PatientsLikeMe, a Cambridge, MA-based firm that provides social networking sites for people with specific illnesses, has raised $8 million of a planned $30 million round of equity financing, according to an SEC filing. Ben Heywood, the president and co-founder of the firm, said that his company doesn’t comment on financings. The company’s previous investors include … Continue reading “PatientsLikeMe Lands $8M”
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.
Agios, Nourished with $130M Celgene Deal, Expanding Staff and Labs to Starve Cancer
[Editor’s note, Aug. 23, 2010: Updated and corrected, see below.] David Schenkein, the CEO of the biotech startup Agios Pharmaceuticals, walked into the firm’s Cambridge, MA, headquarters last week with building plans rolled up in his hand. It was evident that his three-year-old company is growing quickly to pursue new drugs to starve cancer cells, … Continue reading “Agios, Nourished with $130M Celgene Deal, Expanding Staff and Labs to Starve Cancer”
Achillion Pharma Finds $50.1M
Achillion Pharmaceuticals (NASDAQ:[[ticker:ACHN]]), a New Haven, CT-based developer of infectious disease drugs, said today it expects to raise $50.1 million in a private sale of the firm’s common stock and warrants. The investors in the private placement include Domain Associates, Clarus Ventures, Quaker BioVentures, and Pappas Ventures, according to Achillion. The company plans to use … Continue reading “Achillion Pharma Finds $50.1M”
Biogen Idec Strikes Potential $345M Deal with Knopp to Develop ALS Drug
Biogen Idec now has a shot at treating a neurodegenerative disease that has befuddled researchers for decades. The Weston, MA-based biotech powerhouse (NASDAQ:[[ticker:BIIB]]) says today it has landed a deal with Knopp Neurosciences to develop an experimental drug for amyotrophic lateral sclerosis (ALS), also known as Lou Gehrig’s disease. Biogen, which has significant operations in … Continue reading “Biogen Idec Strikes Potential $345M Deal with Knopp to Develop ALS Drug”
NewRiver Selling for $77M
NewRiver, an Andover, MA-based provider of investor disclosure software, has inked a deal with Broadridge Financial Solutions (NYSE:[[ticker:BR]]) to be acquired for $77 million, the companies reported yesterday. Lake Success, NY-based Broadridge said the deal is expected to close in August, and NewRiver’s staff in Andover and New Delhi will become part of its investor … Continue reading “NewRiver Selling for $77M”
Susan Windham-Bannister on the State of the State’s $1B Life Sciences Initiative, Part II
Politics play a significant role in Massachusetts’s 10-year plan to invest $1 billion into its life sciences sector. Gov. Deval Patrick championed the effort, which aims to grow the life sciences sector in the state and create new jobs. And every year the Massachusetts Life Sciences Center, the quasi-public agency in charge of the initiative, … Continue reading “Susan Windham-Bannister on the State of the State’s $1B Life Sciences Initiative, Part II”
Avantra Bio Finds $7M
Avantra Biosciences, a Woburn, MA-based developer of protein biomarker technology to detect a range of diseases, has raised $7 million in a Series A funding round, according to an SEC filing. The investors included Courtagen Capital Group of Charlestown, MA, as well as unnamed institutional and individual backers, said R. Brian McKernan, the chief executive … Continue reading “Avantra Bio Finds $7M”
$5M for Shape Up The Nation
Shape Up The Nation, a Providence-based provider of Web software and services for employer wellness programs, said yesterday it has raised $5 million in a Series A funding round. The investors in the round included the company’s management, as well as Boston-based venture outfits Cue Ball Capital and Excel Venture Management. Juan Enriquez, a managing … Continue reading “$5M for Shape Up The Nation”
Susan Windham-Bannister on the State of the State’s $1B Life Sciences Initiative, Part I
It’s been more than two years since Massachusetts Gov. Deval Patrick signed the bill for the state’s plan to invest $1 billion in its life sciences sector over a 10-year period. Susan Windham-Bannister, who started work as chief executive of the quasi-public Massachusetts Life Sciences Center around the time the bill was signed, has since … Continue reading “Susan Windham-Bannister on the State of the State’s $1B Life Sciences Initiative, Part I”
Biocept Banks $2.3M
Biocept, a San Diego-based developer of cancer diagnostics, has raised $2.3 million of a planned $7.1 million round of equity financing, according to an SEC filing. Stephen Coutts, the company’s CEO, was not immediately available before business hours this morning to answer questions about the deal. The company, founded in 1997, brought in $3.6 million … Continue reading “Biocept Banks $2.3M”
Former Solvay Pharma Chief Takes Lead Role at Startup Selecta Biosciences
A former pharmaceutical chief has taken the top job at Watertown, MA-based biotech startup Selecta Biosciences, a developer of nanoparticle vaccine technology. Werner Cautreels began work as chief executive of the startup in recent weeks, just months after leading one of the larger acquisition deals in the pharma industry this year. At the same time, … Continue reading “Former Solvay Pharma Chief Takes Lead Role at Startup Selecta Biosciences”
$2.5M for TransEngen
TransEngen, a Norwalk, CT-based provider of healthcare payment software, has raised $2.5 million in a round of equity financing, according to an SEC filing. Carlson Capital of Dallas, TX, is represented on the company’s board, according to its website. Company spokeswoman Alexa Krasnickas declined to comment on the funding round beyond saying that it included … Continue reading “$2.5M for TransEngen”
Former Sirtris Execs’ Nonprofit Starts Selling Resveratrol with Potential Anti-Aging Effects Online
[Updated and clarified. 8/12/10, 7:25 pm Eastern time. See below.] Cambridge, MA-based Sirtris Pharmaceuticals made international headlines over the past few years for developing drugs based on the anti-aging effects of the red wine chemical resveratrol. Now that the company has been part of London-based drug giant GlaxoSmithKline for more than two years, former Sirtris … Continue reading “Former Sirtris Execs’ Nonprofit Starts Selling Resveratrol with Potential Anti-Aging Effects Online”
Boston Heart Lab Nabs $10M
Boston Heart Lab, a Framingham, MA-based provider of cardiovascular care management products and services, has raised $10 million in an equity and rights financing, according to an SEC filing. Company CEO Susan Hertzberg was not available for comment at her office today. The company’s website lists two members of the investment team at Boston-based Bain … Continue reading “Boston Heart Lab Nabs $10M”
Stealthy Mercator, Founded by Biogen Idec Veterans, Raises $2M to Attack Cancer
[Updated, 8/12/10, 10:15 am Eastern time. See below] Mercator Therapeutics has emerged from stealth mode, but just a bit. The Wellesley, MA-based biotech startup has raised $2 million in seed funding from angel backers to gain a license to its technology and do early research in cancer, CEO Chris Guiffre told me this morning via … Continue reading “Stealthy Mercator, Founded by Biogen Idec Veterans, Raises $2M to Attack Cancer”
Dicerna Pharma Gets $25M Boost to Develop Next-Gen Gene Silencing Drugs
Dicerna Pharmaceuticals has replenished its war chest. The Watertown, MA-based developer of gene-silencing drugs has raised $25 million in its Series B round of financing to advance its research. It’s a touchdown for Doug Fambrough, who said he made closing this funding round his first major priority when he took over as the firm’s chief … Continue reading “Dicerna Pharma Gets $25M Boost to Develop Next-Gen Gene Silencing Drugs”
Zeo Gets $1M Debt Deal
Zeo, a Newton, MA-based provider of sleep coaching devices and software, has raised $1 million of a proposed $1.5 million round of debt financing, according to an SEC filing. The company, formerly known as Axon Labs, plans to use the funding for new product development, additional customer service, and operational expenses, Jason Donahue, the company’s … Continue reading “Zeo Gets $1M Debt Deal”
Vertex’s Telaprevir Clears Hurdle, Could Halve Treatment Times for Hepatitis C
[Updated. 8:55 am Eastern time. See editor’s note.] Vertex Pharmaceuticals’s (NASDAQ:[[ticker:VRTX]]) lead drug candidate for hepatitis C infection has passed another test. The Cambridge, MA-based company, which has West Coast operations in San Diego, says today that it now has proof that its drug in combination with standard therapies can wipe out the chronic liver … Continue reading “Vertex’s Telaprevir Clears Hurdle, Could Halve Treatment Times for Hepatitis C”
New Startup ViThera Labs Aims “Weaponized” Bacteria Drugs at Gut Diseases
Johannes Fruehauf says he started plotting his next move last fall after diminished capital reserves at his previous employer, Cequent Pharmaceuticals (now part of Marina Biotech), led the company to shrink its research staff from 24 people to six. Fruehauf, an inventor of Cambridge, MA-based Cequent’s gene-silencing technology, decided he wanted to launch his own … Continue reading “New Startup ViThera Labs Aims “Weaponized” Bacteria Drugs at Gut Diseases”
Lisa Suennen, Voice of Venture Valkyrie, Has No-Nonsense Take on Health IT
There are a slew of venture capitalists who populate the blogosphere with their opinions and pearls of wisdom on, well, just about everything. But many of those VC bloggers—predictably—come from the tech side of the house. Fewer are blogging about healthcare investing. And fewer still are women. Now enter Lisa Suennen, a managing member of … Continue reading “Lisa Suennen, Voice of Venture Valkyrie, Has No-Nonsense Take on Health IT”
Syndax Pharma Snags $6M Debt Deal
Syndax Pharmaceuticals, a Waltham, MA-based developer of treatments for cancer, has raised $6 million of a planned $7 million in a round of convertible debt financing, Joanna Horobin, the company’s CEO, confirmed. The information first appeared online in an SEC filing. The round included investments from all of the firm’s previous backers, which include San … Continue reading “Syndax Pharma Snags $6M Debt Deal”
MedNetworks Connects with $5M from Excel Venture Management
Social networks have been growing in popularity among patients and doctors in recent years as a means to share and gather important information from their peers. Now MedNetworks, a Newton, MA-based startup, has nailed down $5 million in a Series A funding round from Excel Venture Management to commercialize technology that makes data generated from … Continue reading “MedNetworks Connects with $5M from Excel Venture Management”
Of Genzyme, Sanofi-Aventis, Biotech Buyout Gossip, and Angry Patients
Genzyme (NASDAQ:[[ticker:GENZ]]) and Sanofi-Aventis (NYSE:[[ticker:SNY]]) have continued to be tight-lipped about their rumored buyout talks, making no official comments about Paris-based Sanofi’s reported efforts to scoop up the largest biotech company in Massachusetts. But the two companies’ silence hasn’t kept unnamed insiders from whispering updates on the Genzyme-Sanofi talks into the eager ears of the … Continue reading “Of Genzyme, Sanofi-Aventis, Biotech Buyout Gossip, and Angry Patients”
In-Q-Tel, the CIA’s Investment Arm, Quietly Backing Seventh Sense Biosystems
Few people know that In-Q-Tel, the nonprofit investment arm of the U.S. intelligence community, has a stake in the Cambridge, MA-based startup Seventh Sense Biosystems. Neither In-Q-Tel nor Seventh Sense has ever publicized their relationship, which came to Xconomy’s attention recently. Arlington, VA-based In-Q-Tel—which invests in lots of startups with technologies that could aid the … Continue reading “In-Q-Tel, the CIA’s Investment Arm, Quietly Backing Seventh Sense Biosystems”
Vertex Tops Merck
Cambridge, MA-based Vertex Pharmaceuticals’s (NASDAQ:[[ticker:VRTX]]) stock price has lifted slightly this morning after Merck (NYSE:[[ticker:MRK]]) reported results of two Phase III trials for its rival protease inhibitor for hepatitis C infection, boceprevir. While Merck’s drug met the primary goals of the trials, it didn’t wipe out the chronic liver disease quite a much as Vertex’s … Continue reading “Vertex Tops Merck”
Stealthy Beaumaris Networks Banks $9M, Appears to Be Expanding in China
Beaumaris Networks, a surreptitious startup developing technology for video service providers, has raised just shy of $9 million in a planned $10 million funding round, according to an SEC filing. The Boxborough, MA-based firm, which was launched in February 2009, also says on its website that it has a research and development operation in Beijing. … Continue reading “Stealthy Beaumaris Networks Banks $9M, Appears to Be Expanding in China”
Blue Cod Tech Catches $8M
Marlborough, MA-based Blue Cod Technologies, a provider of outsourcing services and hosted policy administration software for the insurance industry, has raised $8 million in follow-on financing, according to a press release. General Electric Pension Trust led the financing, which included an investment from previous backer Edison Venture Fund, of Lawrenceville, NJ. The funding will help … Continue reading “Blue Cod Tech Catches $8M”
How Eli Lilly Let a Billion-Dollar Molecule Slip Away and Make a Fortune for Vertex
Careers can be made in the drug development business on a single drug like telaprevir, the hepatitis C treatment from Vertex Pharmaceuticals (NASDAQ:[[ticker:VRTX]]). If it gets approved, the drug has the potential to become a leading treatment for the chronic liver disease—and to make a multibillion-dollar fortune for Cambridge, MA-based Vertex—within the next few years. … Continue reading “How Eli Lilly Let a Billion-Dollar Molecule Slip Away and Make a Fortune for Vertex”
PerkinElmer Buys VisEn Medical
Waltham, MA-based PerkinElmer (NYSE:[[ticker:PKI]]), a provider of research technologies and diagnostics, has acquired VisEn Medical for an undisclosed sum, according to the companies. Bedford, MA-based VisEn, which makes in vivo fluorescence imaging products, was co-founded in 2000 by Ralph Weissleder, the director of the Center for Systems Biology at Massachusetts General Hospital, and company CEO … Continue reading “PerkinElmer Buys VisEn Medical”
Casenet Nabs $2M Debt Deal
Casenet, a Bedford, MA-based provider of health management software, has raised $2 million in a debt and rights financing, according to an SEC filing. The company previously raised $5 million in a similar debt financing in May 2009 and a $7.5 million Series B round led by HLM Venture Partners in Boston in November 2007. … Continue reading “Casenet Nabs $2M Debt Deal”
Boston-Power Boosts Round to $66.4M
Boston-Power, the Westborough, MA-based maker of advanced lithium-ion batteries, has increased its Series E funding round from $60 million to $66.4 million, according to a regulatory filing. In June, the firm revealed that existing investors Foundation Asset Management and Oak Investment Partners both led the round, which included investments from previous backers Venrock Associates and … Continue reading “Boston-Power Boosts Round to $66.4M”
Avedro Raises $4.6M for Vision Correction Technology
Things appear to be heating up at Avedro. The Waltham, MA-based startup, which is developing a system that uses thermal energy to correct vision, has raised $4.6 million out of a proposed $5 million in an equity, debt, and rights financing, according to an SEC filing. David Muller, the CEO of Avedro, said in an … Continue reading “Avedro Raises $4.6M for Vision Correction Technology”
SV Life Sciences, Fresh from Closing $523M New Fund, Looking at Health IT Deals
While many venture firms are struggling in the aftermath of the Great Recession, there are a few outfits with plenty of capital to invest. SV Life Sciences, which has operations in Boston and the Bay Area, is one of those few. Last month the firm closed one of the year’s largest healthcare-focused venture funds, its … Continue reading “SV Life Sciences, Fresh from Closing $523M New Fund, Looking at Health IT Deals”
SiGe Semiconductor Targets $144M IPO
A Massachusetts tech firm is testing the IPO waters. Andover, MA-based SiGe Semiconductor, which makes radio frequency chips for wireless communications, filed papers with the SEC yesterday for a proposed $143.8 million initial public offering. The firm has not set a date for the proposed offering. SiGe, founded as a Canadian company in 1996, has … Continue reading “SiGe Semiconductor Targets $144M IPO”
Charles River Ends $1.6B WuXi Buyout
Charles River Laboratories International (NYSE:[[ticker:CRL]]), a provider of lab mice and drug research services, said yesterday that it nixed its plans to acquire the China-based contract research juggernaut WuXi PharmaTech (Cayman) (NYSE:[[ticker:WX]]) for $1.6 billion due to lack of support for the deal among its shareholders. Wilmington, MA-based Charles River is paying WuXi a $30 … Continue reading “Charles River Ends $1.6B WuXi Buyout”
Xconomy Readers Set $20B Pricetag on Genzyme—Is That Too Rich for Sanofi-Aventis?
We asked our readers to chime in this week on the value of the venerable biotech Genzyme (NASDAQ:[[ticker:GENZ]]), which has reportedly become an acquisition target of the French drug giant Sanofi-Aventis (NYSE:[[ticker:SNY]]). Well, the results are in, but the question remains how our readers’ predicted price will match up with what Sanofi offers, and whether … Continue reading “Xconomy Readers Set $20B Pricetag on Genzyme—Is That Too Rich for Sanofi-Aventis?”
BioScale, Mastering Acoustics for Molecular Detection, Gets Nod from Millennium Pharma
Until recently, BioScale had operated out of the public eye for some eight years as it engineered a new way of measuring biological samples with sound wave technology. Now the Cambridge, MA-based startup has garnered some validation for its acoustic technology from a very visible player in biotech—Millennium, The Takeda Oncology Company. Cambridge-based Millennium has … Continue reading “BioScale, Mastering Acoustics for Molecular Detection, Gets Nod from Millennium Pharma”
RainDance Technologies, Delving Deep into DNA, Gets Wall Street Connections with Latest CEO
Roopom Banerjee, the chief executive of genomic research tool maker RainDance Technologies, is aware of the criticisms facing genomics. “There’s been a lot of talk recently about how productive has the Human Genome Project really been in terms of delivering on the promise of personalized medicine,” he says. RainDance is helping scientists conquer part of … Continue reading “RainDance Technologies, Delving Deep into DNA, Gets Wall Street Connections with Latest CEO”
How Much Would You Pay for Genzyme?
Speculation has erupted over the potential outcome of reported M&A talks between the Cambridge, MA-based biotech powerhouse Genzyme (NASDAQ:[[ticker:GENZ]]) and the French drug giant Sanofi-Aventis (NYSE:[[ticker:SNY]]). While biotech watchers salivate over the potential sale of Genzyme, we thought it would be interesting to hear from you about what you think the company is worth. Frenzied … Continue reading “How Much Would You Pay for Genzyme?”
Interactions Gets $6.3M
Interactions, a Franklin, MA-based provider of software for customer service operations, has raised a $6.3 million Series D funding round, according to a press release. The investors in the round are Cross Atlantic Capital Partners, North Hill Ventures, Sigma Partners, and Updata Partners. Interactions, founded in 2002, makes software that is designed to improve companies’, … Continue reading “Interactions Gets $6.3M”
Boston’s Autism Mini-Cluster: New Drugs and Diagnostics Target Mysterious Brain Disorders
One day in my high school Spanish class, a kid who I was told had autism started hitting himself on the head repeatedly until our teacher sent him to the nurse. Looking back, I wonder whether he understood how abnormal his behavior was. But 17 years later, I’m encouraged by the growing cluster of outfits … Continue reading “Boston’s Autism Mini-Cluster: New Drugs and Diagnostics Target Mysterious Brain Disorders”
Cara Therapeutics Captures $15M
Cara Therapeutics, a Shelton, CT-based developer of treatments for pain and inflammation, has raised $15 million in a Series D funding round, according to a press release posted online today. Rho Ventures led the round, which included previous backers Alta Biopharma, Ascent Biomedical Ventures, CT Innovations, Devon Park BioVentures, Healthcare Private Equity, Mitsubishi International, and … Continue reading “Cara Therapeutics Captures $15M”
$250K for Alektrona
Alektrona, a Providence, RI-based startup focused on smart grid software and hardware, has received a $250,000 funding commitment from the Slater Technology Fund, according to Providence-based Slater. The funding is part of a $510,000 seed funding round. Thorne Sparkman, a manager director at Slater, led the firm’s investment in Alektrona. Gene Zimon, a former chief … Continue reading “$250K for Alektrona”
Eli Lilly Pays up to $380M for Alnara Pharma
We finally know how much drug giant Eli Lilly paid to acquire Cambridge, MA-based Alnara Pharmaceuticals. Lilly, which first announced its takeover of Alnara on July 2, disclosed today that the deal is worth as much as $380 million to venture-backed Alnara’s shareholders. Indianapolis-based Lilly (NYSE:[[ticker:LLY]]) is paying $180 million upfront for all of Alnara’s … Continue reading “Eli Lilly Pays up to $380M for Alnara Pharma”
Mitralign Secures $5M Credit Facility
Mitralign, a Tewksbury, MA, startup developing a catheter-based system for mitral valve repair, has secured a $5 million credit facility from GE Capital, according to a press release. The startup plans to use the credit facility to provide working capital for advancing the development of its technology.
Actifio Finishes $8M Round
Actifio, a stealthy Waltham, MA, startup developing data management virtualization technology, told VentureWire that it completed its $8 million Series A round about six months ago. Xconomy reported last July that Actifio had secured the first $4 million of the first-round financing. The startup’s founder and CEO is storage veteran Ash Ashutosh, a former chief … Continue reading “Actifio Finishes $8M Round”
DiagnosisONE Finds $5M from Edison
DiagnosisOne, a Nashua, NH-based maker of clinical decision-support software, has raised $5 million in funding from Edison Venture Fund, according to a press release posted on PE Hub. Edison, which is based in Lawrenceville, NJ, is the sole institutional backer of DiagnosisONE. The company, founded by a team of physicians and computer science experts in … Continue reading “DiagnosisONE Finds $5M from Edison”
Stromedix, with Biogen Idec Roots, Seeks Exit from Regulatory Limbo
Cambridge, MA-based Stromedix is behind schedule on developing drugs that could stymie a cellular process that causes peoples’ bodies to transplanted kidneys to fail. Yet schedule delays are common in the unpredictable biotech business, and we’re only hearing about this one because of the candid nature of its co-founder and CEO, Michael Gilman. When Stromedix … Continue reading “Stromedix, with Biogen Idec Roots, Seeks Exit from Regulatory Limbo”
NaviSite Gets Buyout Offer
NaviSite (NASDAQ:[[ticker:NAVI]]), an Andover, MA-based provider of IT services such as data hosting for large organizations, reported this morning that it has received a buyout offer from one of its major shareholders, Atlantic Investors, which controls 36.6 percent of the company’s stock. Atlantic wants to buy the rest of NaviSite’s common stock for $3.05 per … Continue reading “NaviSite Gets Buyout Offer”
Taris Bio Names New CEO
Taris Biomedical, a Lexington, MA-based developer of drug-device combo products for bladder conditions, reported this morning that it has hired Sarma Duddu to be its president and chief executive. Duddu was most recently a general manager and vice president of drug delivery at Cima Labs, a subsidiary of the Frazer, PA-based drugmaker Cephalon (NASDAQ:[[ticker:CEPH]]). In … Continue reading “Taris Bio Names New CEO”