Category: News

The Legal Meme Of Our Era
I’m going to repair to the “amen corner” on the quality of Jeff Shesol’s new book. He captures the political climate of the late 1930s brilliantly and by revising conventional wisdom about “the court-packing scheme” (a lazy shorthand that…


Supreme Court – United States – Jeff Shesol – Barack Obama – President

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Is Sen. Ben Nelson Looking For A New ?Cornhusker Kickback? In Wall Street Reform?
Yesterday afternoon, as expected, Senate Republicans voted en masse to block debate on Sen. Chris Dodd’s (D-CT) bill to regulate Wall Street. Surprisingly, however, Sen. Ben Nelson (D-NE) also voted no. Nelson had been “quiet” about the bill in recent weeks, but his “decision to vote no will give Republicans ammunition to charge […]

Yesterday afternoon, as expected, Senate Republicans voted en masse to block debate on Sen. Chris Dodd’s (D-CT) bill to regulate Wall Street. Surprisingly, however, Sen. Ben Nelson (D-NE) also voted no. Nelson had been “quiet” about the bill in recent weeks, but his “decision to vote no will give Republicans ammunition to charge that opposition to the bill as it now stands is bipartisan.”

So why did Nelson help block the measure while 65 percent of Americans support Wall Street reform? Speculation immediately turned to Nelson’s relationship with one of his most important constituents, billionaire investor Warren Buffet and his Nebraska-based company Berkshire Hathaway. Just hours before the vote, Senate Democrats killed a provision “sought by Berkshire and pushed by” Nelson that would have potentially saved the investment firm $8 billion, the Wall Street Journal reports:

Senate Democrats agreed Monday to kill a provision from their derivatives bill pushed by Warren Buffett’s Berkshire Hathaway Inc., a change one analyst predicted could force the Nebraska company to set aside up to $8 billion.

The Senate Agriculture Committee inserted language into its derivatives bill last week at the request of Sen. Ben Nelson (D., Neb.) that would have exempted any existing derivatives contracts from new collateral requirements—the money set aside to cover potential losses.

Berkshire has $63 billion in derivatives contracts, and Mr. Buffett has boasted he holds very little collateral against these products. […]

The provision would have helped all companies with existing contracts. Capitol Hill aides said, however, that Berkshire pushed forcefully for the change because of its large book of derivatives.

The White House and Treasury Department had strongly opposed the change sought by Berkshire, “on the grounds that it would weaken the government’s ability to regulate the enormous market for derivatives.”

Berkshire officials “have long supported” Nelson, giving him more money over his political career than those of any other company. A Nelson spokesperson admitted before the vote that Berkshire had lobbied Nelson, but said the senator had always believed the new rules should not apply retroactively. After the vote, Nelson said his opposition was due to concern about how the bill would affect small businesses, such as dentists and auto dealers, saying, “I want to make sure this deals with Wall Street and not Main Street.” An aide said “Berkshire Hathaway was not was a factor.”

But Dodd said the removal of the Buffett carve-out was likely responsible for Nelon’s opposition:

Asked about Nelson’s vote, Dodd said he couldn’t accommodate the Nebraskan’s push to exempt some companies from having to back up their derivative investments with additional collateral. […]

Dodd, who was seen conversing with Nelson and Senate Majority Leader Harry Reid (D-Nev.) before the vote, said the conversation revolved around the derivatives exemption.

“Dentists and auto dealers didn’t come up,” he said when asked.

A Senate aide agreed, “definitively” saying that Nelson switched his voted after Democrats dropped the Buffett carve-out. “He was on board until today and the only thing that changed was the removal of that provision,” the aide said.

“Has Nelson forgotten how the Cornhusker Kickback saga played out? That it became a huge embarrassment for him personally, for his party, and for his state?” Matt Yglesias asks. “It’s groundhog day here,” Dodd said laughing.

Wall Street giants are ?giving most of their campaign donations? to the GOP.
Throughout the past year, Republicans in Congress and top Wall Street banks have been working together in a symbiotic relationship in which the GOP works to water-down financial regulatory reform in exchange for campaign cash. The Wall Street Journal reports that the pact seems to be paying off, at least for the GOP: For the […]

Throughout the past year, Republicans in Congress and top Wall Street banks have been working together in a symbiotic relationship in which the GOP works to water-down financial regulatory reform in exchange for campaign cash. The Wall Street Journal reports that the pact seems to be paying off, at least for the GOP:

For the first time since 2004, the biggest Wall Street firms are now giving most of their campaign donations to Republicans.

A Wall Street Journal analysis of 12 large financial services companies, including J.P. Morgan Chase & Co., Goldman Sachs Group Inc. shows that they have collectively made $1.4 million in political donations, with 52% going to Republicans so far this year. That’s a reversal from last year, according to the most recent round of fund-raising reports covering January, February and March. […]

The change of allegiance comes as Congress closes in on legislation that would overhaul financial services regulations. Democrats back an aggressive bill that has been so far blocked in the Senate by Republicans.

Since 1989, Goldman has never given more to the GOP than it has to Democrats, but this year, the company has given 52 percent of its PAC money to Republicans. Moreover, Wall Street firms “have also begun writing large checks to the Republican Party, while stiffing the Democratic Party,” the Journal writes, noting that “Goldman, KPMG, and FMR Corp. (the owner of Fidelity Investments) each gave $15,000 to the Republican Party in March.”

Garmin-Asus today announced their second Android-powered phone, the A10 (for reasons unknown, they’re seemingly not calling it a nuvifone).

Just like the nuvifone A50, the device aims to be a pedestrian navigation device (as in, for pedestrians, not a boring navigation device), and will come with Garmin’s navigation software and maps pre-loaded.

The benefit of pre-loaded maps is that no matter where you are (reception be damned) you’ll be able to use the navigation features (unlike Google Maps).

The disadvantage here is the you’ll have to manually update the maps every-so-often so that the maps are current (unlike Google Maps). Sadly, there is no word on the process/price for updating the maps.

The screen has the same HVGA (320×240) resolution as the A50, and, just like the A50, it will support Microsoft Exchange (whether this means it’s running Android 2.1, with native Exchange support, or — like the A50 — Android 1.6 with Exchange on top, isn’t clear from the press-release).

The phone includes a 5 megapixel camera, which is pretty standard fare for current Android devices, but still an improvement upon the A50’s 3 megapixels.

In fact, aside from the camera spec bump, I don’t really see much of a difference between the this A10 fellow and it’s elder sibling, the A50.

Unfortunately, no price details were mentioned, but the device is set for launch in Europe and Asia-pacific some time around the middle of 2010, and will include a car mount kit — just like the A50. *A50* *A50* (…those were meant to be echoes…)

Beatshapers’ NormalTanks made some waves in this year’s Independent Game Festival. If that has you interested, it’s coming to the PlayStation Store this week as a mini.

Ukraine’s extension of Russian base’s lease may challenge U.S. goals in region
MOSCOW — Ukraine’s decision to host a Russian naval base for 25 more years in exchange for cheaper gas, a deal ratified Tuesday despite egg-throwing and a brawl over it in the Ukrainian parliament, does little to alter the immediate military balance in the Black Sea but presents other challenges…

Republican senators again block vote on financial regulation
Senate Republicans on Tuesday blocked for the second straight day efforts to begin debate on a sweeping overhaul of financial regulations, saying the bill represents an overreach of government power that could harm small businesses.

Reid amends his pledge for fast action on immigration
Senate Majority Leader Harry M. Reid backed off Tuesday from his pledge to fast-track an overhaul of the nation’s immigration laws, after fellow Democrats voiced skepticism and a key Republican supporter abandoned the effort.

House approves measure blocking congressional pay raise
The House of Representatives passed a bill Tuesday would block lawmakers from getting their scheduled $1,600 raise for next year, a symbolic measure designed to show Congress understands the angst of voters suffering from the recession.

Greenwire: U.S. Interior Secretary Ken Salazar adopted a conciliatory tone yesterday in a meeting with Utahns, saying he is open to compromise and that he is a Colorado rancher who understands residents’ desires to balance resource protection with their economy and cultural heritage.

In a meeting with Republican Gov. Gary Herbert’s Balanced Resource Council at the state Capitol, Salazar said he is eager to hammer out compromises with the state on roads, national monuments, endangered species and other contentious issues.

“We can agree on so many issues,” Salazar said after the meeting, which brought about 120 people to the table.

The meeting, which is part of what Salazar has called a national listening tour to help advise President Obama on citizens’ ideas for conservation plans, garnered praise from state officials, who applauded Salazar’s approach to the issues.

But one attorney for the Southern Utah Wilderness Alliance said that Utah is far from progressive when it comes to wilderness designation and other land-use issues. Steve Bloch said his group plans to push for forceful action from Salazar even if it is in conflict with Utah.

Issues for Utah include a decades-old fight over county control of historical roads across federal lands, and a new state law that authorizes the use of eminent domain to take federal lands for access to state lands with coal and other development potential. Salazar said the law’s constitutionality will likely be resolved in court but that if the legislation was an effort to alert him to the need for greater communication about access, then the “message is received.”

In the meeting Salazar also reiterated a pledge to not attempt to designate new national monuments without participation from state and local officials, an issue of concern since a leaked memo surfaced in February that listed San Juan County’s Cedar Mesa and Emery County’s San Rafael Swell as potential monument sites (Brandon Loomis, Salt Lake Tribune, April 26). – DFM

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Here’s what you need to know this morning:

• Greece remains the center of attention this morning, with the country’s sovereign CDS indicating increasing uncertainty over the EU-IMF bailout and its long term position as a euro zone member. Greece’s CDS is now the most expensive in the world, at 945 bps.

• The Greek crisis is having an impact across the European Union, with Portugal and Poland both showing signs of CDS stress this morning. The euro is also under pressure, approaching the $1.30 EUR/USD value. 

• The IMF is considering increasing its portion or the size of the bailout for Greece as euro zone members, like Germany, continue to have doubts over the bailout. The president of the European Council tried to reassure markets that the bailout would occur, but said it was likely to be delayed until next month.

• Concerns are rising that Britain may too experience a similar situation to Greece, this according to the Liberal Democrats’ finance spokesman. With the election 8 days away, the country’s third party Liberal Democrats continue to gain on the Conservatives and Labour, increasing the likelihood of a hung parliament.

• Thai protests in the capital of Bangkok have turned violent today, with reported deaths and injuries. A soldier was killed in a friendly fire incident, as riot police and troops began to fire on the protesters.

• Shell has seen its profits grow by 60% in Q1 2010 as a result of higher oil prices. The firm beat estimates for a 30% profit growth.

• Honda has returned to profit because of strong growth in the Asian markets of Japan and China, as well as cost cutting measures. The company is expecting an 8.9% growth in sales for 2010.

• The oil slick still growing in the Gulf of Mexico is forcing officials into action as they try to prevent the spill from reaching shore. Setting the slick on fire, to burn off the fuel, is now being considered.

• The SEC is now investigating hedge funds for a potential illegal use of a strategy known as “side pockets” where managers could prevent clients from removing funds during times of stress, like the 2008 financial crisis. This is one of the first moves by the SEC’s new division focused on the asset management community.

• Progress of the financial reform bill through the Senate has stalled as Democratic Sen. Nelson of Nebraska has remained loyal to a key constituent, Warren Buffett, and voted against the progress of the bill. The bill still needs two further votes besides Sen. Nelson to progress.

• Bonus: Courtney Love has suggested this morning that Bush lead singer Gavin Rossdale cheated on his wife Gwen Stefani, with her.

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2010 Honda Insight

There is no hiding the hybrid wars between Honda and Toyota and their hybrid models, the Insight and Prius. In hopes, to overtake the Prius for once and for all, Honda President Takanobu Ito challenged his engineers to speed up the launch of the next-generation Honda Insight hybrid, which has been a major sales disappointment.

He said he wants the next-generation Insight to beat the Prius in terms of fuel economy.

Honda, which has not capitalized on Toyota’s recall issues and lost U.S. market share, has grown “complacent” and needs to refocus on better products and stronger marketing, Ito said.

Click here for prices on the 2010 Honda Insight.

“I’m not satisfied,” he said of American Honda Motor Co.’s slide to a 10.1 percent share of the U.S. market in the first quarter, from 10.5 percent a year earlier.

Ito says he is also working on rolling out a new hybrid strategy for larger vehicles as well.

Click here to read our review of the 2010 Honda Insight.

Review: 2010 Honda Insight:

All Photos Copyright © 2009 Omar Rana – egmCarTech.

– By: Kap Shah

Source: Automotive News (Subscription Required)

Talk about bad business moves! Coldplay turned up their noses at the chance to have their signature hits showcased on the hit TV musical comedy Glee — and its a decision the “Clocks” hitmakers sorely regret.

Before unveiling Glee’s ratings-winning all-Madonna-themed episode, which aired last week, series creator Ryan Murphy approached Coldplay with an offer to feature the band’s music on a special episode of the FOX show but was disappointed when the musicians turned him down flat.

Now that Glee’s become a pop phenomenon, the bandmates have big regrets about not allowing Murphy access to their back catalogue.

“We were wrong,” Murphy smirks, recalling his last conservation with Chris Martin and his bandmates.

As many men approach 30, they suffer from bachelor party fatigue. There’s only so many times you can go to Vegas in a year and the agenda is pretty much set in stone:

-Pool
-Expensive Group Dinner
-Gamble
-Club
-Strip Club

Far be it from me to knock any of those activities, but they tend to bleed together from one trip to another. Is getting a table at Tao really that different from getting one at Light? Is gambling at the Bellagio any more or less fun than at the Encore? Not in my experience. The sum of my Vegas bachelor party trips have been a beautiful, hedonistic haze.

So how do you create a memorable bachelor party?

Machine guns are a step in the right direction.

At the Las Vegas Gun Range and Firearm Center, you can shoot the shit out of most anything and take home an experience that is (God willing) unlike any other you have had in Vegas.

If they were able to package this place with a steakhouse, bar, and strip club I think we would be on the verge of the first-ever all-inclusive bachelor party resort. Write your congressman.

Here’s an overview of what you’re in for (sweet guitar soundtrack courtesy of 1987):

Related posts:

1. The Best Las Vegas Hotels for Bachelor Parties
2. Help in Creating a Sexy Bachelor Pad
3. The Boob Ice Luge Will Spice Up Any Party

European stock markets are rebounding slightly today after they, along with the US and Asian markets, took a big hit overnight following new fears about the Greek economic situation.   

Standard & Poor’s graded Greek debt as “junk” Tuesday, as German officials spoke of the possibility of Greek debt holders not receiving full re-payment.

“We are looking very clearly at the chance of Greece defaulting,” Howard Wheeldon of BGC Partners stock firm told Fox News Wednesday.

And the chance of other European countries like Portugal following Greece down is becoming more real.  “The contagion factor is enormous,” John Sitilides of Trilogy Advisors told Fox.  “Portugal is very much in public play.”

While the IMF has agreed to a bail-out package for Greece, the European Union is still weighing its portion of the deal.  “The EU is showing its huge exposure and weakness,” BGS’s Wheeldon told Fox.

Experts tell Fox News banks with exposure to Greek debt even in better-off countries like France and Germany could also be threatened.

And our own stock markets could see further effects.

New BMW 3-serie Coupé & Cabriolet Review

The BMW 3 Series is a compact executive car manufactured by the German automaker BMW since May 1975. Successor to the BMW New Class, it has been produced in five different generations and in no less than five different body styles.

It is BMW’s best selling automobile, accounting for nearly 40% of the company’s auto sales in 2005.

The first quarter of 2009 has seen 10 new car models launched in the Romanian market, the majority being rolled out in March. Some of the launches of Q1 are available at prices lower than their previous generations.

The new BMW 3 series Coupe and Cabrio made way to Romanian showrooms in March.

The line-up’s performance leaders are TwinPower Turbo 306 HP, High Precision Injection and Valvetronic variable intake technology.

The Coupe 306HP version accelerates from 0 to 100km/h in just 5.5 seconds and the cabriolet version in 5.8 seconds.

The consumption, according to the EU testing cycle, came in at 8.4 litres/ 100 km or 196g CO2 per km for Coupe, and 8.8 litres/ 100 km or 205g for Cabriolet respectively.

The two models feature two diesel power units 325d 204 HP and 320d.

The next full revision of the 3 Series is expected in for the 2011/2012 model year, and will feature improved aerodynamics, lightweight materials and the option of smaller displacement engines. A hybrid version is still under consideration.

WASHINGTON–All Illinois House members–not being loony in an election year–did not support Congress getting a cost of living raise in fiscal year 2011 in a Tuesday vote. The pay raise measure failed on a 402-15 vote.

Click below for the names of the 15….

—- NAYS 15 —

Clyburn
Conyers
Edwards (MD)
Ellison
Jackson Lee (TX)
Johnson, E. B.
Kilpatrick (MI)
Lee (CA)
Meeks (NY)
Moran (VA)
Payne
Thompson (MS)
Towns
Watt
Woolsey

China’s latest 1-year bond auction failed to attract sufficient bids, reports the website Chinabond via Bloomberg.

While government intended to sell 28 billion yuan in bonds, it was only able to raise 26.67 billion yuan in bids.

The average yield was 1.49% with the highest winning bid at 1.6%. The bid to offer was just 1.22x, down from 2.12x last month according to Bloomberg.

It’s unclear why investors weren’t willing to buy the bonds, perhaps the yields in the auction were far below what investors want given expectations for interest rate hikes in China.

Thing is, these are just one-year bonds, thus if you buy the bonds, you aren’t locking in your money for very long. If interest rates are increased at any point after a year, you can take part in receiving higher yields.

Thus to us this failed auction suggests that Chinese investors very much expect a substantial hike, not just a minor hike, for Chinese interest rates within a 1-year period.

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Futures are now heading up, but here’s a little more perspective on yesterday’s big move.

The VIX from StockCharts.com:

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Microsoft issued a news release late late night, announcing it signed a patent agreement with HTC over its entire line of smartphones running the Android operating system.

Specific terms of the deal, including how many patents or what they cover, were not immediately released. Microsoft’s statement did say the agreement "provides broad coverage under Microsoft’s patent portfolio for HTC ‘s mobile phones running the Android mobile platform."

“HTC and Microsoft have a long history of technical and commercial collaboration, and today’s agreement is an example of how industry leaders can reach commercial arrangements that address intellectual property,” Horacio Gutierrez, corporate vice president and deputy general counsel of Intellectual Property and Licensing at Microsoft, said in the official statement. “We are pleased to continue our collaboration with HTC.”

The announcement comes as HTC is facing a lawsuit from Apple Inc., which alleges that HTC infringes on a number of its patents with many of its Android phones, and a few Windows Mobile devices, too. It is unknown for which patents HTC is paying royalties to Microsoft, and whether they overlap any of Apple’s claims.

CNET’s Ina Fried reports that the disputed patents range from the user interface to the operating system itself, and that this is the first time Microsoft has publicly said that HTC was violating patents. Microsoft for years has alleged that Linux infringes on a number of its patents and has sought licensing deals with manufacturers who use the open-source OS, which also is the framework for Android. This, however, is Microsoft’s first licensing deal with the mobile OS.

Full text of Microsoft’s press release after the break. [Ed. note: Cross-posted at WMExperts.com]

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Google Street View is an interesting tool and a very useful one on some occasions. But, for the most part, the majority of people just use it to browse through familiar places or far-away cities. A latest addition to the product brings a bit more practicality to Street View. Local businesses are now marked in Street View imagery and users can … (read more)

For many of us, it is easy to create our to-do lists of all the things we’d like to accomplish, but it is much more difficult to actually take those lists and stick to them until the goal is reached. With such busy day-to-day lives, it is easy to push aside our long-term goals in order to deal with our current situations.

However, there are a few easy steps to follow that can help you make your goals a higher priority in your daily life. By sticking with these steps, you’ll finally be able to start checking some of those items off your goals list:

1. First of all, you need to set a specific goal. The more specific, the better. If you keep it vague, for example “I want to get rid of my neck pain,” it is difficult to keep track of progress or even know when the goal has been met. However, stating “I want to work on improving my neck pain by improving my neck posture over the next six months” is much easier to plan for and achieve.

2. Secondly, you must be realistic with yourself when setting goals. Setting a goal to lose twenty pounds in two weeks is neither realistic nor safe. If you set a goal too high, or set too many for yourself at one time, it can be overwhelming and discouraging. By setting attainable goals, it will be easier to reach and you’ll get a great feeling of accomplishment when you do.

3. Next, you need to plan for your goal. Setting an attainable goal is a great first step, but the next thing you must do is break it down further so you know each smaller step needed in order to reach that higher goal. Start off with small enough steps that you can begin today. Another great idea is to make a timeline; without dates to keep you on track it is much less likely that your goal will be accomplished.

4. Now you’ll need to make sure you keep record of your progress. If your goal involves losing weight, write down everything you eat and drink for a week. If your goal is to improve your neck posture, write down every time your posture slumps and things that bring on forward head posture for a week. By writing things down, you become more aware of your habits. By becoming aware, it is easier to take control and change those habits. Recording your overall progress is also a great way to stay motivated as you see all the things you have accomplished so far.

5. Finally, you’ll want to take a look at your progress with a critical eye. If you’re trying to lose weight by running every day, but you hate to run, it’s likely your goal will not stick for the long-term. However, if you love to swim, then that would be a better fit for you to help you stick to your goal.

It’s great to have goals to strive towards, but it can quickly become overwhelming if you are not prepared. By setting a specific and attainable goal, planning, making timelines, and keeping records of your progress, suddenly that seemingly impossible goal is under your control and you’re on your way to achieving it!

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Standard and Poor’s decision to cut its credit ratings on Greece and Portugal demonstrates that there will surely be plenty more turbulence in global financial markets as Greece’s situation and that of the other PIIGs plays out.

Amid the uncertainty, there are two significant dates we can be sure of and one unknown date – all of which will cause volatility and uncertainty surrounding the Euro.

All three will likely occur in the next three weeks, according to Andrew Busch, global currency and public policy strategist at BMO Capital Markets.

On May 9, elections will be held in Rhine-Westphalia, Germany’s most populous state. This mandates that German Prime Minister Angela Merkel drag her feet on a bailout of Greece, Mr. Busch said in a note. “A bailout is very unpopular and Merkel will lose important seats in the Bundestag if she strongly supports the bailout.”

May 16 is the date when €8.5 billion of Greek debt needs to be rolled over. With Greek 2-year notes yielding 14.5% on Tuesday, Greece can’t afford to refinance at these yields.

“They will need to get access to cheaper funding supplied by either the European Union or by the IMF,” Mr. Busch said. “While the situation looks dire at this point, it is likely they will get the funding and it’s likely the IMF will supply it. This is the simplest and cleanest solution.”

As experts from the IMF, the European Central Bank and the European Commission comb through budgets at the Finance Ministry in Athens, balancing receivables against outstanding obligations and appraising the effects of the austerity program on the Greek government, some feel the tip of the mountain of debt has yet to be discovered. German magazine Der Spiegel says it is considered highly likely that they will encounter the occasional surprise.

Mr. Busch said that with the Euro continuing to trade around US$1.33 since the end of March, this situation must be resolved by either an IMF led bailout or by Greece defaulting/restructuring within three weeks time. He suggested that this means a large move of 5% to 10% is also likely up or down as the two outcomes mandate a large move. “Given the large dichotomy of outcomes, the Euro can not remain at these levels.”

Jonathan Ratner

Luke Timmerman wrote:

Lycera has taken an important early step in its journey of developing new treatments for autoimmune diseases. The startup, with operations in Plymouth, MI, and Cambridge, MA, has nailed down an $11 million cash infusion, which represents the second installment of a three-part, $36 million financing originally announced a year ago.

The company secured the new money from Clarus Ventures, InterWest Partners, and Arch Venture Partners, about 12 months after that crew provided $10 million and some ambitious goals to hit if the company wanted any more. Clarus’s Jeff Leiden, the former president of Abbott Laboratories, is taking on the additional role of chairman at Lycera, and the company said it has hired Robin Goldstein, a veteran of ArQule and Novartis, as part of its push through the next critical phase of preclinical testing.

Lycera, which we profiled back in January, was founded in 2006 based on research from Gary Glick’s lab at the University of Michigan. The vision is to treat autoimmune diseases, in which the immune system goes awry and attacks healthy tissue like a virus, in a new way. Rheumatoid arthritis, just one of many autoimmune conditions, already makes up an estimated $13 billion worldwide annual market for companies like Amgen, Johnson & Johnson, and Abbott. While those companies’ treatments have been a godsend for many patients, they are injectable, and they disable part of the immune system, leaving patients vulnerable to infections. Lycera hopes to improve upon this standard with oral pills that are more convenient, and by hitting novel targets on cells that can tamp down the autoimmune activity without weakening people’s natural defenses.

Over the past year, Lycera’s small team of about 15 people have shown they can create orally-delivered small-molecule compounds that were shown to be safe and effective in animal experiments involving rodents, dogs, and other species, Glick says. The company is now gearing up to do the experiments it will need to get the green light from the FDA to start clinical trials, which it expects to begin in 2011.

Gary Glick

“These weren’t softball milestones,” Glick says. “These were significant scientific achievements. Our people worked extremely hard and really know what they are doing.”

Most of the “action” at Lycera is happening at the company’s laboratories in Plymouth, MI, near Glick’s lab at the University of Michigan, according to CEO Bill Sibold. The company has a drug discovery team there, many of whom used to work together at Pfizer before the company closed its research center there. But the company is setting up key business functions, like clinical development, regulatory affairs, business development, and executive leadership in Cambridge, to take advantage of the Boston region’s deep biotech talent pool, Sibold said when he joined the company in January.

Managing a small company in Michigan and Massachusetts hasn’t been a problem, Sibold says. It’s about a 90-minute flight, and Lycera’s office is 20 minutes from the Detroit airport. Between multiple phone calls a day, and e-mail, “we stay in touch,” Sibold says.

Lycera’s lead drug candidate is designed …Next Page »

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