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Tue. Feb. 14, 2012 Bernie & Phyl’s says it’s going upscale at new space opening Friday in Natick Bernie & Phyl’s Furniture says the chain will open its first upscale shop, known as “Metro Living,” on Friday in Natick. The 5,000-square-foot space, next to the retailer’s new showroom, features a line of higher styled and finer quality upholstery and leather living room furniture, according to the company. Some of the brands include Better Homes & Garden Upholstery, Paula Dean, and Comfort Design, and the store will offer hundreds of fabric options for each item.	Advertisement
Avaxia Biologics closes $4.1m financing Avaxia Biologics Inc., a Lexington company that is developing oral antibody drugs, has completed a $4.1 million Series A financing led by angel investors. The financing round was led by Cherrystone Angels of Providence. Other participants included Beacon Angels, Boston Harbor Angels, Launchpad Venture Group, Mass Medical Angels, and North Country Angels. Before this equity round, Avaxia had raised $4.3 million in non-dilutive financing.
Utah company Gemstone takes over management of Boston’s Copley Square Hotel The century-old Copley Square Hotel is under new management. Gemstone Hotels & Resorts, based in Park City, Utah, has taken over running the 143-room Huntington Avenue hotel from Interstate Hotels & Resorts, Gemstone said today. The boutique hotel underwent a nearly $20 million renovation in 2009, and the new management company says it plans to update the food and beverage service, and do more to take advantage of the hotel’s location.
Zipcar shares fall after missing Wall Street estimate Stock shares of Zipcar Inc. were down just over 13 percent after the Cambridge-based car-sharing service reported fourth-quarter financial results. Zipcar said fourth-quarter revenue rose 21 percent to $62.9 million, but that number missed the average analyst estimate of $63.4 million, Bloomberg News reported. In a press release, Zipcar added that its fourth-quarter US GAAP net income was $3.9 million, or $0.09 per diluted share, compared with a loss of $1.1 million, or ($0.17) per share in the prior year period.
Biogen Idec agrees to buy Stromedix in deal worth up to $562.5m Biogen Idec, a large biotechnology company based in Weston, said it has agreed to buy Stromedix Inc., a privately held biotechnology company focused on therapies for fibrosis and organ failure. Under the agreement, Biogen Idec said it will make an upfront cash payment of $75 million and additional contingent value payments of up to $487.5 million based on the achievement of development and approval milestones. Programs under way at Stromedix complement Biogen Idec’s scientific expertise and advances its research and development efforts in immunology.
Aveo reports financial results Aveo Pharmaceuticals Inc., a Cambridge company developing potential cancer drugs, reported total 2011 collaboration revenues of $164.8 million, compared with $44.7 million for 2010. According to Aveo, net income for 2011 was $30.6 million, or basic and diluted earnings per share of $0.77 and $0.74, respectively, compared with a net loss of $58.8 million, or basic and diluted loss per share of $2.30 for 2010. Research and development expense for 2011 was $101.7 million, compared with $86.3 million for 2010.
National Grid planning 30 more places to plug in electric cars, including Chili’s restaurants Utility company National Grid is installing more than 30 new electric vehicle charging stations in Massachusetts, adding to the state’s growing network of places where such cars can plug in. There are currently about 45 charging stations in Massachusetts, according to the US Department of Energy. National Grid said the new locations should be ready to use by the end of the month.
Cambridge start-up Energy Points hopes to make energy efficiency easier to measure Energy Points, a Cambridge start-up, is using $3 million from investors to launch a software platform that will help companies measure their sustainability efforts, such as by cutting greenhouse gas emissions or becoming more energy efficient.
Workers at Crowne Plaza in Pittsfield getting $1.3 million lawsuit settlement over tips Banquet workers at a Pittsfield hotel have reached a $1.3 million settlement to end a class-action lawsuit that accused management of withholding tips. The Crowne Plaza added a 20 percent service charge to banquet bills, but only paid a portion of it to the servers, busers, and bartenders, according to the lawsuit. State law mandates that service charges must be paid to staff working the event. Settlement agreement notices were mailed last week to about 150 people.
Russia aims to replicate MassChallenge start-up competition MassChallenge, a Boston-based competition for early-stage entrepreneurs, will help Russia launch a similar program to foster startups. The nonprofit that awards $1 million annually to young companies received $100,000 from Russian Venture Company USA, the American investment arm of the Russian government. The venture firm opened its American headquarters in Boston earlier this month, and is part of a $1 billion investment fund in Moscow.
JetBlue will fly jet-setters and others from Logan to Nantucket starting in May JetBlue Airways is launching seasonal service between Boston and Nantucket in May, the airline’s 45th destination out of Logan International Airport. Flights will leave Boston at 4:50 p.m. from May 17 through Sept. 4. Passengers can book flights -- which will use full-size planes, according to JetBlue -- starting today. Prices are $98 roundtrip for travel between May 17 and June 13. Non-sale fares start at around $145 roundtrip.
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