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Daily Business Update: February 2008 Archives Daily Business Update « January 2008 | Main | March 2008 » February 29, 2008 PerkinElmer completes acquisition PerkinElmer Inc., a Waltham health sciences company, said today that it has completed its acquisition of the newborn metabolic screening business of Pediatrix Medical Group of Florida. PerkinElmer, which sells an array of life sciences instruments and services, said the completion of this transaction expands its capabilities in the neonatal health field. In December, PerkinElmer announced plans to buy the business; terms of the transaction were not disclosed. (By Chris Reidy, Globe staff) Posted by globebusiness at 3:44 PM | Comments (0) Akamai prevails in patent lawsuit Akamai Technologies Inc. said today that it prevailed in a patent lawsuit against Limelight Networks Inc. and was awarded nearly $46 million in damages by a jury in the US District Court of Massachusetts. Akamai of Cambridge is a global service provider for accelerating content and business processes online. In afternoon trading on the Nasdaq Stock Market, Akamai shares were up $2.43, or 7.3 percent, to $35.91. Akamai said that the jury returned a verdict today that Arizona-based Limelight is infringing the content delivery patent asserted by Akamai, and as a result, the jury awarded Akamai $45,526,946 in damages, plus interest. An attempt to reach Limelight was not immediately successful. The verdict, which came at the end of a three-week trial in Boston, stemmed from a lawsuit that Akamai had filed in 2006, the company said. (By Chris Reidy, Globe staff) Posted by globebusiness at 3:00 PM | Comments (0) Customer notifications going out in TJX breach Millions of customers who may have had credit card information compromised by a data breach at stores owned by Framingam-based retailer TJX Cos. are being told about their rights under a proposed settlement. A program that includes mailings and newspaper and magazine notices began Friday in the United States, Canada, and Puerto Rico. Notification was ordered by the federal court in Boston that's handling a consumer lawsuit that led to the proposed settlement. The court hopes to reach people who made purchases or returned items at stores owned by TJX Cos., including such chains as T.J. Maxx and Marshalls. The breach wasn't detected until December 2006. A toll-free phone number has been set up for consumer information -- 1-866-523-6770 -- along with a Web site, www.TJXsettlement.com. (AP) Posted by globebusiness at 2:24 PM | Comments (0) Sonus shares fall after it reported preliminary sales Sonus Networks Inc. shares fell today after the Westford company predicted its fourth-quarter revenue will slightly miss analysts' estimates and gave first-quarter and 2008 guidance that disappointed analysts. The networking hardware and software maker's shares fell 62 cents, or 16.1 percent, to $3.24, in morning trading on the Nasdaq Stock Market. In the past year, the stock has traded between $3 and $9.03. Sonus said late yesterday that according to preliminary results it expects fourth-quarter revenue of $97.1 million, compared with $79 million in the year-ago quarter. Analysts polled by Thomson Financial expect revenue of $97.3 million. For the full year, Sonus anticipates $320.3 million in revenue, compared with $279.5 million in the prior year. The company said it is waiting to release full financial results until an audit of its financial statements has been finished, and it plans to file a late filing notification for its annual report with the Securities and Exchange Commission. Sonus plans to report its full-year 2007 results in mid-March. Also Thursday, the company predicted in a conference call that its first-quarter revenue will total about $72 million to $76 million. Sonus also predicted 2008 revenue will rise 20 percent over 2007 revenue -- which assumes an expectation for about $384.4 million in full-year revenue. Analysts expect first-quarter revenue of $90.4 million and 2008 revenue of $417 million. Cantor Fitzgerald analyst Edward Jackson reiterated his "Buy" rating for the stock and lowered his price target to $4.75 from $5.50 on Friday, based on the company's preliminary fourth-quarter results and "disappointing" first-quarter and full-year 2008 guidance. "While yesterday's call was frustrating, it does not negate the strength of Sonus' financial position or the competitive position the company maintains in its addressable markets," he said in a note to investors. The analyst also lowered his 2008 estimates for Sonus. Also Friday, Jefferies & Co. analyst George C. Notter reiterated his "Hold" rating for the stock in a note to investors and lowered his price target to $3.50 from $6.25. "This quarter's disappointing guidance was consistent with our concerns about the company's 'real' quarterly run-rate. In hindsight, one has to wonder if Sonus is really a $75 million/quarter business with fourth-quarter results that were anomalous," he said. Notter also lowered his 2008 estimates for the company. (AP) Posted by globebusiness at 11:56 AM | Comments (0) Hub Fed chief: Credit problems may spread US balance sheet constraints are largely confined to a few large institutions, but there is a risk they could become widespread if house prices fall further, Boston Federal Reserve Bank president Eric Rosengren said today. Rosengren cited estimates on US mortgage credit losses of about $400 billion, with half of that being borne by leveraged institutions. "Balance sheet constraints are primarily occurring at a few large institutions with significant exposure to more complicated financial products," Rosengren told a forum sponsored by the University of Chicago Graduate School of Business and Brandeis University International Business School. "But then again, there is downside risk that balance sheet constraints could become more widespread ... - particularly if housing prices experience more significant declines." So far, Rosengren said, small and medium-sized businesses are "not complaining" about credit conditions, which reflects the lack of exposure these companies had to securitized products or the risky subprime mortgage market. He also said that despite the potential risks, he was optimistic that US monetary policy would help mitigate troubles in the mortgage and credit sector. "Lower rates are likely to result in higher house prices than would occur in the absence of monetary easing," he said. "This should reduce the foreclosure rate and reduce some of the concern that housing problems will become more widespread." He added though that monetary policy is not a "panacea" to the credit sector's problems, but a solution would involve a combination of monetary, regulatory, and fiscal measures. He said some of the possible solutions to addressing the credit problems are not tied to monetary policy. In recent years, he said the subprime market had become the major avenue for low- and moderate-income borrowers to buy homes. "There would seem to be a strong economic incentive for borrowers to seek FHA (Federal Housing Administration) insurance and get a prime rather than a subprime rate." (Reuters) Posted by globebusiness at 11:44 AM | Comments (0) Stop & Shop expands "Low Prices Every Day" push The Stop & Shop Supermarket Co. said today that it is expanding its "Low Prices Every Day" program to include salad dressings and condiments. The Quincy-based chain of 389 stores started the program in the fall of 2006; it initially covered produce, and the program has since been expanded to cover other categories, including dairy products, frozen foods, and baby care products, a spokesman said. Now the program will also cover products such as ketchup, mustard, and relish as well as olive oil, mayonnaise, pickles, and olives, Stop & Shop said. (By Chris Reidy, Globe staff) Posted by globebusiness at 11:32 AM | Comments (0) Biogen Idec prices a public offering Biogen Idec Inc. said it has priced a public offering of $1 billion principal amount of senior unsecured notes. The Cambridge company markets such drugs as Rituxan for non-Hodgkins lymphoma and rheumatoid arthritis and Avonex, a multiple sclerosis drug; with another firm, it markets a second MS drug called Tysabri. Biogen Idec said the offering of senior unsecured notes includes $450 million in aggregate principal amount of 6.0 percent notes due 2013 and $550 million in aggregate principal amount of 6.875 percent notes due 2018. Sale of the notes is expected to close March 4. The company plans to use the net proceeds from this offering, together with cash on hand, to repay indebtedness under its $1.5 billion bridge facility, the proceeds of which were used to repurchase shares of Biogen Idec's common stock in a $3 billion "Dutch Auction" tender offer settled July 2. (By Chris Reidy, Globe staff) Posted by globebusiness at 10:23 AM | Comments (0) Extreme Makeover talks trash with WMI Waste Management, a Houston provider of waste-management services, said it will help reunite a Maynard family in a dream home that will result from an episode of "Extreme Makeover: Home Edition," an ABC reality show. Waste Management said it will be among the supporting cast of contractors and service providers that will work with the Extreme Makeover team to ensure that Renee and Paul Giunta and their children receive a new home in seven days. In addition to providing free waste services, Waste Management said that "all material generated by the project will be recycled or converted into green power." (By Chris Reidy, Globe staff) Posted by globebusiness at 8:49 AM | Comments (0) Alnylam says it has acheived RNAi first Alnylam Pharmaceuticals Inc. said that it has established a significant first with results from a research trial that support its theory of creating drugs and treatments based on RNA interference, or RNAi. Specifically, the Cambridge biopharmaceutical company announced today that its Gemini trial has achieved "human proof of concept with an RNAi therapeutic, a first for the industry." Alnylam is seeking to develop novel technologies based on RNA interference, or RNAi, a naturally occurring mechanism within cells for selectively silencing and regulating specific genes; because many diseases are caused by the inappropriate activity of specific cells, the ability to silence genes selectively through RNAi is thought to have great potential. Today the company said that results from its Gemini trial with ALN-RSV01, an RNAi therapeutic for the treatment of respiratory syncytial virus, or RSV, showed statistically significant anti-viral efficacy. “With the positive results from Gemini, we believe that Alnylam has demonstrated the first ever human proof of concept with an RNAi therapeutic,” Alnylam chief executive John Maraganore said in a statement. “As such, these new data represent a key milestone and a major ‘de-risking’ event for the advancement of RNAi therapeutics, as well as important progress for our RSV program. While there’s more to do in our efforts, these results also highlight Alnylam’s continued leadership in the field of RNAi therapeutics, and our commitment to advancing this promising new class of medicines to patients.” Alnylam said it has scheduled a conference call this morning to discuss the results of the Gemini tests further. (By Chris Reidy, Globe staff) Posted by globebusiness at 8:46 AM | Comments (0) 3Com postpones vote on buyout 3Com Corp. said it will adjourn today's shareholder meeting without a vote on its proposed $2.2 billion buyout by Bain Capital Partners and China's Huawei Technologies Co. The networking equipment maker said it will continue to work with Bain to address U.S. lawmakers' concerns over the deal's implications for national security. Huawei has strong ties to the Chinese government, and lawmakers and Bush administration officials have expressed concerns that sensitive military technology could be transferred to China through the 16.5 percent 3Com stake that would be held by Huawei. 3Com and Bain said last Wednesday they had withdrawn their filing on the deal with the Committee on Foreign Investment in the U.S. The shareholders meeting will be reconvened on March 7. 3Com's shares jumped 49 cents, or 16.8 percent, to $3.40 in premarket trading. (AP) Posted by globebusiness at 8:32 AM | Comments (0) Nintendo tournament coming to Worcester When it came to selecting a suitable site for a Wii Olympics of sorts, the video-game gurus of Nintendo could not overlook Worcester. After all, Worcester Polytechnic Institute lays claim to having launched the first-in-the-nation undergraduate majors program in interactive media and game development. So it is only fitting and just that WPI's campus center was designated to host one of four regional Nintendo Wii game tournaments, and the Wii Worcester wing-ding is scheduled for 3 p.m. tomorrow. The tournament is part of Nintendo's promotion of the impending launch of a new Wii game - Super Smash Bros. Brawl. According to WPI, the tournament will provide the first 256 people in attendance the chance to "brawl" one-on-one with other contestants in a single-elimination tournament to determine a winner in each region; regional winners will face off in a final multiplayer "brawl" at the New York City tournament, and the grand prize winner will receive that Croix de Guerre of gaming - a crystal-coated Wii. (By Chris Reidy, Globe staff) Posted by globebusiness at 8:28 AM | Comments (0) Sepracor swings to fourth-quarter loss Sepracor Inc., a research-based pharmaceutical company, said today that it swung to a fourth-quarter loss, due to a hefty drug-licensing payment. For the quarter ended Dec. 31, the Marlborough company lost $5 million, or 5 cents per share, compared with profit of $95.2 million, or 82 cents per share, a year ago. The recent quarter included a $75 million, or 70 cent per share, upfront payment to Bial to license its pipeline product, eslicarbazepine acetate, for epilepsy. In addition, the company said it plans to restate its financials back to 2005 to reduce the amount of product revenue earned, due to government drug pricing. Revenue fell 4 percent to $340 million from $353.3 million, hurt by the Centers for Medicare and Medicaid Services' (CMS) decision during the second quarter 2007 to institute a new, bundled payment amount for two of its inhalable products: Xopenex and generic albuterol. Analysts polled by Thomson Financial, on average, expected profit of 53 cents per share, on revenue of $341.3 million. "This past year was a challenging but transitional year for Sepracor. We took major steps toward securing the next phase of our planned growth, as evidenced by our corporate partnerships for the Lunesta franchise outside of the United States, advancements in our clinical pipeline, and strengthening of our commercial capabilities and organization," said president and chief executive Adrian Adams. For the full year, profit fell to $58.3 million, or 50 cents per share, from $171.2 million, or $1.48 per share. Revenue rose to $1.23 billion from $1.18 billion. Looking ahead to 2008, Sepracor projected earnings per share of $1.40 to $1.80, on revenue of $1.35 billion to $1.45 billion. In October, the company forecast earnings per share between $2.35 and $2.45. Analysts forecast earnings of $2.28 per share on revenue of $1.34 billion. (AP) Posted by globebusiness at 8:27 AM | Comments (0) MassHousing approves $230k for sober housing MassHousing, the state's affordable housing bank, said it has approved nearly $230,000 in funding for affordable sober housing in Brockton, Chelsea, Weymouth, and Worcester. Since 2003, MassHousing said that it has created or preserved more than 1,000 units of sober housing across the state. Homeless people and veterans are among those in need of affordable sober housing, the agency said. (By Chris Reidy, Globe staff) Posted by globebusiness at 8:25 AM | Comments (0) Shepley Bulfinch gets Campbell U. project Boston architect firm Shepley Bulfinch Richardson & Abbott has been selected by Campbell University to help with the relocation of its law school to Raleigh, N.C. The university's Norman Adrian Wiggins School of Law is set to move to Raleigh in mid 2009, and Campbell University said it has retained Shepley Bulfinch and Raleigh architect firm Small Kane to do design work for the law school's $27.5 million building project. The law school is currently located on the Campbell University campus in Buies Creek, N.C. (By Chris Reidy, Globe staff) Posted by globebusiness at 8:21 AM | Comments (0) February 28, 2008 Novell swings to a quarterly profit Business software maker Novell Inc. swung to a profit in its fiscal first quarter, aided by rising maintenance and subscription revenue and lower operating expenses. The Waltham company also raised its 2008 revenue outlook. Novell shares rose 34 cents, or 5.2 percent, to $6.88 in after-hours trading, after finishing regular trading down 24 cents, or 3.5 percent, at $6.54. For the quarter, Novell earned $16.8 million, or 5 cents per share, compared with a loss of $20 million, or 6 cents, a year earlier. On an adjusted basis, Novell earned 8 cents per share. (AP) Posted by globebusiness at 7:01 PM | Comments (0) $1 million in aid coming for foreclosure counseling At least half a dozen Massachusetts nonprofits that counsel people facing foreclosure will get more than $1 million in federal aid to expand their efforts. The money is the state’s share of about $130 million Congress allocated in December to fund counseling for up to 400,000 families nationwide. Most of the Massachusetts money will be distributed by the Housing Partnership Network to nonprofits in Springfield, on Cape Cod, on the South Shore, and possibly to a fourth group in Boston. The rest of the money will be divided among a nonprofit with a statewide focus, the Citizens’ Housing and Planning Association, and two smaller groups focused on Boston. (By Binyamin Appelbaum, Globe staff) Posted by globebusiness at 6:45 PM | Comments (0) Fidelity profits up 22 percent A strong stock market and a reorganization of its leadership team helped push pre-tax income at Fidelity Investments, the world's largest mutual fund company, up 22 percent last year to $2.2 billion, the company said in its annual report. In a letter to shareholders of Fidelity's parent company, FMR LLC, chairman and chief executive Edward C. "Ned" Johnson III said the company posted "strong operating results" for 2007. But expenses also rose, he wrote, citing costs for employees, advertising, and interest. Johnson also noted that while the performance of many of Fidelity's mutual funds has improved, so far that hasn't translated into a flow of new investments into the funds. Fidelity publishes the report to inform shareholders of the parent company. It is not required to make its financial performance public, but voluntarily chooses to do so. Last year, the company converted to a limited liability corporation for tax purposes. As a result, it reports pre-tax income, which is then distributed to shareholders, rather than net income. The company also named Rodger A. Lawson, formerly vice chairman of Prudential Financial Inc., as its president. Lawson had previously worked at Fidelity in the late 1908s. Fidelity is one of the largest employers in Massachusetts. At the end of December, the company employed 46,500 workers worldwide, including 12,700 in Massachusetts. (By Ross Kerber, Globe staff) Posted by globebusiness at 4:47 PM | Comments (0) Bids for state-subsidized insurance come in high New bids from four insurers who provide subsidized insurance under Massachusetts’ universal healthcare law have come in far higher than expected. Chairwoman Leslie Kirwan has canceled today’s meeting of the Connector Board and is considering a public statement discussing the unanticipated cost growth and her hope the insurers can cut their proposed rate increases. The insurers, Fallon Community Health Plan, BMC HealthNet Plan, Neighborhood Health Plan and Network Health, service the Commonwealth Care program. It provides subsidized healthcare to people earning up to three times the federal poverty level. Last month, the board proposed raising copayments on the 169,000 people covered by the program. The concern is the suggested rate increases won’t be enough if coverage is more expensive than expected. (AP) Posted by globebusiness at 3:02 PM | Comments (0) Mass. hospitals win fight over Medicare rates A judge has ordered the US Department of Health and Human Services to reimburse Massachusetts hospitals up to $200 million because of an improperly calculated Medicare reimbursement rate. Sixty-two hospitals in the state sued over a change in the way HHS calculates the hospital wage index that is used in reimbursing hospitals under Medicare. In a ruling issued Tuesday, a federal judge in Washington, D.C., ordered the government to recalculate the wage index and pay the hospitals based on the new calculation. The hospitals say the miscalculation cost them about $200 million. The hospitals include Anna Jacques Hospital in Newburyport, Brigham & Women’s Hospital in Boston, and UMass Memorial Medical Center in Worcester. (AP) Posted by globebusiness at 2:47 PM | Comments (0) Mass. jobless rate rises to 4.5% Massachusetts added 900 new jobs in January, but the overall unemployment rate rose to 4.5 percent. The December 2007 unemployment rate was originally reported at 4.5 percent, but officials later revised the figure down to 4.3 percent. The tiny job growth in January was caused mainly by gains in education and health services as well as in leisure and hospitality jobs. The Massachusetts unemployment rate continues to outperform the national rate for the eighth month running. The US unemployment rate stands at 4.9 percent in January, down from 5.0 percent in December. (AP) Posted by globebusiness at 2:38 PM | Comments (0) Globe offers voluntary buyouts to employees The Boston Globe's publisher announced today that the newspaper will be offering voluntary buyout packages as part of a broader cost-cutting effort. The Globe is looking to cut 60 positions; the Worcester Telegram & Gazette will cut 20 positions. Boston.com will be excluded from the buyout offer. The publisher said the company would "continue to invest in this growing area of the business." Employees will be offered two weeks pay for every year of service, with a cap of one year's pay. Those Globe employees with lifetime job guarantees will be offered three weeks pay per year of service, capped at two years' pay. Publisher P. Steven Ainsley said in a memo to the staff, "This reduction in staff is a difficult but necessary step toward our ongoing goals of reducing costs and finding efficiencies that allow for the long-term health of our business." (By Beth Healy, Globe staff) Posted by globebusiness at 2:13 PM | Comments (0) Liberty Mutual to open office in Springfield Liberty Mutual Group plans to hire up to 300 people for a new office in Springfield. Gov. Deval Patrick made the announcement today with officials from the insurance company. The office will open later this year. Liberty Mutual says the expansion is partly due to the state's shift to a "managed competition" system for auto insurance. The office will be located in the former Springfield Armory in the Springfield Technical Community College park. It will include a customer service call center, among other business operations. Liberty Mutual currently has 4,400 employees in 33 locations across Massachusetts. (AP) Posted by globebusiness at 12:46 PM | Comments (0) Avici shares up after profit, sales surge Shares of Avici Systems Inc. jumped today after the networking technology company said its fourth-quarter profit multiplied nearly tenfold as revenue from its Internet routing products soared and operating costs declined. The company, which is changing its name to Soapstone Networks, earned 29.2 million, or $1.90 per share, up from a profit of $3 million, or 21 cents per share, in the same period a year earlier. Revenue jumped to $44.8 million from $15.9 million. Product sales were $42.1 million, up from $14 million a year earlier. Operating costs fell 13 percent to $8.1 million as research and other expenses declined. For the full year, the company earned $62.3 million, or $4.16 per share, up from a profit of $8.3 million, or 60 cents per share, in 2006. Revenue rose to $124.3 million from $82.2 million. Shares rose 98 cents, or 13.8 percent, to $8.23 in late morning trading. The stock has traded between $5.76 and $13.96 in the past 52 weeks. (AP) Posted by globebusiness at 12:36 PM | Comments (0) Au Bon Pain expands in Pittsburgh Au Bon Pain, an international cafe franchise headquartered in Boston, said it plans to two build two more cafes in Pittsburgh. The chain, which currently has nine cafe locations in Pittsburgh, said it has contracted with Encore Construction Inc., a Maryland firm whose specialties include building restaurants, to build two full-service cafes in Pittsburgh. (By Chris Reidy, Globe staff) Posted by globebusiness at 12:18 PM | Comments (0) Verizon details Mass. broadband expansion plans Verizon Communications Inc. announced today that it will invest $200 million in Massachusetts in 2008, applying to bring television service to 30 new eastern Massachusetts communities and DSL high-speed Internet to 23 communities in western Massachusetts. The announcement comes in the midst of the Patrick Administration's push to expand broadband access to unserved and under-served communities, with a proposed $25 million broadband incentive fund. State legislators from western Massachusetts praised the expansion by Verizon, which will bring service to two-thirds of the 32 towns that the state has said lack access to high-speed Internet. "The Internet is basically the highway of the 21st century, and you can't build an economy without the ability to access the highway," said state senator Stan Rosenberg. Verizon will also build its FiOS TV service beyond the 63 Massachusetts communities where it is available today. According to a preliminary filing with the state this year, Verizon had more than 78,000 television customers at the end of 2007. Verizon said it will apply for licenses to offer television service in Ashland, Bellingham, Billerica, Danvers, Dover, Easton, Grafton, Hanover, Hingham, Hudson, Hull, Kingston, Lakeville, Malden, Marblehead, Mansfield, Maynard, Middleton, Milford, Millbury, North Andover, Northborough, Plymouth, Stoughton, Stow, Sutton, Taunton, Walpole, Westford, and Weston. The company will also build DSL internet service to Becket, Blandford, Colrain, Cummington, Florida, Goshen, Hancock, Heath, Leverett, Leyden, Middlefield, Monroe, Montgomery, New Ashford, New Marlborough, Pelham, Plainfield, Rowe, Sandisfield, Tolland, Westhampton, Windsor, and Worthington. Verizon will also add 200 customer service jobs within Massachusetts, and double the speed of its Internet offerings in two dozen communities mainly in central Massachusetts. (By Carolyn Yoon Johnson, Globe staff) Posted by globebusiness at 11:15 AM | Comments (0) Javelin Pharmaceuticals complies with Amex rules Javelin Pharmaceuticals Inc., a Cambridge company focused on pain-management treatments, said today that it has regained compliance with American Stock Exchange rules regarding director independence. The company said it reported in a Securities and Exchange filing earlier this month that it had determined that Martin Driscoll, a company director, no longer qualified as independent. But on Feb. 18, Javelin said its board elected Peter D. Kiernan III as a director and qualified him as independent under the Amex Rules. The company further added that its corporate governance and nominating committee met Feb. 24 and reviewed the independence requirements for directors; the committee determined that of the board's eight directors, five qualify as independent under Amex rules. (By Chris Reidy, Globe staff) Posted by globebusiness at 11:10 AM | Comments (0) Settlement reached on Woburn Superfund cleanup The federal government has reached a settlement with two companies over cleanup of a Superfund site in Woburn. The Justice Department and Environmental Protection Agency filed the agreement on Wednesday in federal court in Boston. The settlement resolves disagreements over the second phase of cleanup at the Industri-Plex site. Heavy metals and other contaminants are left over from more than a century of chemical and glue-making operations that ended in 1969. The settlement spells out the cleanup obligations of two companies, Pharmacia and Bayer CropScience. Both firms are successors to companies that previously operated at the site. Cleanup costs are estimated to be nearly $26 million for the second phase. (AP) Posted by globebusiness at 10:49 AM | Comments (0) Bruker shares hit 7-year high on profit news X-ray technology and molecular analysis company Bruker Corp. said today that its fourth-quarter profit rose 44 percent on a surge in product sales. The stock hit a seven-year high on the results, jumping more than 13 percent to reach $14 in morning trading. The company earned $14 million, or 13 cents per share, compared with a profit of $9.7 million, or 9 cents per share, during the same period a year prior. Revenue rose 35 percent to $183.7 million from $135.6 million. Analysts polled by Thomson Financial expected profit of 11 cents per share on revenue of $154.5 million. Product sales made up the bulk of the revenue, rising 37 percent to $164.9 million, while service fees rose 23 percent to $18.4 million. Other revenue accounted for $449,000. For the full year, the company earned $31.5 million, or 30 cents per share, compared with a profit of $18.5 million, or 18 cents per share, in 2006. Revenue rose to $547.6 million from $435.8 million. Also, the company said it closed the $914 million cash-and-stock buyout of Bruker BioSpin Group on Tuesday. (AP) Posted by globebusiness at 10:44 AM | Comments (0) AMAG Pharmaceuticals shares hit year low Shares of biotechnology company AMAG Pharmaceuticals Inc. plunged today after the company said it may have to conduct additional studies in order to gain approval for its experimental cancer imaging agent Combidex. The stock fell $3.18, or 6.8 percent, to $44 in morning trading. They earlier traded as low as $42.70, after trading in a 52-week range of $43.59 to $72.95. The Food and Drug Administration's review of Combidex has been ongoing since March 2005, when it asked for additional clinical data. In December, AMAG's European marketing partner Guerbet S.A. withdrew its application for the drug with regulators there after they indicated it was not effective. Combidex, known as Sinerem in Europe, designed to help detect cancerous lymph nodes in conjunction with magnetic resonance imaging. "Based on our review of the data from the Guerbet trial, it appears unlikely that the data from that trial will be sufficient to address the concerns raised by the FDA, which means we may have to sponsor one or more additional clinical trials to obtain approval for Combidex," AMAG said in a Securities and Exchange Commission filing Wednesday. "We cannot at this time predict with certainty the timing or likelihood of our ability to satisfy the conditions specified by the FDA for approval of Combidex, if at all." The company is also waiting for FDA approval on its lead product candidate, Ferumoxytol, an intravenous iron replacement therapy for iron deficiency anemia in chronic kidney disease patients. Earlier in February, the FDA rejected a rival drug candidate, made by Daiichi Sankyo Co., sparking some investor concern that Ferumoxytol could face a tougher review process. The FDA is expected to make a decision on Fermuxytol by Oct. 19. (AP) Posted by globebusiness at 10:37 AM | Comments (0) Affiliated Managers to open London office Affiliated Managers Group Inc., a diversified asset management company in Beverly that refers to itself as AMG, today announced the opening of an office in London. The opening of the London office is part of a company plan to extend the global institutional distribution capabilities of its affiliates to the Middle East. "The Middle East, which includes some of the largest, most sophisticated pools of managed assets in the world, offers significant opportunities for AMG to help its affiliates service existing clients, as well as establish significant new client relationships," AMG executive vice president and chief operating officer Nate Dalton said in a statement. (By Chris Reidy, Globe staff) Posted by globebusiness at 9:10 AM | Comments (0) Inverness to close British facility Inverness Medical Innovations Inc., a Waltham company specializing in rapid point-of-care diagnostic products, today announced its intention to close its Unipath facility in Bedford, England. Inverness, which seeks to transfer Bedford manufacturing operations to lower cost production facilities such as those in China, said Unipath will commence discussions with employee representatives as part of a consultation process required by English law. Unipath, Inverness said, employs over 400 people in the United Kingdom. The intention to relocate those Bedford manufacturing operations "represents an acceleration of Inverness' ongoing plans to significantly reduce product cost, increase margins and extend product life cycles for its women's health and professional diagnostic product lines," Inverness said. (By Chris Reidy, Globe staff) Posted by globebusiness at 8:56 AM | Comments (0) Boston Scientific launches new devices in Europe Boston Scientific Corp. announced today the first European implants of new devices to treat heart failure and sudden cardiac arrest. The Natick medical device maker said that doctors began performing implants of its Cognis cardiac resynchronization therapy defibrillator and its Teligen implantable cardioverter defibrillator. The implants represent the beginning of the products' market launch in Europe, and the company said it plans to "build to a full launch in Europe and other international markets in the second quarter." The devices are pending approval by the US Food and Drug Administration, Boston Scientific said. (By Chris Reidy, Globe staff) Posted by globebusiness at 8:42 AM | Comments (0) Nano-Terra partners with Nestle affiliate Nano-Terra Inc. announced technology collaboration agreements with Nestec Ltd., an affiliate of the Swiss food giant Nestle. Nano-Terra is a privately-held Cambridge company focused on the commercialization of industrial applications of surface chemistry and smart materials. Under the terms of the agreement, the companies said they will work together to use new techniques to develop and bring to market advanced next-generation pet product packaging solutions and manufacturing processes. (By Chris Reidy, Globe staff) Posted by globebusiness at 8:35 AM | Comments (0) FOX affiliate to be launched in Springfield Western Massachusetts is about to get another TV station. The new owner of Springfield's WGGB-TV, John Gormally, says he plans to launch a FOX network affiliate by the end of next month. He says the station will also air a local nightly newscast at 10 p.m. The new station would give Springfield four commercial TV outlets as well as a PBS affiliate. Gormally purchased WGGB, an ABC affiliate, from Sinclair Broadcasting last year for $21.1 million. (AP) Posted by globebusiness at 8:27 AM | Comments (0) Mass. AG fines Hingham excavating company Attorney General Martha Coakley's office said it has reached a settlement with a Hingham excavating company over alleged violations of Massachusetts record-keeping laws. As part of settling allegations that they failed to submit true and accurate certified payroll records, Albert Emanuello Sr. and Albert Emanuello Jr. of Emanuello Excavating admitted to violating state record-keeping laws, Coakley's office said. The Emanuellos agreed to pay $17,000 in fines and also agreed to a agreed to pay $17,000 in fines and also agreed to a voluntary debarment under which they cannot bid on public works jobs for a period of one year, Coakley's office said. (By Chris Reidy, Globe staff) Posted by globebusiness at 8:24 AM | Comments (0) Supercuts offers cellphone coupons Local cellphone users may no longer have an excuse to sport a shaggy mullet, an unkempt coiffure, or, heaven forfend, an un-pomaded pompadour. That's because a California company called Cellfire Inc. said it is teaming up with the salon chain Supercuts to offer discounts on haircuts and other grooming services at 75 stores in New England. Cellfire describes itself as a nationwide mobile-coupon and discount-offer service. Supercuts is offering Cellfire users a $2 discount off a haircut, $5 off a color service, or a free shampoo with the purchase of a haircut; consumers can subscribe to Cellfire’s mobile-coupon service to receive the Supercuts discounts at Cellfire.com or by texting “hair” to 22888, Cellfire said. (By Chris Reidy, Globe staff) Posted by globebusiness at 8:14 AM | Comments (0) Northeastern wins $10m Homeland Security grant Northeastern University said it is the first university in Massachusetts to win a Centers of Excellence Grant from the US Department of Homeland Security for explosive detection, mitigation, and response. The Department of Homeland Security said that Northeastern will receive a grant of $10 million over the next four years and noted that research involving explosives detection could eventually lead to significant job creation. (By Chris Reidy, Globe staff) Posted by globebusiness at 8:06 AM | Comments (0) Justice Department investigates stent use Natick medical-device maker Boston Scientific Corp. said the Justice Department is looking into allegations that Boston Scientific and other makers of bile-duct stents improperly promoted the devices for unapproved uses, Bloomberg News and Dow Jones Newswires reported. Bloomberg and Dow Jones said that Boston Scientific disclosed the investigation in a filing with the Securities and Exchange Commission. In the filing, Boston Scientific said it was cooperating with authorities and described the investigation as civil rather than criminal. (By Chris Reidy, Globe staff) Posted by globebusiness at 7:57 AM | Comments (0) Brennan will be Iron Mountain's new chief executive Iron Mountain Inc. announced today that president and chief operating officer Bob Brennan will succeed Richard Reese as its chief executive in June. Iron Mountain, a Boston company that provides information protection and storage services, said that Reese had notified its board of directors of his intention to step down as chief executive, a position he has held since 1981, at Iron Mountain’s annual meeting on June 5; he will become the company’s first executive chairman of the board. “This transition represents a natural evolution of the senior leadership at Iron Mountain," Reese said in a statement. "I have been discussing a succession plan with the board and I feel that now is the appropriate time to implement it. Bob has been a leading candidate for the CEO position since he joined the company in 2004.” (By Chris Reidy, Globe staff) Posted by globebusiness at 7:23 AM | Comments (0) February 27, 2008 SoundBite acquires a text-messaging company SoundBite Communications Inc., of Bedford, which makes automated calling systems used in collections, has acquired the mobile text-messaging company Mobile Collect Inc., of Rochester Hills, Mich. Mobile Collect specializes in delivering text messages to mobile phones at no charge to the recipient. Auto repair companies, advertisers, and debt collectors use the service to contact mobile phone users. SoundBite will pay $500,000 for Mobile Collect and may pay additional fees of up to $2 million, depending on the revenue generated by the text-messaging business. (By Hiawatha Bray, Globe staff) Posted by globebusiness at 6:53 PM | Comments (0) Shares tumble after EnerNOC posts a loss Shares of EnerNOC Inc. tumbled today after the Boston company reported a much greater fourth-quarter loss than Wall Street had expected. EnerNOC shares fell 32 percent, to $17.35, in afternoon trading. The company, which makes products that allow utilities and electric grid operators to regulate supply and demand, lost $9 million, or 48 cents per share. That compares with a loss of $4.1 million, or $1.07 per share in the year-earlier period, when the company had almost 80 percent fewer outstanding shares. Analysts had forecast a loss of 30 cents per share, on average, according to a Thomson Financial survey. EnerNOC’s revenue more than tripled during the quarter to $19.7 million as it added customers and increased megawatts of capacity under management. However, costs outpaced the sharp revenue growth as the company added employees and posted higher stock-compensation expenses. For the full year, EnerNOC’s loss widened to $23.6 million, or $1.80 per share, from $5.8 million, or $1.60 per share. (AP) Posted by globebusiness at 3:26 PM | Comments (0) Biogen, Elan warn of liver injury from Tysabri Biogen Idec Inc and Elan Corp Plc notified doctors of reports that "significant" liver injury occurred in some multiple sclerosis patients as early as six days after their first dose of Tysabri, the U.S. Food and Drug Administration said on Wednesday. "Tysabri should be discontinued in patients with jaundice or other evidence of significant liver injury. Physicians should inform patients that Tysabri may cause liver injury," the FDA said in a notice posted on its Web site. A copy of the companies' joint letter was posted at http://www.fda.gov/medwatch/safety/2008/Tysabri-dhcp-letter.pdf. (Reuters) Posted by globebusiness at 1:00 PM | Comments (0) Report: Weak economy won't hurt college job market Many employers have not altered plans to hire spring college graduates, according to a survey by Challenger, Gray & Christmas Inc., a Chicago-based global outplacement consulting firm. Despite signs of a steadily weakening economy, the survey found that less than three percent of employers have cancelled campus recruiting visits or plans to attend job fairs, the firm said, while 46 percent of respondents said their companies planned to hire the same number of graduates as a year ago. The survey was conducted among 100 human resources executives during the week of Feb. 18, Challenger, Gray said. (By Chris Reidy, Globe staff) Posted by globebusiness at 12:53 PM | Comments (0) EnerNOC stock shares fall on earnings report Shares of EnerNOC Inc. fell 15.3 percent in morning trading today after the company reported a larger fourth-quarter loss than some Wall Street analysts had expected. Boston-based EnerNOC, which uses technology to help power-grids manage their electricity supply during peak demand periods, said it lost $9 million, or 48 cents a share, for the fourth quarter. Bloomberg News reported that five analysts that it had surveyed had estimated a loss of 29 cents a share. In the fourth quarter from a year ago, EnerNOC lost $4.1 million. Revenues for the fourth-quarter of 2007 were $19.7 million, up 234 percent from the same quarter a year ago, EnerNOC said. At one point during morning trading on the Nasdaq Stock Market, EnerNOC shares were down $3.91 to $21.59. (By Chris Reidy, Globe staff) Posted by globebusiness at 11:44 AM | Comments (0) Staples awards $300k in grants Framingham-based office-supply retailer Staples Inc. said its private foundation has awarded more than $300,000 in grants to nonprofit organizations across the country. Donations from the Staples Foundation for Learning included seven grants to Massachusetts nonprofits that totalled $68,500, Staples said. Among Massachusetts groups receiving grants were Artists for Humanity in Boston, the Boys and Girls Clubs of Greater Boston, and the Williamstown Rural Lands Foundation, Staples said. (By Chris Reidy, Globe staff) Posted by globebusiness at 10:40 AM | Comments (0) Covidien gets tentative FDA approval Medical products maker Covidien Ltd. said today that federal regulators granted tentative marketing approval for its generic version of Bristol-Myers Squibb Co.'s Cardiolite, an imaging agent used in cardiac stress tests. Covidien's product, the Kit for the Preparation of Technetium Tc 99m Sestamibi Injection, helps clinicians see how well blood is flowing through the heart. Tentative FDA approval means the FDA found Covidien's generic product to be safe and effective for use as recommended in the submitted labeling. Final approval can be granted once Cardiolite's marketing exclusivity period expires on July 29. Shares of Bermuda-based Covidien fell 24 cents to $43.55 in morning trade. (AP) Posted by globebusiness at 10:13 AM | Comments (0) NE Advertising Hall of Fame inducts new members The Ad Club of Boston inducted Jack Connors, Ed Eskandarian, and Paul La Camera into the New England Advertising Hall of Fame last night. Connors is a founding member of Boston ad agency Hill Holliday; Eskandarian is chairman and chief executive of ad agency Arnold Worldwide, and La Camera is general manager of the WBUR Group, which includes a Boston NPR radio station. (By Chris Reidy, Globe staff) Posted by globebusiness at 9:56 AM | Comments (0) Allurent partners with Coremetrics Allurent said today it is partnering with Coremetrics to "deliver effective Web 2.0 shopping solutions." Allurent of Cambridge provides e-commerce products that helps such retailers as Borders Group Inc. and Kohl's Corp. to create "compelling shopping experiences" at their online stores. California-based Coremetrics is a provider of digital marketing optimization solutions. Their partnership, Allurent and Coremetrics said, will help retailers "measure the effectiveness of Rich Internet Applications (RIAs) across their online stores - from site navigation to checkout - and then adjust their website to take advantage of this added insight." Allurent and Coremetrics said their joint solution is already deployed at Anthropologie.com and UrbanOutfitters.com. (By Chris Reidy, Globe staff) Posted by globebusiness at 8:48 AM | Comments (0) Clean Harbors forecasts revenue uptick Clean Harbors estimates first-quarter revenue between $225 million and $230 million Clean Harbors Inc., a provider of environmental and hazardous waste management services, said today it expects first-quarter revenue of $225 and $230 million. Favorable industry trends and the company's established position in the market are expected to help its revenue throughout the year, Alan McKim, Clean Harbors' chairman and chief executive, said in a statement. The first quarter is typically the slowest for Clean Harbors because of weather, the company said. For the full year, Clean Harbors expects revenue to increase between 6 percent and 8 percent. In 2007, the company made $946.9 million in revenue. (AP) Posted by globebusiness at 8:35 AM | Comments (0) Student biologist wins Lemelson-MIT prize MIT graduate student Timothy Lu was awarded the $30,000 Lemelson-MIT Student Prize for Inventiveness, the Lemelson-MIT Program said today. Lu, a synthetic biologist, was honored for "for inventing processes that promise to combat bacterial infections by enhancing the effectiveness of antibiotics at killing bacteria and helping to eradicate biofilm, bacterial layers that resist antimicrobial treatment," the program said. The Lemelson-MIT Program cites its goals as recognizing outstanding inventors, encouraging sustainable new solutions to real-world problems, and enabling and inspiring young people to pursue creative lives and careers through invention. (By Chris Reidy, Globe staff) Posted by globebusiness at 8:22 AM | Comments (0) Serbian software firm opens Boston office Spinnaker New Technologies, a Serbian software development company, announced the official opening of an office in Boston, the company's first in the United States. Spinnaker said its Boston office will offer a full range of information-technology services and solutions, including IT-consulting, custom software development, and system integration. Spinnaker New Technologies is a wholly owned subsidiary of ComTrade Group, also of Serbia. (By Chris Reidy, Globe staff) Posted by globebusiness at 8:20 AM | Comments (0) DG Energy to power Haverill's Penacook Place American DG Energy Inc. said it has agreed to provide clean energy to Penacook Place, a not-for-profit nursing home facility in Haverhill. American DG Energy is a Waltham utility offering electricity, heat, hot water, and cooling to hospitality, housing, healthchare, and athletic facilities. The value of the 15-year agreement with Penacook Place to American DG Energy is estimated to be $2 million over the program term, American DG Energy said. (By Chris Reidy, Globe staff) Posted by globebusiness at 8:15 AM | Comments (0) New tenants move into Solomon Pond Park Solomon Pond Park, an office park in Marlborough, is welcoming new tenants that will collectively account for 44,000 square feet of its roughly 495,000 square feet of space, one of the park's owners said. One new tenant for 28,000 square feet of space is Toronto-based Brookfield Power, a power generation company, said Nordic Properties, which is part of a local venture with Great Point Investors LLC that owns the park. Blue Cod Technologies, which provides custom computer programming, is expanding into an additional 12,500 square feet of space, Nordic Properties said, and Community Education Centers Inc. is leasing 4,300 square feet of space. 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