July 9, 2007
Newsbriefs
Real Estate
FedEx renews Beeman Road lease
NORTHBOROUGH - FedEx SmartPost Inc. has renewed its 180,200-square-foot lease at One Beeman Road in Northborough. The property's landlord is MM Industrial Beeman Road LLC. MM Industrial was represented by Richards Barry Joyce & Partners. The building is a 342,900-square-foot warehouse and distribution building. The facility offers high ceilings and provides active rail access. FedEx SmartPost uses the building as a warehouse and distribution facility. FedEx SmartPost, part of FedEx Corp., specializes in the consolidation and delivery of high volumes of low-weight, less time sensitive business-to-consumer packages using the United States Postal Service for final delivery to residences.
Tax-free bonds for WPI renovations
The Massachusetts Development Finance Agency today announced the issuance of more than $106 million in tax-exempt bonds on behalf of Worcester Polytechnic Institute, the Groton School and Youth Opportunities Upheld (YOU) Inc. of Worcester. The three educational organizations will use bond proceeds to construct student housing, undertake campus renovations and refinance existing debt for long-term savings. WPI will use an $86.6 million tax-exempt bond to construct a 232-bed, suite-style residence hall in 64 student apartments. The school's expansion plans call for the construction of a 229-space parking garage, and the refunding of bonds issued in 1997. Groton School will use $10 million in bond financing to renovate and expand public meeting space and faculty residences in the Hundred House and other campus facilities. YOU Inc., a provider of educational support services to adolescents with emotional or behavioral challenges, will use a $9.47 million financing package to refinance existing debt and reduce its borrowing costs.
Seven Hills expands by half acre
DEVENS - The health and human services organization Seven Hills Foundation has purchased a half-acre parcel of land in Devens from the Massachusetts Development Finance Agency. The newly purchased land, adjacent to Seven Hills' 22 Grant Road property, will be the site of a 6,000-square-foot expansion to its existing 13,500-square-foot facility. The location houses both the Seven Hills Family Service's Day Habilitation Program and Seven Hills Academy. Construction is scheduled to begin this summer. The additional space will be used for classrooms and administrative offices at Seven Hills Academy, which provides educational programs for children and young adults with autism and behavioral disorders. The expansion will allow for enrollment of up to 20 additional students. The academy already serves 32 children and young adults, ages six to 22. The foundation has provided services in Devens since 2000.
The continuing saga of the Mass. home market
Single-family home sales in May took their biggest hit so far this year, falling 9.1 percent compared to May 2006, according to the Warren Group, publisher of Banker & Tradesman. That pulled down year-to-date home sales, which dropped by 3 percent, according to the Warren Group. The Warren Group's numbers differ from those reported by the Massachusetts Association of Realtors, which said there were 3,884 detached single-family homes sold this May, a 7.5 percent decrease from the 4,200 homes sold the same time last year. On a month-to-month basis there was an increase of 16.7 percent compared 3,328 homes sold in April 2007, the Realtors said.
Manufacturing
$10.4M in military sensors to be made in Mass.
WALTHAM - Raytheon Co., which has operations in several locations around Massachusetts, will make $10.4 million worth of infrared sensor systems in Andover and Alabama. The company was awarded the contract with the U.S. Army "to meet the Army's increasing needs for persistent surveillance" in Iraq and Afghanistan. The system Raytheon produces is called the Rapid Aerostat Initial Deployment (RAID) system by the Army. It an infrared sensor system mounted on a stationary platform, and is able to detect hostile forces at great distances. The contract requires Raytheon to make 150 of the RAID systems through 2008. The systems will be made at Raytheon Integrated Defense Systems' Integrated Air Defense Center in Andover, and at the company's Warfighter Protection Center in Huntsville, Ala.
DOE grid projects run by AMSC
WESTBOROUGH - The U.S. Department of Energy will fund $21.7 million of two power grid modernization projects run by American Superconductor Corp. The two high-temperature superconductor projects are in Long Island, New York and California. The energy department has agreed to fund $9 million of the $18 million Long Island project, and $12.7 million of the $25 million California project. American Superconductor is the project manager, and will supply wire for both undertakings. According to the energy department, the American Superconductor projects are two of five department-funded projects designed to accelerate the modernization of the country's electricity grid. American Superconductor's high temperature cables and fault current limiters are able to handle far more power than copper cables.
High Tech
What happens in Framingham goes to Vegas
FRAMINGHAM - The National League of Poker, a division of Framingham-based Power Play Development Corp., will be the only online poker site allowed to have a presence at the Gaming Life Expo in Las Vegas in July. The expo coincides with the World Series of Poker, and is usually crowded by a more than a dozen online poker companies. But it hasn't been that way since the passage of the U.S. Unlawful Internet Gambling Enforcement Act, which cut off funds to offshore gambling sites. The National League of Poker is free, and uses a points system to make the game feel like it's a money game, according to the company. The site does provide monthly cash prizes to players.
Computer Guys, Tecniks merge
NATICK - Computer Guys Inc. and Tecniks, Inc. have merged their existing businesses into one, which will be called the Computer Guys Inc. The merged firm will serve more than 700 Boston-area firms with IT products and services. "This merger will benefit our customers by expanding the breadth of products and services that we offer," said Frank McDonough, co-founder and president of the Computer Guys. Tecniks founder Robin Seavey will stay on with the new company as director of managed services, according to the company. The Tecniks name will be phased out over time, the company said. The Computer Guys has been in business in Massachusetts since 1987.
Biomedical
New VP for RXi
WORCESTER - RXi Pharmaceuticals Corp., a majority-owned subsidiary of CytRx Corp. of Los Angeles, announced the hiring of Dmitry Samarsky as vice president of technology development today. Samarsky previously served as the director of technology development at Dharmacon Inc., a Lafayette, Colo.-based division of Thermo Fisher Scientific, where he helped promote the company's RNAi technology program and establish an RNAi applications laboratory. RXi is a biopharmaceutical company that focuses on developing RNAi-based therapeutics for the treatment of human disease. University of Massachusetts professor Craig Mello, recently awarded the Nobel Prize for his part in the discovery of RNAi, is one of the founders of RXi.
Cytyc, Hologic wait out antitrust period
MARLBOROUGH - Medical device and diagnostic company Cytyc Corp. and medical imaging and device manufacturer Hologic Inc. of Bedford said they've taken another step toward finalizing their $6.2 billion merger. The companies said they had successfully endured the waiting period required by the Hart-Scott-Rodino Antitrust Improvement Act of 1976, and they don't believe the pending deal is subject to any further antitrust scrutiny. The merger was announced in late May, and still must pass muster with shareholders of each company. If done, the deal would pay Cytyc shareholders $16.50 in cash for their company common stock, and give them 0.52 shares of Hologic common stock. Both companies focus on women's health and cancer screening.
Cancer treatment eyed for 2009
WORCESTER - Biovest International Inc. said its BiovaxID cancer treatment therapy kept 40 percent of patients disease free for between 40 and 70 months during six years of clinical trials. The treatment is for non-Hodgkin's Lymphoma, and is what Biovest calls "a personalized, patient-specific vaccine designed to stimulate the patient's own immune system to recognize and destroy" residual cancer cells after chemotherapy. The Biovax Phase 3 clinical trial is being conducted at 14 oncology centers in the U.S. and at eight sites in Russia. The company is asking the U.S. Food and Drug Administration and the European Medicines Agency for accelerated approval, and plans to submit the treatment to those agencies in mid-2008. The company said BiovaxID could be commercially available in early 2009. Biovest is a subsidiary of Accentia Biopharmaceuticals Inc. of Florida.
Professional Services
Fewer than 60 percent pass Mass. bar
According to the Massachusetts Board of Bar Examiners, 58.7 percent of people taking the bar exam in February passed the test. The board said 695 would-be lawyers took the test in February. Of them, 408 passed, and thus took an important step toward admission to the Massachusetts bar. The board said 385 of the 695 test-takers were taking the exam for the first time, 163 were taking the test for the second time, 50 for the third time, 40 for the fourth time and 57 for the fifth time. Only seven of the 57 taking the test for the fifth time passed, the board reported.
News briefs are compiled from staff and wire reports.
FedEx renews Beeman Road lease
NORTHBOROUGH - FedEx SmartPost Inc. has renewed its 180,200-square-foot lease at One Beeman Road in Northborough. The property's landlord is MM Industrial Beeman Road LLC. MM Industrial was represented by Richards Barry Joyce & Partners. The building is a 342,900-square-foot warehouse and distribution building. The facility offers high ceilings and provides active rail access. FedEx SmartPost uses the building as a warehouse and distribution facility. FedEx SmartPost, part of FedEx Corp., specializes in the consolidation and delivery of high volumes of low-weight, less time sensitive business-to-consumer packages using the United States Postal Service for final delivery to residences.
Tax-free bonds for WPI renovations
The Massachusetts Development Finance Agency today announced the issuance of more than $106 million in tax-exempt bonds on behalf of Worcester Polytechnic Institute, the Groton School and Youth Opportunities Upheld (YOU) Inc. of Worcester. The three educational organizations will use bond proceeds to construct student housing, undertake campus renovations and refinance existing debt for long-term savings. WPI will use an $86.6 million tax-exempt bond to construct a 232-bed, suite-style residence hall in 64 student apartments. The school's expansion plans call for the construction of a 229-space parking garage, and the refunding of bonds issued in 1997. Groton School will use $10 million in bond financing to renovate and expand public meeting space and faculty residences in the Hundred House and other campus facilities. YOU Inc., a provider of educational support services to adolescents with emotional or behavioral challenges, will use a $9.47 million financing package to refinance existing debt and reduce its borrowing costs.
Seven Hills expands by half acre
DEVENS - The health and human services organization Seven Hills Foundation has purchased a half-acre parcel of land in Devens from the Massachusetts Development Finance Agency. The newly purchased land, adjacent to Seven Hills' 22 Grant Road property, will be the site of a 6,000-square-foot expansion to its existing 13,500-square-foot facility. The location houses both the Seven Hills Family Service's Day Habilitation Program and Seven Hills Academy. Construction is scheduled to begin this summer. The additional space will be used for classrooms and administrative offices at Seven Hills Academy, which provides educational programs for children and young adults with autism and behavioral disorders. The expansion will allow for enrollment of up to 20 additional students. The academy already serves 32 children and young adults, ages six to 22. The foundation has provided services in Devens since 2000.
The continuing saga of the Mass. home market
Single-family home sales in May took their biggest hit so far this year, falling 9.1 percent compared to May 2006, according to the Warren Group, publisher of Banker & Tradesman. That pulled down year-to-date home sales, which dropped by 3 percent, according to the Warren Group. The Warren Group's numbers differ from those reported by the Massachusetts Association of Realtors, which said there were 3,884 detached single-family homes sold this May, a 7.5 percent decrease from the 4,200 homes sold the same time last year. On a month-to-month basis there was an increase of 16.7 percent compared 3,328 homes sold in April 2007, the Realtors said.
Manufacturing
$10.4M in military sensors to be made in Mass.
WALTHAM - Raytheon Co., which has operations in several locations around Massachusetts, will make $10.4 million worth of infrared sensor systems in Andover and Alabama. The company was awarded the contract with the U.S. Army "to meet the Army's increasing needs for persistent surveillance" in Iraq and Afghanistan. The system Raytheon produces is called the Rapid Aerostat Initial Deployment (RAID) system by the Army. It an infrared sensor system mounted on a stationary platform, and is able to detect hostile forces at great distances. The contract requires Raytheon to make 150 of the RAID systems through 2008. The systems will be made at Raytheon Integrated Defense Systems' Integrated Air Defense Center in Andover, and at the company's Warfighter Protection Center in Huntsville, Ala.
DOE grid projects run by AMSC
WESTBOROUGH - The U.S. Department of Energy will fund $21.7 million of two power grid modernization projects run by American Superconductor Corp. The two high-temperature superconductor projects are in Long Island, New York and California. The energy department has agreed to fund $9 million of the $18 million Long Island project, and $12.7 million of the $25 million California project. American Superconductor is the project manager, and will supply wire for both undertakings. According to the energy department, the American Superconductor projects are two of five department-funded projects designed to accelerate the modernization of the country's electricity grid. American Superconductor's high temperature cables and fault current limiters are able to handle far more power than copper cables.
High Tech
What happens in Framingham goes to Vegas
FRAMINGHAM - The National League of Poker, a division of Framingham-based Power Play Development Corp., will be the only online poker site allowed to have a presence at the Gaming Life Expo in Las Vegas in July. The expo coincides with the World Series of Poker, and is usually crowded by a more than a dozen online poker companies. But it hasn't been that way since the passage of the U.S. Unlawful Internet Gambling Enforcement Act, which cut off funds to offshore gambling sites. The National League of Poker is free, and uses a points system to make the game feel like it's a money game, according to the company. The site does provide monthly cash prizes to players.
Computer Guys, Tecniks merge
NATICK - Computer Guys Inc. and Tecniks, Inc. have merged their existing businesses into one, which will be called the Computer Guys Inc. The merged firm will serve more than 700 Boston-area firms with IT products and services. "This merger will benefit our customers by expanding the breadth of products and services that we offer," said Frank McDonough, co-founder and president of the Computer Guys. Tecniks founder Robin Seavey will stay on with the new company as director of managed services, according to the company. The Tecniks name will be phased out over time, the company said. The Computer Guys has been in business in Massachusetts since 1987.
Biomedical
New VP for RXi
WORCESTER - RXi Pharmaceuticals Corp., a majority-owned subsidiary of CytRx Corp. of Los Angeles, announced the hiring of Dmitry Samarsky as vice president of technology development today. Samarsky previously served as the director of technology development at Dharmacon Inc., a Lafayette, Colo.-based division of Thermo Fisher Scientific, where he helped promote the company's RNAi technology program and establish an RNAi applications laboratory. RXi is a biopharmaceutical company that focuses on developing RNAi-based therapeutics for the treatment of human disease. University of Massachusetts professor Craig Mello, recently awarded the Nobel Prize for his part in the discovery of RNAi, is one of the founders of RXi.
Cytyc, Hologic wait out antitrust period
MARLBOROUGH - Medical device and diagnostic company Cytyc Corp. and medical imaging and device manufacturer Hologic Inc. of Bedford said they've taken another step toward finalizing their $6.2 billion merger. The companies said they had successfully endured the waiting period required by the Hart-Scott-Rodino Antitrust Improvement Act of 1976, and they don't believe the pending deal is subject to any further antitrust scrutiny. The merger was announced in late May, and still must pass muster with shareholders of each company. If done, the deal would pay Cytyc shareholders $16.50 in cash for their company common stock, and give them 0.52 shares of Hologic common stock. Both companies focus on women's health and cancer screening.
Cancer treatment eyed for 2009
WORCESTER - Biovest International Inc. said its BiovaxID cancer treatment therapy kept 40 percent of patients disease free for between 40 and 70 months during six years of clinical trials. The treatment is for non-Hodgkin's Lymphoma, and is what Biovest calls "a personalized, patient-specific vaccine designed to stimulate the patient's own immune system to recognize and destroy" residual cancer cells after chemotherapy. The Biovax Phase 3 clinical trial is being conducted at 14 oncology centers in the U.S. and at eight sites in Russia. The company is asking the U.S. Food and Drug Administration and the European Medicines Agency for accelerated approval, and plans to submit the treatment to those agencies in mid-2008. The company said BiovaxID could be commercially available in early 2009. Biovest is a subsidiary of Accentia Biopharmaceuticals Inc. of Florida.
Professional Services
Fewer than 60 percent pass Mass. bar
According to the Massachusetts Board of Bar Examiners, 58.7 percent of people taking the bar exam in February passed the test. The board said 695 would-be lawyers took the test in February. Of them, 408 passed, and thus took an important step toward admission to the Massachusetts bar. The board said 385 of the 695 test-takers were taking the exam for the first time, 163 were taking the test for the second time, 50 for the third time, 40 for the fourth time and 57 for the fifth time. Only seven of the 57 taking the test for the fifth time passed, the board reported.
News briefs are compiled from staff and wire reports.
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