Category: National

Tethys Snags $33M in Equity, Debt for Predictive Diabetes Test

[Corrected: 9 am Eastern] Tethys Bioscience has secured $33 million to see if it can build a big business around predicting and possibly heading off one of scourges of modern life—diabetes. The Emeryville, CA-based company is announcing today it has nailed down $23 million in equity investment, while borrowing another $10 million to finance the … Continue reading “Tethys Snags $33M in Equity, Debt for Predictive Diabetes Test”

San Diego, Pond Scum, and Crude Oil: Our Mayor Issues an Invitation to Sloganeers

Sometimes in this job, the stuff you hear just seems too good to be true. Like when the mayor of San Diego invites members of an audience to suggest a slogan more exciting than the one he came up with: “When you think of pond scum, think of San Diego.” It’s not often that the … Continue reading “San Diego, Pond Scum, and Crude Oil: Our Mayor Issues an Invitation to Sloganeers”

Biotech on a Shoestring: How Companies Are Pinching Pennies in the “New Reality”

Just in case startups thought they were insulated from the Wall Street implosion of September 2008, Sequoia Capital let there be no doubt that the ripple effect was being felt. Sequoia famously held an emergency meeting with its portfolio companies in October 2008, complete with a mock tombstone with the message “RIP: Good Times.” The … Continue reading “Biotech on a Shoestring: How Companies Are Pinching Pennies in the “New Reality””

Actifio, With New VC Bucks, Wants to “Virtualize” Data Management, Become the Next Data Domain

Take two of the more impenetrable terms in the IT industry, “data management” and “virtualization,” and put them together. What do you get? The doubly difficult moniker of “data management virtualization.” To an outsider, this might sound like enough jargon to kill a small child. But it’s actually pretty straightforward. What’s more, the sector could … Continue reading “Actifio, With New VC Bucks, Wants to “Virtualize” Data Management, Become the Next Data Domain”

Help Increase Transparency in Private Company Executive Compensation

A decade ago, investors and chief executive officers were largely flying blind when it came to compensation in early-stage, privately held companies. They had little more than anecdotal information and their gut to judge how much it would take to land a new head of sales or whether it was worthwhile to retain a chief … Continue reading “Help Increase Transparency in Private Company Executive Compensation”

Jive Software Nabs $30M in Round From Kleiner Perkins, Sequoia Capital

Jive Software, the Palo Alto, CA-based software company started in Portland, OR, has received $30 million in Series C financing led by Kleiner Perkins Caufield & Byers. This latest shot of cash, part of which comes from Sequoia Capital, means the company has raised more than $57 million in the last three years. Sequoia had … Continue reading “Jive Software Nabs $30M in Round From Kleiner Perkins, Sequoia Capital”

XL Hybrids Gets $300K, BP Acquires Verenium’s Cellulosic Biofuels Business, NE Q2 Venture Investing Slims Down, & More Boston-Area Deals News

We saw news of both acquisitions and fundraising rounds for New England companies in the clean tech, IT, and biotech sectors. —XL Hybrids, a Somerville, MA-based startup developing technology for retrofitting vehicles with hybrid elements, raised $300,000 from an undisclosed fund. The newest cash puts the cleantech company’s seed funding total at $1.8 million. —Westford, … Continue reading “XL Hybrids Gets $300K, BP Acquires Verenium’s Cellulosic Biofuels Business, NE Q2 Venture Investing Slims Down, & More Boston-Area Deals News”

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”

Jeff Glass on Bain Capital Ventures’ New Innovation Center, the Startup Ecosystem, and the Future of Group Buying

Venture capitalists are getting back to their roots. Amid the smaller exit markets, some contraction in the VC industry, and a general reset of investments to a lower level than two or three years ago, venture firms are making some key changes. Some are moving toward earlier-stage investments, while others are making more later-stage deals—and … Continue reading “Jeff Glass on Bain Capital Ventures’ New Innovation Center, the Startup Ecosystem, and the Future of Group Buying”

Google Energy Strikes First Deal—A 20-Year Wind Power Contract in Iowa

If you’ve crossed the U.S. Midwest by car recently, as I have, you may have noticed a new kind of crop sprouting up amidst the corn and soybeans: wind turbines, thousands of them. Now, some of the electricity those turbines produce will be going to Google Energy, a new entity set up by the Mountain … Continue reading “Google Energy Strikes First Deal—A 20-Year Wind Power Contract in Iowa”

DirectoryM Changes Name to nSphere, Highlights Data-Aggregating Focus

Boston-based DirectoryM hasn’t been living up to its name for a few years now, and the company is re-branding itself today with the name nSphere. Its aim is “connecting databases and making them available to users searching for information online,” says chief operating officer Jean-Eric Penicaud. The company’s technology pulls information from about 10,000 databases … Continue reading “DirectoryM Changes Name to nSphere, Highlights Data-Aggregating Focus”

Mirador Biomedical Seeks to Prevent Hospital Errors with Simple Digital Sensor

Justin Hulvershorn learned in medical school about one of the everyday procedures done in hospitals, when a patient has a catheter inserted into a central vein to deliver fluids or drugs. In one memorable moment from about 10 years ago, the medical professional missed the vein and hit one of the biggest arteries that carries … Continue reading “Mirador Biomedical Seeks to Prevent Hospital Errors with Simple Digital Sensor”

iNetworksMichigan To Bring Detroit $10M, Plus Lessons Learned From Pittsburgh’s Economic Revival

When Charlie Schliebs looks at Detroit today, he sees his hometown of Pittsburgh about 30 years ago, when the steel industry collapsed. Then, Carnegie-Mellon University and the University of Pittsburgh helped turn things around by stepping up to the challenge of redefining themselves as a training ground for a new, tech-based economy. That’s why Schliebs, … Continue reading “iNetworksMichigan To Bring Detroit $10M, Plus Lessons Learned From Pittsburgh’s Economic Revival”

Memjet CEO Lauer Talks Strategy as Debut Approaches for “Disruptive” Inkjet Technology

When I got a chance to sit down with Memjet CEO Len Lauer a few weeks ago, I was full of anticipation—because, for me, Memjet is a study in contradictions. Memjet, as I reported in March, has been developing a host of radically innovative inkjet printing technologies for a worldwide market that was established decades … Continue reading “Memjet CEO Lauer Talks Strategy as Debut Approaches for “Disruptive” Inkjet Technology”

Paul Allen Vows to Donate Majority of Estate, Tom Alberg Heads to D.C., Seattle Startup Sectors Grow, and Other Seattle-Area News

After last week’s resurgence of activity surrounding Seattle-area technology companies, I have to say I’m somewhat surprised by how few deals were made this past week. But just because there weren’t very many straight deals over the last few days, doesn’t mean there weren’t any big news stories—or big dollars—being tossed around the local tech … Continue reading “Paul Allen Vows to Donate Majority of Estate, Tom Alberg Heads to D.C., Seattle Startup Sectors Grow, and Other Seattle-Area News”

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”

GE Spurs Smart Grid Investing, Evernote Opens Its Trunk, Zendesk Touts Twitter, & More Bay Area BizTech News

It’s an Xconomy tradition: for the benefit of readers who may be too busy to keep up with us from day to day, we offer regular roundups of our news coverage from the past week. Typically we publish two separate roundups each week: one for life sciences news, and one for financial deals and general … Continue reading “GE Spurs Smart Grid Investing, Evernote Opens Its Trunk, Zendesk Touts Twitter, & More Bay Area BizTech News”

Anaptyx Installs Free Wi-Fi in Greenway Parks—Rest of Boston to Follow?

When last we checked in with Ken Carnesi, the co-founder and CEO of Anaptyx, he was busy setting up a free Wi-Fi network in Harvard Square. He was also starting to bring his Boston-area company’s wireless Internet service, meant primarily for apartments and condo buildings, to new cities around the country. Today he’s helping to … Continue reading “Anaptyx Installs Free Wi-Fi in Greenway Parks—Rest of Boston to Follow?”

Ramius Makes Unsolicited Bid for Cypress Bioscience

An activist investment fund managed by Ramius, a New York multi-fund hedge fund, pounced on Cypress Bioscience (NASDAQ: [[ticker:CYPB]]) today, offering to pay almost $160 million in cash to acquire the San Diego biotech. Ramius Value and Opportunity Advisors, a subsidiary of the $7.8-billion Ramius fund group, already owns about 9.9 percent of Cypress, making … Continue reading “Ramius Makes Unsolicited Bid for Cypress Bioscience”

SmartBear Adds to Growing Software Cluster in Beverly

There’s a prominent new software company headquartered in Beverly, MA. Until now, I had always associated the seaside town with its great old theaters, museums, and having a great white shark brought into the harbor in the mid-1990s (random, I know). From now on, I’ll think of software. There are already quite a few tech … Continue reading “SmartBear Adds to Growing Software Cluster in Beverly”

Serious Gaming: Looking Ahead to Casual Connect

As a newly recruited tech writer here at Xconomy Seattle, I feel I have to be straight with you and reveal a potentially career-threatening secret: I have never been to a gaming conference, “casual,” “core,” or otherwise. Now I know what you’re thinking—how could that be? Well, I’ll tell you, I’m not quite sure. I’ve … Continue reading “Serious Gaming: Looking Ahead to Casual Connect”

Tom Ranken’s Mission: Knit Together Northwest’s First Real Cleantech Trade Association

Tom Ranken has been feeling a bit of déjà vu lately. The feeling has washed over Ranken in the past month, since he was hired to be the first full-time CEO of the Washington Clean Technology Alliance. His job is essentially to turn a fledgling, hyped-up, loosely-defined industry into a more clearly defined, potent force … Continue reading “Tom Ranken’s Mission: Knit Together Northwest’s First Real Cleantech Trade Association”

Was ‘Antennagate’ a Side Effect of Apple’s Secrecy Culture?

Repeat after me: rubber baby iPhone bumpers, rubber baby iPhone bumpers. That’s more or less the mantra that emerged from Apple’s “Antennagate” press conference in Cupertino, CA, on Friday, called to address consumers’ and reporters’ (and Senators‘!) concerns about reception problems with the iPhone 4. CEO Steve Jobs shared data confirming that the iPhone 4—and … Continue reading “Was ‘Antennagate’ a Side Effect of Apple’s Secrecy Culture?”

Wii Game, Graphic Novel Help PixoFactor Digitize and Monetize Michigan’s Film Incentive

Michigan’s highest-in-the-nation 42 percent tax credit for filmmakers is often called the “film incentive,” but if you ask the folks at PixoFactor Entertainment in Royal Oak, MI, the bigger beneficiaries are those who work on videogame and animation productions. Plus, they argue, those jobs are longer-lasting and more local than movie production. That’s why Sean … Continue reading “Wii Game, Graphic Novel Help PixoFactor Digitize and Monetize Michigan’s Film Incentive”

ESRI Launches Open Website for Mapping, Verenium Sells Cellulosic Biofuels Biz, MindTouch Unveils Improved Platform, & More San Diego BizTech News

[Corrected 7/19/10, 1:05 pm. See below.] Some 13,000 developers of geographic information systems (GIS) gathered at the San Diego Convention Center last week as ESRI, the Redlands, CA-based GIS software developer, moved to address the market for mobile and other users. We’ve got that and the rest of our BizTech News all mapped out for … Continue reading “ESRI Launches Open Website for Mapping, Verenium Sells Cellulosic Biofuels Biz, MindTouch Unveils Improved Platform, & More San Diego BizTech News”

Myriant Technologies Looks Beyond Biofuels at Growing Chemicals Business

Stephen Gatto focused much his career during the previous decade on the biofuels industry. But today, he’s betting on specialty chemicals as the highest-growth market for his Quincy, MA-based company’s fermentation technology. Myriant Technologies is aiming to raise $60 million in a round of equity financing in the coming months, Gatto told Xconomy. The funding … Continue reading “Myriant Technologies Looks Beyond Biofuels at Growing Chemicals Business”

Puppet Labs Nabs $5M Round Led By Kleiner Perkins, Upgrades Software Product

Portland, OR-based data center automation software developer Puppet Labs, formerly known as Reductive Labs, has raised $5 million in Series B venture financing led by Menlo Park, CA-based firm Kleiner Perkins Caufield & Byers. The open-source startup, founded in 2003, helps companies automate the configuration and management of computers and servers through their flagship product—and … Continue reading “Puppet Labs Nabs $5M Round Led By Kleiner Perkins, Upgrades Software Product”

Achaogen, Flush with $56M, Seeks to Build Lasting Company with Potent Antibiotics

Want to raise a mountain of venture capital to pursue your biotech dreams in 2010? Do what Kevin Judice of Achaogen did. First, find some government agencies and charities willing to commit $100 million to your R&D, then see if the VCs will pull out the checkbook. That’s what happened earlier this year for South … Continue reading “Achaogen, Flush with $56M, Seeks to Build Lasting Company with Potent Antibiotics”

Cleantech Payday: An Expensive Lesson in Patience

Many software entrepreneurs and investors are looking to replicate their successes in cleantech. They are in for a surprise. While investors often have enjoyed quick returns in software, many of the opportunities in cleantech require longer-term commitments and overcoming some of the challenges outlined below. Long Development Cycles. There is a reason it’s called hardware. … Continue reading “Cleantech Payday: An Expensive Lesson in Patience”

VC Investment in New England Declines in Second Quarter (Two Out of Three Surveys Say); Top 10 Deals Dominated by Biotech

It’s always dangerous to read too much into one quarter’s venture capital stats. But the national and regional VC numbers released over the weekend suggest that venture investment in New England is leveling off to a new set point—significantly higher than a year ago, but down compared to its recent quarter-to-quarter growth. That’s according to … Continue reading “VC Investment in New England Declines in Second Quarter (Two Out of Three Surveys Say); Top 10 Deals Dominated by Biotech”

Venture Funding Drops Sharply in San Diego; Life Sciences Deals Predominate in Our Top 10 List

Venture capital investments in the San Diego region during the second quarter declined significantly—from both the same quarter of 2009 as well as the previous quarter, according to data released over the weekend by two rival surveys. The local downturn was in sharp contrast to the nationwide trend, which showed VC funding on the rise … Continue reading “Venture Funding Drops Sharply in San Diego; Life Sciences Deals Predominate in Our Top 10 List”

Venture Surveys Show Nationwide Increase, More or Less, in Second-Quarter Investments

How would you prefer your venture capital survey data this morning? Depending on the source, we can serve it up lukewarm, hot, or scalding. All three measures show that venture funding rose during the second quarter; it’s just a matter of degree: —CB Insights, a startup financial services firm based in New York, reports that … Continue reading “Venture Surveys Show Nationwide Increase, More or Less, in Second-Quarter Investments”

The Top 10 Northern California Venture Deals of the Second Quarter—Two Ways

Followers of venture capital industry statistics know that at least three separate organizations tally the data and publish summaries a couple of weeks after the end of each quarter. They also know that the three organizations—Dow Jones VentureSource, MoneyTree, and CB Insights—rarely agree on all of the numbers. Today we wanted to bring you a … Continue reading “The Top 10 Northern California Venture Deals of the Second Quarter—Two Ways”

Lessons Learned About the Outlook for New Obesity Drug Approval

Yesterday’s FDA advisory committee meeting on Vivus’ weight loss pill proved to us, once again, how incredibly difficult it is to successfully develop and register new drugs for obesity. Mountain View, CA-based Vivus had a solid program supporting their drug—demonstrating that their combination product of phentermine and topirimate (Qnexa) is very effective and has a … Continue reading “Lessons Learned About the Outlook for New Obesity Drug Approval”

TechStars Set to Open in Seattle: A Photo Tour of the New Space (and Bar)

It’s a shame I’m moving away from this neighborhood. South Lake Union in Seattle, I mean. Because just three blocks away from my soon-to-be-former apartment, the next big startup experiment is about to begin. TechStars, the seed-stage investment fund and mentorship program started in Boulder, CO, and now in Boston, is about to open in … Continue reading “TechStars Set to Open in Seattle: A Photo Tour of the New Space (and Bar)”

AVI Biopharma Wins Big Ebola Contract Worth up to $291M

The Northwest might just be an emerging cluster for Ebola. Research, anyway. Bothell, WA-based AVI Biopharma (NASDAQ: [[ticker:AVII]]) said today it has been awarded a contract from the U.S. Department of Defense to develop treatments for the deadly Ebola and Marburg viruses, in case they were ever used as bioterrorism agents. AVI stands to receive … Continue reading “AVI Biopharma Wins Big Ebola Contract Worth up to $291M”

Name Game: We Review Our Readers’ Choices for Boston’s Most (and Least) Successful Rebrandings

Call it market research, Xconomy style. On Wednesday, we initiated a poll asking our readers to weigh in on whether the rebranding efforts of eight New England startups that had changed their names in the past year worked for them. Readers were asked to pick whether the new name was better, worse, or the same … Continue reading “Name Game: We Review Our Readers’ Choices for Boston’s Most (and Least) Successful Rebrandings”

Seattle’s Deal-A-Day Sites, DealPop and Tippr, Challenge Groupon and LivingSocial

There is no arguing that the Internet has made the world smaller. Because of the Internet we can now share information instantly—and virally—from Seattle to Cairo to Bangladesh. One somewhat counterintuitive byproduct of this global information age, at least for me, is the increasing number of hyperlocal services popping up as a result. Internet culture … Continue reading “Seattle’s Deal-A-Day Sites, DealPop and Tippr, Challenge Groupon and LivingSocial”

Kristina Burow, Arch’s Rising Star in SF, Spots Big Ideas in Biotech, Cleantech

Kristina Burow came to UC Berkeley as a teenager from Minnesota with a vague idea about what she wanted in life, other than to become a champion collegiate swimmer. She ended up finding her purpose in both chemistry and business. Operating at the nexus of those two fields, at just 36, Burow has assembled a … Continue reading “Kristina Burow, Arch’s Rising Star in SF, Spots Big Ideas in Biotech, Cleantech”

Evernote Opens a Trunk of Goodies for Online-Notes Fans

If I only had a second brain—one that could hold my Web clips, store my business cards, transcribe my voice memos, keep my to-do lists, preserve my receipts and recipes and passwords, and archive items from my Twitter, Facebook, and RSS feeds, just to list a few of the myriad types of information I attempt … Continue reading “Evernote Opens a Trunk of Goodies for Online-Notes Fans”

Adimab Inks Novartis Deal, GSK-Founded Tempero Pursues Hot Immunology Field, Metamark Gets $22M, & More Boston-Area Life Sciences News

This week we ran several meaty profiles spotlighting strategies of New England biotech companies powered by some big life sciences players. —Lebanon, NH-based Adimab struck a research deal with Novartis, in which the startup will use its technology to discover antibodies that could potentially be used in drugs against two undisclosed diseases that Novartis chooses … Continue reading “Adimab Inks Novartis Deal, GSK-Founded Tempero Pursues Hot Immunology Field, Metamark Gets $22M, & More Boston-Area Life Sciences News”

EVO Media’s Geoff Nuval Talks About the New DevHub, Adding Fun to Business, and the Future of Gamification

With all the talk about “gamification” of the Web—adding video game mechanics to websites to boost customer engagement, loyalty, and spending—it’s time we spoke in depth with a Seattle company that really has taken the trend to heart. EVO Media Group, the maker of the DevHub website-building software platform, has been around since late 2007. … Continue reading “EVO Media’s Geoff Nuval Talks About the New DevHub, Adding Fun to Business, and the Future of Gamification”

Tekmira Nails $140M Defense Contract to Make RNAi Drug for Ebola

Score one huge U.S. defense contract for the Canadians. Vancouver, BC-based Tekmira Pharmaceuticals (TSX: [[ticker:TKM]]), a leading developer of technology for RNA interference drugs, said today it has secured a contract from the U.S. military worth as much as $140 million to make a drug that can effectively combat the deadly Ebola virus. This is … Continue reading “Tekmira Nails $140M Defense Contract to Make RNAi Drug for Ebola”

Vivus Obesity Drug Shot Down by FDA Panel, in Close Vote

[Updated: 12:45 pm Pacific, 7/16/10] Mountain View, CA-based Vivus (NASDAQ: [[ticker:VVUS]]) suffered a setback today at an important meeting for the future of obesity drug development, with implications for San Diego’s Arena Pharmaceuticals and Orexigen Therapeutics. A panel of experts who advise the FDA said today in a 10-6 vote that Vivus’ experimental weight loss … Continue reading “Vivus Obesity Drug Shot Down by FDA Panel, in Close Vote”

New Tech Clusters, Energy Boom, and VC Survival: Some Early Themes to Watch

Every so often, we like to step back and take stock of the bigger innovation trends we’re seeing across our network of cities. Though I haven’t quite landed permanently in Boston yet (glad to miss those flash floods), a few themes have caught my eye that I want to explore in more depth. They have … Continue reading “New Tech Clusters, Energy Boom, and VC Survival: Some Early Themes to Watch”

Biofuels Reboot: Verenium Sells Cellulosic Biofuels Business to BP for $98M, Includes San Diego R&D Facilities

[[Updated: 2:15 pm, 7/15/10]] Looking to get out from under ongoing financial losses and focus on new growth opportunities, Cambridge, MA-based Verenium has struck a deal to sells its cellulosic biofuels business for $98.3 million in cash to BP, the energy giant at the center of the oil spill crisis in the Gulf of Mexico. … Continue reading “Biofuels Reboot: Verenium Sells Cellulosic Biofuels Business to BP for $98M, Includes San Diego R&D Facilities”

Where Will the New Disease Treatments Come From a Decade From Now?

In the last two years, biotechnology companies, especially the smaller ones, have gone through a dramatic restructuring of priorities and focus. Like so many industries which have prioritized their businesses to the immediate, the cash efficient, the safe, the low risk, and the cash conserving, biotech has done the same. Some biotech companies have done … Continue reading “Where Will the New Disease Treatments Come From a Decade From Now?”

How Novartis Got Its Vaccines Groove Back, Intellikine Gets a Drug Development Deal, Ambrx CEO Departs, & More San Diego Life Sciences News

San Diego’s life sciences newsmakers must have been over compensating, after slacking off last week. This week we have deals, fundings, comings, and goings—not to mention Luke scoops No. 1 and 2—and our summary begins now. —Infinity Pharmaceuticals of Cambridge, MA, could pay San Diego-based Intellikine as much as $488.5 million in various types of … Continue reading “How Novartis Got Its Vaccines Groove Back, Intellikine Gets a Drug Development Deal, Ambrx CEO Departs, & More San Diego Life Sciences News”