Business briefs

SOUTHBORO -- Fuel cell developer Protonex Technology Corp. said yesterday Raytheon Corp. will participate in the development of Protonex’s portable fuel cell power system for the U.S. Army. This work will be completed under a subcontract of Protonex’s previously awarded $3.5 million contract with the Army Research Office to develop a 250-watt portable fuel cell power source.

WESTBORO — Shares of Virtusa Corp. rose yesterday after three analysts began coverage of the information technology services company with “out-perform”or similar ratings. Shares of the company, which went public Aug. 3 at $14 per share, jumped $1.10, or 8.3 percent, to $14.31 per share. Bear Stearns & Co. analyst Andrew C. Steinerman, in a client note, began coverage of the stock with an “outperform” rating and $16 target price. “While company-specific risks will likely cause volatility, we believe that valuation is compelling relative to its growth prospects,” the analyst wrote. Cowen and Co. analyst Moshe Katri began coverage of the stock at “Outperform,” while JPMorgan Securities Inc. analyst Christine Pezino started the company at “overweight.” (Associated Press)

WORCESTER — The state Department of Public Health will conduct a public hearing on proposed regulations for “limited service clinics” at 4 p.m. Tuesday at the Worcester Public Library, 3 Salem Square, Worcester. The draft regulations are in response to a recent application by CVS Corp. to open a “Minute Clinic” inside the company’s Weymouth pharmacy.

CLINTON — Injectronics Corp. said it has invested $2 million in equipment and building expansion at its facility at 23 Bridle Lane, Westboro.

The manufacturer of injection molded components and assemblies said the equipment purchases include two new injection molding machines. The company spent an additional $1 million earlier this year on equipment at its Clinton operations.

WORCESTER — The Webster Five Foundation, funded by the Webster Five Cents Savings Bank, has donated $2,500 to the Boys and Girls Club of Worcester. The contribution will enable 17 club members to participate in an upcoming program.

WORCESTER — The Executive Office of Labor and Workforce Development will hold a public hearing on the agency’s fiscal 2009 budget at noon Oct. 1 at Workforce Central Career Center, 44 Front St., Worcester.