Venture Update Vol. X, #1, January 2006
Done Deals
Durham – Bioptigen (www.bioptigen.com), a startup developing optical imaging systems, has raised $250,000 in first round funding from Southeast TechInventures and other unnamed investors. Bioptigen is a spin-out from the Biomedical Engineering Department in the Pratt School of Engineering at Duke University. The company was founded last year to commercialize technologies originated in the laboratories of Professor Joseph Izatt. Contact Eric L. Buckland (828.495.5100).
Chapel Hill – NanoCor Therapeutics, Inc. (www.nanocorthx.com), a biotechnology company founded to create the first viable intracellular genetic protein therapy for the treatment of Chronic Heart Failure, has secured an undisclosed seed financing round to conduct large animal studies. NanoCor’s efforts are based on the scientific work of Dr. Roger Hajjar of Mass General Hospital (Harvard University), Dr. Litsa Kranias of the University of Cincinnati and Dr. Richard Jude Samulski of the University of North Carolina at Chapel Hill. NanoCor’s lead therapeutic is Carfostin™, a non-invasive treatment for congestive heart failure. Contact Sheila Mikhail (919.933.4990).
RTP – CaraMedica Pharmaceuticals, Inc. (www.caramedica.com), an emerging pharmaceutical sales, marketing and development company focused on the cosmetic surgery market, has completed an undisclosed Series A round of funding. The funding will be used to market the company’s exclusive portfolio of patented and proprietary prescription, cosmeceutical and nutraceutical products to cosmetic surgeons and dermatologists nationwide. Contact Damon Race (919.354.1000).
Raleigh – Red Hat (www.redhat.com), a provider of software and services for the Linux computer operating system, has acquired Red Hat India Pvt. Ltd., the partner in its Indian joint venture, and plans to invest more than $20 million in India over the next several years. Red Hat founded its Indian venture with Clover Technologies Pvt. in 2000. Contact Leigh Day (919.754.3700 ext. 44369).
Cary – P4 Performance Management (www.p4performance.com), a provider of intelligent and innovative Selective Outsourcing solutions to large enterprise customers and its majority shareholder, AJP Group LLC, announced that AJP Group has acquired privately held Refense Technologies, a Raleigh-based provider of vulnerability management solutions for the network infrastructure. The agreement has been approved by the board of directors of Refense and the stockholders of Refense and AJP Group. Contact Archana Patel (919.783.1542).
Raleigh – Capitol Broadcasting has acquired Local Tech Wire (www.localtechwire.com), a four-year-old business web site devoted to coverage of the high tech and life science sectors in the Carolinas and Georgia. Under the deal, Local Tech Wire will become part of Capitol’s New Media Group and will be known as WRAL Local Tech Wire. Capitol assumed control of LTW effective Dec. 1. Financial terms were not disclosed. Contact Jim Goodmon (919.890.6000).
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New Developments
Durham – Motricity (www.motricity.com), a developer of mobile content and solutions, has signed a content development deal with Black Entertainment Television (BET), the leading cable network source for entertainment and information targeting the African-American consumer. Using Motricity’s platform technology to expand into wireless data and applications, the new BET wireless service will be marketed under the “BET Mobile” brand, and will include popular ringtones, graphics, games, alerts and social networking features. Content will be made available through BET’s web site (www.bet.com) as well as through mobile phones. Contact Les Hamashima (919.699-4749).
Durham – Cree, Inc. (www.cree.com), an innovator and manufacturer of semiconductors, has licensed its white LED patent to Kingbright Electronic Co., Ltd., a strategic LED chip customer headquartered in Taiwan. The license authorizes Kingbright to manufacture and sell white LEDs that incorporate Cree chips and is one of several licenses that Cree has granted under the patent this year. Contact Raiford Garrabrant (919.313.5397).
RTP – The Council for Entrepreneurial Development (CED) has announced plans to move its headquarters to a new location in the Research Triangle. Scheduled to open in February 2006, CED’s new Entrepreneurship Center will be located approximately one mile from CED’s current Research Triangle Park location. The new 8,643-square-foot space will significantly increase CED’s office and meeting space and will feature a newly renovated classroom that can seat up to 150 people. Contact Rosalyn Gell (919.549.7500).
RTP – The North Carolina Biotechnology Center (www.ncbiotech.org) has hired two executives to lead the Center’s new Eastern and Southeastern regional offices. John Chaffee, a Pitt County economic development executive with more than 25 years of experience, will direct the Eastern Office in Greenville. Randall Johnson, who served as an economic development professional and biotechnology liaison for the City of Wilmington, will direct the Southeastern Office in Wilmington. Contact Berry Teater (919. 549.8814).
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On The Up
6th Sense Analytics
Raleigh, NC
Many aspects of the business process can be quantified, but software development is one key area that lacks reliable measures to drive decision-making.
Since its inception in 2004, Raleigh-based 6th Sense Analytics (www.6thsenseanalytics.com) has been working to develop a solution to meet this unfulfilled need.
Founded by Todd Olson and Greg Burnell, two industry executives with many years of experience in the application development marketplace, 6th Sense Analytics offers the first and only solution that enables software development professionals to quantify their activities.
By integrating open-source sensor technology with proprietary analytical tools, the company has produced a unique solution that provides real-time data about the work flow, efficiency and effectiveness of individual developers and development teams.
The 6th Sense solution accomplishes this task without any effort from the developer. Once the 6th Sense client is installed on a developer’s computer, it operates non-intrusively to collect data about that developer’s activities.
This data is then available to both the developer and their manager and is also included in anonymous meta-data on overall performance of user-defined development team activity and, by extension, can contribute to roll-up industry data.
The data is used to provide heightened visibility into development activities and to more effectively deliver software on time and on budget.
Additionally, data collected by 6th Sense allows benchmarking of software development activities for the purpose of best practices evaluation and comparison. “6th Sense Analytics empowers organizations by providing unequaled visibility into their software development business,” said 6th Sense co-founder Todd Olson. “We are proudly growing the business here in the Triangle area and working tirelessly to publicly release our offering in early 2006.”
In November 2005, 6th Sense Analytics secured $1.5 in its first round of outside funding. Durham-based Intersouth Partners led the seed round, with independent investor Ching-Ho Fung of Washington, D.C. participating. 6th Sense will use the funds to complete the first commercial release of software, expand the initial set of customers and develop market awareness. Contact Todd Olson (919.439.4741).
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In the Pipeline
Winston-Salem – Targacept, Inc. (www.targacept.com) and AstraZeneca PLC have entered into an exclusive global license and research collaboration agreement for the development and commercialization of Targacept's proprietary compound TC-1734 to treat Alzheimer's disease, cognitive deficits in schizophrenia and other cognitive disorders. Under the agreement, Targacept will receive an initial payment of $10 million from AstraZeneca. Overall, Targacept is eligible to receive up to approximately $300 million in payments. Contact J. Donald deBethizy (508.419.1555).
High-Point – TransTech Pharma, Inc. (www.ttpharma.com), a privately held clinical-stage pharmaceutical company, has formed a $54 million worldwide research and license collaboration with Boehringer Ingelheim GmbH using TransTech's proprietary TTP Translational Technology(R). The aim of the collaboration is to discover and develop novel small molecules as therapeutics against an undisclosed biological target of interest to both companies. Contact Adnan Mjalli (336.841.0300 Ext 101).
Raleigh – Salix Pharmaceuticals, Ltd. (www.salix.com), a specialty pharmaceutical company that develops and markets prescription pharmaceutical products for the treatment of gastrointestinal diseases, has been granted the exclusive rights from Norgine B.V., to sell a patent-protected, liquid PEG bowel cleansing product, NRL944, in the United States. The product is currently under FDA review to obtain marketing approval for bowel cleansing prior to colonoscopy, intestinal surgery and barium enema X-ray examinations. Contact Michael Freeman (919.862.1000).
Durham – Adherex Technologies (www.adherex.com), a biopharmaceutical company with a broad portfolio of oncology products under development, has received orphan drug designation for eniluracil from the FDA. The designation was granted for the use of eniluracil in combination with fluoropyrimidines for the treatment of hepatocellular cancer. Eniluracil was in-licensed from GlaxoSmithKline in July 2005 and is being developed to improve the therapeutic vale and effectiveness of 5-FU, one of the world’s most commonly used chemotherapies, by inhibiting its breakdown. Contact Melissa Matson (919.484.8484).
Raleigh – Voyager Pharmaceutical Corporation (www.voyagerpharma.com) announced its progress in enrolling subjects into the ALADDIN studies, Phase III Double-Blind, Placebo-Controlled trial investigating the safety and efficacy of VP4896 in the treatment of mild to moderate Alzheimer's Disease. A total of 64 sites are now enrolling subjects for the study. Fifty-three of the sites are located in the United States and Canada, with the remaining 11 in Australia. Contact Steve Hamm (919.846.4880).
RTP – Oriel Therapeutics (www.orieltherapeutics.com), an emerging inhaled drug delivery company, has announced that inventions central to its dry powder inhaler technology have been granted a United States Patent for dry powder inhaler packages, control systems and dispersion methods. The patent covers the core of the Oriel technology including design of Oriel’s dry powder inhalers containing multi-dose dry powder packages that can individually be activated to vibrate upon exposure to a customized electrical input. Contact Paul Atkins (919.313.1294).
RTP – Clinipace, Inc. (www.clinipace.com), a software company focused on late-stage clinical research studies and patient registries, and TrialCard, Inc. (www.trialcard.com), a pharmaceutical marketing services company specializing in alternative prescription drug sampling, have formed a strategic partnership to develop and market innovative solutions to increase and simplify patient and physician participation in phase IV clinical studies and sponsored patient registries. The companies will develop solutions based on the combination of Clinipace’s clinical research software platform, Tempo, and TrialCard’s drug sample card technology. Contact Jeff Williams (919.224.8800).
Mark Your Calendar!
CED’s Venture 2006
May 2-3, 2006
Pinehurst Resort
Pinehurst, NC
Biotech 2006
May 22-23, 2006
Benton Convention Center
Winston-Salem, NC
For more information, visit the CED Web site (www.cednc.org) or call 919-549-7500.
Venture Update is published by the
Council for Entrepreneurial Development (CED)
an entrepreneurial support organization located in the Research Triangle Park, N.C.
Robert Albright, editor
P.O. Box 13353, RTP, NC 27709
Phone: 919-549-7500
FAX: 919-549-7405
email: news@cednc.org