It was a relatively busy week in the Northwest, with lots of little deals in biotech, software, mobile, and gaming, and one big deal in cleantech. We’ll see if the pace quickens before the unofficial start of summer… —Luke reported that Redmond, WA-based CoAptus Medical, maker of a catheter device for sealing up heart defects, … Continue reading “Ramgen Power Gets $20M, Best Buy Backs Dashwire, WildTangent Teams Up With Mochi, & More Seattle-Area Deals News”
Category: National
Today’s XSITEing News: Beer and Prizes
Signing up for XSITE 2009, Xconomy’s Summit on Innovation, Technology, and Entrepreneurship on June 24, ensures your access to the biggest showcase of New England technological ingenuity on either side of the Charles. Signing up early has even more benefits—and by benefits, I mean beer. And prizes. That’s because the first 50 paid registrants to … Continue reading “Today’s XSITEing News: Beer and Prizes”
A Blow to the Boston VC Scene? Greylock Partners Moving HQ to Silicon Valley
Here’s a minor setback for the venture capital industry in Boston. Greylock Partners is relocating its headquarters from the Boston area—where it got started 44 years ago—to Silicon Valley, the firm announced this morning. Does this mean that the Hub is losing its edge as a haven of entrepreneurial activity? That was the question raised … Continue reading “A Blow to the Boston VC Scene? Greylock Partners Moving HQ to Silicon Valley”
Presage, Fred Hutch Spinoff, Aims to Show Docs Which Cancer Drugs Work, and Which Won’t
Cancer drugs make almost everyone sick as a dog from toxic side effects, yet they have a hit-or-miss record when it comes to killing cancer cells. Jim Olson is a pediatric oncologist, so he’s well aware of the suffering and waste created by this approach. He prescribes these nasty toxins for young kids with only … Continue reading “Presage, Fred Hutch Spinoff, Aims to Show Docs Which Cancer Drugs Work, and Which Won’t”
Paragon Lake Out to Dazzle Jewelry Buyers with Virtual Customization
You could say that her love of jewelry brought Deborah Besemer out of early retirement. But while that might have a certain, shall we say, ring of truth to it, it’s really only one facet of the story. There were other, more important factors, such as the opportunity to challenge herself in a new arena … Continue reading “Paragon Lake Out to Dazzle Jewelry Buyers with Virtual Customization”
Concerro and Hospitals: How Job-Bidding Software Enables Savings
“Healthcare is such a mess,” sighs Graham Barnes, the CEO of San Diego-based Concerro. “It was supposed to be recession-proof. It wasn’t. But we can save them a lot of money, as we have a great story also in this economy.” Concerro was founded in 2002 as BidShift, a software developer that specializes in Web … Continue reading “Concerro and Hospitals: How Job-Bidding Software Enables Savings”
San Diego’s Acadia Awaits Parkinson’s Trial Results (and a Chance to Prove Naysayers Wrong)
One thing is clear to Uli Hacksell, chief executive of San Diego’s Acadia Pharmaceuticals (NASDAQ: [[ticker:ACAD]]): the market just doesn’t understand his company. Just a couple of weeks ago, the life sciences startup got a strong vote of confidence from Canada’s Biovail, which paid $30 million upfront as part of a deal to develop a promising drug … Continue reading “San Diego’s Acadia Awaits Parkinson’s Trial Results (and a Chance to Prove Naysayers Wrong)”
Icahn Wants to Fix Amylin First, Not Sell on the Cheap, Alex Denner Says
Carl Icahn didn’t become a billionaire by buying stocks high, and selling them low. So he isn’t looking to quickly flip San Diego-based Amylin Pharmaceuticals (NASDAQ: [[ticker:AMLN]]) if he and other dissident shareholders gain control of a few board seats. “Our plan is not to sell the company,” said Alex Denner, a portfolio manager for … Continue reading “Icahn Wants to Fix Amylin First, Not Sell on the Cheap, Alex Denner Says”
Dr. Sue Skates Where the Puck is Heading in Life Sciences–Waltham
The woman who runs the 10-year, $1 billion initiative to spur life sciences in Massachusetts has set up her office in Waltham, MA, about a 30-minute drive from one of the world’s leading and most famous clusters of biotech— Kendall Square in Cambridge. And she’s out there for a reason. This was one of the … Continue reading “Dr. Sue Skates Where the Puck is Heading in Life Sciences–Waltham”
Behind the Scenes of the MIT $100K: Leveraging 20 Years of History in 6 Months
Running the MIT $100K Entrepreneurship Competition is a lot like running a startup. We spend most of our time raising money. We are underpaid (in fact, we aren’t paid). Day or night, weekday or weekend, the job never really stops. There is very little formal authority (meaning our team has no real reason to listen … Continue reading “Behind the Scenes of the MIT $100K: Leveraging 20 Years of History in 6 Months”
Glympse of a Stealthy Startup: Ex-Microsofties Roll Out Location-Based Mobile Service
Tired of hearing your airline seatmates blab on their cellphones just to tell people “I’m on the plane,” or “I’ve just landed”? Sick of texting “Where are you?” when you’re trying to meet up with friends, or when a family member is stuck in traffic? Then Bryan Trussel, an ex-Microsoft veteran turned entrepreneur, has a … Continue reading “Glympse of a Stealthy Startup: Ex-Microsofties Roll Out Location-Based Mobile Service”
Archus Orthopedics, Spine Device Maker, Cuts Jobs Amid Financing Squeeze
Archus Orthopedics, the Redmond, WA-based company developing spinal implants to help people remain mobile after back surgery, has laid off most of its 45 employees and significantly scaled back its operations to conserve its remaining cash, Xconomy has learned. The news has surprised many in the Seattle medical device industry, because Archus has a strong … Continue reading “Archus Orthopedics, Spine Device Maker, Cuts Jobs Amid Financing Squeeze”
Qualcomm Launches Mobile Retail App Store
Taking a cue from the success of Apple’s App Store, San Diego wireless giant Qualcomm (NASDAQ: [[ticker:QCOM]]) said today it is opening its own suite of mobile software solutions and expanding its online retail site for mobile subscribers. Qualcomm says its Plaza Retail, rather than targeting a single platform, gives online publishers and developers the … Continue reading “Qualcomm Launches Mobile Retail App Store”
Amylin Co-Founder Ted Greene Explains His Switch in Proxy Battle
Big proxy battles, like the one unfolding at San Diego’s Amylin Pharmaceuticals, have become much like national political campaigns. There’s a media strategy. There are carefully choreographed events. There are war rooms on both sides. When dissident shareholder Eastbourne Capital Management submitted its filing “Amylin Pharmaceuticals: The Case for Change” to the SEC on May … Continue reading “Amylin Co-Founder Ted Greene Explains His Switch in Proxy Battle”
Werner Vogels of Amazon on the Future of the Cloud—Quick Hits from OVP Tech Summit
There was a lot of discussion about the top trends in energy, biotech, and computing at last week’s technology summit in Seattle hosted by OVP Venture Partners. The afternoon breakout session on information technology, attended by a few dozen IT leaders, focused on the theme of “big data.” This was all about the opportunities and … Continue reading “Werner Vogels of Amazon on the Future of the Cloud—Quick Hits from OVP Tech Summit”
NKT Therapeutics Aims For Severe Asthma, Targeting Natural Killer T Cells
Even though many venture firms are scrimping, there’s hope for biotech startups in search of capital to fund bold new areas of biological research. NKT Therapeutics, which revealed its $8 million first-round financing in March, has rallied venture capitalists to back its efforts to develop drugs that target lesser-known immune cells that potentially play key … Continue reading “NKT Therapeutics Aims For Severe Asthma, Targeting Natural Killer T Cells”
Bionavitas Pursues Algae Dream in Food Additives, Toxic Cleanup—Then Maybe Biofuel
When most entrepreneurs think of algae, they think of its potential to churn out renewable biofuels. But Bionavitas wants you to think first about dietary supplements. It also has its sights set on cleaning up toxic byproducts from polluters. There are fascinating scientific and economic reasons why the Redmond, WA-based company has crafted this strategy. … Continue reading “Bionavitas Pursues Algae Dream in Food Additives, Toxic Cleanup—Then Maybe Biofuel”
ID Analytics Offers Consumers Free Online Check-Up for Identity Theft
San Diego-based ID Analytics is launching a free online test that measures the vulnerability of individual consumers to identity theft. The test, called My ID Score, makes use of the same huge database and analytical software technology that ID Analytics uses to rank the probability that credit card purchases and other transactions are authentic. The … Continue reading “ID Analytics Offers Consumers Free Online Check-Up for Identity Theft”
Slacker Gets Funding, Daylight Solutions Gets the Military Interested in its Laser Technology, Startup CEOs Get Survival Advice, and More San Diego BizTech News
One of San Diego’s technology startups made an acquisition, and another got a secondary round of venture funding last week. That might not signify the end of the downturn for San Diego’s venture-backed companies, but they were welcome developments nevertheless. Meanwhile, entrepreneurs in San Diego’s technology sector got lots of survival advice. —Our timing made us look prescient this … Continue reading “Slacker Gets Funding, Daylight Solutions Gets the Military Interested in its Laser Technology, Startup CEOs Get Survival Advice, and More San Diego BizTech News”
With Depeche Mode iPhone App, Cambridge’s iZotope Boosts the Mobile Drumbeat
Last week I learned about a local music software company, iZotope, whose existence somehow escaped me back in 2007 when I was writing my story “Boston: The Hidden Hub of Music and Technology.” But the Cambridge, MA-based company has been making professional audio production software and digital signal processing hardware since 2001, and has gained … Continue reading “With Depeche Mode iPhone App, Cambridge’s iZotope Boosts the Mobile Drumbeat”
Back to Work and Flipping Cheeseburgers—A $100K Winner’s Tale
Well, here I am again, as promised. Yes, winning the $100K is exactly as you imagine it: limo rides, overflowing bottles of champagne, invitations to smoke-filled back rooms, and high-stakes poker games. Very high-stakes poker games. And you know, you really can’t fit that big check into an ATM. But I’ll talk about that at … Continue reading “Back to Work and Flipping Cheeseburgers—A $100K Winner’s Tale”
Amylin Dissidents Ought to Win Proxy Fight, Influential Advisory Firm Says
The investors who want to shake up the boardroom of San Diego-based Amylin Pharmaceuticals have made a convincing argument, and three of the five directors they have nominated ought to win election against the company’s slate of directors, according to RiskMetrics, an influential firm that advises institutional investors on proxy votes. The recommendation from RiskMetrics, … Continue reading “Amylin Dissidents Ought to Win Proxy Fight, Influential Advisory Firm Says”
Icahn’s Plan to Split Up Biogen Idec Would “Destroy Shareholder Value,” Company Says
Biogen Idec delivered a second counterpunch today against Carl Icahn—this time against the billionaire investor’s proposal to split the company into two parts. The company said Icahn’s idea would add administrative costs, make Biogen less attractive to a potential buyer, and “destroy shareholder value.” The Cambridge, MA-based biotech company (NASDAQ: [[ticker:BIIB]]) offered its latest salvo … Continue reading “Icahn’s Plan to Split Up Biogen Idec Would “Destroy Shareholder Value,” Company Says”
Ramgen Power Nabs $20M From Federal Stimulus to Make Coal Cleaner
Bellevue, WA-based Ramgen Power Systems has secured $20 million from the federal stimulus package to develop technology that captures and stores excess carbon emitted by power plants, according to a statement from U.S. Rep. Jay Inslee. Ramgen’s technology seeks to capture and store excess carbon based on compression principles learned from studying supersonic jet engines, … Continue reading “Ramgen Power Nabs $20M From Federal Stimulus to Make Coal Cleaner”
With $4.25M Seed Fund, Alliance of Angels Looks to Take Northwest Investing to “New Level”
Seattle-based Alliance of Angels officially announced its new $4.25 million seed fund this week, which it will invest in early-stage companies alongside individual investors. The Alliance of Angels’ Marty Smith first revealed the fund at the Technology Alliance’s annual luncheon in Seattle on May 1. “AoA continues to actively invest in great local companies and … Continue reading “With $4.25M Seed Fund, Alliance of Angels Looks to Take Northwest Investing to “New Level””
Nanogen Files for Bankruptcy, Arranges Asset Sale
Unable to consummate a merger with Elitech of France that was announced last year, San Diego’s Nanogen says it has filed for Chapter 11 bankruptcy and plans instead to sell its assets to Elitech for $25.7 million. Nanogen, which specializes in molecular diagnostics kits and reagents for rapid, point-of-care, diagnostic tests, revealed its merger plans with … Continue reading “Nanogen Files for Bankruptcy, Arranges Asset Sale”
A Pathfinder in Wireless Healthcare Says Reimbursement, Not Innovation, is the Critical Factor for Startups Today
Within the span of a few months, it seems as though wireless healthcare has come into focus as an emerging area of innovation and technology convergence. That has been especially true in San Diego, where the Gary and Mary West Foundation committed $45 million at the end of March to create the West Wireless Health … Continue reading “A Pathfinder in Wireless Healthcare Says Reimbursement, Not Innovation, is the Critical Factor for Startups Today”
GSK biotech subsidiary Tempero Pharma launched in the Boston area
London-based drug giant GlaxoSmithKline has quietly spun off a biotech startup, Tempero Pharmaceuticals, in the life sciences haven of Cambridge, MA, to develop drugs to treat diseases in which the immune system goes awry and attacks healthy tissues, Xconomy has learned. Tempero was incorporated in March, according to state of Delaware corporate records. The word … Continue reading “GSK biotech subsidiary Tempero Pharma launched in the Boston area”
ASCO Sneak Peek: ImmunoGen, Biogen Idec, Infinity Show Glimpses of Cancer Drug Data
Cancer is the one of the most intense fields of R&D in the pharmaceutical business, and if you need convincing, take a look at the enormous heaps of data that started appearing online last night. The annual cancer drug data frenzy known as the American Society of Clinical Oncology (ASCO) got its official kickoff of … Continue reading “ASCO Sneak Peek: ImmunoGen, Biogen Idec, Infinity Show Glimpses of Cancer Drug Data”
Northwest Layoff Update: Vidoop, TeachStreet, Pathway, Nokia, Microsoft Cut Staff
Times are still tough out there—and maybe getting tougher—despite faint rumblings of an economic recovery on the horizon. In the past two weeks, young startups and big public companies alike have shed workers in layoffs big and small. Here’s a quick recap of the bloodletting in the Northwest. —Vidoop, a Portland, OR-based maker of online … Continue reading “Northwest Layoff Update: Vidoop, TeachStreet, Pathway, Nokia, Microsoft Cut Staff”
Avila Therapeutics Hires First CEO Katrine Bosley, Adds $5M from Existing Investors
[[Update: information about a company financing was added to this story at 10 a.m today.]] At some point in the life of a biotech startup, the firm typically needs to strike a deal with a drug company or another deep-pocketed outfit to stay in business. Avila Therapeutics is no exception, and the young Waltham, MA-based … Continue reading “Avila Therapeutics Hires First CEO Katrine Bosley, Adds $5M from Existing Investors”
Oracle Forges Plan To Acquire Virtual Iron, MA Gets $25M For Wind Turbine Testing Facility, NBC’s Peacock Equity Fund Crows Over EveryZing, & More Boston-Area Deals News
The climate in Boston this week was neither steamy nor stormy. Likewise, the week in deals was a little bit hot and a little bit cold —with not much on either extreme. —Oracle flexed its muscle in Massachusetts, acquiring Lowell, MA-based Virtual Iron for an undisclosed sum. Virtual Iron specializes in virtualization technology, which allows … Continue reading “Oracle Forges Plan To Acquire Virtual Iron, MA Gets $25M For Wind Turbine Testing Facility, NBC’s Peacock Equity Fund Crows Over EveryZing, & More Boston-Area Deals News”
In Economic Outlook for San Diego, 2009 Branded a “Throw-Away Year”
San Diego County’s regional economy is still contracting, with housing starts at a 41-year low, employers continuing to shed jobs, and consumer spending stuck in the doldrums, according to an economic report set for release today by the UCLA Anderson Forecast. “Consider 2009 a throw-away year except that the existing housing sector should recover,” UCLA’s … Continue reading “In Economic Outlook for San Diego, 2009 Branded a “Throw-Away Year””
ASCO Preview: Seattle Genetics, ZymoGenetics, Trubion & Other Seattle Biotechs Offer Peeks at Cancer Drug Results
The market for cancer drugs is booming, on pace to grow from $66 billion in worldwide sales in 2008 to more than $84 billion by 2012, according to data from Cowen & Company. So if you are a member of the leading association of cancer physicians in the world, then chances are your annual meeting … Continue reading “ASCO Preview: Seattle Genetics, ZymoGenetics, Trubion & Other Seattle Biotechs Offer Peeks at Cancer Drug Results”
Slacker Raises Another $9.7M in Venture Funding
Slacker, the San Diego-based online music streaming service, disclosed in a regulatory filing this week that it has raised almost $9.7 million so far in a secondary venture round intended to raise $10.2 million. As Xconomy’s Juha-Pekka Tikka reported Tuesday, Slacker raised $5 million in venture funding just six months ago from Rho Ventures of … Continue reading “Slacker Raises Another $9.7M in Venture Funding”
Biogen Idec Pipeline Strong, Tysabri Coming Back; Icahn Would “Weaken” Board, Company Says
Biogen Idec shot back at Carl Icahn today in a regulatory filing. The company disputed the ways in which the billionaire challenged virtually every aspect of its business, and disagreed with Icahn’s fundamental conclusion that it is suffering from “failed leadership.” Cambridge, MA-based Biogen (NASDAQ: [[ticker:BIIB]]) says its R&D pipeline is strong, physicians are regaining … Continue reading “Biogen Idec Pipeline Strong, Tysabri Coming Back; Icahn Would “Weaken” Board, Company Says”
Bill Gates and Paul Allen To Enter Xconomy Battle of the Tech Bands (Sort Of)
Are you ready to rock? We’ve already received quite a few submissions from Seattle-area musicians in the tech and life sciences community who want to compete in the Xconomy Battle of the Tech Bands. The big competition is happening at the WTIA Summer Celebration at the Pyramid Ale House on July 30. (Event details and … Continue reading “Bill Gates and Paul Allen To Enter Xconomy Battle of the Tech Bands (Sort Of)”
Cascadia Capital’s New Managing Director, Michael Orbach, on Trends to Watch in IT Deals
Veteran software entrepreneur and investment banker Michael Orbach is joining Seattle-based Cascadia Capital today. As a new managing director in the investment bank, Orbach will focus on mergers and acquisitions, as well as capital raises, in software and services—all in the mid-market range of $20 million to $500 million deals. The new hiring looks to … Continue reading “Cascadia Capital’s New Managing Director, Michael Orbach, on Trends to Watch in IT Deals”
Words to the Wise When the Exits Are Closed
If you’re the CEO of a venture-backed company, what can you do when the exit doors remain closed for IPOs, and the collapse of capital markets has slowed mergers and acquisitions to a trickle? That may be the question of the hour, or perhaps the year. But preserving your options, and creating new ones, was … Continue reading “Words to the Wise When the Exits Are Closed”
No Recession in WeeWorld: Teen Socializing Drives Growing Virtual Goods Revenues
Dinner party conversations with Celia Francis don’t go down the usual paths. “When people ask ‘What do you do?” she says, “I have to say ‘I sell animated ferrets.’” Francis is the Harvard- and MIT-educated CEO of WeeWorld, a transatlantic virtual goods company with its U.S. headquarters in Concord, MA, and its European headquarters in … Continue reading “No Recession in WeeWorld: Teen Socializing Drives Growing Virtual Goods Revenues”
For Nirvanix, Bliss is a Number Followed by Fifteen Zeros in a Cloud
San Diego’s cloud storage provider Nirvanix has raised eyebrows by claiming to be 200 percent faster than the great storage pioneer, Amazon’s Simple Storage Service. Cloud storage is a current hot topic many find hard to understand, but it all comes down to this: Nirvanix and similar companies store your computer’s archives on the Internet. … Continue reading “For Nirvanix, Bliss is a Number Followed by Fifteen Zeros in a Cloud”
Accelerator’s New Startup, Xori, Aims to Use Chicken Cells to Make Better Antibody Drugs
Accelerator’s latest company has a vision of turning the world of antibody drug development upside down. The tenth company to roll out of the Seattle-based biotech startup machine, Xori, aims to turn lab dishes of chicken cells into factories for making better, faster, cheaper antibody drugs. Xori also represents the fulfillment of a sort of … Continue reading “Accelerator’s New Startup, Xori, Aims to Use Chicken Cells to Make Better Antibody Drugs”
Arsenal Medical CTO Jeff Carbeck on His Secretive Startup, Attractions of Clean Energy Sector
Jeff Carbeck walked away from a promising career in academia four years ago to co-found Arsenal Medical, to apply advances in materials science to the healthcare market. Carbeck and I talked last week about his work at Watertown, MA-based Arsenal (originally named WMR Biomedical), which Xconomy reported last week raised $8.2 million in a third … Continue reading “Arsenal Medical CTO Jeff Carbeck on His Secretive Startup, Attractions of Clean Energy Sector”
Ksplice Wins MIT $100K—Software Updates With No Reboots
It’s not every day that someone posts a guest column for Xconomy in the morning and wins $100,000 in the evening. But that’s exactly what happened with Ksplice, which is working on technology that lets computer users install software updates while applications are running, avoiding a system restart and the lost productivity that can come … Continue reading “Ksplice Wins MIT $100K—Software Updates With No Reboots”
Dashwire Raises $1.6M from Geoff Entress, Best Buy, to Sync Your Cellphone with the Web
Seattle-based Dashwire, a mobile-Web software startup, has closed a $1.6 million round of financing (out of a $2.3 million offering), according to a regulatory filing. The round was led by Seattle-area investor Geoff Entress, who has previously backed the company and serves on its board, and Best Buy Capital, who has added Ying Zeng to … Continue reading “Dashwire Raises $1.6M from Geoff Entress, Best Buy, to Sync Your Cellphone with the Web”
GreenFuel Runs Out of Fuel, Shuts Down; Algae-to-Biofuel Technology for Sale
[Updated 7:30 p.m., 5/13/09, with input from former GreenFuel interim CEO Bob Metcalfe, see below.] Cambridge, MA-based GreenFuel Technologies, which struggled for eight years to commercialize an industrial-scale process for growing algae that could be turned into biofuels or food, is closing down for lack of financing and selling off its technologies. Greentech Media broke … Continue reading “GreenFuel Runs Out of Fuel, Shuts Down; Algae-to-Biofuel Technology for Sale”
Seattle Firms iLike, PopCap, Evri, and Zumobi Partner with Apple—an iPhone Update
It’s hard to keep up with the flood of new iPhone applications these days, but a few Seattle-based companies warrant a mention here for their recent news. Especially coming on the heels of the high-profile acquisitions of Seattle’s Urbanspoon (makers of the popular restaurant guide app) by IAC, and Lexcycle (makers of the e-book app … Continue reading “Seattle Firms iLike, PopCap, Evri, and Zumobi Partner with Apple—an iPhone Update”
Oracle Scoops Up Virtual Iron, Bolsters Virtualization Capabilities
Database giant Oracle (NASDAQ: [[ticker:ORCL]]) has scaled up its presence in Massachusetts—and placed itself in more direct competition with Hopkinton, MA-based EMC’s VMware subsidiary—by announcing its intention to acquire Virtual Iron, a maker of data center virtualization software in Lowell, MA. Redwood Shores, CA-based Oracle already has its own virtualization technology, called Oracle VM. The … Continue reading “Oracle Scoops Up Virtual Iron, Bolsters Virtualization Capabilities”
Genzyme Targets Growth, Taligen Takes $26M, Icahn Lays Into Biogen Idec Management, & More Boston-Area Life Sciences News
A good number of New England life sciences firms took home new venture money this past week—in a couple of cases, in fairly large bags. —Luke gave an overview of how Cambridge, MA-based biotech powerhouse Genzyme (NASDAQ: [[ticker:GENZ]]) plans to keep its revenues growing and its pipeline moving. Potentially important drugs for the company in … Continue reading “Genzyme Targets Growth, Taligen Takes $26M, Icahn Lays Into Biogen Idec Management, & More Boston-Area Life Sciences News”
San Diego’s BlackBall Finds the Files from Unstructured Data
“How many of us have lost a file sometimes?” BlackBall CEO Bob Brown’s first question to his audience is a killer. Hasn’t everyone lost or missed a file in their computer? We’re all storing more and more files in unremembered places all over our computers, where they become “unstructured data” instead of organized in some supposed folders. And … Continue reading “San Diego’s BlackBall Finds the Files from Unstructured Data”