Wed. Oct. 26, 2011 iRobot cuts 55 jobs, including 44 in Massachusetts
Bedford’s iRobot Corp. has laid off 8 percent of its work force, including 44 jobs in Massachusetts, because of anticipated cutbacks in government defense spending. All told, 55 employees were let go. The company makes home robots, which perform such household tasks as vacuum-cleaning. It also makes robots for military services and law enforcement agencies. Its Packbot robot can scout battlefields and perform bomb-disposal missions. Military and industrial robots currently account for about 40 percent of iRobot’s annual revenue. Boston consumers worried, but will spend on holiday shopping
Consumers in Boston are feeling less optimistic about the economy and their personal finances than shoppers nationally, yet plan to spend more on holiday gifts than the US average. Novartis still cutting jobs, but Cambridge employees are safe
Swiss drug maker Novartis AG, which yesterday Casino opponent blasts `cozy relationship’ between state officials and gaming industry
A prominent casino opponent sharply criticized the “cozy relationship” between state officials and the gaming industry following a report in The Globe today that Governor Deval Patrick’s top economic development aide bought stock in two Las Vegas gaming companies last year. Former Massachusetts Attorney General Scott Harshbarger, president of Citizens for a Stronger Massachusetts, said “the cozy relationship between our elected and appointed officials, casino bosses and their hired guns is deeply troubling.” Galvin files lawsuit against Bank of New York Mellon
Secretary of State William F. Galvin today filed a civil lawsuit against Bank of New York Mellon Corp., alleging that the banking giant defrauded the Massachusetts state pension fund on foreign-exchange trading fees over a decade. The administrative complaint alleges that BNY Mellon “through its fraudulent scheme, effectively stole the millions from the Massachusetts state pensioners.” A bank spokesman responded, “This administrative action recycles baseless allegations.” Biogen MS pill with $3b potential hits study goals
Biogen Idec Inc., the world’s largest maker of multiple sclerosis medicines, said its experimental MS pill BG-12 was safe and reduced the risk of patients relapsing in a late-stage clinical trial. The study evaluated BG-12 and Copaxone, an injected treatment from Teva Pharmaceutical Industries. It found Biogen’s pill reduced the annual rate of relapse by 44 percent when taken twice daily, and by 51 percent when taken three times a day compared with placebo, meeting the trial goals, the Weston-based company said today in a statement. Downtown Crossing building is sold for $128m
The Downtown Crossing building at 350 Washington St. has been sold for $128 million, said a broker involved in the transaction. The building may be best known for such tenants as T.J. Maxx, Marshalls, H&M, and Town Sports International. Real Estate Capital Partners sold the building to Invesco Real Estate Advisors, said the broker involved in the transaction. The broker is the Boston office of CBRE’s National Retail Investment Group. Patriots Ochocinco, star of Twitter and Facebook, signs endorsement deal
A sports nutrition company says New England Patriots wide receiver Chad Ochocinco has signed a one-year endorsement deal that will help it strengthen its social media abilities. MusclePharm Corp. says the deal with Ochocinco will give the Denver-based company instant exposure to a massive audience. The firm says the colorful Ochocinco is the most popular NFL player on social media websites -- with nearly three million Twitter followers and almost two million Facebook fans. Avaxia Biologics marks move to new office and lab space in Lexington
Avaxia Biologics Inc. has scheduled a ribbon cutting ceremony for later today to mark its move to new office and lab space in Lexington. The company is looking to develop oral antibody therapeutics that act locally within the gastrointestinal tract. Previously, its small team of five people worked out of their homes or from a small lab in Watertown subleased from one of its vendors. The new office in Lexington occupies about 8,000 square feet, and Avaxia Biologic’s current head count is 11 employees. Global investor confidence rises
Global investor confidence posted a 96.7 reading in October, up from September’s revised reading of 90, said State Street Global Markets, the investment research and trading arm of State Street Corp. On a regional basis, North American investor confidence increased from 85.1 in September to 91.7 in October, State Street Global Markets added. Solid corporate balance sheets and the prospects for a resolution of the European debt crisis were cited as possible reasons for the increase in confidence. Flora is OmniGuide’s new chief executive
OmniGuide Inc., a Cambridge company that has developed a laser scalpel for minimally invasive surgery, has appointed Scott Flora to be its president and chief executive. Flora most recently served as president of the surgical devices unit at Covidien PLC, a maker of surgical products and drugs with operations in Mansfield. Privately held OmniGuide makes medical devices from technology licensed from the Massachusetts Institute of Technology. Its BeamPath laser scalpel has been on the market for about four years. | 
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