Business

Watertown Biotech Company Being Investigated for Breach of Fiduciary Duties

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The following piece came from Shareholders Foundation:

An investigation was announced over possible breaches of fiduciary duties by certain directors at SQZ Biotechnologies Company. Investors who purchased shares of SQZ Biotechnologies Company (NYSE: SQZ) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779-1554. The investigation by a law firm concerns whether certain SQZ Biotechnologies directors breached their fiduciary duties and caused damage to the company and its shareholders.Watertown, MA based SQZ Biotechnologies Company, a clinical-stage biotechnology company, develops cell therapies for patients with cancer, autoimmune, infectious diseases, and other serious conditions. SQZ Biotechnologies Company reported that its annual Total Revenue rose from $20.99 million in 2020 to $27.09 million in 2021, and that its Net Loss increased from $50.52 million in 2020 to $68.74 million in 2021. On or around October 29, 2022, SQZ Biotechnologies Company conducted its initial public offering (“IPO”), selling 4,411,765 shares priced at $16.00 per share.

Business

Charles River Chamber Seeks Nominations for Business, Non-Profit Leaders of Color

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The Charles River Regional Chamber sent out the following announcement:

Do you know an outstanding business leader of color, or emerging leader of color, who works and/or sits on a board for a business or nonprofit that is physically located in Newton, Needham, Watertown, Waltham, Wellesley, Natick or Framingham? If so, please consider nominating that person for the “50 Most Influential Business Leaders of Color in Greater Boston’s Western Suburbs” list or the “Emerging Leaders of Color” list due to be published this spring. Both lists are a collaborative project between the Charles River Regional Chamber and Colette Phillips, and her companies Colette Phillips Communications and Get Konnected! and are designed to celebrate, document and encourage a diverse workforce in Greater Boston’s west suburban communities. The report will be an updated — and expanded — version of the original list first published in 2020 that became a resource for corporations and nonprofits looking to hire, looking for board members, looking for expert commentators and looking for thought leaders across the region.

Business

Watertown Life Science Company Cuts Staff by Over Half, Replaces CEO

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SQZ Biotechnologies announced a reduction of more than half the company’s staff, and appointed a new CEO after the resignation of its previous one. The company’s research focuses on cell therapies. The company based in Watertown, announced on Nov. 30, 2022, that Armon Sharei has step down from his role as chief executive officer and the Board of Directors. The Board appointed Howard Bernstein, former Chief Scientific Officer and current director, as interim CEO.

Business

Charles River Chamber Holding Young Professionals Event in Watertown

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The Charles River Chamber of Commerce will host a networking event in Watertown. See the Chamber’s announcement below. Young Professionals Happy Hour at Taffer’s Tavern

Tuesday, Nov. 1, 5:30 to 7 p.m. 541 Arsenal St., Watertown

Free, open to members & nonmembers

Our popular YPG Networking Happy Hour is heading to one of Watertown’s newest spots! Taffer’s Tavern (from Bar Rescue’s Jon Taffer) is quickly becoming a go-to destination in Arsenal Yards – don’t miss the chance to check it out!

Business

Booty by Brabants Opens Pop-Up Store in Arsenal Yards

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Booty by Brabants opened a pop-up shop in Watertown’s Arsenal Yards. The following information is provided by Arsenal Yards:

Arsenal Yards, the thriving new neighborhood located along the Charles River in Watertown, is excited to announce the development’s latest addition: a new Booty by Brabants Pop-Up Shop now open in Arsenal Yard’s Bond Square. A female-founded company known for its community-driven, inclusive approach and strong e-commerce business that has attracted consumers globally, local “athleisure” brand Booty by Brabants will expand its brick-and-mortar presence just in time for the holidays with the opening of it’s 13th storefront to-date. Shoppers can expect an intimate, boutique-meets-warehouse experience with much of the same inventory available online, in addition to in-store perks such as early access to new product releases and the brand’s biggest Black Friday sale yet. 

“With permanent stores currently open on the North Shore and South Shore, my goal with this third location was to bring convenience to my customers during the holiday season,” said Booty by Brabants Founder and CEO, Kelly Brabants. “We can be last minute shoppers, and I wanted my city customers to have easy access to a BBB shopping destination, where I’ve hand-picked my favorite pieces at the moment that I know my customers will love.”

Before or after they shop at the new Booty by Brabants location, visitors are invited to check out Arsenal Yards’ fitness and wellness offerings, including Pure Barre, sweetgreen, Vitality Bowls, Garbanzo, and the newly-opened Central Rock Gym.

Around Town

Watertown Company Creating Way to Dramatically Cut the Number of Pills Patients Take

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Lyndra TherapeuticsA prototype of Lyndra’s stellate medical platform is placed in a machine to undergo stress testing. A company with headquarters in the East End of Watertown will soon start the final trials for a way of delivering drugs that would allow patients to take just one pill a week instead of seven pills or more. And the company is working on technology that could cut it to just two or even one a pill a month. Lyndra Therapeutics moved to its space on Grove Street in 2017, and employs nearly 130 people there, in Lexington, or who work remotely. The company also helps train the next generation of life scientists by working with students from colleges in the area, and has also started reaching out to classes at Watertown High School.

Business

Discuss the Future of Business in Watertown at Upcoming Event

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Local residents, business owners, employees and others are invited to add their voice to the City of Watertown’s effort to shape the future of business in Watertown at an event hosted by the Watertown Business Coalition. On Oct. 19 the WBC will host a networking event where City officials and consultants working on updating the Comprehensive Plan, Watertown’s primary planning document. The plan covers many areas, but the event focuses on business. The event will be at the Mount Auburn Cemetery’s Bigelow Chapel.

Business

Watertown Company Acquired by Major Pharmaceutical Firm

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The following announcement came from Novo Nordisk:

Novo Nordisk and Forma Therapeutics, Holdings Inc. (Nasdaq: FMTX) today announced that they have entered into a definitive agreement under which Novo Nordisk will acquire Forma Therapeutics for USD 20 per share in cash, which represents a total equity value of USD 1.1bn. Forma Therapeutics is a clinical-stage biopharmaceutical company focused on transforming the lives of patients with sickle cell disease (SCD) and rare blood disorders. The acquisition of Forma Therapeutics, including its lead development candidate, etavopivat, is aligned with Novo Nordisk’s strategy to complement and accelerate its scientific presence and pipeline in haemoglobinopathies, a group of disorders in which there is abnormal production or structure of the haemoglobin protein in the red blood cells. “Novo Nordisk has worked for more than 40 years to develop and deliver transformative medicines to patients around the world with rare and devastating diseases. By adding Forma’s differentiated approach to address unmet needs for patients, we are taking a step forward in enhancing our sickle cell disease pipeline,” said Ludovic Helfgott, executive vice president and head of Rare Disease at Novo Nordisk.