Boston Business Journal articles from July 2001

Boston Business Journal archives from July 2001

Diagnosis: Dire.(Cost pressures force many doctors to rethink practice of medicine)(Brief Article)(Statistical Data Included)
July 27, 2001... Cost pressures force many docs to rethink practice of medicine IPSWICH--Dr. Carl Soderland is that hometown doctor who took care of you, and is now taking care of your kids. He would like to be around to take care of your grandkids, but...

Wall Street watches State Street Corp. for clues to post-Lopardo leadership.
July 27, 2001... Wall Street is closely watching State Street Corp. to see how Nicholas Lopardo's widely anticipated departure from State Street Global Advisors plays out, as well as the search for his replacement. Lopardo's exit could buffet parent...

Hynes events lift economy by $348M, study claims.(Statistical Data Included)
July 27, 2001... Events held at the John B. Hynes Veterans Memorial Convention Center in Boston add approximately $348 million annually to the coffers of local businesses and, government, according to a study released this week by the Massachusetts Convention...

Monster.com grows by eating up competition.(Brief Article)(Statistical Data Included)
July 27, 2001... MAYNARD--While weakness in the economy and job market might soften demand for its services, the leading online employment matchmaker isn't waiting patiently for a recovery. Monster.com of Maynard and its parent company, New York's TMP...

Eaton Vance to acquire Fox Asset Management.(Brief Article)
July 27, 2001... Eaton Vance Corp., a Boston-based investment management firm with $50 billion in assets under management, will acquire 80 percent of Fox Asset Management Inc. for an initial payment in 2001 of $32 million in cash and Eaton Vance stock, and...

Endotex gets financing from Boston Scientific.(Cupertino the California-based Endotex Interventional Systems)(Brief Article)
July 27, 2001... Cupertino, Calif.-based Endotex Interventional Systems, which develops and manufactures medical devices for use in the vascular system, said it has received undisclosed Series E financing from Boston Scientific. The funds will be used for...

Clarification.(Software by Phase Forward )
July 27, 2001... Software by Phase Forward ("Phase Forward secures 'milestone' deals with pharmas," in the June 29-July 5 issue of the Boston Business Journal) is being used in 140 clinical trials.

Quality returns.(peter Madsen's management of Pembroke Real Estate)(Company Profile)
July 27, 2001... Fidelity's backing gives Pembroke's chief shot at big developments As a boy, Peter Madsen used to stop by construction sites near his home and pepper the builders with questions. He marveled at watching the homes progress and wanted to...

Lease lights up market in suburbs.(Key3Media Group Inc. leases Needham office space)(Brief Article)
July 27, 2001... NEEDHAM--It may not signal a turnaround in the suburban real estate market, but at the very least, the leasing of nearly 100,000 square feet of space in the building once leased by bankrupt marchFIRST is seen as a bright spot in an otherwise...

CEO's firing raises questions about future of CareGroup.(James Reinertsen)
July 27, 2001... Only recently, Dr. James Reinertsen was the media darling, smiling into flashbulbs and television cameras as he cut the ribbon on the new emergency department at Beth Israel Deaconess Medical Center, of which he was CEO. Now,...

Harvard land deal puts area towns on the defensive.
July 27, 2001... The increasingly frosty negotiations between Harvard University and Watertown over the university's payment in lieu of taxes for the Arsenal site reflects a growing unease over the area's most powerful and wealthy unversities and their hunger...

Data storage companies seek salvation in software.
July 27, 2001... Growth in high-margin software helps cushion drop in hardware sales Behind the scenes in last week's data storage companies' earnings announcements, software emerged as those companies' best hope in this economic downturn. When EMC...

Nstar service generates complaints from the suburbs.
July 27, 2001... WEST NEWTON--Nstar's customer service woes are spreading to the suburbs, and increasingly, business owners are turning to local elected officials to get the lights turned back on. In recent weeks, reports of persistent outages in the...

Berkshire Partners closes $1.5B fund.
July 27, 2001... Berkshire Partners LLC announced it has closed a $1.5 billion fund, the Boston buyout firm's sixth. Berkshire raised the fund at a time when investors have been stingy with their cash, and leveraged buyout funds have been forced to slim...

Precise Software earnings beat expectations--again.
July 27, 2001... WESTWOOD--Defying an earnings season of lowered expectations, Precise Software Solutions Ltd. this past week announced its 15th consecutive quarter of increased revenue, exceeding expectations for the quarter, and then raised its guidance for...

Web-engine paid placement pays off.
July 27, 2001... A complaint filed last week by a consumer group called into question the objectivity of results provided by operators of Internet search engines. Industry observers say the practice that earned the criticism isn't about to end, though,...

Customer's bankruptcy may cost Sycamore Networks.
July 27, 2001... CHELMSFORD--Sycamore Networks Inc. watched a key customer file for bankruptcy protection recently--the second setback on the customer front this year for the maker of optical-networking gear. Canadian-based 360networks Inc.'s decision to...

Chain restaurant data exchange on the menu.(Restaurant Data Exchange (RDX) Consortium)(Brief Article)(Product Announcement)
July 27, 2001... NEWTON--A company that offers business and customer database management to restaurants now will allow restaurant chains to see how their performances stack up against others in the industry. Gazelle Systems Inc., based in Newton, has...

Venerable nonprofit has new name, new programs.(New England Home for Little Wanderers)(Brief Article)
July 27, 2001... For generations, its name was synonymous with the region it served. The New England Home for Little Wanderers was the largest child-welfare agency in New England and one of the oldest in the nation. Two years ago--200 years after its...

Mass. HEFA breaks the billion-dollar bond barrier.(Health and Educational Facilities Authority)(Brief Article)
July 27, 2001... The Massachusetts Health and Educational Facilities Authority doled out more than $1 billion to higher education institutions during the fiscal year that wrapped up in June. Executive director Robert Ciolek said colleges and universities...

Caged in by debt, OutletZoo.com files for Chapter 11 protection.(Brief Article)
July 27, 2001... A Burlington Internet company that patterned itself after the venerable Filene's Basement is seeking bankruptcy protection. OutletZoo.com Inc. is a 3-year-old application services provider whose software helps companies sell their excess...

Highland Partners closes $800M fund; moves offices.(Brief Article)
July 27, 2001... Venture capital firm Highland Capital Partners Inc. has closed its largest fund ever, $800 million, at a time when many funds are having trouble raising cash. The latest fund will focus on communications, life sciences and software...

Successful fund-raising effort lifts Merrimack College's standing.(Brief Article)
July 27, 2001... NORTH ANDOVER--Merrimack College is funneling its fund-raising boom to buildings and services for a burgeoning residential population. Smart classrooms with Internet hookups and videoconferencing, an arts center and the Frances E. Girard...

'Unmerger' helps TrueAdvantage dodge dot-com death.(TrueAdvantage Inc. succeeds without dbusiness.com)(Brief Article)(Company Profile)
July 27, 2001... Jaret Christopher figured he was doing the right thing when he merged his startup with another online company. He's sure he did the right thing when he undid the merger several months later. TrueAdvantage Inc. joined forces just last...

Gotham ready, market not.(Brief Article)
July 27, 2001... Gotham Networks says its product is ready; but the market isn't. The Acton startup, which makes a network data switch, cut about 35 jobs last week-- roughly a 25 percent work force reduction. "As ready as we are... we have to be very...

Sonus weathers the storm.(Sonus Networks Inc. shares up)(Brief Article)
July 27, 2001... The wipeout in the telecom sector has taken away significant portions of many companies' market caps. Sonus Networks Inc. is among those. In recent Weeks, however, shares in the Westford company have begun ticking up above $20 per share....

Call for online entries.
July 27, 2001... The Massachusetts Interactive Media Council has put out its call for entries in the sixth annual MIMC Awards. The contest recognizes achievements in interactive technology in 29 different categories. Details are at...

Wanna buy IP? Don't get your checkbooks out yet.(Brief Article)
July 27, 2001... Put those checkbooks away. Sources say the Chiofaro Co. is definitely not selling International Place, as published reports have suggested. Then again, the building's mortgage might be up for grabs, industry sources speculate. One...

Suburban leases.(Cartref Science Inc., InteQ Corp. and nSight)(Brief Article)
July 27, 2001... Berkeley Investments Inc., a Boston-based real estate firm, leased 12,923 square feet of space at 1 Cabot Road in Medford, a 310,000-square-foot Class A office building, to Cartref Science Inc., a division of Swets & Zeitlinger, which is...

Bovis gets Merck's job.(Bovis Lend Lease)(Brief Article)
July 27, 2001... Bovis Lend Lease's Boston office is handling construction management for Merck & Co. Inc.'s new research facility in the Longwood Medical Area. The Merck Research Center, a 390,000-square-foot, 12-story building, is expected to open in...

Genesis goes to college; to redevelop Alumnae Valley.(Genesis Planners and Builders Inc. wins Wellesley College contract)(Brief Article)
July 27, 2001... Genesis Planners and Builders Inc., a Waltham-based company, has been chosen by Wellesley College to act as the project manager for the school's redevelopment of the Alumnae Valley. Projects, which include building a new campus center, a...

Peabody Construction Co. completes new headquarters.(Brief Article)
July 27, 2001... Peabody Construction Co. Inc., which is building the $34 million Naismith Memorial Basketball Hall of Fame in Springfield, recently topped off a project closer to home, namely, its new $6 million, 37,550-square-foot headquarters in Braintree....

Access denied: Weekly' net magazine to liquidate assets.
July 27, 2001... Attempts to resurrect Access Magazine apparently have hit a wall. Needham-based Access Media Inc. last month decided to resort to an assignment for the benefit of creditors to settle estimated debts or approximately $4.32 million. The...

Select Therapeutics uses controversy-free stem cells.(Brief Article)
July 27, 2001... So, with all this debate over stem cell research, it would be hard for scientists not to feel embattled. The words "stem cell" have become such, a catch-all for the controversy that laypeople may not know most stem cell research is...

Take your pick.(report results from Public Citizen re drug development costs and Boston Consulting Group re using genetics)(Brief Article)
July 27, 2001... Two studies out this past week discuss the cost of drug discovery and development, but with very different conclusions. On Monday, we saw a report from Washington, D.C.-based Public Citizen, a consumer group founded by Ralph Nader, that...

Microarrays set to surge.(according to study)(Brief Article)
July 27, 2001... And speaking of studies, a recent report suggests the microarray chip market will be worth $356 million by 2005. Microarrays are in high demand, as companies realize they need to test compounds faster and cheaper than their competitors....

Bush adviser: Don't count on small-business tax cuts.(R. Glenn Hubbard)(Brief Article)
July 27, 2001... The chairman of President Bush's Council of Economic Advisers says it is "not a foregone conclusion" that small-business tax cuts will be included in legislation to raise the minimum wage. Senate leaders from both parties say a package of...

Postal official fails to deliver.(Donald Spate)
July 27, 2001... The manager of delivery operations for the U.S. Postal Service was held hostage by the chairman of the House Small Business Committee at a hearing about government agencies that compete with small businesses. At issue was the post...

Health care providers are slow to standardize EDI.(standardized electronic data interchange transactions as called for by Health Insurance Portability and Accountability Act)(Brief Article)
July 27, 2001... A new Gartner Inc. study found that 85 percent of health care providers have not completed assessments that are a critical step in meeting an Oct. 16, 2002, deadline for standardized electronic data interchange transactions. Because of...

LeavingCal.com lights the way to energized Bay State.(Brief Article)
July 27, 2001... Loyal readers recall that the Boston Business Journal reported in its June 8-14 edition that MassDevelopment, a quasi-public economic development agency, launched a print-ad blitz to lure companies from California. Called "The lights are on...

Grandma should know.(how to read telephone bills)(Brief Article)
July 27, 2001... Talk America Inc. thinks grandmothers need help reading their phone bills. So the Reston, Va.-based company has hired Denver-based software company CGS Systems International Inc. to help. Talk America began offering bundled local and...

Luck of the Irish?(Richard Egan 's nomination for Ambassador to Ireland and John Cuillinane's honorary degree from University of Ulster)(Brief Article)
July 27, 2001... EMC Corp.'s founder and chairman emeritus does not have a lock on news with Ireland and technology company executives these days. Richard Egan has been in the spotlight as the Bush administration's nominee for ambassador to Ireland. But John...

Area's Largest Meeting and Event Planners.(The Best to Boston Ltd. heads list)(Statistical Data Included)
July 27, 2001... Area's Largest Meeting and Event Planners (ranked by Mass. meetings and events planned in 2000) No. of Mass. No. of meetings Mass....

SBA will give business advice to entrepreneurs.
July 27, 2001... Thursday, Aug. 9: The Small Business Administration will offer a seminar presenting advice and suggestions to persons who are planning to open a new business, or are looking for assistance in the operation for an existing business, at the SBA...

Understanding taxes for new business owners.
July 27, 2001... Tuesday, Aug. 21: The Massachusetts Department of Revenue will present a free small-business workshop: Understanding Taxes for New Business Owners, at 60 Columbian St., Braintree, from 12:30 p.m to 4 p.m. If you are starting a new business...

Chamber to offer chance to network at Polcari's.
July 27, 2001... The North Suburban Chamber of Commerce and Polcari's restaurant will present an evening of hospitality and business networking on Tuesday, Aug 14 from 5:30 to 7:30 p.m. at the Waltham Polcari's, 309 Montvale Ave. Hors d'oeuvres and...

Sticking to it.(Sushil Bhatia of Kriticka)(Brief Article)
July 27, 2001... Serial entrepreneur develops web-enabled software for labels for packaged goods Early in his career, Sushil Bhatia recalled, the best advice he ever received was, "Do one thing, and do it well." Yet, having launched five companies in...

SSBC says new SBA chief should fight cuts.(Senate Small Business Committee approves Small Business Administration chief Hector Barreto Jr.)(Brief Article)
July 27, 2001... Hector Barreto Jr. says his parents built a successful restaurant business in Kansas City, Mo., because they had "ganas"--which he defines as "an unrelenting desire to accomplish a great goal." That same quality led Barreto to shut down...

Family squabbles shouldn't become the family's business.(techniques to avoid family conflict in business)(Brief Article)
July 27, 2001... "We've worked together for 15 years and never had a disagreement." On the credibility scale, that statement ranks right down there with "the check is in the mail" and "I promise I won't quote you." Conflict at some level between...

Area's Largest Electrical Contractors.(Directory)
July 27, 2001... Area's Largest Electrical Contractors (ranked by dollar volume for Mass. electrical work in 2000) Dollar volume for electrical work Rank...

Tech monitor.(Brief Article)
July 27, 2001... The tech pessimism epidemic appears to be contained. As headlines of imploding dot-coms and catastrophic technology earnings blackened our newspapers, the doom that overhung the entire sector threatened to push technology and tech...

Tech buyers holding breath 'til IT budgets rebound.
July 27, 2001... Lisa Rose, chief information officer for Danvers Saving Bank, makes a boast typical of many information technology managers these days: Her department has its act together. Rose joined the 150-year-old bank in 1999. At the time, it had no...

Mortarboards to Motherboards.
July 27, 2001... Healthy college enrollment hints of high-tech comeback Chris Cosentino's parents bought him his first PC in eighth grade, and he instantly became enthralled with the computer's inner workings. So it came as no surprise when, within weeks...

Once tepid, turnaround business shows about face.
July 27, 2001... High number of tech failures spurs growth in turnaround industry The overall slowing, of the economy-- sinking consumer confidence, falling retail sales; tightening of credit, lower appraisal Values for inventory machinery and equipment...

Is anyone prepared for a truly mobile Internet?
July 27, 2001... How many times have you arrived at the airport only to learn your flight has been, delayed or canceled? Wouldn't it help if you could quickly and easily access new flight times, then reschedule a flight without standing in a long line of...

In workplace, e-mail can spell major e-headaches.
July 27, 2001... The misuse of a company's e-mail system and inappropriate uses of Internet access by employees can wreak havoc on an organization; it not only decreases productivity, it makes companies vulnerable to potential litigation. As we all know,...

Enhanced promises: Fulfilling broadband's pledge.
July 27, 2001... When it comes to the communications industry's long-held promise of providing reliable, cost-effective voice, data and enhanced new services over broadband networks, expectant business customers can justifiably admit disappointment. With...

No guarantee: Who really owns your name?
July 27, 2001... Nothing is ever as easy or as simple as it seems. But domain name registration is a cinch, right? Simply go online to a registrar's site, check for the availability of a domain name if it is available, proceed to register online,...

On the move...
July 27, 2001... Optasite Inc., a Worcester-based provider of resources for the monitoring, maintenance and optimization of wireless networks, hired David Synk as vice president of sales and marketing. e-Travel Inc., a Waltham-based provider of hosted...

Slumping telecoms see hope at end of the line.
July 27, 2001... The doomsayers have descended upon the telecommunications industry, predicting a national economic fallout that rivals the savings and loan bailout or the junk bond crash of the 1980s. But the optimists are holding their own, predicting a...

A financial statement's 'notes' are worth noting.
July 27, 2001... This column is the second of a three-part series. If as an investor the thought of going through a company's annual report is overwhelming, this article may help you decipher what you are looking through. The U.S. Securities and...

ArQule Inc.(executives positions and salaries)(Brief Article)
July 27, 2001... THE BUSINESS ArQule seeks to bridge the gap between genomics and clinical development by applying its proprietary technology platform and chemistry capabilities to drug discovery. Recent advances in genomics and the completion of the...

THE CEO: Stephen Hill.(of ArQule)(Brief Article)
July 27, 2001... Stephen Hill has served as president and CEO since April 1999. Prior to joining ArQule, Hill was the head of global drug development at F. Hoffmann-La Roche Ltd., a pharmaceutical company. He joined Roche in 1989 as medical adviser to Roche...

THE COMPANY/THE STOCK.(Brief Article)
July 27, 2001... THE COMPANY/THE STOCK Headquarters: Woburn Symbol (exchange): Nasdaq(ARQL) Revenue: $ 50,300,000 Net Income: $3,900,000 Employees: ...

TOP FIVE INSTITUTIONAL SHAREHOLDERS.(of ArQule)(Brief Article)(Statistical Data Included)
July 27, 2001... TOP FIVE INSTITUTIONAL SHAREHOLDERS Market Percent Date Institution Shares value owned reported Orbimed Advisors Inc. 1,518,000 $26,565,000 7.5 ...

MASSACHUSETTS STOCK INDEX.(Statistical Data Included)
July 27, 2001... MASSACHUSETTS STOCK INDEX Ticker Close Pct. Company Symbol Price Chg. A. D. Technologies Inc. ADTC 0.50 -- Abington...

Boston on the Record.
July 27, 2001... ADVERTISING/COMMUNICATIONS Society for Professional Services (SMPS), a Boston-based organization representing marketers in the A/E/C industry, selected the following as Fellows of SMPS: Kate Brannelly, executive vice president of...

Power switch.(Brief Article)
July 27, 2001... Months into his new job, ISO New England's new chief faces major potential changes HOLYOKE--Less than two months into his tenure as president and CEO of ISO New England Inc., Gordon van Welie is facing obsolescence. The nonprofit...

California's woes lead to growing acceptance of alternative energy.(Brief Article)
July 27, 2001... In these days of power outages and rising electricity costs, some Boston-area businesses have found an alternative path to more profits. Consider the case of-Evergreen Solar in Marlborough, a maker of solar panels to generate electricity....

Once-hot digital subscriber lines face a cloudy future.(Brief Article)
July 27, 2001... It may be too soon to sound the death knell for digital subscriber lines (DSL), the high-speed Internet connection, but the market has turned ugly in recent months, say analysts. "Many of the competitive providers of DSL service have...

California's crisis spurs valuable lessons for other states.(Brief Article)
July 27, 2001... Energy experts here in Massachusetts see California's crisis as a perfect example of what can go wrong. They point to California's flawed deregulation legislation as part of the problem. They see the state's strong economic growth and...

Biogen may seek legal challenge to block potential rival.(Brief Article)
July 27, 2001... Cambridge-based Biogen Inc., maker of the top-selling multiple sclerosis drug Avonex, will likely file a lawsuit against Serono SA to prevent the company from claiming that its rival medicine works better than Avonex and may seek damages. ...

NaviSite CEO Rosen resigns.(Brief Article)
July 27, 2001... Joel Rosen, the CEO of Andover-based NaviSite, a provider of web-hosting and managed-application services, has resigned from his post after two and a half years. The Andover-based company said COO Trish Gilligan is taking over as acting CEO...

Gillette 2nd-quarter net falls.(Brief Article)
July 27, 2001... Boston-based Gillette Co., the world's largest maker of shaving razors, said second-quarter earnings fell 22 percent as sales of Duracell batteries and shaving products declined. Net income at Gillette, the maker of the Mach3 razor and Oral-B...

Reinertsen leaves Beth Israel.(Brief Article)
July 27, 2001... Dr. James L. Reinertsen has resigned as chief executive officer of both Beth Israel Deaconess Medical Center and CareGroup, according to the boards of directors and trustees of both organizations. "We thank Dr. Reinertsen for his hard...

Reebok Q2 profit rises 33%.(Brief Article)
July 27, 2001... Canton-based Reebok International Ltd.'s second-quarter profit rose 33 percent as the No. 2 U.S. athletic-shoe maker reduced costs and National Football League-licensed apparel boosted U.S. clothing sales. Net income rose to $14.1...

MassMutual enters Japan.(Brief Article)
July 27, 2001... The MassMutual Financial Group of Springfield said it intends to launch a tender offer to acquire the shares of Japanese life insurer Aetna Heiwa Life Insurance Co. Founded in 1907, Aetna Heiwa has nearly $4.5 billion in assets; most of its...

Managing change, not stopping it.(Brief Article)
July 27, 2001... Although it wasn't possible to look behind the ski masks or under the motorcycle helmets worn by some of those who disrupted the economic summits in Seattle, Genoa and elsewhere, it's a pretty safe assumption that very few of the marchers and...

In China, Adam Smith meets Scarlett O'Hara.(Brief Article)(Interview)
July 27, 2001... It's not every day you meet an economist who answers a question by citing Adam Smith, David Ricardo and Margaret Mitchell. But then it's not every day that an editor gets to meet, albeit briefly, with Lei Xiao Ming and the other members of...

New England's energy-environment connection.(Brief Article)
July 27, 2001... Ever since the high gasoline prices in the summer of 2000 gave way to heating oil shortages in the Northeast and rolling blackouts in California, it's been hard to escape a sense that an energy storm is brewing. With almost daily headlines...

Feds go after hospital pollution.(Brief Article)
July 20, 2001... EPA to get tough on waste- and mercury-reduction standards The U.S. Environmental Protection Agency promises to get tougher on hospitals, enforcing waste and mercury-reduction standards either by voluntary or punitive means. The...

Promised land.(Israeli companies seek funding in Boston)
July 20, 2001... Israeli tech firms forge strong ties to Greater Boston AS venture capital dries up in Israel, more Israeli technology--and now biotechnology--companies will be heading to the United States, specifically Boston, in search of the cash they...

Citizens could have trouble standing out in Pa. market.(Citizens Financial Group Inc.)(Brief Article)
July 20, 2001... Citizens Financial Group Inc. may not be a typical bank in New England. But the attributes that some say make it unusual here--such as attention to customer service--may not be enough to distinguish it in Pennsylvania, where it recently...

Companies clip travelers' wings in down economy.(Brief Article)
July 20, 2001... Carole Swartz acknowledges that the reports she sends to her corporate travel clients likely were ignored in the past. Now, thanks to a downturn in the economy, those reports are being scrutinized for potential cost-savings, as companies...