Nuance Communications (NASDAQ:[[ticker:NUAN]]), the Burlington, MA-based speech recognition powerhouse, today announced an offer to buy Zi Corporation (NASDAQ:[[ticker:ZICA]]), a Calgary, Canada-based provider of software to speed text entry on mobile devices, for 40 cents per share or $20 million in cash, which is a 38 percent premium on the closing price of Zi common stock … Continue reading “Nuance Makes New Bid for Zi”
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.
Awarepoint Tracks Down $13.3M to Fuel Hospital RFID Business
Awarepoint says it has raised $13.3 million in a Series D round of financing from a trio of private equity investors—who are betting hospitals will continue to invest in RFID systems to track assets and limit spending on medical equipment. San Diego-based Awarepoint provides software and hardware for real-time location systems (RTLS) in hospitals, factories, … Continue reading “Awarepoint Tracks Down $13.3M to Fuel Hospital RFID Business”
Mobui Behind TiVo Mobile Application
Mobui, a Redmond, WA-based mobile applications firm, and TiVo (NASDAQ:[[ticker:TIVO]]), headquartered in Alvisto, CA, have announced that the two firms developed a new Web site that enables TiVo subscribers to use their mobile phones to schedule recordings on their TiVo boxes. This follows news last week about Mobui’s partnership with VH1 to develop an application … Continue reading “Mobui Behind TiVo Mobile Application”
Ambient Raises $8M from Vicis
Ambient (OTC:[[ticker:ABTG]]), a Newton, MA-based provider of software and services to help electrical utilities use existing power lines to deliver IP-based services, reports it has raised $8 million from Vicis Capital Master Fund. The capital, which brings Vicis’ total investment in Ambient to $23.5 million, is intended to fund operations and future growth.
Panacos to Repay $20M Loan
Panacos Pharmaceuticals (NASDAQ:[[ticker:PANC]]), a Watertown, MA-based developer of antiviral drugs for HIV, says that it has agreed to repay $17.9 million in outstanding principal, interest, and fees on a $20 million loan granted to the firm in June 2007. The repayment, which Panacos expected to execute today, follows lender Hercules Technology Growth Capital’s (NASDAQ:[[ticker:HTGC]]) claim … Continue reading “Panacos to Repay $20M Loan”
New $50M Medtech Fund Launched
Yankee Equity Solution, a private equity firm, has launched a $50 million fund to invest in medtech outfits in the Boston area, according to a company statement. The new YES Medical Technology Fund, led by industry veteran and managing director John Williams, plans to invest in firms that have annual revenues of $10 million, earnings … Continue reading “New $50M Medtech Fund Launched”
Adimab Closes Third VC Round
Adimab, a Lebanon, NH-based biotech firm focused antibody discovery, says it has closed a Series C round of financing from new investors OrbiMed Advisors, Borealis Ventures, and return backers Polaris Venture Partners and SV Live Sciences. Financial details weren’t disclosed. Tillman Gerngross, CEO and co-founder of the company, said in a statement that his company … Continue reading “Adimab Closes Third VC Round”
Radius Adds $15M to Series C
Radius Health, a Cambridge, MA-based developer of drugs for osteoporosis and women’s health, says it has added $15 million more to its Series C round of venture capital, which now totals $82.5 million, with investments from MPM Capital, the Wellcome Trust, HealthCare Ventures, Oxford Bioscience Partners, BB Biotech Ventures, and Scottish Widows Investment Partnership. The … Continue reading “Radius Adds $15M to Series C”
Staccato Marries Artimi, Gets $20M Burst
Will it be a match made in ultra wideband heaven? San Diego-based Staccato Communications says it has merged with another ultra wideband semiconductor developer, Artimi, and raised $20 million in equity financing from previous investors in both companies. The company, which will keep the Staccato name, says the combination of Staccato’s wireless semiconductors and Mountain … Continue reading “Staccato Marries Artimi, Gets $20M Burst”
Idera and Merck Extend R&D Deal
Idera Pharmaceuticals (NASDAQ:[[ticker:IDRA]]), a Cambridge, MA-based developer of drugs that target a family of immune system receptors, reports it has inked a one-year extension to its research collaboration with New Jersey-based drug giant Merck. The two companies began the collaboration in December 2006 to investigate Idera’s drugs as treatments for cancer, infectious diseases, and Alzheimer’s.
Got Dry Eye? Take Fish Oil. Resolvyx Moves First Compound Into Human Test
Resolvyx Pharmaceuticals is eying the ophthalmic market. The Bedford, MA-based biotech firm plans to announce today that the first human clinical tests of its resolvins—compounds with anti-inflammatory properties that occur naturally in fish oil—will be in patients with dry eye syndrome. Mind you, many initial clinical trials are done with small pools of 40 or … Continue reading “Got Dry Eye? Take Fish Oil. Resolvyx Moves First Compound Into Human Test”
Shire HGT Adds 150 Mass. Workers, Genetic Therapy Sales Soar, President Says
We in Massachusetts don’t read as much about Shire Human Genetic Therapies (HGT) as other large biotech organizations headquartered here like Genzyme (NASDAQ:[[ticker:GENZ]]) and Biogen Idec (NASDAQ:[[ticker:BIIB]]). Why? Well, for one thing, Shire HGT is a unit of Irish specialty drug company Shire. (The division was formed through Shire’s $1.6 billion acquisition of Cambridge, MA-based … Continue reading “Shire HGT Adds 150 Mass. Workers, Genetic Therapy Sales Soar, President Says”
Akamai to Cut 110 Workers Worldwide
Akamai Technologies (NASDAQ:[[ticker:AKAM]]) is contributing to our growing list of local tech firms laying off workers recently, saying it will cut about 110 employees or 7 percent of its total staff this quarter to reduce operating costs. But the Cambridge, MA-based company, which operates a worldwide network of servers that speed delivery of its clients’ … Continue reading “Akamai to Cut 110 Workers Worldwide”
Elixir Reports Positive Results in Late-Stage Clinical Trial for Diabetes Drug
Elixir Pharmaceuticals says it has the clinical data to support an application for approval of its combination drug for Type 2 diabetes—expected, as earlier announced, to be submitted to the FDA next year—based on positive results from a late-stage clinical trial and previous studies, according to a company statement. The Cambridge, MA-based biotech firm reports … Continue reading “Elixir Reports Positive Results in Late-Stage Clinical Trial for Diabetes Drug”
Former Athenahealth, RelayHealth Leaders Form Startup Maria Health, with Venrock Headlining Investor Group
A powerful anecdote about the ills of U.S. health care this past election season was about President-elect Barack Obama’s mother, who struggled to navigate the medical system while suffering from cancer, which eventually killed her in 1995. I was reminded of this a few days ago when I talked to Anshul Amar, chief technology officer … Continue reading “Former Athenahealth, RelayHealth Leaders Form Startup Maria Health, with Venrock Headlining Investor Group”
SunEthanol Converts Name to Qteros, Raises $25M to Convert Non-Food Plant Materials and Waste into Ethanol
It doesn’t get much more homegrown than this one: SunEthanol—a Hadley, MA-based developer of a process to produce ethanol using a microbe discovered here in the Bay State—has changed its name to Qteros and raised $25 million in a Series B round of financing. (Mass High Tech broke the story this morning.) Qteros is one … Continue reading “SunEthanol Converts Name to Qteros, Raises $25M to Convert Non-Food Plant Materials and Waste into Ethanol”
Targanta-Cubist Rivalry Brews on FDA Review of Targanta Drug
Targanta Therapeutics’ stock has made gains since the FDA yesterday posted a favorable review of Targanta antibiotic oritavancin to treat certain skin infections—the latest development in the intrastate rivalry between the Cambridge, MA-based biotech firm (NASDAQ:[[ticker:TARG]]) and Cubist Pharmaceuticals (NASDAQ:[[ticker:CBST]]), headquartered in Lexington, MA. As Luke reported last month, an FDA advisory committee is scheduled … Continue reading “Targanta-Cubist Rivalry Brews on FDA Review of Targanta Drug”
ReGen Power Raises $5M
ReGen Power Systems announced it has raised $5 million from 21Ventures and Quercus Trust to further develop an external combustion engine that coverts heat sources into power. The New Salem, MA-based firm plans to use the new funds to design and build two prototypes of its engines, one for evaluation and testing and another to … Continue reading “ReGen Power Raises $5M”
Ascent Therapeutics Climbs Out of Stealth Mode with “Pepducins”
Ascent Therapeutics wants to be known as “The Pepducin Company.” The Cambridge, MA, biotech startup, which plans to publicly unveil its science and new executive team today, says it’s the first and only developer of pepducins—a new class of drugs aimed at modulating a family of cell surface receptors that are already lucrative therapeutic targets … Continue reading “Ascent Therapeutics Climbs Out of Stealth Mode with “Pepducins””
Pfizer Starts Stem Cell R&D Unit
Drug giant Pfizer (NYSE:[[ticker:PFE]]) has announced the launch of Pfizer Regenerative Medicine, an independent research unit focused on discovering stem cell treatments for multiple diseases. New York-based Pfizer says the research unit will be co-located in Cambridge, U.K., and at its existing R&D operation— Research Technology Centre—in Cambridge, MA.
Know What Your Tech and Life Sciences Executive Peers Are Paid? Compensation Study Tells All—Plus New Insights on Clean-Tech CEO Pay
It’s too early to know the full impact of the economic meltdown on executive compensation at private technology and life sciences companies. Alas, 2008—or at least the first three fiscal quarters of it—could be viewed next year as the end of the good old days of executive compensation. Still, for those of you who want … Continue reading “Know What Your Tech and Life Sciences Executive Peers Are Paid? Compensation Study Tells All—Plus New Insights on Clean-Tech CEO Pay”
Flybridge Leads $8.25M Transpera Financing
Boston venture firm Flybridge Capital Partners has led an $8.25 million Series B round of financing in Transpera, a Santa Monica, CA-based provider of software to deliver Web video and advertising to mobile phones, according to a company statement. The firm’s second round of funding included investments from new backer Labrador Ventures and repeat investors … Continue reading “Flybridge Leads $8.25M Transpera Financing”
Clean-Tech Firm C Change Launched
C Change Investments, a Cambridge, MA-based firm focused on investment in and development of clean technologies, has officially launched, according to a statement. The co-founders of the firm are John Preston, former director of technology development at MIT, and Russell Read, who previously served as chief investment officer of the California Public Employees’ Retirement System … Continue reading “Clean-Tech Firm C Change Launched”
Thermo Buys U.K. Company
Thermo Fisher Scientific (NYSE:[[ticker:TMO]]), a Waltham, MA-based provider of scientific research tools and materials, has acquired histology and anatomical pathology lab products maker Raymond A. Lamb, of Eastbourne, U.K., according to a company statement. Thermo Fisher, which did not disclose financial terms of the buyout, reports that Raymond had 2007 revenues of $9 million and … Continue reading “Thermo Buys U.K. Company”
Boston Scientific Invests in Intelect
Boston Scientific (NYSE:[[ticker:BSX]]), a Natick, MA-based medical devices firm, has led an equity round expected to total $11 milion to $13.5 million in Intelect Medical, a developer of an implantable neuromodulation system headquartered in Cleveland, Intelect reports in a statement. Intelect says, as part of the deal, it has granted Boston Scientific co-exclusive rights to … Continue reading “Boston Scientific Invests in Intelect”
Navy to Test Vical Vaccine Combo
San Diego-based biotech firm Vical (NASDAQ:[[ticker:VICL]]) reports that the Naval Medical Research Center plans to conduct tests and early clinical trials of a DNA vaccine formulated with its vaccine adjuvant (Vaxfectin) with a needle-free injection system for potentially lethal dengue infections. Vical plans to manufacture the vaccine and adjuvant under a $1.3 million contract, and … Continue reading “Navy to Test Vical Vaccine Combo”
RI Turns To Innovation Economy in Face of Record Job Losses; A List of Tech and Life Sciences Firms in the State to Watch
We at Xconomy Boston, despite focusing much of our coverage on business and innovation in Massachusetts, cover stories on companies from all over New England—understanding that there is a regional innovation ecosystem. (Plus, there are some great stories to be told outside of the tech-rich Route 128 corridor.) Rhode Island, for one, is producing some … Continue reading “RI Turns To Innovation Economy in Face of Record Job Losses; A List of Tech and Life Sciences Firms in the State to Watch”
Shire Settles Claims with Investors of Former Cambridge, MA Biotech TKT
Irish drug maker Shire (LSE:[[ticker:SHP]]) has settled claims from investors of former Cambridge, MA-based Transkaryotic Therapies (TKT) for $37 per share, or $567.5 million. Those shareholders who originally objected to the 2005 takeover because they thought the price was too low, are settling for the original acquisition price of $37 per share plus interest, Shire … Continue reading “Shire Settles Claims with Investors of Former Cambridge, MA Biotech TKT”
Memento Secures $10M
Memento, a Concord, MA-based developer of fraud-detection software for banks and credit unions, has raised $10 million in its fourth round of venture capital, according to PE Hub. The company, which PE Hub reports had previously raised $12 million, received backing in the round from 406. Ventures, Bain Capital Ventures, and Rock Maple Ventures.
Aphios Targets “Marijuana Addiction” with Reformulated THC
For opponents of Massachusetts ballot question 2 worried that yesterday’s decriminalization of marijuana will lead to a new generation of users, help may soon be on the way from a small Woburn biotech company. The firm, called Aphios, aims to make a reformulated version of THC—the psychoactive substance found in marijuana that has long been … Continue reading “Aphios Targets “Marijuana Addiction” with Reformulated THC”
Acusphere raises $20M from Cephalon
Watertown, MA-based biotech firm Acusphere (NASDAQ:[[ticker:ACUS]]) reports it has received a $5 million initial fee and $15 million in loans from biotech company Cephalon (NASDAQ:[[ticker:CEPH]]), headquartered in Frazer, PA. The deal gives Cephalon an exclusive worldwide license to Acusphere’s injectable formulation of anti-inflammatory drug celecoxib, which is in preclinical development.
Genzyme Elects $1.38B Stem Cell Deal with Osiris
Making its own Election Day news, Cambridge, MA-based biotech powerhouse Genzyme (NASDAQ:[[ticker:GENZ]]) has struck a deal with Osiris Therapeutics (NASDAQ:[[ticker:OSIR]]), of Columbia, MD, to commercialize and develop two adult stem cell treatments in a variety of diseases. If all goes as planned, one of the two, called Prochymal, could become the first stem-cell therapy to … Continue reading “Genzyme Elects $1.38B Stem Cell Deal with Osiris”
Vertex Co-Founder’s Hedge Fund RA Capital Makes Waves in Biotech Industry with Former Harvard Grad Student at Helm
RA Capital Management, like most hedge funds, doesn’t make much noise publicly about its investment activities outside of its regulatory filings. But the word among insiders in the biotech industry is that the Boston hedge fund is piling up more wins than losses with its portfolio of life sciences stocks. As of late last month, … Continue reading “Vertex Co-Founder’s Hedge Fund RA Capital Makes Waves in Biotech Industry with Former Harvard Grad Student at Helm”
Novartis Option Fund Managing Director Says First Responsibility is to Portfolio Companies, Dislikes “Corporate VC” Moniker
Don’t be confused by the name of the Novartis Option Fund. The fund’s purpose isn’t to gain options in companies for Swiss drug giant Novartis to later acquire, says Lauren Silverman, the fund’s managing director. And it isn’t a traditional corporate VC firm that operates as an extension of the parent company. Rather, Silverman prefers … Continue reading “Novartis Option Fund Managing Director Says First Responsibility is to Portfolio Companies, Dislikes “Corporate VC” Moniker”
Sequenom Licenses IP for Maternal Urine Tests
Sequenom (NASDAQ:[[ticker:SQNM]]), a San Diego-based provider of molecular diagnostics, reports that it has licensed exclusive rights from Monmouth Junction, NJ, diagnostics firm Xenomics (PINK:[[ticker:XNOM]]) to U.S. and European patents that cover the use of fetal DNA fragments found in a mother’s urine for prenatal diagnostics and research. As Luke discusses in this story, Sequenom is … Continue reading “Sequenom Licenses IP for Maternal Urine Tests”
Dyax Lands Deal to Raise $50M
Dyax (NASDAQ:[[ticker:DYAX]]), a Cambridge, MA-based biotech firm, and investment fund Azimuth Opportunity have struck a deal under which Dyax may sell up to $50 million of its common stock to Azimuth over an 18-month period, Dyax reports. Dyax CFO George Migausky stated that the agreement, which does not obligate Dyax to sell any shares to … Continue reading “Dyax Lands Deal to Raise $50M”
Buy-Side Experts See Major Changes Afoot for Biotech Amid Financial Crisis
Unless there are more than seven figures in your personal net worth or you happen to manage a pension fund or the like, there are few chances to glean information from hedge fund managers and other buy-side experts who play the high-risk game of biotech investing. Yet last week one of those rare opportunities presented … Continue reading “Buy-Side Experts See Major Changes Afoot for Biotech Amid Financial Crisis”
California Biotech Execs Fear Ban on Same-Sex Marriages Could Give Edge to Bay State
Opponents of a state ballot initiative to ban same-sex marriages in California have found new allies: local biotech executives, who fear that passage of Proposition 8 could send workers in their industry to Massachusetts, according to a story in today’s San Diego Union-Tribune. This perhaps makes Proposition 8 the latest front in the battle between … Continue reading “California Biotech Execs Fear Ban on Same-Sex Marriages Could Give Edge to Bay State”
RockPort Capital Adds General Partner
RockPort Capital Partners, a cleantech-focused venture firm with offices in Boston and Menlo Park, CA, reports that Victor Westerlind has joined the firm as a general partner. Westerlind, who will be based in the firm’s Menlo Park office, was most recently a partner at InterWest Partners, which also has an office in Menlo Park.
HC Ventures Leads $28M Round for InfaCare
HealthCare Ventures, a Cambridge, MA-based venture firm, has led a $28 million Series B round of financing for InfaCare Pharmaceueticals, of Trevose, PA, which is developing an experimental drug intended to prevent newborns from developing a blood condition linked to neurological problems, the company announced. Other backers in the round included repeat investor Atlas Venture, … Continue reading “HC Ventures Leads $28M Round for InfaCare”
Clinical Data Buys Avalon Pharma for $10M
Clinical Data (NASDAQ:[[ticker:CLDA]]), a Newton, MA-based biotech firm, announced today that it has acquired Avalon Pharmaceuticals (NASDAQ:[[ticker:AVRX]]), headquartered in Germantown, MD, in an all-stock deal valued at $10 million. Avalon provides Clinical Data with its pipeline of cancer biomarkers and therapeutics as well as its discovery technology to rapidly identify biomarkers for the development of … Continue reading “Clinical Data Buys Avalon Pharma for $10M”
MTLC Awards Give Nods to Cleantech, Gaming, and Inkless Printing
The Mass Technology Leadership Council gave nods to cleantech and gaming investors, inkless printing technology, and Web innovators with its 2008 Mass Technology Leadership Awards, according to the industry group. Over the last year or so, Xconomy has written stories that capture many of these award-winning accomplishments. Here’s a complete list of this year’s winners … Continue reading “MTLC Awards Give Nods to Cleantech, Gaming, and Inkless Printing”
Phenomix, Forest Labs Ink $340M Deal
Phenomix, a San Diego-based drug developer, reports that it has partnered with New York-based pharmaceutical firm Forest Laboratories (NYSE:[[ticker:FRX]]) to jointly develop and commercialize Phenomix’ lead Type 2 diabetes drug dutogliptin. The deal—which comes on the heels of Phenomix nixing plans for an $86.25 million initial public offering this week—includes up to $340 million in … Continue reading “Phenomix, Forest Labs Ink $340M Deal”
Boston Scientific Gets FDA OK for Carotid Artery Stent, Insurance Reimbursements on the Device Still Limited
Natick, MA-based medical devices giant Boston Scientific has garnered market approval for a carotid artery stent, the company announced yesterday afternoon. The stent is a coiled metal tube intended to prop open the carotid artery in the neck that keeps blood flowing from the heart to the brain. When plaques cause the arteries to narrow, … Continue reading “Boston Scientific Gets FDA OK for Carotid Artery Stent, Insurance Reimbursements on the Device Still Limited”
Drug Developer Phenomix Nixes $86.25M IPO
San Diego-based biotech firm Phenomix has withdrawn its plans to raise $86.25 million in an initial public offering—more evidence that even mature biotechs ready for late-stage clinical trials are having trouble raising money from public investors. For Phenomix, $34 million of the IPO proceeds would have funded the firm’s late-stage studies of its lead drug … Continue reading “Drug Developer Phenomix Nixes $86.25M IPO”
Epix Cutting 23 Percent of Workers
Epix Pharmaceuticals (NASDAQ:[[ticker:EPIX]]), a Lexington, MA-based biopharmaceutical firm, announced Thursday that it is reducing its work force by 23 percent and “narrowing” the focus of its R&D. The company, which plans to continue developing its lead drugs for Alzheimer’s disease and respiratory conditions, says it expects the cuts to reduce its annual expenses by about … Continue reading “Epix Cutting 23 Percent of Workers”
Sirtris’ Red Wine Chemical to Take Back Seat to “Potent” Diabetes Drugs
Cambridge, MA-based biotech firm Sirtris has garnered national and international attention for its work to use its formulation of resveratrol, a natural chemical found in red wine, to treat diseases of aging such as Type 2 diabetes and cancer. Now the company, a wholly-owned subsidiary of British drug giant GlaxoSmithKline (NYSE:[[ticker:GSK]]), plans to increase its … Continue reading “Sirtris’ Red Wine Chemical to Take Back Seat to “Potent” Diabetes Drugs”
Biotech Luminaries Huddle at Boston R&D Conference, Mood “Surprisingly Optimistic”
A who’s who of the Boston-area life sciences scene (including MIT Institute Professors Robert Langer and Philip Sharp) turned out at Harvard Medical School yesterday for the first Boston Biotech R&D Conference. It was a good place to be for anyone aiming to network with biotech-focused venture capitalists, fund managers, executives, academic luminaries, and industry … Continue reading “Biotech Luminaries Huddle at Boston R&D Conference, Mood “Surprisingly Optimistic””
Targanta Releases Antibiotic Data
Targanta Therapeutics (NASDAQ:[[ticker:TARG]]) has released detailed data from its Phase 2 study of its antibiotic oritavancin in single or infrequent doses, showing that the fewer doses were as safe and effective as a three-to-seven day course of therapy, according to the Cambridge, MA-based firm. Luke wrote earlier this month about Targanta’s hoped-for FDA approval of … Continue reading “Targanta Releases Antibiotic Data”
FDA Panel Favors Genzyme’s Myozyme
An FDA panel voted Tuesday in favor of recommending conditional approval of a new version of Cambridge biotech firm Genzyme’s (NASDAQ:[[ticker:GENZ]]) drug alglucosidase alfa (Myozyme) for Pompe disease, according to a report by Bloomberg News. Though the panel’s nod does not guarantee approval of the drug, it puts Genzyme one step closer to marketing a … Continue reading “FDA Panel Favors Genzyme’s Myozyme”