MetroWest495 Biz

6 MetroWest495 Biz | October 2014 With solid legal advice and nearly a century of experience, Bowditch & Dewey takes pride in providing our clients with big city ideas they require and small town relationships they desire. With offices spanning the Massachusetts business corridor, from Boston to Central Massachusetts, we do business where you do business. community. great lawyers know the law, Good lawyers know the tions are expected to add between $7.5 million and $8.5 million in revenue in 2014, the company said. Sunovion sells rights to airway disease drug Marlborough-based Sunovion Pharmaceuticals agreed to sell rights to its drug Xopenex Inhalation Solution (IS), used in the treatment of obstruc- tive airway diseases such as asthma. Niche pharmaceutical company Akorn Inc. is expected to pay $45 million for Xopenex IS. The boards of both companies have approved the transac- tion but the sale is subject to customary closing conditions. Sunovion did not announce a closing date. "Our plan is to recognize the value gained from the sale of this product to invest back in the business," said Hiroyuki Baba, execu- tive vice president of corporate strategy at Sunovion. Medical center expands behavioral health capacity MetroWest Medical Center has added 14 adult beds devoted to mental health treatment in Natick with the opening of the Center for Behavioral Medicine at Leonard Morse, according to the center. The expanded facility will offer behav- ioral health services that include partial hospital programs, intensive outpatient programs, and traditional outpatient and emergency services. For more than three years, the medical center has had 90 percent occupancy in its behavioral units, according to the center, with those numbers climbing to 97 percent in the last year. "A community needs assess- ment proved these services were a top priority," said Barbara Doyle, CEO for the medical center. Fiber-laser firm wins construction tax credits IPG Photonics' 111,000-square-foot expansion in Marlborough has been approved for $750,000 in tax credits through the state's Economic Develop- ment Incentive Program (EDIP). The Oxford-based fiber-laser maker will develop 257 and 259 Cedar Hill Road in Marlborough into a manufacturing and research and development center. The company purchased the properties in April for $6.79 million. The project will create 100 new full-time jobs and transfer 24 existing employees to the site, according to a release from the Economic Assistance Coordinating Council. The project also qualifies for the state's 10 percent Abandoned Build- ing Deduction, allowing IPG to deduct 10 percent of the cost of renovation from gross income. Trade school trades locations The Porter and Chester Institute trade school moved its 40 employees and 225 students from two Westbor- ough sites into a new Worcester location, according to the organization. The com- pany has leased a 50,000-square-foot center at 220 Brooks St. on the north side of the city, said Phil Krebs, vice president of operations. The company's diploma programs include automotive repair, dental assisting and practical nursing. It has eight other locations in Massachusetts and Connecticut. "We wanted to be under one roof and under one contiguous space," Krebs said. Governor visits Hudson's Rail Trail Flatbread Co. While stumping with his party's candidate for lieutenant governor, Steve Kerrigan, Gov. Deval Patrick visited The Rail Trail Flatbread Co. on Hudson's Main Street on Sept. 25, mingling with the owners and trying his hand at brick oven flatbread-making. The visit highlighted the downtown success story of The Rail Trail, which has become a popular eatery and bar since it opened in December 2012. A brewery, Medusa's Brewery Co., will soon join The Rail Trail on Main Street, and a martini bar is also in the works. Testing milestone for local company in clinical trials Advanced Cell Technology has completed the initial phase of its clinical-trial treatment for Stargardt's macular degeneration (SMD), a genetic eye disorder that causes progressive vision loss, the Marlborough company announced. The successful transplanta- tion of the company's retinal pigment epithelium (RPE) cells, which are derived from human embryonic stem cells, in the last of 12 patients represents the completion of the enrollment stage of this trial, the biotech firm said. Maynard drug company deal complete Maynard pharmaceutical company Citius Pharmaceuticals said a merger between the former Citius Pharmaceu- ticals LLC and Trail One Inc. is now complete. Under an agreement dated Sept. 12, Citius shareholders were is- sued a combined 21.6 million shares of stock, comprising about 72 percent of common stock at closing. The private offering raised $2.04 million, according to a statement. The company expects its board of directors will consist of four members. Trail One, a development- stage company, changed its name to Citius Pharmaceuticals Inc. under the merger. Leonard Mazur has been ap- pointed president and CEO, as well as sole director. ReWalk gets insurance deal overseas Marlborough-based ReWalk Robot- ics, which has commercialized a robotic exoskeleton for paraplegics, said a major German insurance company will reim- burse a ReWalk system for personal use. The company, which also has offices in Germany and Israel, has been working on reimbursement policies for its Re- roundup s page 5

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