In Buffalo, Cleveland BioLabs and Russian fund Agree on $18 million cancer drug deal Cleveland BioLabs has wrapped up an agreement for an $18 million investment from a Russian venture capital fund and the creation of a joint venture to develop one of the Buffalo life sciences company's drugs for use by cancer patients. The joint venture created by the agreement with Bioprocess Capital Ventures controls the rights to Cleveland BioLabs' Curaxin family of anti-cancer drugs. Each company will hold a 50 percent stake in the joint venture.
Vuzix bid to go public nets $6M in offering Vuzix Corp., a Henrietta maker of video eyewear for the medical, consumer and military markets, hopes to become a publicly traded company. The company last month sold 31.2 million units at 19.2 cents each, each unit being a share of Vuzix and half of a warrant guaranteeing the ability to buy another share at 30 cents for the next 36 months.
Ithaca-bred Kionix goes international via merger Throughout the nine-year lifespan of Kionix Inc., in Ithaca, two trends have held steady: the products keep getting smaller, and the distribution range keeps getting bigger. With the completion last month of a $233 million merger with Rohm Co., Ltd., a Japan-based company specializing in the design, manufacture and sale of semiconductors, Kionix now has the advantages of a much larger company, while retaining its Ithaca facilities, and has bucked the trend of job loss and hiring freezes seen throughout Tompkins County and the nation.
Technology center creates consultant group A new service has been announced by the Hudson Valley Technology Development Center. It's the Engineering Consultant Services Group, aimed at helping companies with new product development, product upgrades and other projects. The members are drawn from the ranks of those who were downsized at technology companies in the region, including NXP Semiconductors, which closed its plant last year at the IBM complex in Wiccopee.
New York Telecom Wins Broadband Stimulus Grant A broadband stimulus award of $39.7 million went to New York telecom ION HoldCo to build 10 extensions from its existing fiber backhaul in the state. The new fiber will reach parts of Pennsylvania and Vermont as well. The project will serve as a "middle-mile"e; infrastructure for Internet service providers to extend equipment to more than 70 rural communities. That equipment, which would facilitate Internet service subscriptions, is referred to as "last mile."