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Avon-based Terascala opens Boston office

Written By Unknown on Rabu, 17 Oktober 2012 | 23.14

Terascala Inc., a big data applications company, said today it has opened an office in Boston to "support its strong growth and to attract key talent" on the fifth floor at 100 North Washington St.

The company will continue to maintain its headquarters in Avon.

Also, Dr. Jim Rothnie has been appointed to Terascala's board of directors. Rothnie retired from EMC Corp. in July 2002 as senior vice president and chief technology officer.

Founded in 2005, Terascala counts Dell, NetApp and EMC Corp. among its partners.


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AAA: Vote 'yes' on Right to Repair ballot question

AAA Southern New England is urging Massachusetts voters to vote yes on a "Right to Repair" question on the November election ballot, saying there should be no compromise when it comes to vehicle owners' rights.

"Right to Repair" would require auto manufacturers to make all service and diagnostic information available to consumers and independent repair shops, not just their franchised dealership service centers.

"AAA wholeheartedly believes that motor vehicle owners have the right to choose where they want to have their vehicles repaired," said AAA Southern New England President and CEO Mark Shaw. "Your vehicle produces valuable information about its health and condition. AAA thinks you should own this information, all of it, and should be free to share it as you see fit."

Earlier this year, the state Legislature passed a compromise bill on the issue, but AAA said the bill doesn't require automakers to share all of the information on telematics. This information would allow some pending vehicle problems to be diagnosed remotely.

"Massachusetts is setting the standard by which this vital consumer protection issue is defined, and will be the model for the rest of the nation," Shaw said. "Yes, the 'Right to Repair" legislation passed this year was a victory for consumers, but it doesn't go far enough to assure that vehicle owners won't have to compromise their repair and possible privacy rights due to a last-minute legislative loophole."


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Aegerion stock trades halted as FDA reviews drug

Cambridge-based biopharmaceutical company Aegerion Pharmaceuticals Inc. said the Nasdaq has halted trading of the company's common stock today as a U.S. Food and Drug Administration Advisory panel meets to discuss its new drug application for its lead candidate, lomitapide.

Aegerion said it is seeking FDA marketing approval of lomitapide as an adjunct to a low-fat diet and other lipid-lowering therapies to reduce cholesterol in adult patients with homozygous familial hypercholesterolemia, a rare life-threatening disease characterized by severely elevated cholesterol levels.

The FDA has assigned a Prescription Drug User Free Act action date of Dec. 29 for completion of its review of the NDA for lomitapide, Aegerion said.


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ScaleBase raises $10.5M in ScaleBase

Newton startup ScaleBase, which keeps next generation apps and business-critical databases up and running, said today it has raised $10.5 million in Series B funding from investors Bain Capital Ventures, Ascent Venture Partners and Cedar Fund.

"Market demand for uninterrupted database performance is growing at an unprecedented rate as thousands of new online and mobile apps launch daily, and companies struggle to keep up with the massive transactional processing requirements of big data," said ScaleBase CEO Ram Metser. "This investment is a clear validation of the tremendous market opportunity and our solution."

The new funding will fuel product innovation, research and development, and sales and marketing expansion. Bain Capital Managing Director Ben Nye, Ascent Venture general partner Geoff Oblak and Cedar Fund partner Motti Vaknin will all join ScaleBase's board of directors.


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EarlySense wins FDA clearance for new bedside-monitoring system

Waltham-based EarlySense Inc. said today it has received U.S. Food and Drug Administration clearance for an updated version of its bedside system that monitors and documents vital signs in patients.

"EarlySense is the first in the world to combine contact-free respiratory, cardiac and motion monitoring with oximetry. This means, that for the first time ever, hospitals have the ability to monitor the oxygen saturation of a patient in addition to automatically, continuously and in a contact-free manner, monitor that same patient's vital signs and movement," said EarlySense CEO Avner Halperin. "The oximetry component, meant for post-surgical patients who require a higher level of supervision, seamlessly integrates into the existing EarlySense system, including the central display station. The combination of deliverables provides clinicians with a flexible tool to facilitate individualized care plans for optimal clinical outcomes on the medical surgical floors."

The new oximetry feature of the EarlySense System will be introduced at Medica 2012 in Germany next month and officially launched into the market in 2013. The EarlySense System is a contact-free, patient monitoring solution that measures vital signs and movement using a sensor that slips under a bed mattress.


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Quest Diagnostics inks deal with UMass Memorial Medical Center

Quest Diagnostics said it has signed a definitive agreement to buy the clinical outreach business of UMass Memorial Medical Center for an undisclosed amount.

Financial terms of the transaction are expected to be completed in the next 90 days. It is expected the full transition of services will take place over the next 18 to 24 months, with further details to be announced as they are finalized.

Quest said the sale is the first step toward building a long-term relationship between the two organizations that could result in UMass Memorial taking a financial stake in a new entity that would develop and operate a state-of-the-art laboratory in Massachusetts in the future.

Quest's full-service lab in Cambridge and its Athena Diagnostics specialty neurology testing subsidiary in Worcester will move to a new facility that is expected to be centrally located in the area. The facility, when fully operational, will perform the testing currently performed at UMass Memorial's Worcester-based outreach laboratories, the Quest testing currently performed in Cambridge, and the testing performed by Athena.


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AG: Waste Management must pay $376G to settle wage law violations

A Texas-based waste disposal company has been cited for more than $376,000 in restitution and penalties for violating the Commonwealth's prevailing wage laws, Attorney General Martha Coakley said today.

Waste Management of Massachusetts Inc., also known as Waste Management, was cited for charging employees for health-care coverage they did not receive, Coakley said.

"This company failed to properly calculate and pay the prevailing wage for employees who opted out of its health and welfare plans," she said. "Employees who opt out of these plans must be paid the full prevailing wage."

Waste Management provided solid waste and recyclable material collection services to 43 Bay State communities from June 2008 through June 2011. Coakley's investigation revealed the company made deductions from the prevailing wage for several employees who had opted out of one or more of the health and welfare plans offered by Waste Management.

Once notified of the violations, Waste Management fully cooperated with the investigation, and has agreed to pay back 56 workers for the costs of unwanted benefits that had been deducted from their wages, Coakley said.


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Galvin charges Putnam subsidiary with deceiving investors

Putnam Advisory Co., a subsidiary of Putnam Investments, has been charged with deceiving investors in its role in creating and marketing $3 billion in collateralized debt obligations consisting of subprime and midprime mortgage-backed securities, Secretary of the Commonwealth William F. Galvin said today.

An administrative complaint charges that Putnam allowed Magnetar Capital, a large hedge fund, to be involved in creating and structuring critical aspects of the CDOs, known as Pyxis 2006 and Pyxis 2007. Undisclosed to investors, Magnetar recommended certain collateral for inclusion in the CDOs, and then took a substantial short position on the same collateral, according to the complaint.

"Magnetar benefited substantially from the widespread downgrades of the subprime assets in the Pyxis CDOs, and reaped an exorbitant net gain of approximately $67 million on its equity investments and aggressive short positions tied to both Pyxis CDOs," the complaint said.

Putnam's collateral management fees for both CDOs totaled more than $8.8 million, Galvin said. The Securities Division is seeking disgorgement of all fees obtained as a result of conduct described in the complaint, a civil administrative fine, as well as a cease and desist order, Galvin said.

The complaint adds that as collateral manager of the two Pyxis CDOs, Putnam represented to investors that it would be an independent advisor, though this was not the case.

"Internal emails sent among Putnam, Magnetar and the structuring banks reveal that Putnam repeatedly violated the trust of investors when it learned of, but failed to disclose, Magnetar's collateral recommendations and purchases of protection on various collateral included ... in Pyxis 2006 and Pyxis 2007," the complaint said. "Additionally, Putnam not only knew of Magnetar's 'hedged equity strategy,' but helped execute it."

A Putnam spokesman could not be immediately reached for comment.


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Multivitamins can lower men's cancer risk, huge Brigham study finds

Something as simple — and cheap — as a multivitamin a day could help reduce the risk of cancer in older men, say Brigham and Women's Hospital researchers who released the findings of an exhaustive study at a cancer research conference in California today.

"The main benefit to taking a vitamin is to make up for any deficiency, but it certainly appears that there may be a modest benefit in preventing cancer in men over 50, too," said Dr. J. Michael Gaziano, the study's lead author and the head of Brigham and Women's aging division.

For 11 years, Gaziano and his team tracked the health of 15,000 male physicians, all of whom were at least 50 years old when the study began.

To determine, for the first time, if there are any long-term benefits of taking a multivitamin — something about one third of all Americans already do — researchers gave half the study participants multivitamins, and told them to take them every day. The others unknowingly received a placebo, with the same daily-dose instructions.

The doctors were told to inform the researchers if they were diagnosed with cancer, and researchers confirmed those diagnoses by checking the men's medical records.

After 10 years, Gaziano said, researcher found that the men who took daily multivitamins had an 8 percent reduction in total cancer, when compared to the placebo-taking group.

The vitamin-taking group also had fewer cancer-related deaths, the study shows.

Gaziano said the data is solid, because the participants were "excellent" when it came to complying with study rules.

They came into the study healthy too, he said.

"Only 4 percent smoked, and most did regular exercise, and about 1,300 of them had prior cancers," he said.

Now, researchers are probing the data to see if there are any links between daily multivitamins and cardiovascular disease.

"Stay tuned," Gaziano said.


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Stock market wavers as investors digest earnings

NEW YORK — A surprisingly strong housing report helped push the stock market up early Wednesday, even as weak earnings reports from Intel and IBM weighed on the Dow Jones industrial average.

A half hour after the opening bell, the Dow Jones industrial average dropped 9 points to 13,543, while the Standard & Poor's 500 index gained 4 points to 1,459.

The Nasdaq composite index rose five points at 3,106.

IBM reported sales late Tuesday that dropped below Wall Street's expectations. On a call with analysts, IBM's chief financial officer said the company faced "more challenging" market conditions in September, the final month of the quarter, as cautious customers and a weakening euro undercut its results. IBM stock sank $9.51 in early trading to $201.60.

Intel warned that sales of personal computers will likely remain weak during the holiday season this year. The chip-maker cut its revenue estimates for the year-end quarter when it reported results late Tuesday. Intel's stock dropped 49 cents to $21.86.

The Commerce Department said Wednesday that builders broke ground on building new single-family houses and apartments at the fastest pace since July 2008. Housing starts surged to an annual rate of 872,000 in September, far above estimates by economists.

"You might think it's a misprint," said Dan Greenhaus, chief global strategist at BTIG, in a note to clients. But over the past year, housing starts have climbed by 43 percent.

"If there was any doubt that the housing market was undergoing a recovery, even a modest one in the face of the terrible 2008 decline, those doubts should be erased by now," Greenhaus said.

The housing report helped push the yield on the 10-year Treasury note up to 1.78 percent from 1.72 percent late Tuesday. Better economic news usually sends traders out of safe assets like Treasurys.

For the week, the Dow is now up 1.6 percent and the S&P 500 is up 2.3 percent. The stock market shot higher Tuesday as earnings results from Mattel, Goldman Sachs, and Johnson & Johnson beat expectations.

© Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


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