To ensure you receive your Boston.com e-mails, please add newsletters@boston.com to your address book. If you have trouble reading this e-mail, go to http://www.boston.com/business/ticker_headlines
Daily Business Update Get up-to-the-minute Business Updates More Business News »
Wed. Oct. 17, 2012 Satcon files for Chapter 11 bankruptcy protection Satcon Technology Corp. has filed for Chapter 11 bankruptcy protection following years of financial struggles and a severe downturn in the solar power industry. CEO Steve Rhoades says filing for Chapter 11 will help the company keep operating while it reorganizes. The Boston company, which makes products for large-scale solar power installations, said Wednesday that it filed its petitions in the US Bankruptcy Court for the District of Delaware after defaulting on some of its debt earlier this month.	Advertisement
AstraZeneca taps Charles River Laboratories to test early-stage experimental drugs Charles River Laboratories International Inc. said Wednesday that it has been selected by AstraZeneca PLC to perform early-stage experimental drug testing for the Anglo-Swedish drug maker. Headquartered in Wilmington, Charles River provides a range of products and services to help pharmaceutical and biotechnology companies, government agencies, and academic institutions to accelerate their research-and-drug development efforts. AstraZeneca has a big research center in Waltham.
Mass. Secretary of State William F. Galvin charges Putnam Investments unit with deceiving investors The office of Massachusetts Secretary of State William F. Galvin said Wednesday that it has charged a unit of Boston-based Putnam Investments with deceiving investors about $3 billion in investments that were loaded with mortgage-related securities that were destined to lose money. Putnam denied the allegations. The complaint contends that Putnam Advisory Co. allowed a prominent hedge fund, Magnetar Capital, to be involved in picking sub-prime and mid-prime mortgage-backed securities that went into the fund with the intention of taking short positions that would profit when those investments lost money.
Lemelson-MIT Program salutes high school inventors The Lemelson-MIT Program has invited 16 teams of high school inventors to its EurekaFest event, where students will have a chance to showcase their inventions. The program calls this initiative InvenTeams, and its goal to engage students through invention projects that focus on STEM-subjects – science, technology, engineering, and math. Noting a continuing gender gap in employment in STEM fields, the Lemelson-MIT Program added that it is awarding grants of up to $10,000 to three all-girl schools that were among the 16 invitees.
ScaleBase secures $10.5m in Series B funding ScaleBase, a Newton company that helps businesses keep their data bases up and running, said Wednesday that it has secured a $10.5 million round in Series B funding. The round was led by Bain Capital Ventures and Ascent Venture Partners, with participation by Cedar Fund, an existing investor.
EarlySense gets FDA clearance for an upgrade to its bedside monitoring device EarlySense Inc., an Israeli company with US headquarters in Waltham, has received FDA clearance for an upgrade to its bedside system that monitors patients in hospitals and rehabilitation homes. The original EarlySense system featured “contact-free” respiratory, cardiac, and motion monitoring. Instead of wires hooked up to a patient, the system uses a sensor beneath the mattress of a patient’s bed to collect data. And now, thanks to the upgrade of oximetry integration, new models will also be able to monitor oxygen saturation.
AAA urges Massachusetts voters to say “Yes” to Right to Repair question on ballot Despite a compromise on the “Right to Repair” issue, AAA of Southern New England said it’s encouraging Massachusetts voters to support a ballot question on Nov. 6 that would overturn the current law. The announcement comes on the heels of a movement to encourage voters to skip Question 1 on their ballots so the measure will not pass. The ballot question would require auto manufacturers to make available diagnostic and repair information through a universal software system that could be accessed by dealers and independent shops.
UMass Memorial Medical Center sells lab business to Quest Diagnostics for undisclosed price UMass Memorial Medical Center in Worcester, which has been restructuring operations to improve its finances, said Tuesday it has signed an agreement to sell the hospital’s clinical outreach laboratory business to Quest Diagnostic for an undisclosed price. The medical center, part of UMass Memorial Health Care — the largest health care system in central Massachusetts — said the sale was the first step toward an alliance in which UMass Memorial could take a financial stake in a new venture that would operate a state-of-the-art lab in Massachusetts.
A123 Systems files for bankruptcy A123 Systems Inc., a Waltham-based maker of lithium-ion batteries, filed for Chapter 11 bankruptcy protection in federal court in Delaware Tuesday morning, saying in court filings that it has agreed to sell such automotive business assets as its facilities in Michigan. In a recent regulatory filing, the company said that a default on some of its debt is likely. A123 bet heavily that its batteries would be ideal for helping to power electric and hybrid vehicles. The company has struggled in the last year, with layoffs and a recall of some batteries.
Sports Authority plans re-opening festivities for 2 remodeled stores Sports Authority, a sporting goods retailer with about 470 stores nationwide, said it has scheduled grand re-opening festivities for two Massachusetts stores that have been closed for remodeling. A Sports Authority at Liberty Tree Mall in Danvers has been relocated to a slightly smaller, but more visible space within the mall. Converted into the chain’s new format, that store will feature Nike and Under Armour mini shops as well as a simplified layout. A renovated Sports Authority in Braintree is also re-opening.
Natixis Global Asset Management agrees to buy McDonnell Investment Management Natixis Global Asset Management said Tuesday that it has agreed to acquire McDonnell Investment Management, an Oak Brook, Ill.-based investment adviser with $13.5 billion under management for institutions and individuals. Terms of the deal were not disclosed, said Natixis, which has headquarters offices in Boston and Paris. McDonnell specializes in fixed-income investments. Natixis has a total of $711 billion under management and brands including Loomis, Sayles & Co. in Boston.
ADVERTISEMENT Looking to catch the next big game in town? Search from a wide range of Red Sox, Bruins, Celtics and Patriots seats in our exclusive ticket section powered by Ace Ticket. For the best seats to any sporting event in Boston, go to Boston.com Tickets.