MetroWest495 Biz

MetroWest495 Biz | August 2015 5 Roundup Museum grant further proof of artist's acclaim Framingham's Danforth Art Museum announced that it's the recipient of a $40,000 grant to fund research into and preservation of the work of Meta Vaux Warrick Fuller, an acclaimed artist who lived in Framingham before her death in 1968. In the art world, Fuller is renowned as a sculptor in the interna - tional art community, especially as an African-Amer- ican artist and a female — both unusual in her time. Fuller's near-complete collection was dontated to the Danforth several years ago, and the grant from the Henry Luce Foundation's American Art Program to help the museum safeguard and document it is further evidence of Fuller's legacy and contribution. Pharma firm gets cash influx for growth RXi Pharmaceuticals Corp., a clinical-stage biotechnology company based in Marlborough, has cut second-quarter losses and secured an additional year of cash as it continues to advance its clinical and preclinical pipeline. The company reported losses in the second quarter of $2.2 million, down from $3.2 million in the same quarter of 2014. The company also completed a public offering of common stock and warrants with the sale of 26 million units, receiv- ing net proceeds of $9.2 million. That resulted in $14 million in cash and cash equivalents, over the $8.5 million the company had on hand on Dec. 31, 2014. Lower losses for life science company Ocata Life sciences firm Ocata Therapeutics of Marlbor- ough, working toward commercialization of a drug to treat a form of macular degeneration, substan- tially lowered its net loss for the second quarter, the company announced. Ocata said its net loss for the second quarter, which ended June 30, was $7.2 mil- lion, or 20 cents a share. Its loss in the second quarter of 2014 was $16.1 million, or 55 cents a share. But the company cited "significant progress" across the business, especially toward the start of second-phase studies of its treatment for Stargardt's macular degeneration (SMD) and dry age-related macular degeneration (AMD). Ocata's intellectual property includes what it calls pluripotent stem cell platforms and other cell therapy research programs. Holliston life science firm, Connecticut children's hospital team up Life sciences firm Harvard Apparatus Regenera- tive Technology of Holliston will work with a Con- necticut hospital to develop a way to fix or replace a child's esophagus to treat life-threatening conditions, the Holliston firm announced. Harvard Apparatus (HART), which develops bioengineered organs for life-threatening conditions, will work with Connecti- cut Children's Medical Center, based in Hartford. The two organizations have collaborated before. One of the conditions to be treated is esophageal atresia, a statement from HART said. Earnings, sales increase for Waters Corp. in Milford Waters Corp. reported a 12.4-percent rise in earn- ings for the second quarter, along with a 3-percent jump in sales, the Milford-based manufacturer of laboratory instruments announced. Waters' earnings per diluted share, $1.27, jumped from $1.13 in the second quarter of 2014. The com - pany said second-quarter sales rose jumped to $495 million from $482 million in the second quarter of 2014, but they were dragged down by foreign cur- rency translation, which the company said cut into sales by 7 percent. Douglas A. Berthiaume, chairman, president and CEO, will be ceding the CEO role in August to Chris- topher J. O'Connell, who is joining Waters after 21 years at Medtronic. Virtusa announces rise in revenue, new acquisition Business consulting and technology outsourcing company Virtusa of Westborough saw a double-digit increase in revenue in its first quarter of the year, raised its revenue forecast and announced the acquisi - tion of an Atlanta-based tech consultancy. Virtusa said revenue increased 20 percent year-over-year to $134.8 million in the first quarter of its 2016 fiscal year. Net income was $10.1 million, or 34 cents per diluted share, down from $11.6 million, or 39 cents, from the fourth quarter of fiscal 2015, but a jump of $9 million (31 cents) over the first quarter of fiscal 2015. Virtusa increased its revenue forecast for the year to between $582 million and $594 million. Virtusa also expanded its reach with the acquisition of Agora Group Inc., in an all-cash deal worth $7.5 million. Framingham's TJX buys Australia retailer Framingham-based TJX Cos. will buy an Austra- lian retailer, Trade Secret, for approximately $58.5 million, TJX announced. TJX said it has reached an agreement to buy the off-price retailer, with 35 stores in Australia, from Gazal Corp. Ltd. for $80 million Australian dollars. TJX said it operates a buying office in Australia but doesn't have stores there. The acquisition highlights opportunities for international growth, Chairman and CEO Carol Meyrowitz said in a statement. The company has already expanded into Europe and Canada, she said. Malls add electric-car charging stations Solomon Pond Mall in Marlborough and the Au- burn Mall are among 12 shopping sites in Massachu- setts and New Hampshire that have added charging stations for drivers of electric vehicles, the malls' owner said. Simon Malls and NRG EVgo, a subsid- iary of NRG Energy, announced the installation of Freedom Station sites that can recharge shoppers' vehicles in 30 minutes or less at the 12 malls. Another patent for Ocata Therapeutics technology Ocata Therapeutics of Marlborough has secured another patent for its technology aimed at treating some forms of macular degeneration, the company announced. Ocata's most advanced products, focus- ing on retinal pigment epithelium (RPE) transplant technology, are in clinical trials for the treatment of Stargardt's macular degeneration, dry age-related macular degeneration, and myopic macular degen- eration, according to the company, formerly known as Advanced Cell Technology. It's the ninth patent for the company's RPE port- folio, according to Ocata's president and CEO, Paul K. Wotton. May-to-June jobless numbers up in Framingham In Framingham, the unemployment rate increased from 3.5 in May to 4.0 in June. In Worcester, it went from 4.7 percent in May to 5.2 percent in June. Compared with June 2014, however, unemployment rates are down in all labor markets, as measured by the federal Bureau of Labor Statistics, the Execu- tive Office of Labor and Workforce Development (EOLWD) said. The EOLWD also said that 11 of the 15 geographical areas for which job estimates are published recorded seasonal job gains in June, with the largest gains in the areas of Boston-Cambridge- Newton and Lawrence-Methuen, as well as Barn- stable, Framingham and Pittsfield. The information supplements a report from the EOLWD, in which it said the Bay State's jobless rate held steady at 4.6 percent from May to June. Pharma firm looks to Marlborough for expansion A Framingham-based biopharmaceutical company wants to expand its operations in Marlborough, with plans to add 50 jobs within the next decade, accord- ing to documents provided to the Worcester Business Journal. LFB USA, part of the European biophar- maceutical company LFB Group, is planning a 65,000-square-foot expansion on what is now vacant land on Crowley Drive, according to a letter to the city council from Mayor Arthur Vigeant. LFB is also seeking a tax break from the city. In documents filed with the state's Economic Assistance Coordinating Council, the company is pursuing full or partial tax credits over seven years beginning in 2016, a year before it expects to open the facility. EMC acquires Virtustream for $1.2B Data storage giant EMC Corp. of Hopkinton has completed its $1.2-billion acquisition of Virtustream Group Holdings, which has been viewed as a "game changer" intended to enhance EMC's cloud-based services. EMC announced the all-cash deal in May for the Bethesda, Md.-based firm. Virtustream is a privately held company with products that will be delivered directly to customers through EMC's global partners, EMC said in May. Virtusteam will retain its name, becoming a wholly owned subsidiary of EMC. PCG merges with Boston commercial brokerage Framingham-based commercial real estate and property management firm Parsons Commercial Group (PCG) has merged with Sperry Van Ness International Corp. (SVNIC), a national commer- cial brokerage headquartered in Boston. The newly named SVN/Parsons Commercial Group/Boston is owned and operated by John R. Parsons Jr., CEO EVERYTHING YOU NEED TO KNOW ABOUT METROWEST s page 6 SOLAR COMPANY TO BRING 100 JOBS TO MARLBOROUGH The residential solar company Sunrun, based in San Francisco, has announced that it will open a branch office in Marlborough, bringing more than 100 jobs to the area. Sunrun entered the Massachusetts mar- ket in 2009 using certified partners. The company will nearly double its local workforce, adding a variety of permanent job positions, including home solar project managers and electricians. "As a community dedicated to finding innovative ways to reduce our environmental impact, we are pleased to welcome Sunrun," Marlborough Mayor Arthur Vigeant said.

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