Exclusive: Google Ventures beefs up fund size to $300 million a year

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Boston Scientific buys Vessix for blood pressure device

(Reuters) – Boston Scientific Corp said on Thursday it will acquire privately-held Vessix Vascular Inc, a developer of a catheter-based device that treats high blood pressure by deadening nerves near the kidneys.

Under the terms of the deal, expected to close at the end of November, Boston Scientific will make an upfront payment of $ 125 million, plus milestone payments of up to $ 400 million between 2013 and 2017. The deal is expected to be immaterial to adjusted earnings in 2013 and 2014, and break-even to profitable thereafter.

One in three adults in the United States has high blood pressure, according to the National Institutes of Health.

Health officials say more than one billion people in the world suffer from the ailment, also known as hypertension, which can lead to coronary heart disease, heart failure, stroke, kidney failure, and other health problems.

Normal blood pressure is below 120/80 mmHg (millimeters of mercury). Hypertension is a reading above 140/90 mmHg.

Despite widespread availability of drugs to treat the condition, blood pressure in many patients remains uncontrolled.

Renal denervation is a procedure in which a thin, flexible catheter is threaded through the body to the renal sympathetic nerves near the kidneys. Radiofrequency energy is delivered to disrupt the nerve activity, relieving high blood pressure.

Renal denervation is expected to be a multibillion dollar market by 2020, according to Boston Scientific, a maker of heart pacemakers, implantable defibrillators and heart stents.

The new therapy is not yet approved in the United States, but several products are available in Europe.

Device makers that have received approval to sell hypertension devices in Europe include frontrunner Medtronic Inc, St Jude Medical Inc, Covidien Plc, ReCor Medical and Vessix, which also has approval in Australia.

“We think the acquisition of Vessix is strategically important as it provides Boston Scientific an entrance point into the valuable renal denervation market and it does so with a product that we think has advantages that will likely make it a viable competitor,” said Wells Fargo analyst Larry Biegelsen, who characterized the market as overcrowded.

Boston Scientific shares were trading at $ 5.16 on the New York Stock Exchange, unchanged from Wednesday’s close.

(Reporting By Debra Sherman; Editing by Jeffrey Benkoe)

Medications/Drugs News Headlines – Yahoo! News

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Hurtling towards the fiscal cliff?

WASHINGTON (AP) — Taking little time to celebrate, President Barack Obama is setting out to leverage his re-election into legislative success in an upcoming showdown with congressional Republicans over taxes, deficits and the impending "fiscal cliff." House Speaker John Boehner says Republicans are willing to consider some form of higher tax revenue as part of the solution — but only "under the right conditions."

All sides are setting out opening arguments for the negotiations to come.

Even before returning to Washington from his hometown of Chicago, Obama was on the phone Wednesday with the four top leaders of the House and Senate, including Boehner, to talk about the lame-duck Congress that convenes just one week after Election Day.

Obama adviser David Axelrod warned Republican leaders to take lessons from Tuesday's vote. The president won after pledging to raise taxes on American households earning more than $250,000 a year "and was re-elected in a significant way," Axelrod told MSNBC Thursday morning.

"Hopefully people will read those results and read them as a vote for cooperation and will come to the table," Axelrod said. "And obviously everyone's going to have to come with an open mind to these discussions. But if the attitude is that nothing happened on Tuesday, that would be unfortunate."

He noted that conservative Republican Senate candidate Richard Mourdock in Indiana dismissed the value of compromise and instead said Democrats should join the GOP. "And I note that he's not on his way to the United States Senate," Axelrod said. Mourdock lost to Democratic Rep. Joe Donnelly.

Without a budget deal to head off the fiscal showdown, the nation faces a combination of expiring Bush-era tax cuts and steep across-the-board spending cuts that could total $800 billion next year. Economists have warned that could tip the nation back into recession.

Vice President Joe Biden, flying to his home in Delaware from Chicago, told reporters aboard Air Force Two that the White House was "really anxious" to get moving on the problem. He said he'd been making a lot of calls and "people know we've got to get down to work and I think they're ready to move." He didn't identify whom he had spoken with but predicted the "fever will break" on past legislative gridlock after some soul-searching by Republicans.

The White House held out this week's election results as a mandate from voters for greater cooperation between the White House and Congress. At the same time, it reiterated Obama's top priorities: cutting taxes for middle-class families and small businesses, creating jobs and cutting the deficit "in a balanced way" — through a combination of tax increases on wealthier Americans and spending cuts.

Obama told the congressional leaders he believed "the American people sent a message in yesterday's election that leaders in both parties need to put aside their partisan interests and work with common purpose to put the interests of the American people and the American economy first," the White House said in a statement.

Senate Majority Leader Harry Reid, D-Nev., channeled Obama in calling for a quick solution to the fiscal showdown and saying that asking "the richest of the rich" to pay more should be part of the equation. He added that he'd "do everything within my power to be as conciliatory as possible" but added, "I want everyone to also understand you can't push us around."

"Waiting for a month, six weeks, six months, that's not going to solve the problem," Reid said on Capitol Hill. "We know what needs to be done. And so I think that we should just roll up our sleeves and get it done."

Former Senate Democratic leader Tom Daschle said the postelection congressional session offers a good chance to reset the dynamics between the White House and congressional Republicans in search of compromise.

"I think there's the urgency of the matter that probably goes beyond anything we've seen to date," he said. "The urgency of the repercussions of driving off the cliff are so grave that I can't imagine that failure is an option."

Both Biden and Reid pointed to election exit poll results showing that most Americans support higher taxes on the wealthy.

Biden said there was "a clear sort of mandate about people coming much closer to our view about how to deal with tax policy," adding that "there's all kinds of potential to be able to reach a rational, principled compromise."

Boehner, for his part, said that for Obama to get support for new revenues "the president must be willing to reduce spending and shore up the entitlement programs that are the primary drivers of our debt."

"We aren't seeking to impose our will on the president. We're asking him to make good on his 'balanced' approach," the Ohio Republican said on Capitol Hill.

The reference to a balanced approach to deficit reduction reflected Obama's campaign-long call for higher taxes on incomes above $200,000 for individuals and $250,000 for couples. That was something Boehner made plain he opposes.

The House speaker said conditions on higher taxes would include a revamped tax code to make it cleaner and fairer, fewer loopholes and lower rates for all, adding that "we're closer than we think to the critical mass needed legislatively to get tax reform done."

Boehner did not specify what loopholes House Republicans might consider trimming.

Obama spent a rare morning off Wednesday at his home on Chicago's South Side, then stopped at campaign headquarters to meet privately with staff to thank them for their work in the long, grueling campaign. Workers climbed on top of desks to get a good look at the president.

Obama and his family then flew back to Washington on Air Force One. The president appeared to be in a good mood, racing younger daughter Sasha up the steps, then calling out "Come on slowpokes" to wife Michelle and older daughter Malia.

___

Associated Press writers Julie Pace, Ken Thomas and Andrew Taylor contributed to this report.

___

Follow Nancy Benac on Twitter: http://www.twitter.com/nbenac

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Rihanna a rock star on Victoria’s Secret catwalk

NEW YORK (AP) — Rihanna rocked lingerie at Wednesday night’s Victoria’s Secret fashion show in New York, providing the highlight of the live-music soundtrack and holding her own on the catwalk with some of the world’s top models.

And those models even had props, including Adriana Lima‘s ringmaster wand, Doutzen Kroes‘ body cage and several pairs of the oversized wings that the retailer has made its signature. It would be a close contest who got the biggest wings: Toni Garrn’s giant poppy pair or Miranda Kerr’s swan-style feathered pouf. Only Lily Aldridge could boast star-spangled wings that shot out silver sparkles.

Alessandra Ambrosio’s orchid-petal wings might have lacked a little grandeur, but she made up for it with a $ 2.5 million jeweled “floral fantasy bra.”

Still, wearing a sheer pink mini that gave glimpses of her bra, Rihanna sang “Fresh Out the Runway” at the end of the corset-and-garter parade and she was the one to grab the audience’s biggest applause.

The fashion show has become a pre-holiday season tradition for the retailer. CBS will turn it into a one-hour special, which also had performances from Justin Bieber and Bruno Mars, to be shown on Dec. 4.

Lima said she loved opening the show in the ringmaster costume. “The atmosphere of the Victoria’s Secret fashion show is electric,” she said. “It’s so much fun to be able to interact with the audience! What other show will you see Rihanna, Justin Beiber and Bruno Mars on the runway with angels?”

This year’s event had a slight twist. It started with an announcer noting that Victoria’s Secret and CBS had each made a donation to relief efforts for Superstorm Sandy, and a thank you to the National Guard members who are based out of the Lexington Avenue Armory that has for years been home to the show.

Mostly, though, models are encouraged to smile, ham it up and show off the extra time at the gym that most admit to in the weeks beforehand. “It’s highly televised, and you take that into consideration,” said model Joan Smalls ahead of the show. “This is kind of not the same as other runways. You have to prepare your body: No. 1 is the wings are heavy, and No. 2 is you have to be comfortable with your body because the camera will pick up on it if you’re not comfortable and confident.”

There’s an emphasis on glitz, skin and dramatic production here, not wearable undergarment trends for typical Victoria’s Secret shoppers. It was divided into six sections: Circus, complete with acrobats, contortionists and a sword eater; Dangerous Liaisons; Pink Is Us; Silver Screen Angels; Angels in Bloom; and Calendar Girls, which allowed Bruno Mars to serenade a model for each month of the year.

For his first song, “Beauty and the Beat,” Bieber, wearing low-slung white pants and a white leather studded vest, sat alone with his guitarist in the mellowest part of the show. For “As Long As You Love Me,” however, he brought in backup dancers and interacted with the models while moving around a giant makeshift pinball machine.

“It’s like a dream come true,” said Bieber on the pink carpet before the show. “I would rather be here than anywhere in the world.”

___

AP reporter John Carucci contributed to this report.

___

Samantha Critchell tweets fashion at http://www.twitter.com/AP_Fashion

Entertainment News Headlines – Yahoo! News

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Apple's shares slide 4 percent to five-month low

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“Dad’s Army” star Clive Dunn dies aged 92

LONDON (Reuters) – British actor Clive Dunn, best known as a bumbling old butcher in the popular World War Two sitcom “Dad’s Army”, has died, his agent said on Wednesday.

Dunn passed away on Tuesday, Peter Charlesworth said, adding that he believed the actor died in Portugal where he has lived for many years. He was 92.

As Lance-Corporal Jones in Dad’s Army – a hit television series in the 1960s and 1970s about a group of local volunteer members of the Home Guard – Dunn was famous for catchphrases such as “Don’t panic!” and “They don’t like it up ‘em.”

He also had a No. 1 hit song with “Grandad” in 1971, which he performed several times on TV music show “Top of the Pops”.

Dunn was born in London in 1920 and enrolled in an acting academy after leaving school.

He played several small roles in films in the 1930s before serving in the army in World War Two, ending up in prisoner-of-war and labor camps for four years.

After the war he worked in music halls before enjoying success as Jones in Dad’s Army.

Underlining his ability to play characters far older than his real age, he followed Dad’s Army with a five-year run in children’s comedy series “Grandad” as an elderly caretaker.

According to the BBC, he is survived by his wife Priscilla Morgan and two daughters, Jessica and Polly.

(Reporting by Mike Collett-White, editing by Paul Casciato)

Celebrity News Headlines – Yahoo! News

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Soda tax ballot measures fizzle in California

LOS ANGELES (Reuters) – Voters in two California cities rejected measures that would have imposed the nation’s first penny-per-ounce taxes on businesses that sell sodas and other sugary drinks in an effort to boost municipal revenue and fight obesity.

In El Monte, 76.8 percent of voters said no, while in Richmond, 66.9 percent opposed the measure, according to final results from Tuesday’s election.

Calls to tax sugary drinks have gathered steam as more cities and states struggle to close budget gaps and American waistlines continue to expand.

The American Beverage Association – which represents PepsiCo Inc, Coca-Cola Inc, Dr Pepper Snapple Group Inc and other beverage companies – has spent millions of dollars to beat back soda taxes around the country. The ABA has a strong record of defeating soda tax efforts.

In September New York City passed the first U.S. ban of oversized sugary drinks.

A health board outlawed sugary drinks larger than 16 ounces nearly everywhere they are sold, except groceries and convenience stores. Violators of the ban, which does not include diet sodas, face a $ 200 fine.

About one-third of Americans are obese, and about 10 percent of the nation’s healthcare bill is tied to obesity-related diseases, such as Type 2 diabetes, heart disease and hypertension, according to the Organization for Economic Co-operation and Development.

(Editing by Xavier Briand)

Health News Headlines – Yahoo! News

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Election night was a good night for Calif., civility and statheads

By Jeff Greenfield

Forgive me if I don’t offer thoughts on the impending Republican civil war, the brilliance of the Obama campaign team, the effect of Hurricane Sandy, the demographic nightmare confronting the GOP, or prospects for the 2016 Iowa caucuses, now just a short 1,100 days or so away.

There’s plenty of that for your Wednesday pleasure. But Tuesday night produced other news that’s worth your attention.

First, California’s voters made two decisions that will have a profound impact on the state’s fiscal and political life. They approved Proposition 30, Gov. Jerry Brown’s proposal to increase sales taxes and income taxes on the affluent to ease the state’s perennial budget dilemma. (California’s 34-year-old Prop 13 requires a two-thirds vote in the legislature to increase taxes, an all but unreachable level). Had Prop 30 failed—and most thought it would—the already draconian cuts on California’s schools, public universities, and other services would have been just a prelude to further slashes.

Second, the state’s voters rejected Prop 32, which would have banned labor unions and corporations from raising money for state political purposes through paycheck deductions. Because corporations rarely use this tactic, Prop 32’s real impact would have kept tens of millions of dollars from aiding Democratic Party candidates in the state—one reason why business interests contributed some $120 million in a futile effort to pass the Proposition.

While Democrats might cheer the result, it also means that labor unions will continue to hold outsize power with the party—meaning that Brown’s efforts to rein in pension benefits for public employees may have gotten a lot harder.

Second, civility in the House of Representatives just took a step forward, as two of the most rhetorically combative members lost re-election. Allen West, a Florida Republican and Tea Party favorite who once declared that “there’s about 78 to 81 members of the Democrat Party that are members of the Communist Party,” lost his seat. Across the aisle—way, way across the aisle—Pete Stark of California, a 40-year veteran whose temper tantrums are the stuff of legend, was defeated by a fellow Democrat.

On the other hand, Minnesota’s Michelle Bachmann narrowly survived re-election, meaning we may be treated to at least two more years of her idiosyncratic approach to history (locating the battle of Lexington and Concord in New Hampshire) and medicine (vaccines cause mental retardation because someone she just met told her). And Florida’s Alan Grayson, who once said the Republican health care plan was for older people to die quickly, will return to the House. Cable news networks now have their hot-ticket debaters for the coming year.

Third, the ability of the Obama campaign to target supporters and lure them to the polls, and the ability of analysts like the New York Times’ Nate Silver to predict the outcome of a race with near precision, means that those of us who got into politics because we were told there’d be no math have got to get a clue.

If you care at all about politics, your two pieces of required reading are Silver’s “The Signal and the Noise” and Sasha Issenberg’s “The Victory Lab.” Silver explains why predictions from the world of sports, finance, science and politics fail, and should offer a permanent rebuke to those pundits who write and speak in gaseous terms of gut instincts, vibes and a mystical ability to detect sweeping forces that will drive elections. Issenberg’s book details precisely how the combination of behavioral psychology and data crunching enables campaigns to find supporters and persuade them to go to the polls.

This just-concluded campaign demonstrated forcefully that if you do not understand this brave new world, you will not understand politics, no matter how well you know the history of the Electoral College.

Finally, let me end with a concession. I plan to spend this day searching the websites of all of those who so confidently asserted why and how Obama was destined to lose. I’m particularly eager to read the wisdom of Dick Morris, the most consistently, hilariously ignorant pollster/strategist, who wrote just a few days ago “Here Comes The Landslide.” Mr. Morris’ continued employment is an inspiration to all those who believe that a career should in no way be limited by a total lack of competence.

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Canada firms to capitalize on nuclear trade with India

NEW DELHI (Reuters) – Canadian firms will be able to export uranium and nuclear reactors to India for the first time in almost four decades under an agreement between the two nations, their prime ministers said, but more work is needed to implement the deal.

Once implemented, the agreement will end a ban on nuclear cooperation Canada imposed in 1976 after India secretly exploded its first nuclear bomb in 1974, commonly called the “Smiling Buddha”, using material from a Canadian-built reactor in India.

“Being able to resolve these issues and move forward is, we believe, a really important economic opportunity for an important Canadian industry, part of the energy industry, that should pay dividends in terms of jobs and growth for Canadians down the road,” Canadian Prime Minister Stephen Harper said on Tuesday on a visit to New Delhi.

A negotiator with the Canadian Nuclear Safety Commission (CNSC), speaking on condition of anonymity because of the delicacy of the talks, said that what remained was a careful legal review of the language; translation into French and Hindi; and then a signing.

This is not expected to take very long, he said. The two sides have set up a joint committee to liaise on nuclear issues, but he said it would not be negotiating.

India aims to lift its nuclear capacity to 63,000 MW in the next 20 years by adding nearly 30 reactors. The country currently operates 20 mostly small reactors at six sites with a capacity of 4,780 MW, or 2 percent of its total power capacity, according to the Nuclear Power Corporation of India Limited.

Canada’s ambassador to India, Stewart Beck, said on Monday his country wanted to be able to track all nuclear material, but that India felt it only needed to report to the International Atomic Energy Agency (IAEA).

It was not clear who made concessions in the talks and how effective the safeguards would be to ensure that Canadian material did not get used again for making nuclear weapons.

However, the CNSC official said India would now be required to notify Canada of any transfers to a third country and trade could only go to facilities that are safeguarded by the IAEA.

PROBABLY BEATING AUSTRALIA

Harper said the CNSC had worked to “achieve all of our objectives in terms of non-proliferation”.

Canada is in a race against Australia, its strategic ally but a commercial rival in the uranium business. Australia is also trying to nail down safeguards under which it too could sell uranium to India.

“We are effectively ahead of the Australians,” the CNSC official said, noting however that Russia and Kazakhstan were already supplying into India.

Opening up the Indian market would be a big help to Canada’s Cameco Corp, which is the world’s largest publicly traded uranium producer but which recently cut its long-term output targets due to the Fukushima disaster.

“Anytime we can reduce the roadblocks to selling our product around the world is always helpful,” Cameco chief executive Tim Gitzel told Reuters in Canada. “It opens a new market for us with the appropriate safeguards in place. So this is good news.”

Another potential beneficiary is Canadian engineering firm SNC Lavalin Group Inc, which bought the government’s commercial nuclear division, which designed the Candu reactor that is in use in numerous countries.

“As far as the sales of reactors goes, we would normally now request that Canada be accorded the same treatment as the Russians, the French and the Americans and that a site be designated in India for the implementation of at least a twin- unit Candu nuclear power station,” SNC Lavalin International President Ronald Denom, part of Harper’s delegation in India, told Reuters.

He also said it should open up the market to service the existing reactors in India.

Harper also said Canada welcomed foreign investment, after the country temporarily blocked Malaysian state oil firm Petronas’ C$ 5.17 billion ($ 5.19 billion) bid for gas producer Progress Energy Resources on October 20.

Late on Friday, Canada extended to December 10 its review of a $ 15.1 billion bid made in July by China’s CNOOC Ltd for Canadian energy producer Nexen Inc.

“Those decisions have to be taken looking at the global evolving economy in which we operate,” Harper said.

($ 1 = C$ 0.9965)

(Additional reporting by Julie Gordon in Toronto; Additional writing by Frank Jack Daniel; Editing by Jonathan Thatcher and Michael Roddy)

Canada News Headlines – Yahoo! News

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Move over, Obama; Twitter had a big night too

WASHINGTON (Reuters) - President Barack Obama called it - in less than 140 characters.

Around 11:15 pm EST, just as the networks were beginning to call the race in his favor, Obama took to Twitter to proclaim himself the winner over Republican candidate Mitt Romney.

"This happened because of you. Thank you," Obama tweeted.

That the president would take his message to Twitter before taking the stage in Chicago underscored the tremendous role social media platforms like Twitter played in the 2012 election.

Minutes later, with the race called in his favor, Obama tweeted again.

"We're all in this together. That's how we campaigned, and that's who we are. Thank you. -bo."

Through the course of a long and bitter presidential campaign, Twitter often served as the new first rough draft of history.

Top campaign aides used the Internet tool to snipe at each other, the candidates used it to get out their messages and political reporters used it to inform and entertain.

On Election Night, the tweets were flowing.

By 10 p.m. EST, with the race still up for grabs, Twitter announced it had broken records.

There were more than 31 million election-related tweets on Tuesday night, making Election Night "the most tweeted about event in U.S. political history," said Twitter spokeswoman Rachael Horwitz. Between 6 p.m. and midnight EST, there were more than 23 million tweets.

Horwitz noted the previous record was 10 million, during the first presidential debate on October 3.

"Twitter brought people closer to almost every aspect of the election this year," Horwitz said. "From breaking news, to sharing the experience of watching the debates, to interacting directly with the candidates, Twitter became a kind of nationwide caucus."

In the moments following Obama's win, Twitter was in a frenzy, with a peak of 327,000 tweets a minute.

Another tweet from Obama, one that read: "Four more years" and showed a picture of him hugging his wife, became the most retweeted tweet in the history of the site.

'FIRST TWITTER ELECTION'

Love it or hate it, Twitter and its role in politics appears to be here to stay.

For Rob Johnson, campaign manager for Texas Republican Governor Rick Perry's failed presidential run, Twitter "changed the dynamic this cycle and will continue to play a bigger role in years to come."

"We no longer click refresh on websites or wait for the paper boy to throw the news on our porch," Johnson said. "We go to Twitter and learn the facts before others read it."

The 2012 race was the first where Twitter played such an important role. Top campaign advisers like Romney's Eric Fehrnstrom and Obama's David Axelrod engaged in Twitter battles through the year.

With many political reporters and campaign staff on Twitter and Facebook, social media websites were often the first place news broke. Some top news stories were kept alive or thrust into the headlines after becoming hot topics on Twitter.

"It was one heckuva echo chamber," Dante Scala, a political science professor at the University of New Hampshire, said in an email.

Johnson said Twitter was the driving force behind some of the year's biggest political news stories.

"The twitterverse shapes the news and public opinion," Johnson said. "The Internet is truly a real and powerful tool in politics."

In future elections, candidates and their campaign staffs will have to include social media as another battleground, Democratic strategist Jamal Simmons said.

"This was the first Twitter election and social media is now fully a part of our election mechanics," Simmons said. "Going forward candidates must have an aggressive social media strategy if they want to win."

(Editing by Mary Milliken and Peter Cooney)

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