When I went to visit LifeImage CEO Hamid Tabatabaie at his firm’s headquarters in Newton, MA, last week, one of my main goals was to learn more about the breadth and depth of the health IT startup’s ties with storage giant EMC (NYSE:[[ticker:EMC]]). That question was quickly answered when EMC senior VP Joel Schwartz walked … Continue reading “LifeImage and EMC Planning New Cloud Storage Service for Medical Data”
Author: Ryan McBride
Ryan is an award-winning business journalist who contributes to our life sciences and technology coverage. He was previously a staff writer for Mass High Tech, a Boston business and technology newspaper, where he and his colleagues won a national business journalism award from the Society of American Business Editors and Writers in 2008. In recent years, he has made regular TV appearances on New England Cable News.
Prior to MHT, Ryan covered the life sciences, technology, and energy sectors for Providence Business News. He graduated with honors from the University of Rhode Island in 2001 with a bachelor’s degree in communications. When he’s not chasing down news, Ryan enjoys mountain biking and skiing in his home state of Vermont.
Allurent Reels in $2M
[Updated. See below. 7:35 pm Eastern time. 2/22/10] Allurent, a Cambridge, MA-based provider of online shopping software, has raised $2 million in its third round of venture capital, company CEO Graeme Grant confirms. The funding will help the company continue to grow sales of an on-demand software product, which was launched about a year ago, … Continue reading “Allurent Reels in $2M”
Icahn Making His Move On Genzyme
Carl Icahn is now officially making moves on the Boston area’s two biggest biotech companies. After boosting his stake in the slumping Cambridge, MA-based firm Genzyme, Icahn is now seeking representation on its board, according to the company. Icahn has been making similar plays for control at Genzyme’s neighbor, Biogen Idec, for years. Icahn has … Continue reading “Icahn Making His Move On Genzyme”
Sepracor CEO Resigns
Adrian Adams has resigned as the CEO and board member of Marlborough, MA-based drug maker Sepracor (NASDAQ:[[ticker:SEPR]]), according to the company and Japan’s Dainippon Sumitomo Pharma (DSP), which is buying Sepracor. Saburo Hamanaka has become chairman of Sepracor and executive officer of Dainippon. Dainippon, which announced its $2.6 billion buyout of Sepracor in September 2009, … Continue reading “Sepracor CEO Resigns”
Sentillion Sees Brighter Future in Healthcare Software Under Microsoft’s Ownership
Sentillion is no longer one of the little guys on the block. The Andover, MA-based provider of healthcare software announced this month that it officially became a subsidiary of technology giant Microsoft (NASDAQ: [[ticker:MSFT]]), a development that Sentillion founder Robert Seliger says will accelerate adoption of the firm’s software around the globe. Seliger, who had … Continue reading “Sentillion Sees Brighter Future in Healthcare Software Under Microsoft’s Ownership”
Technology Icon Ray Stata Gives NABsys a Big Boost in $7M Series B
Ray Stata, the co-founder and chairman of Analog Devices, is arguably the biggest name in semiconductors that Massachusetts has to offer. So it’s noteworthy that Stata’s Stata Venture Partners is leading a $7 million Series B round of venture capital for Providence, RI-based NABsys, which is developing a DNA sequencing technology that relies heavily on … Continue reading “Technology Icon Ray Stata Gives NABsys a Big Boost in $7M Series B”
Icahn Boosts Genzyme Stake
Activist investor Carl Icahn has increased his stake in Cambridge, MA-based biotech firm Genzyme (NASDAQ:[[ticker:GENZ]]) from 1.5 million shares in the fourth quarter of 2009 to 4.6 million shares as of last week, Bloomberg reported last Friday. Icahn did not comment on his enlarged stake in Genzyme, according to Bloomberg, but his previous buying sprees … Continue reading “Icahn Boosts Genzyme Stake”
PatientsLikeMe Buys ReliefInsite to Help Patients Track Their Pain Online
PatientsLikeMe is pursuing new ways to enable patients to manage their healthcare online. The Cambridge, MA-based firm, which operates a social networking website for patients, reports today that it has acquired the online pain management firm ReliefInsite. Financial details weren’t disclosed. ReliefInsite’s software helps people to track their pain levels online and share the data … Continue reading “PatientsLikeMe Buys ReliefInsite to Help Patients Track Their Pain Online”
SkillSoft Agrees to $1.1B Buyout
SkillSoft (NASDAQ:[[ticker:SKIL]]), a provider of educational and performance-support software with U.S. headquarters in Nashua, NH, has agreed to be acquired by a syndicate of private equity firms for $10.80 per share or a total of about $1.1 billion, according to a press release. The private equity buyers include Advent International, Bain Capital, and Berkshire Partners, … Continue reading “SkillSoft Agrees to $1.1B Buyout”
Lantheus Medical Imaging Stakes Future on Innovation After Generic Hit to Key Product
When Don Kiepert became chief executive of Lantheus Medical Imaging about two years ago, he says, he took over a business that was looking down the barrel of a generic threat to one of its top-selling products—and whose operations had been largely overlooked by its previous owner, the drugmaker Bristol-Myers Squibb (NYSE:[[ticker:BMY]]). Kiepert has attacked … Continue reading “Lantheus Medical Imaging Stakes Future on Innovation After Generic Hit to Key Product”
Former CombinatoRx CEO Alexis Borisy Lands at Third Rock Ventures, Launches New Startup
Alexis Borisy is back in company-building mode. The former CEO of the drug developer CombinatoRx tells Xconomy that he has joined Third Rock Ventures in Boston as an entrepreneur in residence—and he’s already at the helm of a secretive new life sciences firm called Foundation Medicine. Borisy gave few details on the startup, other than … Continue reading “Former CombinatoRx CEO Alexis Borisy Lands at Third Rock Ventures, Launches New Startup”
Boston Scientific Cutting up to 1,300 Jobs
Boston Scientific, the Natick, MA-based medical devices giant, says today that it plans to cut 1,000 to 1,300 employees or 8 percent to 10 percent of its total work force, as part of a company-wide restructuring initiative. The company (NYSE:[[ticker:BSX]]) expects pre-tax charges of $180 million to $200 million from the layoffs and restructuring plans, … Continue reading “Boston Scientific Cutting up to 1,300 Jobs”
Genzyme and Isis Report Positive Results for Cholesterol-Lowering Drug, Liver Safety Issue Lingers
[Updated 2/10/10 12:15 pm. See below] Genzyme and Isis Pharmaceuticals are making progress in the clinic with their cholesterol-lowering therapy mipomersen, a major potential moneymaker for both firms. Today the companies, which are collaborating on the development of the drug, report that the treatment significantly lowered the cholesterol of patients with a rare condition called … Continue reading “Genzyme and Isis Report Positive Results for Cholesterol-Lowering Drug, Liver Safety Issue Lingers”
PatientsLikeMe Growing as Pharma Customers Boost Focus on Patients
There’s a quilt hanging on the wall at PatientsLikeMe, made with different patches of fabric from members of the firm’s online community of multiple sclerosis patients. “We have it hanging in our office because it represents so much of what our site is about—individual experiences that, when pulled together, give you a very powerful collective … Continue reading “PatientsLikeMe Growing as Pharma Customers Boost Focus on Patients”
Veracode Secures $12.3M Funding
Veracode, a provider of security software, has raised $12.3 million in equity financing, according to an SEC filing. The filing does not list the investors in the funding round. The Burlington, MA-based company’s previous backers include Atlas Venture, .406 Ventures, Macrovision, Polaris Venture Partners, Symantec, and In-Q-Tel. Wade once provided a brief overview of Veracode’s … Continue reading “Veracode Secures $12.3M Funding”
PatientSafe Solutions Secures $30M Round, Report Says
PatientSafe Solutions (formerly IntelliDOT) has raised $30 million in a restructuring round of funding, according to a report in VentureWire. The San Diego-based startup, which develops technology that is intended to prevent costly errors in hospitals, is raising the funds as it plans to expand its product offerings. VentureWire reports that the lead backers in … Continue reading “PatientSafe Solutions Secures $30M Round, Report Says”
Solace Pharma Closes Boston-Area Office After Pain Treatment Fails in Clinical Trial
Solace Pharmaceuticals has quietly shuttered its office in Cambridge, MA, near the team of biologists and venture capitalists who formed the startup in 2006 to develop new treatments for pain, company CEO Eliot Forster confirmed for Xconomy. The firm, which has raised $15 million in venture capital, is now operating from its remaining office in … Continue reading “Solace Pharma Closes Boston-Area Office After Pain Treatment Fails in Clinical Trial”
Allergan Buys Serica Technologies
Medford, MA-based biomaterials provider Serica Technologies was acquired late last year by Allergan, the health care products company that makes onabotulinumtoxinA (Botox). Irvine, CA-based Allergan (NYSE:[[ticker:AGN]]) revealed the buyout in its earnings report yesterday, but did not disclose the acquisition costs. Some of the investors in Serica, which will operate as subsidiary of Allergan in … Continue reading “Allergan Buys Serica Technologies”
eClinicalWorks Tops $100M Sales as Doctors Move from Paper to Pixel Records
Most health records in the U.S. today are still gathering dust, tucked away in filing cabinets, existing only on paper. Even though the idea of electronic medical records is still a relatively new concept at most hospitals and clinics, the EMR software industry has its share of dinosaurs living alongside the newer species. At eClinicalWorks, … Continue reading “eClinicalWorks Tops $100M Sales as Doctors Move from Paper to Pixel Records”
Allegro Diagnostics Planning Large Lung Cancer Diagnosis Trial for 2010
Allegro Diagnostics is on track to launch a major clinical trial of its lung cancer test this year after a long process, completed in October, of designing the goals of the study and submitting paperwork on it to the FDA, CEO Dan Rippy says. The FDA has granted the Boston-based startup conditional approval to conduct … Continue reading “Allegro Diagnostics Planning Large Lung Cancer Diagnosis Trial for 2010”
Tepha Taps Investors for $3M
Tepha, a Lexington, MA-based provider of polymers for medical applications, has raised $3 million of a proposed $7.4 million round of equity financing, according to an SEC filing. Company CEO Simon Williams was not immediately available for comment this morning. The filing does not list the firm’s investors in this funding. The company’s website says … Continue reading “Tepha Taps Investors for $3M”
CyPhy Works Finds $1.8M
CyPhy Works, the robotics startup led by iRobot co-founder Helen Greiner, has raised $1.75 million in a round of equity financing, according to an SEC filing. The filing does not identify the investors in CyPhy, but the Cambridge, MA, venture firm General Catalyst Partners is listed as a promoter of the startup. Greiner, who is … Continue reading “CyPhy Works Finds $1.8M”
Ironwood Pharma IPO Price Cut Could Be Only Half the Story
This may not be the bellwether for the IPO market that people were hoping for in the life sciences industry. Cambridge, MA-based Ironwood Pharmaceuticals priced its initial public offering of at least 16.67 million shares last night at $11.25 per share, far below the $14 to $16 range that the firm proposed last month. Smart … Continue reading “Ironwood Pharma IPO Price Cut Could Be Only Half the Story”
Unica Buys MakeMeTop
Unica, a Waltham, MA-based provider of marketing software, announced yesterday that it has made its second acquisition of 2010 with its purchase of the MakeMeTop search marketing business from UK-based Microchannel. Unica (NASDAQ:[[ticker:UNCA]]) did not reveal financial details of its latest acquisition. Last month the firm said it bought the e-mail marketing firm Pivotal Veracity … Continue reading “Unica Buys MakeMeTop”
NxStage Medical Rebounds on Wall Street, Looks to Grow Home Dialysis Biz
For a while last year, it looked like investors had lost faith in NxStage Medical. But the Lawrence, MA-based company (NASDAQ:[[ticker:NXTM]]), which makes portable dialysis machines for kidney failure patients, found its stride last May when it struck a financing and partnership deal with Japanese medical supplies firm Asahi Kasei Kuraray Medical. The Asahi deal … Continue reading “NxStage Medical Rebounds on Wall Street, Looks to Grow Home Dialysis Biz”
In-Person Insights on Virtual Biotechs at Xconomy Dinner
Don’t underestimate those brainy types riveted to their laptops at coffee shops in Harvard Square, because they could be managing the development of a potential breakthrough drug. That’s what I was thinking last week during a dinner hosted by Xconomy at a Harvard Square venue, where we discussed the virtues and limitations of virtual business … Continue reading “In-Person Insights on Virtual Biotechs at Xconomy Dinner”
BG Medicine Taking Second Shot at Public Market, Proposes $86.3M IPO
BG Medicine has matured since it pulled its previous plans for an initial public offering in January 2008. The Waltham, MA-based developer of molecular diagnostics revealed a new proposal this morning to raise $86.3 million in an initial public offering to bring its first test, for heart failure, to patients in the U.S. and Europe. … Continue reading “BG Medicine Taking Second Shot at Public Market, Proposes $86.3M IPO”
Siemens Licenses Microsoft HealthVault
Microsoft reports today that the German conglomerate Siemens has licensed its HealthVault personal health technology platform. Siemens, through its IT services and solutions division, will be the exclusive provider of HealthVault in Germany. Germany will be the third country to adopt the technology, which enables people to store their personal health records in a secure … Continue reading “Siemens Licenses Microsoft HealthVault”
Carl Icahn Nominates Three More Candidates for Biogen Board Seats
The season of proxy battles at Biogen Idec (NASDAQ:[[ticker:BIIB]]) is upon us. Billionaire investor Carl Icahn and his affiliates have sent word to Cambridge, MA-based Biogen that they plan to nominate three additional people for election to the board of directors at the company’s annual meeting this year, Biogen says. Two of Icahn’s nominees are … Continue reading “Carl Icahn Nominates Three More Candidates for Biogen Board Seats”
Alnara Bags $35M B Round, Plans to Seek FDA Approval for Cystic Fibrosis Drug
[Corrected 1/28/10, 3:15 pm. See below] Alnara Pharmaceuticals has received a big financial boost at a critical time. The Cambridge, MA-based biotech firm says it has nabbed $35 million in a Series B funding round as it puts the finishing touches on the paperwork it needs to complete before asking the FDA for permission to … Continue reading “Alnara Bags $35M B Round, Plans to Seek FDA Approval for Cystic Fibrosis Drug”
Clarus Ventures Backs Neomend
Clarus Ventures, a Cambridge, MA-based venture fund, has invested $17 million in the surgical hydrogel developer Neomend, as part of the Irvine, CA-based company’s $30 million Series D funding round. Neomend, which develops its hydrogels to seal surgical wounds, also attracted investments in the round from Novo Ventures, Prospect Venture Partners, Sanderling Ventures, and Vivo … Continue reading “Clarus Ventures Backs Neomend”
Virtify Plans Global Expansion, Forms Key Partnership with IMS Health
Virtify is making great strides lately, based on the strength its Web-based software that helps life sciences companies manage the data they need to comply with health regulators around the world, like the FDA. Satish Tadikonda, the company’s co-founder and CEO, told Xconomy this week about his plans to accelerate the growth of the company … Continue reading “Virtify Plans Global Expansion, Forms Key Partnership with IMS Health”
Millennium, In a New Role, Flexes Global Muscle to Cut Deal With Seattle Genetics
Millennium is playing the role of global development and marketing partner to Seattle Genetics, something that would have been tricky for Cambridge, MA-based Millennium to nail before it became the cancer R&D arm of Japanese drug giant Takeda Pharmaceutical Company in May 2008. Last month, Millennium closed a major collaboration deal with Seattle Genetics (NASDAQ:[[ticker:SGEN]]), … Continue reading “Millennium, In a New Role, Flexes Global Muscle to Cut Deal With Seattle Genetics”
2009’s Top 10 Private Equity Deals in Massachusetts: The List
Life sciences companies nabbed nine of the 10 largest private equity deals in the Boston area in 2009, a year when investors were called on to fund biotechs and medical devices companies in late stages of product development, according to a recent survey by Dow Jones VentureSource. The survey data indicate that private equity investors … Continue reading “2009’s Top 10 Private Equity Deals in Massachusetts: The List”
Cubist Maintains Growth Streak, As Investors Fear Generic Threat, Thin Pipeline
Cubist Pharmaceuticals has grown into one of the big success stories in biotech industry of the past few years, based almost entirely on the sales of a single product. The Lexington, MA-based company’s big hit is an intravenous antibiotic for deadly infections called daptomycin (Cubicin). Even though this has propelled Cubist into profitable territory, the … Continue reading “Cubist Maintains Growth Streak, As Investors Fear Generic Threat, Thin Pipeline”
American Well CEO Shares Vision on Future of Virtual Doctor Visits and How Healthcare Reform Will Boost His Company
A little more than a year ago, American Well was still waiting for its first customer to launch its Web-based system, which enables real-time interactions between patients and doctors over the Internet. Then on January 15, 2009, after much anticipation, the system went live for the Hawaii Medical Service Association, the Hawaii franchise of Blue … Continue reading “American Well CEO Shares Vision on Future of Virtual Doctor Visits and How Healthcare Reform Will Boost His Company”
FDA to Rule on Genzyme Drug in Six Months
The FDA has told Cambridge, MA-based Genzyme (NASDAQ:[[ticker:GENZ]]) that the agency plans to make a decision on its application for approval of Pompe drug alglucosidase alfa (Lumizyme) made in 4,000-liter batches by June 17, according to the company. The agency decided not to approve the treatment in November, citing lingering issues at Genzyme’s Allston Landing … Continue reading “FDA to Rule on Genzyme Drug in Six Months”
Amag Pharma to Sell 3M Shares
Amag Pharmaceuticals (NASDAQ:[[ticker:AMAG]]), a Lexington, MA-based firm with a lead product for patients with chronic kidney disease, announced yesterday that it plans to sell 3 million shares of common stock in a public offering. Additionally, the firm is allocating 450,000 shares for underwriters to cover potential over-allotments. The company’s stock traded at $49.03 per share … Continue reading “Amag Pharma to Sell 3M Shares”
Ironwood Sets IPO Price at $14-$16 Per Share
Ironwood Pharmaceuticals, a Cambridge, MA-based firm with a lead product candidate for chronic constipation, said in an SEC filing that it has set the price of its proposed initial public offering at $14 to $16 per share. The firm is aiming to sell 16.7 million shares of common stock in the IPO, which would make … Continue reading “Ironwood Sets IPO Price at $14-$16 Per Share”
Knome Challenged to Keep in Step with Falling Genetic Sequencing Prices
Knome, the personal genomics startup co-founded by leading Harvard geneticist George Church, is navigating rapid change in its business. The Cambridge, MA-based launched in 2007 to make whole-genome sequencing and analysis a personal luxury item rather than just a marvel of modern science, but now it’s facing more competition on the sequencing side of its … Continue reading “Knome Challenged to Keep in Step with Falling Genetic Sequencing Prices”
Thermo Fisher’s $145M Buyout of Ahura Scientific Good News for Arch, Castile, and Other Venture Backers
Waltham, MA-based research products giant Thermo Fisher Scientific (NYSE:[[ticker:TMO]]) has agreed to pay $145 million in cash to acquire venture-backed Ahura Scientific, according to a press release. The proposed deal is expected to close later this quarter, and it’s big a potential payday for Wilmington, MA-based Ahura’s venture backers such as Arch Venture Partners, which … Continue reading “Thermo Fisher’s $145M Buyout of Ahura Scientific Good News for Arch, Castile, and Other Venture Backers”
Cardiorobotics Finds $5M
Cardiorobotics, a Middletown, RI-based developer of robotic devices for medical and non-medial uses, has raised $5 million in equity investments, according to an SEC filing. The startup, which was founded by researchers at Carnegie Mellon University and the University of Pittsburgh, announced in summer that it closed a $11.6 million Series A round of venture … Continue reading “Cardiorobotics Finds $5M”
IkaSystems Gets Capital Infusions from Essex Woodlands Health Ventures and Providence Equity Partners
IkaSystems, a Southborough, MA-based provider of software for the healthcare payer market, said it has finalized an investment from New York City and Palo Alto, CA, private equity fund Essex Woodlands Health Ventures, a month after reeling in capital from Providence Equity Partners. The terms of both deals were undisclosed, but Venture Wire reports that … Continue reading “IkaSystems Gets Capital Infusions from Essex Woodlands Health Ventures and Providence Equity Partners”
Arch, Polaris Spring deCode from Chap. 11
Venture Wire reports today that a Delaware bankruptcy court has approved the sale of Iceland-based genomics firm deCode Genetics to Arch Venture Partners and Polaris Venture Partners, both of which are previous investors in the company. Waltham, MA-based Polaris and ARCH, which has operations in Boston and Seattle, are paying $14 million for the deCode … Continue reading “Arch, Polaris Spring deCode from Chap. 11”
Bonding with BIND Biosciences’s New CEO Scott Minick
[Clarified and Corrected—7:30 AM, 01/15/10] Scott Minick made his official debut as CEO of BIND Biosciences Monday at the JP Morgan Healthcare Conference in San Francisco, which makes for one of the most frenetic weeks of the year for biotech chiefs. The Cambridge, MA-based startup also made some news this week with the announcement of … Continue reading “Bonding with BIND Biosciences’s New CEO Scott Minick”
Segway Business Shifting Gears with Ownership and Management Changes
Segway, the maker of two-wheeled transporters of the same name, has been sold through a merger with a UK holding company for an undisclosed sum, and the firm’s CEO, Jim Norrod, has stepped down from his post after nearly five years in that role, a company spokesman confirmed today. Reports about the action at Segway … Continue reading “Segway Business Shifting Gears with Ownership and Management Changes”
Fina Technologies Aiming to Build Smarter Computer Models for Wall Street
Wall Street is no stranger to computer models, which have been used for more than a decade by fund managers and traders to beat the market. But many of the models developed by the so-called “quants” have proved insufficiently prescient—they didn’t do a very good job, for example, of predicting the subprime mortgage crisis. Using … Continue reading “Fina Technologies Aiming to Build Smarter Computer Models for Wall Street”
Qteros Switches CEOs to Accelerate Progress, New Chief Says
Qteros, the Marlborough, MA-based developer of cellulosic ethanol technology, has brought on industry veteran John McCarthy as CEO and bid adieu to former chief executive Bill Frey. The company announced McCarthy’s appointment this morning. McCarthy, who joined the startup last week, was the executive vice president at Cambridge, MA-based cellulosic ethanol developer Verenium (NASDAQ:[[ticker:VRNM]]). He … Continue reading “Qteros Switches CEOs to Accelerate Progress, New Chief Says”
Life Image Closes $2.2M Round
Life Image, a Newton, MA-based provider of software that enables doctors to share radiology images with colleagues around the globe via cloud-based in-boxes, has closed a $2.2 million round of financing, according to an SEC filing. Company CEO Hamid Tabatabaie told Xconomy last month that he had gained commitments for this financing. The investors in … Continue reading “Life Image Closes $2.2M Round”
Joule Selects Texas for Ethanol Facility
Joule Biotechnologies, a Cambridge, MA-based developer of fuels and chemicals in a process that mimics photosynthesis, today confirmed a newspaper report in the Leander Ledger from last month that it is leasing property in Leander, TX, for its pilot ethanol plant. A company spokeswoman said that the lease on the property near Austin became official … Continue reading “Joule Selects Texas for Ethanol Facility”