New England Tech Stock Index
Boston Scientific’s way up, VC deals are way down, and Epix is down and out in today’s NewsFlash roundup. Also, News editor Rodney Brown drops by Draper Lab’s Apollo 11 anniversary party.
• Boston Scientific profits up 60%
The Natick-based manufacturer of medical devices had revenue of $2.07 billion in the second quarter of this year, up slightly from $2.02 billion in the second quarter of 2008. Net income increased to $158 million from $98 million a year earlier.
The Lexington-based company’s officials said that the company was unable to raise enough money or enter into a partnership in time and that it has entered into an Assignment for the Benefit of Creditors. The purpose of the Assignment is to conclude the company’s operations and provide for an orderly liquidation of its assets.
• New NVCA data reveals fewer Q2 VC deals, slower recovery
Numbers reported this morning by the NVCA and PricewaterhouseCoopers LLP were considerably less optimistic, showing $3.7 million invested over 612 deals. While Dow Jones analysts predicted a “rebound” in the venture investing sector, the NVCA says figures for the full year will most likely reflect a setback to 1996 and 1997 levels of $11 billion to $14 billion.
• Draper fetes Apollo engineers, touts new moon landing tech
More than 100 former Apollo program engineers returned to Charles Stark Draper Laboratory Inc. yesterday to help the contract engineering firm celebrate the 40th anniversary of the height of the Apollo program, the first landing of a man on the moon.
• Stealthy startup Akiba grabs $6.5M in funding
The Boston-based company listed 10 investors in its filing with the U.S. Securities and Exchange Commission but did not disclose the names. Listed as sitting on the board of directors of Akiba, however, is Michael Skok of North Bridge Venture Partners in Waltham and Steve Vassallo of Foundation Capital in California.
• First Wind closes $191M loan deals
The Newton developer secured an eight-and-a-half year, $115 million term loan with Alberta Investment Management Corp. (AIMCo), a Canadian investment manager of public pension plans and government endowment funds. First Wind also closed a $76 million one-year loan with German bank HSH Nordbank AG for the company’s Stetson Wind project in northern Maine.
• Third Rock Ventures names new partners
Boston life sciences-focused venture capital firm Third Rock Ventures LLC has named two new venture partners, Philip Reilly and Gregory Verdine, and a recruiting partner, Craig Greaves, to the firm.
• AMSC nets $12M for superconductor smart grid projects
The grants under the American Recovery and Reinvestment Act call for the Devens-based energy technology company (Nasdaq: AMSC) to develop a 138 kilovolt fault current limiter using the company’s superconductor wires.
• Aveo to earn $20M from expanded R&D alliance with OSI
Cancer-focused biotech company Aveo Pharmaceuticals Inc. and OSI Pharmaceuticals Inc., a developer of treatment for cancer, diabetes and obesity, have expanded their discovery and research collaboration established in October of 2007.
• Cable maker Belden closing Leominster plant
According to officials at Belden (NYSE: BDC), the plant, which makes wire and cable products, will cease all operations by July of 2010. Belden will move the production to other Belden manufacturing plants located in Leominster; Monticello, Ky.; and Nogales, Mexico.
• Navy destroyer work adds $60M to Raytheon coffers
Under the deal, a modification to a previously won contract, Tewksbury-based Raytheon (NYSE: RTN) IDS will service mission system equipment on Zumwalt class destroyers.
• Startup Report: Five you should follow
Posted by Brendan Lynch
Tags: Akiba, AMSC, Apollo 11, Aveo Pharmaceuticals, Belden, Boston Scientific, Draper Lab, Epix Pharmaceuticals, First Wind, NASA, Raytheon, SEC, stimulus, Third Rock, VCs
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