Tough biotechnology market derails NeoGenesis' IPO CAMBRIDGE, Mass. — The prognosis originally looked good: Investors viewed the biotech market as being strong compared to other industries; many biotech companies had promising products ready for release; NeoGenesis Pharmaceutical had a good product.
Citibank opens NRI Center in Washington WASHINGTON, D.C. — Victor Menezes, chairman and CEO of Citibank NA, inaugurated a new Non-Resident Indian Center in Washington, D.C., located at 1775, Pennsylvania Avenue NW.
Merrill Lynch unit to target Asian Indians in U.S. NEW YORK — Merrill Lynch announced the formation of a new business unit, Multicultural and Diversified Business Development, headed by Subha Barry. It was also announced that Jyoti Chopra would run business strategy for the group.
Asyst sees big drop in revenue FREMONT, Calif. — Asyst Technologies Inc. said its net sales for its third quarter were $37.3 million, down 71 percent from the $128 million reported for the comparable quarter one year ago, which was the company's peak revenue quarter in the last industry upcycle.
Ethan Allen sales take hit, but Kathwari is optimistic DANBURY, CONN. — Ethan Allen Interiors Inc. reported that its second quarter sales were down Sales were $222.9 million in the quarter compared to $232.7 million in the prior year second quarter. Retail sales were up 7.5 percent since last year's second quarter but comparable Ethan Allen-owned store sales were lower by 6.4 percent. Sales for the six-month period ended December 31, 2001 were $429.6 million compared to $443.9 million in the comparable prior year period.
Magma Design's revenue jumps to $13.9 million CUPERTINO, CALIF. — Magma Design Automation Inc., a provider of chip design solutions, reported an increase in revenue for the third quarter of its fiscal year, which ended Dec. 31, 2001
Legal snags can destroy any entrepreneur's large dreams It has never been easy to be an entrepreneur. These days, however, the obstacles littering the road to riches seem overly forbidding. Pile on the significant legal issues that must be addressed by the entrepreneur and the path to prosperity appears bleak. What follows is a discussion of some of these legal issues.
Pradeep Patnaik serves up growth for Montibello Foods GRAHAM, N.C. — After trying out many different careers and traveling around the country and world for decades, Pradeep K. Patnaik was finally urged by his wife to just settle down at home in North Carolina.
And so he did. Sort of.
Patnaik, 57, may have physically settled down in North Carolina with his wife. But his Montibello Foods LLC is anything but settled down in terms of growth.
In February, Patnaik's Montibello announced it had purchased Greensboro, N.C.-based Made-Rite Foods Inc., maker of 100 different ready-to-eat, individually wrapped fresh and frozen deli-type sandwiches.
With the takeover of Made-Rite, Montibello Foods, founded only two years ago, now offers 120 different types of ready-to-eat products, from sandwiches to biscuits to frozen cookie dough. [Read more]
Physician, Smith & Nephew open center in India Dr. Dinesh Patel recently fulfilled a dream when he helped bring together a global corporation, the Indian government and medical experts from several countries to open a first-of-its-kind teaching center in Ahmedabad, India.
Tata launches new health-care practice NEW YORK — Tata Consulting Services, the fast-growing software and IT consulting firm, is launching a new health care practice in North America, a field the company has high hopes for its expansion plans.
Astral Point sold to French company for $135M CHELMSFORD, Mass. — Astral Point Communications, co-founded and run by Raj Shanmugaraj, has been sold to the French networking equipment giant Alcatel.
The sale price is about $135 million.
Astral is considered a "front-runner in next-generation SONET metro optical systems.
MRSI acquired by Newport Corp. IRVINE, Calif. — Newport Corp. said it has signed a definitive agreement to buy Micro Robotics Systems Inc., a privately held manufacturer of high-precision assembly and dispensing systems for various high-tech markets.
Navin Chaddha's Rivio Inc. buys CPABiz SANTA CLARA, Calif. — CPA2Biz Inc., a strategic partner of the American Institute of Certified Public Accountants (AICPA), announced that it has merged with Rivio Inc., headed by Navin Chaddha.
Famed 'fusion' restaurateur dies in Memphis MEMPHIS, Tenn. — Raji Jallepalli-Reiss, the restaurant owner and chef who gained national fame for marrying together classic Indian and French cuisines, died in late January from cancer. She was 52.
Vaswani joins Walden as partner; deal already in the works SAN FRANCISCO — Dinesh Vaswani knows the software business has fallen on hard times.
He sees that large corporate customers ignore small software companies these days, skittish the startups will quickly go out of business and leave customers stuck with outdated software. Venture capitalists fear that customers won't buy the product so they don't pony up investment dollars either, making the situation that much worse.
Sitara Networks raises another $23M, pushing its total to $101M WALTHAM, Mass. — Sitara Networks has landed another $23 million in venture capital.
"At a time when venture capitalists are very selective about their investments, we are fortunate to be recognized by world-class investors as a company that will succeed in the current climate," said Malik Khan, Sitara's founder and chief executive officer. "Today's announcement allows us to build on recent successes, including nearly quadrupling our revenues year-over-year in 2001," he added, in a prepared statement.
Westbridge invests $3 million in Celetron SIMI VALLEY, Calif. — Celetron International Ltd. has received an additional $3 million in venture funding, raising its total to $51 million as it tries to build up its electronic and optical manufacturing services.