T shares are also up and some of that is related to the iPhone, so it's a related play," said Dan Lefkovitz, fund analyst at Morningstar.

"Company-specific or industry-specific sort of story is kind of Fidelity's sweet spot," he said.

In the quarter, Genentech was a detractor from performance, Fidelity said. Genentech shares are down 8.4 percent so far in 2007. (Reuters)

Posted by globebusiness at 8:51 AM | Comments (0)

London firm invests in FHO

Looking for global heft, FHO Partners, a Boston commercial real estate brokerage, said today it has entered an agreement with DTZ, a London-based real estate advisory company, that gives DTZ the option to buy FHO by spring 2008.

The agreement includes an initial $2 million investment by DTZ in FHO, and FHO has rebranded itself as DTZ FHO Partners; if DTZ exercises all its options and moves forward with the purchase, the purchase price would be $35 million, a company spokeswoman said.

The agreement enhances FHO's ability to meet its clients' global needs in transaction management, capital markets, project management services, and real estate appraisal, FHO managing partner Joe Fallon said in a statement.

The Joe Fallon of DTZ FHO is not to be confused with Fan Pier developer Joe Fallon.
(By Chris Reidy, Globe staff)

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

Uhl joins Nixon Peabody

Boston law firm Nixon Peabody LLP is expanding its life sciences and intellectual property practices with the addition of Jill Uhl as counsel.

Uhl, formerly US patent counsel for EMD Serono Inc., an affiliate of the German biotechnology company Merck KGaA, focuses her practice on all aspects of biotech and pharmaceutical patent prosecution, business transactions, client counseling, and litigation, Nixon Peabody said.
(By Chris Reidy, Globe staff)

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

AdME releases mobile guitar game

Good news for cellphone users who like to play air guitar and Guitar Hero: AdME, a Somerville producer of mobile entertainment products, is announcing the release of GuitarStar.

The next-generation music-driven game will be available on the AT&T wireless network, the company said.

Using "beat-matching technology, GuitarStar is the first mobile game capable of synchronizing visual movements with the beat of the underlying soundtrack in order to significantly amplify the player's level of gaming engagement," AdME claims. "GuitarStar enables players to virtually 'play by feel' as they attempt to capture guitar picks flying across the mobile screen."
(By Chris Reidy, Globe staff)

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

Pro-Pharmaceuticals partners with Camargo

Pro-Pharmaceuticals Inc. of Newton said today it has retained an outsourcing services company to help it obtain regulatory approvals for its drug candidate Davanat.

Davanat is a drug-target delivery compound that the Pro-Pharmaceuticals hopes can be brought to market with multiple chemotherapy drugs.

The firm that the company has retained is Camargo Pharmaceutical Services LLC, which according to its website has offices in in Ohio and which specializes in offering outsourcing services for small and mid-sized pharmaceutical and biotech firms.

Pro-Pharmaceuticals said Camargo will "provide it with strategic regulatory support" in submitting applications to the Food and Drug Administration.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:11 AM | Comments (0)

August 2, 2007

Fund may jump-start rural broadband

Money for high-speed Internet connections could soon be rushing to 31 towns in Western Massachusetts that currently don’t have broadband access.

State officials were in the Berkshire County town of Becket today to discuss details of the Broadband Incentive Fund, which will funnel $25 million to communities that need infrastructure to support broadband networks.

By providing money for basic infrastructure like fiber and wireless towers, officials are hoping private companies will provide high-speed Internet services.

Along with the 32 towns that have no broadband at all — all but one of which are in Western Massachusetts — another 63 have limited access to the service.
(AP)

Posted by globebusiness at 6:54 PM | Comments (0)

Boston Scientific to keep endosurgery unit

Medical device maker Boston Scientific Corp. today said its endosurgery group will remain a wholly owned subsidiary of the Natick company, rather than be spun off.

The company had expressed interest in spinning off a minority interest of the group through an IPO.

The company is also working on a restructuring plan and will announce details in the coming weeks and months, Boston Scientific said.

‘‘Our decision to retain the endosurgery group is the first in a series of steps we plan to take to advance our strategy of restoring growth, increasing shareholder value and continuing to build a broad, diversified company,’’ CEO Jim Tobin said.
(AP)

Posted by globebusiness at 5:42 PM | Comments (0)

Mass. tax holiday will be Aug. 11-12

Shoppers in Massachusetts can look forward to a no-sales-tax shopping spree the weekend of Aug. 11-12.

Governor Deval Patrick signed a tax-holiday bill today. The bill exempts shoppers from the state’s 5 percent sales tax on purchases up to $2,500.

It’s the fourth year in a row the state has held a tax holiday to spur sales at a traditionally slow time of year.

Officials estimate it will mean $30 million to $50 million in lost tax revenue.
(AP)

Posted by globebusiness at 5:36 PM | Comments (0)

New Balance unveils new store design

New Balance Athletic Shoe Inc. announced the opening of a new store in Mashpee that will debut its latest retail format.

New Balance of Boston designs and manufactures athletic footwear and apparel, and it licenses just over 150 stores in the United States and Canada that are operated by independent owners.

The new store concept, created by WD Partners, an Ohio firm specializing in store design, is organized by athletic activity, and it includes product testing journals that feature stories and insights about the development of New Balance technology and footwear, said the company, which added the store is made, where possible, with environmentally friendly materials.

The store's owner is Bob Minihane, a veteran of the Canadian Football League and a member of the Boston University Hall of Fame.

A grand opening is scheduled to run from Aug. 9 through Aug. 12, New Balance said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:11 PM | Comments (0)

Revenue up, but profits slide at iBasis

Internet telephone service provider iBasis Inc. said today that its second-quarter net income edged lower as costs grew at roughly the same pace as revenue.

The Burlington-based company earned $120,000, or break-even results per share, down from a profit of $315,000, or a penny per share, in the same period a year ago.

Revenue rose 22 percent to $155.6 million from $127.3 million.

Expenses also rose 22 percent, to $156 million from last year's $127.5 million.

"We achieved strong sequential growth in revenue and gross profit and expanded gross margin in both our trading and our retail businesses," said Ofer Gneezy, president and chief executive, in a statement.

The company filed restated finances in June due to stock options backdating.

Shares rose 20 cents, or 2.1 percent, to $9.56 in midday trading on the Nasdaq Stock Market.(AP)

Posted by globebusiness at 12:30 PM | Comments (0)

Box-office stinker puts half nelson on profits

World Wrestling Entertainment Inc. reported a 52 percent drop in profits in the second quarter today, citing disappointing results from its movie, "The Condemned," starring wrestling star "Stone Cold" Steve Austin.

Headquartered in Stamford, Conn., WWE reported net income of $7 million, or 10 cents per share, compared with $14.7 million, or 21 cents per share during in the same period in 2006.

Analysts polled by Thomson Financial expected per-share profits to be 8 cents.

On the New York Stock Exchange, WWE shares were trading at $15.54 today, up $1.02 cents, or more than 7 percent. The stock opened Thursday morning at its 52-week low of $14.52. Stock prices fell sharply after the June murder-suicide involving wrestler Chris Benoit and his family in their Fayetteville, Ga., home.

Revenue increased to $137.5 million from $119.3 million in the same period last year.

The company, which consistently has one of the top-rated shows on cable television, expanded into movie production last year with "The Marine," featuring WWE star John Cena, and "See No Evil," with WWE star Glen Jacobs. Each movie earned about $15 million.

The WWE said today its earnings were affected by a $15.7 million charge related to the revised performance expectations of "The Condemned." (AP)

Posted by globebusiness at 12:11 PM | Comments (0)

South Korea taps State Street

State Street Corp. said today it has been appointed to provide a range of services to South Korea's social security system.

Headquartered in Boston, State Street is a provider of financial services to institutional investors.

The company said it will provide South Korea's National Pension Service with global custody, securities lending, and related services.

The assignment from the Korean pension service "further builds on State Street's strong presence in the Asia-Pacific region," said the company, which noted that it announced in March that it was appointed by the Bank of China to jointly service the foreign currency insurance funds of China Life Insurance Co. Ltd.
(By Chris Reidy, Globe staff)

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

Prakken promoted at CBRE|Melody

CBRE|Melody announced that it has promoted Michael Prakken to manager of the firm's Boston office.

Since 2000, Prakken has originated more than $1 billion in new mortgage debt through development loans, mezzanine loans, participating debt, and conventional fixed-rate loans, the firm said.

CBRE|Melody is the debt and equity placement division of CB Richard Ellis Group Inc., a commercial real estate services firm headquartered in Los Angeles.
(By Chris Reidy, Globe staff)

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

Compensation up in Northeast, US

Total compensation costs for private industry workers rose 3.2 percent in the Northeast for the year ending in June when compared with the same period the year before, the Bureau of Labor Statistics reported today.

Nationally, total compensation costs rose 3.1 percent for the same period, said the bureau, which is part of the US Department of Labor.
(By Chris Reidy, Globe staff)

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

Spalding signs Titans' Young

Spalding, the Springfield-based sporting goods brand, said today that it has signed Tennessee Titans quarterback Vince Young as its newest endorser.

Other recently named endorsers include top National Basketball Association pick Greg Oden of the Portland Trailblazers and Washington Wizards guard Gilbert Arenas, Spalding said.

Spalding, which plans to aggressively broaden its base across the sporting goods market, said it will leverage Young in worldwide advertising, marketing communications, trade/consumer promotions, and youth initiatives.

Spalding is a division of Russell Corp., which has offices in Alabama and Georgia.
(By Chris Reidy, Globe staff)

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

Acme tops earnings estimates

Shares of Acme Packet Inc., a maker of communications equipment that routes voice and data over IP networks, surged today in premarket trading after the company posted second-quarter earnings that topped Wall Street estimates.

On Wednesday, the company announced second-quarter income of $4.6 million, or 7 cents per share, down from $5.2 million, or 9 cents per share, for the second quarter of 2006. Revenue for the quarter was $27 million, up from $19.2 million in the year-ago period.

Excluding certain expenses, the company earned $5.7 million, or 9 cents per share.

Analysts expected, on average, second-quarter earnings of 8 cents per share, according to a Thomson Financial survey. Analysts typically exclude special items from their estimates.

Acme Packet also backed its full-year guidance for earnings of $14.5 million, or 22 cents per share, to $15.5 million, or 24 cents per share. Excluding certain expenses, the company expects earnings of 28 cents to 30 cents per share. Revenue is expected to range from $108 million to $112 million, according to Acme Packet.

Analysts expect, on average, full-year earnings of 34 cents per share on $113.6 million in revenue.

The second-quarter results led Deutsche Securities analyst Brian Modoff to upgrade the stock to "Buy" from "Hold." He also raised his price target to $15 from $13.

Modoff said there are early signs that the company is growing its customer base and that customers are increasing their deployments of Acme gear and adding features and upgrades.

Shares of Acme Packet traded at $11.75 in the premarket session, up $1.33, or 12.8 percent, from Wednesday's closing price of $10.42. (AP)

Posted by globebusiness at 10:28 AM | Comments (0)

Mobile phone shipments slowing

Mobile phone vendors shipped 272.7 million units worldwide in the second quarter, up 6.9 percent from the previous quarter and up 16.5 percent from the second quarter of 2006, according to a new report.

The report is from IDC, a Framingham-based provider of global market intelligence.

While year-over-year growth increased compared to that of the first quarter, it is still significantly lower than 22 percent growth seen in 2006, said IDC, attributing the slower growth to "the high market penetration rate in more mature regions."

One wild card in the current equation: the recent introduction of the iPhone by Apple Inc.

"The big story of the quarter was Apple's debut as a mobile phone vendor with its launch of the iPhone," Shiv K. Bakhshi, IDC's director of worldwide mobile device research, said in a statement. "Even though limited in the number of units shipped, the iPhone is likely to have a disproportionately large impact on the industry."
(By Chris Reidy, Globe staff)

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

Cyberkinetics joins consortium

Cyberkinetics Neurotechnology Systems Inc. of Foxborough said today it has joined a consortium that will use a $6.5 million grant to support the development of a "brain gate" device designed to enable paralyzed people to use their limbs.

Other members in the consortium include Brown University and the Cleveland Functional Electrical Stimulation Center at Case Western Reserve University; the grant is from the National Institutes of Health.

Cyberkinetics is working on a BrainGate Neural Interface System, a wireless device that can be implanted in the brain; the device is designed to help paralyzed people to use their limbs to perform such tasks as eating, drinking, and to regain bowel and bladder function, the company said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:57 AM | Comments (0)

Springfield TV station sold to local publisher

WGGB-TV is being sold to a local magazine publisher for $21.2 million.

John G. Gormally Jr., publisher of BusinessWest, said he signed an agreement to purchase Channel 40, an ABC affiliate, from the Sinclair Broadcast Group.

Gormally said he was excited about the prospect of returning local ownership to the 54-year-old station. WGGB would be the only locally-owned network affiliate in the Springfield market if the sale is approved by regulators.

"Channel 40 is a great station that has a great reputation, and I look forward to the opportunity to work with the people there, and the community," Gormally told the Republican newspaper.

Sinclair has owned the station since 1999.

The sale to Gormally Broadcasting LLC could close by the fourth quarter of this year. (AP)

Posted by globebusiness at 9:12 AM | Comments (0)

Boston Beer to buy Pennsylvania brewery

Boston Beer Co., the brewer known for its Samuel Adams brand of beer, said today it has agreed to buy a Pennsylvania brewery for $55 million.

The purchase is expected to take place late next spring, and if the transaction goes as planned, Boston Beer said it will "discontinue exploring the option of building a new brewery in Freetown, Mass."

The seller is Diageo North America Inc., whose British parent is a beverage company known for such brands as Smirnoff vodka, Johnnie Walker Scotch, and Guinness Stout, Boston Beer said.

The company estimated that the Pennsylvania brewery, which is located about 60 miles from Philadelphia, will initially increase Boston Beer's brewing capacity by about 1.6 million barrels of beer annually, with the potential for expansion to over 2 million barrels.

The facility would complement company-owned breweries in Boston and Cincinnati, Boston Beer said.
(By Chris Reidy, Globe staff)

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

Lionbridge CFO to resign

Lionbridge Technologies Inc., which provides globalization, testing and outsourcing services, said today that its Chief Financial Officer Steve Lifshatz will resign effective Aug. 24.

Lionbridge said the resignation is unrelated to his work performed at the company.

Jeff Fitzgerald, president and controller, will become interim chief financial officer until a permanent replacement is named, Lionbridge said. A search for a permanent successor to Lifshatz is under way. (AP)

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

Rivest named Marconi Fellow

Ronald Linn Rivest, a professor at the Massachusetts Institute of Technology, has been named the 2007 Marconi Fellow for his pioneering work in the field of cryptography and computer and network security.

The announcement was made by the Marconi Society at Columbia University, which "identifies and supports groundbreaking achievements that have contributed significantly to human progress," according to the society's website.

Rivest will receive the award and the accompanying $100,000 prize at a California ceremony scheduled for September, the society said.

"Ron Rivest's achievements have led to the ability of individuals across the planet - in large cities and remote villages - to conduct and benefit from secure transactions on the Internet," Marconi Society chairman Robert Lucky said in a statement.
(By Chris Reidy, Globe staff)

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

VistaPrint partners with OfficeMax

VistaPrint Ltd. announced a strategic partnership with OfficeMax Inc. that will allow VistaPrint to offer its products to OfficeMax customers through the chain's in-store kiosks.

With offices in Lexington, VistaPrint is a supplier of graphics design services.

An Illinois-based retailer, OfficeMax operates a chain of office-supply stores.

"By working with a market leader like OfficeMax, we will be able to reach and help even more small businesses with our cost-effective customized business identity products and marketing materials that look professional," Mike Ewing, VistaPrint senior vice president for global partnerships, said in a statement.
(By Chris Reidy, Globe staff)

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

One to One buys RI firm

One to One Interactive, a Boston-based digital marketing company, said it has acquired IonMX of Rhode Island for undisclosed terms.

IonMX is an e-mail marketing solutions and services company.

IonMX's operations will move from Rhode Island to One to One headquarters in Charlestown, One to One said.
(By Chris Reidy, Globe staff)

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

Two downtown vendors moved

Two Downtown Crossing vendors about to be displaced by the redevelopment of the Filene's building will be relocated to a site nearby, the office of Boston Mayor Thomas M. Menino said.

The two merchants are GT Florist and Lambert's Marketplace, and with the help of the city's planning agency, the Boston Redevelopment Authority, they will move their operations to open space in front of 55 Summer St. as early as next week, said Menino's office.

"We know how important it is to keep these businesses going during construction and to give them the support they need," Menino said in a statement. "The continued vitality of Downtown Crossing is one of our top priorities."
(By Chris Reidy, Globe staff)

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

Licensing deal for Dyax

Dyax Corp., a Cambridge biotechnology company, said today that it has licensed its antibody phage display libraries to a subsidiary of AstraZeneca, the British pharmaceuticals giant.

Financial terms of the agreement were not disclosed.

The AstraZeneca subsidiary is Cambridge Antibody Technology, or CAT, and the licensing agreement allows CAT the ability to commercialize up to 20 royalty-bearing therapeutic antibody products, Dyax said.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 8:12 AM | Comments (0)

Foreclosure announcements still rising

Advertisements for foreclosure auctions continued to rise in June.

There were 1,322 such announcements of sales of foreclosed homes in newspapers across Massachusetts in June, up from 719 in June 2006.

For the year through June, foreclosures are nearly three times higher than last year: 7,539 so far this year, up from 2,797 in the first six months of 2006, according to The Warren Group, a Boston publishing and real estate firm that tracks the market.

Not all auctions proceed to a sale, because the lender and homeowner may resolve the matter within days or hours of a scheduled property auction.

"Petitions to foreclose and auction announcements are still rising at staggering rates," said Timothy Warren Jr., chief executive.
"Nearly every county in the state is being hit hard by this trend," he said.

Foreclosure filings by lenders, the initial notice of a potential home seizure, also increased in June, to 2,309 from 1,327 a year earlier. Petitions so far this year have totaled 12,945, Warren Group reported.
(By Kimberly Blanton, Globe staff)

Posted by globebusiness at 8:01 AM | Comments (0)

August 1, 2007

State OK's Open XML document format

The Massachusetts Information Technology Division has decided to approve Microsoft Corp.’s Open XML document format as an acceptable standard for state records.

The decision ends a two-year dispute that threatened to halt the use of Microsoft’s popular Office software in state government offices.

In 2005, the ITD demanded that documents created in Executive Branch departments be stored in an ‘‘open’’ format that could be read and modified by programs other than Microsoft Office.

Microsoft objected, but added the new Open XML format to the latest version of Microsoft Office.

Open XML has not yet been accepted as an open document standard by the International Standards Organization. But in a statement issued today, the ITD said it expected Open XML to ‘‘evolve and improve.’’
(By Hiawatha Bray, Globe staff)

Posted by globebusiness at 6:28 PM | Comments (0)

Mobile Internet expo coming to Boston

Yankee Group will hold a Mobile Internet World Conference and Expo at John B. Hynes Veterans Memorial Convention Center in Boston in mid-November.

The conference will feature three days of seminars, workshops, executive summits, and tutorials focused on the emergence of the mobile Internet, the Boston consulting firm said.

The event’s website address is mobilenetx.com.
(By Chris Reidy, Globe staff)

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

Anika director exercises stock options

A director of the Woburn biotechnology company Anika Therapeutics Inc. exercised options for 10,000 shares of common stock, according to a Securities and Exchange Commission filing.

Eugene A. Davidson reported he exercised the options Friday for 91 cents and $1.05 apiece and then sold the shares the same day for $19.96 to $20.69 apiece.
(AP)

Posted by globebusiness at 2:01 PM | Comments (0)

Worker confidence index rises in July

Worker confidence in Boston rose 3.5 points in July from June as concerns about job security and layoffs diminished, according to the monthly Hudson Employment Index.

The survey pegged Boston’s worker confidence level at 104.8, compared with a nationwide July reading of 105.8, which was up 4.6 points from June. Boston’s July worker confidence reading was 7 points higher than it was in July 2006.

The survey tracks 11 cities and is based on telephone surveys of 9,000 workers nationwide, including about 600 workers in each of the 11 cities.

The survey is commissioned by Hudson, a division of New York-based Hudson Highland Group Inc., which provides professional staffing and other talent managing services to a wide range of businesses.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 1:50 PM | Comments (0)

Kramer will advise Polaris

Polaris Venture Partners said today that MarketWatch Inc. founder Larry Kramer has joined the venture capital firm as a senior adviser.

In that role, Kramer, who is also a former president of CBS Digital Media, will provide strategic guidance to digital media companies in the firm's portfolio, said Polaris, which has offices in Waltham and Seattle.

MarketWatch, currently a wholly owned subsidiary of Dow Jones & Co., is a provider of business news, personal finance information, real-time commentary, and investment tools and data.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 12:02 PM | Comments (0)

Verizon FiOS coming to Wesborough

The Board of Selectmen in Westborough has granted a cable franchise for its FiOS TV service, Verizon Communications Inc. said today.

According to Verizon, its FiOS is superior to rival TV services.

The decision by Westborough, which means FiOS will become available to 6,000 additional households, brings to 53 the total number of Massachusetts communities where FiOS TV is either already available or soon will be.

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

Posted by globebusiness at 11:53 AM | Comments (0)

Iron Mountain earnings up

Information protection and storage company Iron Mountain Inc. said today that its second-quarter earnings increased 3 percent on higher service and storage revenue.

For the quarter ended June 30, the company reported net income of $39 million, or 19 cents per share, compared with $38 million, or 19 cents per share for the year-ago period.

Revenue for the quarter increased 15 percent to $669 million from $582 million the same period last year.

Analysts polled by Thomson Financial estimated earnings of 17 cents per share on sales of $655.6 million.

Revenue grew in part from several acquisitions, including ArchivesOne and Italiana Archivi, results of which were first reported during the second quarter.

Service revenue rose 11 percent, storage revenue climbed 9 percent and core service revenue gained 8 percent.

The company raised its outlook for the full year to reflect first-half performance and the expected contribution of acquisitions.

Iron Mountain sees full-year revenue in the range of $2.66 billion to $2.70 billion, versus a previous outlook of $2.6 billion to $2.66 billion. It adjusted its outlook for operating income to $434 million to $453 million from $434 million to $457 million.

The company also issued guidance for the third quarter, estimating revenue of $678 million to $693 million and operating income at $108 million to $115 million.

Analysts forecast third-quarter revenue at $673.1 million and full-year revenue at $2.64 billion. (AP)

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

Loss widens at Inverness

Medical diagnostic products company Inverness Medical Innovations Inc. said today that its second-quarter loss widened on a surge in costs related to the buyout of Biosite.

The company lost $54.7 million, or $1.17 per share, compared with a loss of $10.6 million, or 33 cents per share, during the same period a year prior. Revenue rose 11 percent to $155 million from $139.7 million.

Excluding charges, the company said it earned 24 cents per share. Analysts polled by Thomson Financial expected profit of 24 cents per share on revenue of $149.9 million.

Charges during the quarter included the amortization of $10.1 million and $47.2 million in stock-based compensation charges mostly related to a stock option acceleration and conversion connected to the buyout of Biosite Inc.

Shares of Inverness Medical Innovations fell 88 cents to $47.53 in morning trading. (AP)

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

WRKO sues Howie Carr

Radio station WRKO-AM yesterday filed a counter claim against talk-show host Howie Carr and his agent Cary Pahigian for Carr's decision to leave the station and move to rival WTKK-FM, Carr's lawyer confirmed today.

Calls to WRKO officials were not immediately returned.

Carr, who is also a columnist at the Boston Herald, disclosed his plans to switch stations last month and filed a suit of his own against WRKO, alleging that provisions in his contract that would hinder a move to a rival station are illegal under state law.

In a Globe story last month, Carr's lawyer Bret Cohen said that his client is free to go wherever he wants after his WRKO contract expires Sept. 19; Carr's plan is to move from his afternoon slot on WRKO to a morning drive-time show on WTKK.

Carr alleges in his suit that the provision in the contract that gives WRKO "the right of first refusal" - the right to match any offer from a competitor - is illegal under state law.
(By Chris Reidy and Carolyn Y. Johnson, Globe staff)

Posted by globebusiness at 9:29 AM | Comments (0)

Nuance books 1,000th customer

Nuance Communications Inc. said today that Yale-New Haven Hospital is its 1,000th customer for its PowerScribe product.

Burlington-based Nuances is a supplier of speech and imaging solutions, and its PowerScribe is a real-time speech recognition product specifically tailored to the needs of radiologists and radiology departments.

"Our customers are showing dramatic cost savings, speeding report turnaround, and customizing the way their radiological reports are created and shared," Peter Durlach, Nuance senior vice president of marketing and product strategy, said in a statement.
(By Chris Reidy, Globe staff)

Posted by globebusiness at 9:12 AM | Comments (0)

Cubicin approved for South Korea, Taiwan

Cubist Pharmaceuticals Inc. of Lexington said today that its Cubicin product has been approved for use in South Korea and Taiwan for treating certain kinds of bloodstream infections.

The approval in Taiwan follows a previous approval in that country of Cubicin as a treatment for certain types of skin and skin structure infections, the company said; in South Korea, the recent approval allows Cubicin to be used for both skin and bloodsteam infections.

The approvals were received by the company's marketing partners in those countries, Cubist said.

Cubicin is already an approved treatment in the US for certain kinds of infections, the company noted.
(By Chris Reidy, Globe staff)

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

AS&E lands $10.8m contract

American Science and Engineering Inc. said today it has been awarded a contract that could be worth up to $10.8 million for its personnel screening systems, which can detect hidden weapons and contraband.

The Billerica-based company, which focuses on X-ray detection technology, said the contract is from the Transportation Security Administration, the federal agency charged with protecting the nation's transportation systems.

The contract is for the company's SmartCheck product, which the company describes as a non-intrusive personnel screening system that allows operators to detect threats and contraband hidden on a person while ensuring privacy.
(By Chris Reidy, Globe staff)

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

Donahue joins Sycamore board

Sycamore Networks Inc., an optical-product developer for telecommunications companies, said Tuesday that Robert Donahue would join its board of directors.

Donahue is president, chief executive and board member at Authorize.Net Holdings Inc., a transaction-processing company.

Sycamore shares fell 7 cents to end regular trading at $4.16. (AP)

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

NAIOP to honor McCall

The Massachusetts chapter of the National Association of Industrial and Office Properties announced that Kevin McCall will receive a special public service award.

McCall, the president and chief executive of Paradigm Properties and Paradigm Capital Advisors, will receive the award for his role as founder and chairman of Building Impact, a nonprofit organization that engages companies and individuals in community involvement and philanthropy, NAIOP said.

The award will be presented at NAIOP's annual awards gala in November.
(By Chris Reidy, Globe staff)

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

KeySpan, HUD urge conservation

KeySpan Corp. said it is joining with the New England office of the US Department of Housing and Urban Development in urging citizens to take personal responsibility for saving energy and improving the environment.

Based in Brooklyn, N.Y., KeySpan is a large distributor of natural gas in New York, Massachusetts, and New Hampshire.

Subsidizing 330,000 housing units in New England, HUD spends about 10 percent of its budget on energy costs, KeySpan said.

HUD's initiative comes on the heels of a similar call to action by the New England office of the Environmental Protection Agency, which KeySpan said it also supports.
(By Chris Reidy, Globe staff)

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

ImmunoGen drug enters Phase II

ImmunoGen Inc. announced today that it has initiated a Phase II clinical study to evaluate a compound for the treatment of stomach cancer.

The Cambridge biopharmaceutical company, which looks to develop antican