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Thursday, December 3, 2009
Massachusetts to send six tech pioneer firms to World Economic Forum
By Galen Moore
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MHT's Galen Moore: Honoring innovation in New England
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Six New England companies, all based in Massachusetts, will head to Davos, Switzerland, in January as members of the list of 26 technology pioneers announced by the World Economic Forum today in advance of its 2010 annual meeting.
The companies are: Cambridge-based cancer nanotherapy developer Aura Biosciences Inc.; Westborough-based lithium ion battery maker Boston-Power Inc.; Cambridge-based bioplastics developer Metabolix Inc. (Nasdaq: MBLX); Bedford-based medical device developer MicroCHIPS Inc.; Waltham-based biopharmaceuticals developer Proteon Therapeutics Inc.; and Lexington-based StreamBase Systems Inc.
The forum aims to involve participants in the technology pioneers program in activities related to addressing global issues in entrepreneurial ways, according to the WEF website. Possible initiatives for the pioneers group include the forum’s task forces on climate change, cloud computing, and pensions and healthcare.
Here’s a breakdown of the six New England companies with tickets to Davos:
Aura Biosciences launched in January with $3 million to develop a “nanosmart” drug treatment for pancreatic cancer, using nanotechnology to improve drug delivery. The company expects to file an Investigational New Drug Application with the FDA next year.
Boston-Power, founded in 2005 by CEO and former Mass High Tech Women to Watch honoree Christina Lampe-Önnerud, has raised at least $125 million in funding. The company had planned to develop a 455,000 square-foot manufacturing facility in Auburn, but that project is on hold after an anticipated federal grant did not come through.
Metabolix, founded in 1992, develops a series of bioplastics and biodegradable alternatives to petroleum-based plastics, in addition to the technology to make plastics, energy and chemicals from raw materials. In October, the company received a $350,000 federal grant for ressearch into making biodegradable resins for plastic beverage bottles and other containers.
MicroCHIPS, founded in 1999 by MIT professors Robert Langer and Michael Cima, is developing biosensing and drug-delivery implants for patients with diabetes and osteoporosis. The company has so far raised at least $56 million in venture capital.
Proteon Therapeutics’ lead drug candidate is a treatment intended for patients with end-stage renal disease facing surgery for arteriovenous fistula creation. The company lately initiated its Phase 1/2 human clinical study and completed a $38 million venture financing deal with a group of investors that includes pharma giant Novartis AG.
StreamBase Systems makes complex event processing software. Its customers include investment firms engaged in high-frequency, or algorithmic, trading. The software is designed to analyze large amounts of data in real time. The company was founded in 2003 by Michael Stonebraker, named a Mass High Tech all-star in 2008. As of January, StreamBase had raised at least $37 million from a list of backers that includes In-Q-Tel, the venture arm of the CIA.
Editor's note: An earlier version of this story incorrectly reported StreamBase's total fundraise to date. The company has raised $37 million from investors.
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